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By CHRIS A. HARTNAGEL

For the second consecutive year, the production of crude petroleum in New York has fallen below the 5,000,000-bbl. Mark that had prevailed previously since 1937. In 1945, the output totaled 4,658,000 bbl., a decrease of slightly more, than one per cent from the 1944 production. This total represents 2 per cent of the stripper-well production of the United States, which in turn is I 3 per cent of the total annual yield of the nation's petroleum.

Jan 1, 1946

By H. H. Taft

IT has long been known that the volcanic area south of Belmont, Nye county, Nevada, had mining possibilities. Some of the old-time prospectors knew that gold existed there. Its remoteness from any source of supplies, its long distances from water, the absence of game, and more, perhaps, the lack of grass for animals to subsist upon, has made this an unattractive region in which to search for mines. The decline of the Comstock mines, the exhaustion of sun-dry large and rich ore-bodies, the high cost of mining, marketing, and particularly the ruinously high freight-charges upon refractory ore that had to be shipped to distant smelters, have kept investors out of Nevada for the last few years; and mining people have hardly yet awakened to the importance of Tonopah, Goldfield and perhaps the newer and less developed districts. The discovery of Tonopah by J. L. Butler, who located the Mizpah Claim in May, 1900, and the fortunes soon realized there, attracted many people. As the boom declined, many went away, some scattering out into the surrounding country, and the population is now about 7,000. In the fall of 1902 a discovery of gold was made 23 miles south, in what is now known as the Sandstorm group, 4 miles NW. of Goldfield. In the winter of 1903-4 the Combination, January and Florence mines were discovered, and shipments of high-grade ore soon followed. In January, 1905, there were 10,000 people in Goldfield. In June, 1904, rich gold-ore was found 85 miles SE., at the foot of the south end of the Kawich mountains, but this discovery was kept quiet until a re-location could be made. On August 10, 1904, the Bullfrog claims, and a month later the Ladd mountain and neighboring claims, were located. The Shoshone group was located September 24. This district is

Nov 1, 1905

By Harry E. Krumlauf

The year 1957 was one of declining metal price and production. Many lead-zinc-copper mines were forced to close, and the remaining mines limited production to stay more in line with demand. High cost of labor, supplies, and equipment and high taxes aggravated the situation. Some operators postponed or abandoned expansion programs because of uncertain economic conditions. Output was curtailed by elimination of over- time employment and reduction of the working force. The number of employes laid off was small- reduction in the labor force was accomplished by not replacing those who left a company's employ.

Jan 2, 1958

By Charles T. Baroch, Charles J. Baroch

In 20 years of commercial development, nuclear reactors have demonstrated that they are a safe, dependable, and economical source of power. Operating experience with commercial power reactors has firmly established nuclear power as a practicable source of energy. For both boiling-water (BWR) and pressurized-water (PWR) reactors, performances to date have generally met design predictions. Furthermore, it has become possible to analyze and understand the nuclear, chemical, and physical behavior of this class of reactors. The United Kingdom has had similar success with gas-cooled reactors. The Experimental Boiling Water Reactor (EBWR), the first United States experimental power reactor, began operation in 1956. It proved to be capable of supplying 4500 kw (kilowatts) of power. This reactor was followed in 1957 by the Pressurized Water Reactor at Shippingport, Pa. It was the nation's first full-scale central-station nuclear power plant and the first in the world designed exclusively for the production of civilian electric power. The Shippingport reactor was originally designed to produce 60 megawatts (MW) of electricity, and it was increased to 100 MW in 1964. In 12 years of operation, this reactor generated over 4.5-million MW-hr of electricity in spite of many shutdowns for experimental alterations. By 1969, a total of 15 central-station nuclear power reactors were operable in the United States with an aggregate electrical capacity of over 4200 MW. Early in 1964, Jersey Central Power & Light Co. announced plans for constructing a 515-MW nuclear plant at Oyster Creek, N.J., to be built without government financial assistance. The company stated that a nuclear plant had been selected competitively with fossil fuel. Their economic analysis stated that the plant would generate electricity at less than 4 mills per kw-hr, competitive with coal at 200 per million Btu (British thermal units). Coal cost in 1964 for that region averaged 26.00 per million Btu. The Jersey Central report created wide interest in public-utility circles; nevertheless, no other nuclear plants were announced in 1964. However, in 1965, six nuclear plants were announced by utilities, followed by 26 in 1966, 29 in 1967, and 10 in 1968. By Sept. 30, 1969, 97 reactors were operable, being built, or planned. The cost of these, all committed by electric utilities, was estimated at about $12 billion. When constructed, they will have an electrical capacity of 72,000 MW. The unprecedented surge in power reactors that started in 1965 tapered in 1968, and only seven reactors were announced in

Jan 1, 1976

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 CHARLES W. BENTON

THE following paragraphs comprise such information as the Secretary has been able to obtain concerning the members and associates whose deaths have been reported. Further particulars or corrections of errors, and biographical data concerning deceased members or associates not already noticed in this way, are solicited. Charles IV. Benton was born at Kezar Falls, Maine, Nov. 12, 1843. We have no accurate knowledge concerning the early part of his career. In 1871 he engaged with the N. Y. Honduras Rosario Mining Co., at San Juancinto, Honduras, C. A., and later was employed at the Monserrat mine at Yuscaran, and at Santa Lucia, Honduras, with the Tenero Mining Milling Co. of Pennsylvania. In 1897 he became a member of the Institute. At the time he was stricken with his last sickness he was employed at the Paymaster mine at Tucson, Ariz. He died at Fairmount, Denver, Colo., Sept. 9, 1907. William R. Boggs, Jr.-The notice in the Bulletin for January was incorrect in saying that the murder of Mr. Boggs occurred while he was employed as metallurgical. manager by Mr. W. B. A. Dingwall, at La Maroma, San Luis Potosi, Mex. Mr. Dingwall writes that in March, 1907, Mr. Boggs left him, to return to his home at Winston, N. C., whence he. subsequently went to Durango, Mex., to take, with the Topia Mining Co., a position which he occupied at the tine of his death, Nov. 17, 1907. Mr. Dingwall says that, while in his service, Mr. Boggs never had any trouble with the workmen, but was esteemed and liked by them, as by all who knew him ; and adds, injustice to the State of San Luis Potosi, that the population, even in the mining-camps of that State, is orderly and law-abiding, and that the authorities are vigilant and just. Our

Mar 1, 1908

By Finlay, J. S.

THE North Lily Mine started its career in an unusual way it was discovered by a geologist. The remarkable circumstance of driving a 2400-ft. drift into an unexplored country and "hitting her on the nose," indicates that geologists are sometimes numbered among those whom the Lord loves. Diamond- drilling from surface had previously shown the presence and position of the Ophir beds, and surface showings of pebble-dykes, faults, and bleached rhyolite indicated conditions similar to those at the Tintic Standard "Pot-hole." The discovery drift from the Tintic Stand- ard 700-level reached the North Lily orebody in January, 1926, and development and stoping were continued by Tintic Standard men and equipment until the North Lily shaft was sunk and put into service in May, 1928. The discovery drift was run on a cooperative basis by the Tintic Standard and North Lily mining com- panies. Finding the North Lily mine cost the North Lily company $26,000. The Tintic Standard Mining Co. furnished men and equipment to drive this discovery drift at a fraction of what it would have cost to find the orebody from surface. This was the beginning of the friendly cooperation that still exists. Through Tintic Standard ground the Tintic Standard paid two- thirds of the cost and the North Lily one-third; the cost of the drift through Eureka Lily, into North Lily ground, was paid by North Lily. Later, another drift from the Tintic Standard 900-level was run on the same plan, excepting that Eureka Lily paid its share of the cost; that is, the Eureka Lily paid one-third of the expense in Tintic Standard ground, and the Eureka Lily two-thirds and North Lily one-third in Eureka Lily ground. This 900-drift was driven by North Lily from the Eureka Lily line to near the North Lily west side-line. From this point the Chief Consolidated continued the drift well into Tintic Bullion ground.

Jan 1, 1929

By J. L. Craig, C. L. Edwards, M. D. Harper, J. M. Ray

The Los Alamos National Laboratory executed 19 intermediate scale cratering experiments in oil shale at the Colony Mine in Garfield County, Colorado. These experiments have led to a better under- standing of fracture characteristics and fragmentation of & - oil shale by use of a conventional high explosive. Geologic site characterization included detailed mapping, coring, and sample analyses. Site-specific geology was observed to be a major influence on the resulting crater geometry. The joint patterns at the experimental site frequently defined the final crater symmetry. Secondary influences included vugs, lithology changes, and grade fluctuations in the local stratigraphy. Most experiments, in both the rib and floor, were conducted to obtain data to investigate the fragmentation results within the craters. The rubble was screened for fragment- size distributions. Geologic features in proximity to the explosive charge had minimal effect on the rubble due to the overpowering effect of the detonation. However, these same features became more influential on the fracture and rubble characteristics with greater distances from the shothole. Postshot cores revealed a direct relationship between the grade of the oil shale and its susceptibility to fracturing. The Colony Mine experiments have demonstrated the significant role of geology in high explosive/oil shale interaction. It is probable that this role will have to be considered for larger applications to blast patterns and potential problems in retort stability in the future of oil shale development.

Jan 1, 1983

By T. R. A. Davey

A Survey of current and recent research and developmental work is supplemented by predictions for processes which should be developed over the reminder of this century.

Jan 1, 1970

By J. Fred Johnson

MORE ORE is mined in the Bingham District than in any other mining district in Utah. In addition to the open-pit operations of the Utah Copper Co., there have been, many large underground mines. Until recent years the principal production was from the Jordan and Commercial limestones, but in the last eight years valuable ore deposits have been developed in the so-called alphabetical or "A," "B," "C," and "D" limestones, mainly by the U. S. Smelting, Refining & Mining Co. The value of these developments has led the company just mentioned to acquire large holdings in the district and within the last year to install at the Niagara shaft a hoist capable of going to a vertical depth of 4000 ft., or 1800 ft. deeper than the present lowest level. Ore from Bingham has been the chief factor in enabling the

Jan 1, 1934

By AIME AIME

AMONG the recent mining and metallurgical developments in England great interest has been shown in the development of an iron-ore field covering 26,0.00 acres in Northamptonshire, containing 500,¬000,000 long tons of ore; and the erection at Corby, by Stewarts & Lloyds, of a modern basic bessemer steel plant and tube works. The entire project was planned to cost about £3,300,000. Many improvements have been made in the varied equipment that is being installed, some of which has set mew records for massiveness. There is, for instance, a new roll crusher, which has been manufactured by Hadfields, Limited, of Sheffield, the largest ever built in England, and weighing 130 tons. This machine, shown in Fig. 1, as erected at the Hadfields shops, is primarily designed to take blocks of iron ore as they come from the steam shovel. The maximum size is 54 by 48 by 36 in., hut occasional pieces slightly larger than this may be accommodated. The capacity is upwards of 500 tons per hour, the product passing to a secon-

Jan 1, 1934

By J. F. Enrietto

It is shown that one cannot approximate the broad internal friction Peaks observed in the Fe-Mn-N system as the sum of a number of subsidiary Peaks and still vetain the concept of a single relaxation time. Furthermore, the approximation of manganese affectirg only nearest neighbor interstitial sites is shown to be incompatible with the experimental results. The results of this experiment show that the influence of manganese in the ferrite lattice extends over 3 to 4 atomic distances. NUMEROUS experiments have shown that the presence of relatively small amounts of substitutional alloying elements can profoundly affect the profile of the damping spectrum in the vicinity of the Snoek peak in bee metals.1-7 Dijkstra and Sladekl observed this phenomenon in Fe-Mn-N alloys where it appeared as a broadening and shifting of the Snoek peak to higher temperatures. The authors interpreted this as being the result of a superposition of two damping maxima—the normal Snoek peak, located at its usual position and having a normal half-width, and an interaction peak having a normal half-width, but occurring at a somewhat higher temperature. They prclposed that the interaction peak was caused by nitrogen atoms jumping from Fe-Mn sites to Fe-Fe sites, the Fe-Mn interstitial sites having one manganese and one iron atom as nearest neighbors, and the Fe-Fe sites having two iron atoms as nearest neighbors. They further suggested that the Fe-Mn sites had a lower energy than the normal Fe-Fe sites because of the presence of the adjacent manganese atoms. From the relative heights of the two postulated damping peaks, the dif-

Jan 1, 1962

By NEWTON B. KNOX

IN Bolivia, mining is still the principal economic activity, as it was before and during the Spanish Colonial period. Tin, tungsten, antimony, copper, lead, zinc, gold, silver, sulphur, and a little bismuth are produced. The Andes mountains are divided into two main ranges in Bolivia; the Western range marks the border with Chile and the Eastern range forms the backbone of the country; in the North it drops rather abruptly eastward, to the plains of the Beni, whereas in the South it splits and is separated from the Chaco flatlands by a series of folded mountain ranges. In general the mineral deposits are found within the Eastern range or in the hills that rise from the high plateau between the ranges - really parts of the Eastern range partly submerged by recent sediments. The mineral belt is thus over 500 miles long and about 100 miles wide and includes most of the principal centers of population and the most important means of communication. The region is mountainous and the roads are bad; furthermore labor is a serious problem, for the land is poor and the agricultural population is never far from hunger. The floating supply of miners is limited and soon exhausted in any emergency like the present.

Jan 1, 1945

By AIME AIME

THE petroleum engineers have the conference habit. They drop in, thresh things over, and drop out. No time is wasted. So it was at the Fort Worth meeting of the Petroleum Division, Thursday and Friday, Oct. 8 and 9; headquarters, Blackstone Hotel. Associate Chairman Albertson arrived the morning of the 7th, to tie in any loose ends of the technical program. S. M. Greenidge, chairman of the local committee, checked the arrangements with his committeemen at a luncheon that noon. By mid-afternoon the next day's attendance was anybody's guess-there were no noses to count. But when the gavel sounded Thursday morning 175 members and guests were present, also the official A.I.M.E. party consisting of President Lovejoy, Secretary Parsons, and George Otis Smith. Shortly after adjournment Friday afternoon all but a handful had vamoosed, lit out, disap¬peared. But, in the meantime, it was a grand conference, attendance maximum every session, and the discussion fast and furious. The discussion came from all over the floor, sometimes as good-natured sniping, sometimes in long volleys that were almost fatal to the reporter. Everyone knew his subject and few there were who had nothing to say.

Jan 1, 1936

By E. H. Rose

IN a year of sober reflection and stocktaking after the mineral-squandering spree of World War II, the role that beneficiation of low-grade must henceforth play in American mineral industry has become unmistakable. From the volume of research and development progress in mineral engineering during 1946, mineral dressers evidently have ample resoluteness to meet the challenge. Perhaps ,the most conspicuous trend of the year was the renascence of interest in gravity concentrating methods and more serious effort than ever before to make them effective in finer size ranges down to 200 mesh. This has been forced by the problem in iron ores where the low value of the product will not support a high flotation reagent cost, however good flotation pilot plant results may have been and however well the acute problem of variable feed may be met. The race is on between rabbit flotation and tortoise gravity methods and a surprising amount of betting money is being laid on the tortoise which already is showing previously unsuspected talent for speed. Mostly, however, a wait-and-see attitude prevails during the present preliminary heats. As evidence of the latter, two magnetic plants are now on the boards for magnetic taconites on the eastern Mesabi to establish a reprieve against the time when nonmagnetic taconites must be addressed. Incidentally, these operations will force the blast-furnace issue on preparation of fine material since a minus-100-mesh grind is contemplated.

Jan 1, 1947

By John Jermain Porter

(San Francisco Meeting, October, 1911.) THE value of any particular ore, coke, or limestone, for iron-making, depends upon its effect, first, upon the quality or value of the resultant product; and second, upon the cost of smelting. The factors under the first head are the percentages of phosphorus, manganese, and other elements, which remain in the pig-iron ; while those under the second head are the percentages of iron, carbon, or lime, the slag-forming constituents, which must be fluxed, and any other ingredients which give rise to variations in cost of fuel and flux. The first of these criteria of value is perhaps not capable of being reduced to a general formula embracing all cases, since it must vary to a great extent with market-fluctuations. For example, Bessemer pig is worth sometimes more and sometimes less than foundry-pig ; and the premium paid for high manganese varies within wide limits. The second, or smelting-value, however, can be expressed numerically with a fair degree of accuracy; and it is with this phase of valuation that the present paper is concerned. The utility of a means of comparing numerically the relative smelting-values of different ores, cokes, and limestones, is self-evident, although it may not have importance in Northern practice, where materials are largely standardized. On the other hand, there are, especially in the South, many furnace-managers who must use a great variety of materials of widely varying grade; and it is with special reference to this district, and in connection with the efficiency-methods which I have elsewhere proposed,1 that the methods herein described were devised.

Mar 1, 1912

By M. C. Manderson

The sharp drop in world phosphate demand that took place in 1975 due to temporarily high prices, now seems to be reversing itself. And prices for both phosphate rock and phosphate fertilizers, which declined dramatically from their 1975 highs, now appear to be bottoming out. This recent price weakness has delayed new mining ventures that had been planned for completion by around 1980. While there is ample capacity to supply near-term rock needs, the stage seems to be emerging for a better supply-demand and price environment in the late 1970's and early 1980's.

Jan 1, 1979

With a total value to date of well over $200,000.000.00 for its ore production, the Tintic mining district, which is about 100 miles southwest of Salt Lake City, ranks as one of the three main ore producing areas of Utah. In it are located the biggest silver mines of the country, silver having been the chief metal produced in the camp since its start. Tintic's silver production to date has a total value of over $1 00,000,000, approximately half of the value of the camp's ore production, the balance being roughly divided among lead, gold and copper. Discovery of the camp was made in the late sixties. Lack of transportation and ore reduction facilities delayed extensive development of the area for nearly a decade. In recent years Tintic's ore production has ranged from 350,000 to 400,000 tons annually. In 1924 the camp produced one-eighth of the silver produced in the nation with an output of 7,729,700 ounces. Its lead production was 77,765,000 pounds and its gold production 26,285 ounces.

Jan 1, 1925

By William M. Baldwin

Jan 1, 1946

By William M. Baldwin

Jan 1, 1946