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By B. Morris

This presentation will describe the process by which the Quebrada Blanca (QB) copper project in northern Chile was financed. It will also show how a relatively junior mining company addressed the problems created by its inability to provide its share of the equity funding and the guarantees required by the project lenders. QB is located in the semi-arid Andean highlands of northern Chile, 170 kilometres southeast of the port of Iquique and 30 kilometres west of the border with Bolivia, at an altitude of about 4,300 metres (14,000 feet). Figure 1 depicts the project's location. The QB orebody is a secondarily enriched porphyry copper deposit containing reserves of 85 million metric tons grading 1.3 percent copper. Underlying the enriched zone is a significant primary ore zone containing several hundred million metric tons grading about 0.5 percent copper. In the late seventies and early eighties Falconbridge and its affiliates spent $20-30 million dollars exploring the deposit and conducting feasibility studies. For a variety of reasons they decided not to develop the property which was returned to its owners, Empresa Nacional de Mineria (ENAMI), which is a Chilean state mining corporation. In 1988 ENAMI announced its intention to privatize the property through a public bidding procedure.

Jan 1, 1993

By Grover R. Castle

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

Jan 1, 1985

By O C. Aitken

Mining project developers are committed to taking on all the challenges and obligations of financial risk management. It is interesting that our current models of project finance have not changed markedly in principle for some 700 years, yet the rules which prepare the way for effective project assessment and subsequent loan management still do not seem to be well understood by project or corporate developers. Probability and gravity fill the opposing trays of the golden balance of financial risk. Understanding the relationship between these opposing, but intimately related elements is critically important for successful risk management. It is important to move beyond the qualitative approach and use quantitative methodologies to measure the financial impact of the occurrence of each major risk. We live in a world where the only constant is change and thus it is not surprising that a bankerÆs life is still governed by assessing, measuring and pricing risk. Banks are attracted to funding well managed companies with strong cash flow projects. But we are more risk averse compared with the credit appetites of late last century. This attitudinal shift has resulted in tougher term sheets for the early 21st century, encompassing more conditions, warranties, undertakings and stronger cash sweep provisions. Banks require well balanced portfolios to achieve an acceptable spread of risk, thus there is a more restricted market for small company lending than that available to large multi-project corporate entities with less concentrated risk profiles. Because of this focus, junior company debt finance remains comparatively expensive and especially so for more challenging geographical and political environments.

Jan 1, 2004

By Corinne Boone

CO2e.com, LLC - launched in November 2000 - aims to be ?the global hub for carbon commerce.? CO2e.com is a subsidiary of the Cantor Fitzgerald Group, one of the world?s leading brokerage firms Recent Investor in CO2e ? Mitsui & Co. Alliance with Cantor Fitzgerald Environmental Brokerage Services Group (CFEBS) Offices in London, Toronto, Tokyo, New York, San Francisco, Los Angeles, Connecticut, Houston Primary Goals/Benefits of ET § Goals of Emissions Trading: ? Permit Industrial Growth/Expansion ? Promote Economic Efficiency and Flexibility in Meeting Air Pollution Standards § Benefits of Emissions Trading: ? Enhance Air Quality w/o Economic Stagnation ? Encourage Development of New Technology ? Foster Most Efficient Use of a Limited Resource -- Clean Air § Contributes to Sustainable Development and objectives of UNFCCC, Kyoto Protocol?.

Nov 1, 2002

Project-finance risk assessment is mature and approached systematically. Mining industry due diligence remains fragmented with specialists addressing different aspects of the project such as reserves/JORC, environmental impact, commodity market, even financial analysis/ modelling. Each professional has a natural tendency to believe that the risk factors they have examined are the key ones necessary to be reviewed, as if their review will stand in isolation from others in the way a project materialises. By first laying out the project risk categories and risk matrices, this paper examines the due diligence process with a keen eye to the risk assessment and overlap/interaction. Some cross fertilisation of due diligence techniques from other industry sectors is placed into the mining context. Six case studies are then presented with regards to due diligence features in each projectÆs feasibility review or financial information/ offering memorandum. A power case first shows the differences between the due diligence expectations of banks versus bond financings. Then some Australian and Indonesian mining development cases are analysed to see the due diligence learning points. Some of these were project/due diligence failures. The conclusion focuses on the value of a systematic risk assessment for project evaluation, all from the project-finance perspective.

Jan 1, 2007

By R. E. Stewart

"Using the concept of economic life and marginal analysis, it can be shown that proper equipment replacement timing can save a mining company many thousands of dollars. To assist management with determining the economic life of mining equipment, a new computer package has been developed. The package, called ERG (equipment replacement guide), incorporates all important economic factors related to equipment usage, such as operating costs, maintenance costs, salvage values, depreciation, volume of work, tax credits, inflation rates, ROJ, etc. The information is used in a series of equations which balance the costs of new equipment against the total cost of old equipment. The solution of the equations determines economic life and the point in time when the old equipment should be replaced. IntroductionIn an operating mine, equipment must eventually be replaced or downgraded for a variety of reasons. Fleets of haul trucks, dozers and other major pieces of equipment deteriorate over time until the mounting costs of maintenance and repair force either a major overhaul or the ir replacement by new and more efficient pieces of equipment.The question of determining the best time to replace old equipment has been approached in many different ways. Various methods, ranging from operating experience, intuition and physical necessity to sophisticated computer models have been devised to help cope with equipment replacement decisions . The best of the se will incorporate the most important economic factors related to equipment usage, such as operating and maintenance costs, salvage values, depreciation, work delivered, the cost of capital, tax credits and, of course, the effects of inflation.Economic TheoryThe fundamentals of equipment replacement theory grew out of the interaction between economics, engineering and finance. The use of annual cost comparisons and rate-of return calculations were helpful in handling situations in which assets with different finite lives were being compared. Later developments bringing together the concept of economic life and marginal analysis helped provide additional refinements to the theory. Taylorui showed that the displacement of an aging asset with a similar, but newer, asset can be justified economically when the marginal cost of keeping the asset one more year exceeds the minimum uniform annual cost equivalent of the proposed replacement."

Jan 1, 1980

By R. E. MacDougall

Very few mineral properties spend their entire lifespans from discovery to depletion in the hands of one owner. More likely, properties will have several owners, and partial interests may change quite often. Similarly, mineral companies are bought and sold with frequency, in recent years at what appears to be an accelerating rate. The reasons for selling a property can be manifold -need for additional capital in other parts of the business, need for development capital, realization of a large gain at a perceived high point in the market, pessimistic commodity outlook, retirement of principals, or resolution of estate problems. Regardless of the reasons for a sale, there are specific steps that logically follow. Spruce up the business, package the information, market the property, negotiate the terms, close the sale, and make sure it stays sold. Adherence to certain very basic ground rules in property sales can maximize the profits and minimize the effort.

Jan 1, 1990

By AIME AIME

IN accordance with the provisions of Art. XII, See. 3, of the By-laws of the American Institute of Mining and Metallurgical Engineers, the Board of Directors hereby give notice of their intention to amend the By-laws as follows : Art. V, Sec. 2. Amend by substituting the word "senior" for ('first" before the words "Vice-president" in line two of the third paragraph of said section which relates to the calling of special meetings of the Board in the absence or disability of the President.

Jan 1, 1930

By Williams J. A.

"Changes proposed in 1969 to modernize legislation governing the exploitation of mineral deposits in the United Kingdom serve as the basis for a discussion of what is considered to be a desirable framework for future legislative proposals.Proposals with regard to prospecting and exploration, evaluation, and acquisition and exploitation are considered, as are suggestions relating, inter alia, to aerial surveys and land restoration.It is concluded that without legislation along the lines proposed there can be no significant revival of metal mining in Britain."

Dec 30, 1971

By Donald J. Worth

When Eugene Bailey asked me to contribute to this session on "Canadian exploration - 1976", it took a little coaxing before he got me to agree. My immediate reaction was, what could i say about Canadian exploration that already had not been said a hundred times in the past few years; secondly, why include a banking person in such a discussion? Everyone knows banks only come into the picture after the discovery has been made and feasibility well established and validated. Rather than wrestle with these misgivings, I decided to take the easy way out and go on blind faith in Eugene - that is, he asked me so he must think that I could come up with some useful thoughts and at least touch upon some of the pros and cons of exploration in Canada. The object of the whole exploration exercise is to Find economic deposits, once they are found, one cannot really move them elsewhere to mine them. It follows, therefore, that we should really be speaking about the pros and cons of mining In Canada and my treatise will eventually lean in this direction. In any event and before getting down to the pros and cons, let us take a quick look at the history of mineral resource development in our country since the end of world war II. At that time, we were producing well under one billion dollars worth of mineral products including hydrocarbons.

Jan 1, 1976

By R. M. Brick

EDUCATIONAL benefits for veterans of World War II have largely removed one of the two former barriers to a college education for everyone, namely financial means and intellectual capacity. This latter limita¬tion has not kept privately endowed institutions from increasing 50 to 100 percent in size of student body, even after applying moderately rigid entrance standards. Growth of some land-grant universities, which cannot well exercise such restrictive judgements, has been even greater. After a weary board of admissions, subject to student, alumni, faculty, and even political pressures, has admitted double the former number of freshmen, the university's worries really begin: to find laboratory, classroom, and instructional facilities. If this were a one- or two-year problem, the answer would be simple: double up, hold night classes, particularly of laboratories, rent space, and have instructors work 24 class or contact hours a week instead of twelve (it takes usually two to three hours of outside work by the instructor for one hour in class). However, most engineering school faculty men are worn out now from four to five years of "accelerated" (frequently downward!) programs and they couldn't continue teaching in a way satisfactory to their own consciences on

Jan 1, 1947

By McNeely DuBose

INTRODUCTORY PROSPECTING for aluminum has always been, and still is, a peculiar combination of the technical with the physical approach, and 1 want to explain my conception of the term 'prospecting' when applied to aluminum, which differs in some respects from the ordinarily accepted idea of prospecting. In the early days of gold mining, prospecting was a search in the hills and the river beds for the metal, not for its chemical combinations. And so it was in the early days of aluminum, with the difference that the search for the metal was carried on, not in the hills and dales, but in chemical laboratories. Aluminum is never found in the elemental state and at that time the metal bad never been seen, but scientists of that day bad forecast that such a metal must exist and in 1807 Sir Humphrey Davy went so far as to give this unseen metal a name, aluminum, from the Greek word alumen. This word applies to our alum, and it was from alum that Davy sought to produce the metal. It is strange to think that, in laboratories throughout England and on the continent, prospecting for aluminum was busily under way by men who had never seen the metal they were searching for. Their situation was something like that of the fisherman and the 'big one' that got away. They could describe the metal, give its exact weight, and even name it, but they could not produce visual evidence of its existence. Eventually, however, the efforts of the scientist 'prospectors' were rewarded and in 1826 the metal was actually produced, possibly first by Wohler, though Oerstedt, a Danish chemist, is usually credited with the achievement.

Jan 1, 1951

By D. J. Boron, R. Kollrack

Introduction The US has the largest total (364 Gt, or 401 billion st) and recoverable (182 Gt, or 201 billion st) coal reserves in the world (Steam/Its Generation and Use, 1978). However, progressive coal use in this country has been hampered by environmental constraints, such as restrictions on sulfur dioxide, nitrogen oxides, and particulate emissions. Since the promulgation of the Environmental Protection Agency (EPA) New Source Performance Standards (NSPS), it has become apparent that all US coals will require sulfur removal to comply with the new sulfur dioxide emission levels. If more stringent emission standards are imposed, through pending acid rain legislation or amendments to the Clean Air Act, it is likely that the coal industry, and the industrial and utility sectors will look increasingly toward the development of new and advanced coal cleaning technologies to continue and promote the use of coal. Table 1 summarizes the EPA NSPS for sulfur dioxide emissions. Fortunately, the basis for determining sulfur dioxide removal is the Btu and total sulfur content of the run-of-mine coal. Thus, credit is given for any sulfur removed before combustion, e.g., through physical coal cleaning. Unfortunately, physical coal cleaning alone may be unable to produce a compliance coal with respect to the EPA NSPS. Therefore, all industrial and utility coal-fired boilers will require post combustion gas cleanup, e.g., flue gas desulfurization (FGD), to comply with the new regulations. Table 1 - EPA NSPS for SO2 Emission Category SO2 Content of ROM Coal SO2 Reduction Required 1 0-2 Ib/M Btu 70 2 2-6 Ib/M Btu To 0.6 Ib/M Btu (70% to 90%) 3 6-12 Ib/M Btu 90% 4 12 Ib/M Btu To 1.2 Ib/M Btu Alternatives to post combustion gas cleanup, such as staged combustion, lime and coal injection, fluidized-bed combustion, and chemical coal cleaning, are currently under development. Of these, chemical coal cleaning offers the advantages of providing (1) high quality fuel for combustion (low sulfur and ash, high Btu, and attenuated product variability); (2) a solid fuel product for use in retrofitted gas and oil boilers; and (3) a solid fuel product with multiple end uses, e.g., internal combustion engines, carbon electrodes, coke, or chemical feedstock. Gravimelt process In the Gravimelt process, 1.4 mm x 0 (14 mesh x 0), physically beneficiated coal of about 5% moisture is fed into a 3401 to 3901 C (644 ° to 734 ° F) molten bath of sodium hydroxide and potassium hydroxide. Organic and pyritic sulfur and most of the mineral matter in coal react with and are dissolved in a molten mixture of potassium hydroxide and sodium hydroxide. The reacted coal sulfur is converted to alkali sulfides and polysulfides, whereas the mineral matter is apparently converted to alkali-aluminum silicates and other byproducts that are water and acid soluble. Coal residence time is 60 to 240 minutes. The sodium hydroxide to potassium hydroxide ratio is about 9:1. The total hydroxide-to-coal ratio is no less than 10:1. The specific gravity of the caustic melt is about 1.8 g/cm3 . Thus, coal is buoyant in the bath, and insoluble mineral matter with density greater than 1.8 g/cm3 would sink. Reacted coal is first water-washed with an equal weight volume of water in a countercurrent mode of operation. The coal is filtered and the filtrate sent for regeneration. The coal is then acid-washed in 10% sulfuric acid. The acid-water/coal mixture is filtered to recover the final coal product, and the filtrate treated with lime to precipitate dissolved mineral matter. The precipitate is filtered from the mixture and discarded. The water is recycled to the plant. Filtrate from water-washing is treated to remove sodium sulfide. The sodium sulfide is chemically treated to produce hydrogen sulfide, calcium car¬bonate, sodium hydroxide, and other products. The hydrogen sulfide is treated to produce sulfuric acid for the acid-washing step. The calcium carbonate is treated further or discarded, and the sodium hydroxide is concentrated by evaporation and recycled to the reactor. The Gravimelt process is currently at the bench-scale stage of development. A 0.9-kg (2-lb) continuous reactor is in operation with a continuous water- and acid-washing section adjacent. The regeneration section is not developed to a meaningful extent, although key reactions have been tested in the laboratory. Process conditions, product recovery efficiencies, etc., however, have not been determined adequately and continuous regeneration operation has not been attempted. Work is now in progress to develop each section to a continuous bench-scale operation in processing coal at 9.1 kg/h (20 lb per hr). Microwave process The carbon and hydrogen in coal are relatively transparent to microwave radiation. However, water, caustic, pyrite, and other mineral matter components are strong conductors of microwave radiation energy at the proper frequency. As a result, selective heating of the noncarbonaceous materials occurs that enables the chemical reaction of sulfur and ash with caustic. Although very high temperatures may result from

Jan 1, 1987

By Georgc E. Collins

SEVERAL years ago, I estimated the total stock of gold in the world to be about a thousand million ounces, of which rather over one-third was available for monetary uses. Robert H. Ridgway has estimated the world's production from 1493 to 1927 as slightly over this amount. Of this total, 1.5 per cent was produced between 1493 and 1850 (before the Californian and Australian goldfields began to flood the world with gold), 331/2 per cent from 1851 to 1900, and 511/2 per cent from 1900 to 1927. Allowing for loss by attrition and permanent consumption in the arts, and for loss of buried treas¬ure, my first-mentioned estimate is perhaps not far from the truth; but my estimate of the monetary stock was certainly too low. Of the total production stated by Rid-way. 28 per cent came from North America. 26.9 per cent from Africa, 1.6.8 per cent from Australasia, 12.4 per cent from South America, and 11.2 per cent from Asia. Excepting that from the African conglomerate beds, the ultimate origin of which is still the subject of controversy, by far the greater part of the total production was derived from alluvials. Weighing all contingencies, it is improbable that any such production as has been made during the last forty years will be repeated in any similar period, if the present price level is maintained. The gold standard today seems firmly established except for temporary digressions. Nevertheless, no well-informed mining engineer will venture to assert the probability that the material for its maintenance throughout future generations can be furnished.

Jan 1, 1932

By D. R. McConnell

The seafloor in the US Pacific OCS and EEZ is enriched to varying degrees in critical and economically important minerals such as nickel, manganese, cobalt, copper, zinc, REY (rare earth elements plus yttrium), titanium, vanadium, antimony, gold, and silver. These mineral deposits take the form of polymetallic nodules on the seabed, cobalt rich ferromanganese crusts on seamounts and ridges swept clean of sediment accumulation, and seafloor massive sulfides formed by hydrothermal systems at geologic plate spreading centers and volcanic margins. Each of these mineral deposits form on or near the deep ocean seafloor where water depths are typically 4000 m to 5500 m and on the seamounts and volcanic arcs that rise from these depths. Commercial interest in deep sea mineral deposits and the potential for collecting or mining them began in earnest in the 1970s but has been heightened in the last 20 years as the international framework for developing these minerals in International Waters has matured that has coincided with forecasted rapid rising demand for minerals to supply energy and manufacturing needs for the green economy. Compilation reports published by academia, government, and private companies are reviewed to assemble data and assess the prospects for deep sea marine minerals in the US Pacific OCS and EEZ. Key compilations were made by the Circum-Pacific Council and USGS in the 1980s and 1990s. These, together with recent (2023) efforts by USGS to compile geochemical data from USGS affiliated marine research sampling cruises from the 1980s and 1990s, historical data maintained by NOAA National Centers for Environmental Information (NCEI), and recent publicly disclosed results from ISA contractors are used to inform the known occurrence and prospectivity for polymetallic nodules, cobalt-rich ferromanganese crusts, and seafloor massive sulfides in the US Pacific OCS and EEZ.

Feb 22, 2026

By William P. Prof. Blake

WHEN we consider the efforts made in Europe to promote the physical and moral well-being of the working classes, the question is suggested whether in this country, where, theoretically, every man is peculiarly the arbiter of his own destiny, we may not be too prone to expect every man to take care of himself, and neglect to make those provisions for the welfare of the employed, demanded alike by enlightened economy and humanity. In the older countries, where the disproportion between capital and labor is greater, and the working classes are more dependent, their welfare largely occupies the attention of employers. The subject is involved in the problem of the just relations of capital and labor, and we are rapidly approaching the time, if we have not already reached it, when a generous paternal interest in the welfare of the employed should be more generally manifested. It is a subject which is of special importance to mine-owners and engineers in this country, especially to those located in the coal regions. My own attention has been particularly directed to it by a visit made to the Hassard collieries, a few miles from Liege, Belgium, under the direction of M. Andrimont. This celebrated engineer has established a comfortable home for the miners near the mouth of the shaft of the mine. It has been highly successful and beneficent in its results, and may to a great degree be regarded as a, model for such undertakings. It is known as "Hotel Louise," this being the name of Madame d'Andrimont, who laid the corner-stone of the building April 4th, 1871. The structure is of brick, upon three sides of a square, and

Jan 1, 1875

By T. W. Camm

"Search Amazon.com using the keyword “leadership,” and you are rewarded with a list of over 144,000 titles. There is no shortage of books and articles, many of them well written, with excellent ideas. So why is there still a constant cry for effective leadership in organizations? Often, the person in charge has personal blinders that prevent them from seeing or understanding how to implement the newest leadership idea or method. Either deliberately or subliminally, there is a disconnect from learning about leadership, and actually modelling and implementing what has been learned. Some current research in leadership theory can provide insight and tools to address this issue. INTRODUCTION Let’s start with a discussion of terms. Pseudo is defined by Webster (2015) as “Being apparently rather actually as stated.” Synonyms include affected, assumed, contrived, fake, false, phony, pretended, and artificial. Antonyms for pseudo provide additional clarity, especially when we consider terms normally associated with effective leadership: genuine, natural, unaffected, unforced. A similar type from my world of academia is a pseudointellectual, “A person exhibiting intellectual pretentions that have no basis in sound scholarship” (Dictionary.com, 2015). This is a person pretending to have an interest in intellectual activities for status; a fraudulent intellectuality. The thought of applying the term pseudo to leadership first occurred to me while reading Power and Innocence by Rollo May (1972). In discussing the dynamics of power, and how the innocent are often victims of the exercise of power, especially the more aggressive and destructive types of power, he saw two types of innocence. The first he called authentic innocence, which he described as a childlike clarity that carried into adulthood. The second type he called pseudoinnocence, a type of naïveté that makes a virtue of powerlessness, weakness, and helplessness; being more childish than childlike (p. 48-50). Just as there is the potential for pseudoinnocence and pseudointellectuals, it is also possible to experience pseudo leadership. (I hope the gentle reader is not troubled by my decision to use pseudo leadership as two separate words, in contrast to the use of compound words for pseudoinnocence and pseudointellectual cited above. Since there is no official definition of pseudo leadership, I have exercised my author’s prerogative to treat it as two words, both because I think in this particular application this makes the most sense, and also I think it is easier to read). As we will see, there are numerous theories applied to leadership. What is so troubling to many of us in organizations, there are a myriad of “leaders” in companies espousing pet theories, but very few instances where the actions of these individuals match their words. This is a particularly important problem when we look at the effect this has on the day to day operations of a mine, and where effective leadership (or its absence) can have a profound impact on both productivity and safety."

Jan 1, 2016

By C. M. Campbell

Canadian newspapers from coast to coast, have been, for months, denouncing those articles entitled, "The Whisper of Death," which have been appearing in the Montreal Star. I have not read these articles as the newspapers do not print them; they just denounce them or class them as jokes. Apparently they think that they are not suitable for the ordinary Canadian to read. It appears, however, that the Star has said that unless we balance our budget, and that soon, we shall be bankrupt. That seems to me like common sense, though the Victoria Times says editorially that the Star claims will "shortly find a place in the joke column". In this editorial the Times quotes with much enthusiasm from the Quebec Telegraph. "Canada," says the Telegraph, "is all right. Her natural resources are so vast that no one need worry. Her future possibilities are limitless; her assets beyond figures". Does it not seem like the limit of nonsense for a country that is not paying its running expenses to make such pretensions? After fifty-five years of Confederation and much talk of national status we are still sponging on the mother country for our external defense; we still allow the hard pressed tax-payer in the old land to shoulder the entire burden. We even now refuse to accept able-bodied working-men from that small and overcrowded country and yet blatently talk of limitless resources.

Jan 1, 1923

By JAMES H. McGRAW

P UBLZCLTY and engineers do not mix. In the very words of my subject, there is an apparent contradiction. In the past, publicity has been abhorrent to the engineer. It seems to be true that the engineer, because of his training or his background, has developed a state of mind which omits publicity. At any rate he has done a poor publicity job for himself. The average engineer is self-conscious; he ought to be class-conscious. If T should ask the men in this hall to get up one by one and tell who they are and what they have done, there would be an instinctive reaction in the mind of each man-a feeling that this was out of place. If I should ask each man to get up and tell something about his neighbor, I should find that each neighbor, once he got acquainted with the man next to him and understood what he was doing, would be as human and as generous-hearted in telling about his brother engineer as is any professional man.

Jan 1, 1920

By Gordon R. Harris, Raymond Chalk

Descriptions of typical pulp and paper manufacturing processes are presented, with particular emphasis on the use of minerals and derived products. Some consideration is given to the future demand for these minerals by the pulp and paper industry. Possible influences of techno-logical change and social legislation are suggested and their effect on saltcake demand by the pulp industry is discussed. Predictions are made regarding trends for new and existing paper products.

Jan 1, 1968