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IN NOVEMBER 1933 I had the pleasure of receiving an autographed copy of a small brochure entitled "Birth of the Porphyry Coppers." The author, James Colquhoun, a distinguished British mining engineer, had been the dominant figure in the Arizona Copper Company, Limited, which, until its acquisition by the Phelps Dodge Corporation in 1921, had been the principal producer of copper in the Morenci district. In addition to the highly productive Humboldt and Longfellow mines it owned the Clay property, which, of course, has now become Arizona's No. 1 copper mine. Except for Utah Copper it is the premier Porphyry copper enterprise in the United States. Mr. Colquhoun's little volume was inspired by THE PORPHYRY COPPERS which had appeared early that year. In a most courteous and friendly way he adduces data to show that "we (Arizona Copper Company Limited) were successfully treating low-grade porphyry ores in quantity for at least four years (1901 to 19W) before the Utah Copper Company did anything at all." This last remark is based on the figures in THE PORPHYRY COPPERS showing that Utah's first production came from the Copperton pilot plant in 1905. Mr. Colquhoun traces the story of Morenci beginning in 1883 when he first arrived there. He tells how the rich self-fluxing ores (containing lime- stone, silica, and iron in proportion to permit direct smelting to produce black copper) were gradually exhausted. High-grade siliceous ore could be mixed in limited quantity with the self-fluxing ores; and oxidized ores were leached to contribute substantially to the production of the district. But

Jan 1, 1957

The first mention of the occurrence of native copper near Lake Superior is found in a book by Lagarde, published in 1636. The letters of the Jesuit missionaries in the seventeenth century refer to the use of this copper by the Indians. Francesco Bressani, an Italian friar, says, in 1653: "There is a copper ore, which is very pure, and which has no need of passing through the fire; but it is in places far distant and hard to reach. We have seen it in the hands of the barbarians".* Father Jerome Lalemant, writing in 1659, says that the coast of Lake Superior is "enriched with copper of such excellence that pieces as large as one's fist are found, all refined.† These pieces of copper were hoarded by the Indians as mascots. The mention of the metal as having been already refined by nature recalls the fact that the old Greek historians spoke of gold-dust as being apuron, or not needing the fire. Father Claude Allouez,‡ writing in 1666, says: "One often finds at the bottom of the water [of Lake Superior] pieces of pure copper, of ten and twenty livres [pounds] weight. I have several times seen such pieces in the savages' hands; and since they are superstitious [as if the padres themselves were not!], they- keep them as so many divinities, or as presents which the gods dwelling beneath the water have given them, and on which their welfare is to depend. For this reason they preserve these pieces of copper, wrapped up, among their most precious possessions".

Jan 1, 1932

By AIME AIME

THE Seventh International Petroleum Exposition and Congress to be held in Tulsa, Okla., Oct. 4 to 11, inclusive, in true western spirit promises to be bigger and better than ever. The Exposition has become an established institution. It gives opportunity to petroleum engineers, technologists, and operators to see each year at one place what the tool makers and machinery manufacturers have to offer which is new or better. It has truly become a place "where men, methods and machinery meet." It is also a convenient focus for technical meetings of various kinds devoted to petroleum and natural gas problems. 'The Petroleum Division of the A. I. M. E. has for several years held its chief fall meeting at Tulsa just preceding the opening of the Es- position. This year our meeting will be on Oct. 2 and 3 and it will be held as usual at Hotel Mayo. The Mid- Continent Oil and Gas Association will, as usual, hold a meeting during the Exposition and this year the Petroleum Division of the A. S. M. E. will hold a three- day session, Oct. 6-8, in the auditorium on the Esposition grounds. In all, six technical sessions are planned by this Society, and aside from reports of committees some 20 technical papers are to be presented. Members of the Institute should attend its own meeting and stay over for as many days as possible for the other meeting at which they will hear and see much of helpful interest.

Jan 1, 1930

By A. Eilers

Although the process to which I refer in this paper has been in successful operation for nearly five years, during which time it has been introduced, superseding all other processes having in view the same end, in almost every lead refinery in the country, no description of it, giving economical data, has ever appeared in print, nor has the process been known in its details to any considerable number of engineers beside those conducting it at their works. A discussion of this subject at the present time becomes especially interesting in view of a late publication in the Prussian ministerial organ for Mining and Metallurgy, by Dr. Wedding, in which the method of treating the zinc-silver-lead alloy by distillation, as finally settled upon at Tarnowitz, is very minutely and fully described. It is the more interesting, because in that article reference is made to the American method in an unfavorable light, while, at the same time, it is clear from the article itself, that the most important details of the process, besides the one that it is conducted in black-lead retorts, mere not at all understood. In publishing herewith the details of our American method, one of my objects is to invite comparisons between our simple and direct process and the elaborate one at Tarnowitz. In extracting the silver from work-lead by means of zinc, it is always the intention, in this country, to obtain a zinc-crust so rich in silver that the rich lead resulting from subsequent distillation

By G. G. Luther, C. E. Jackson

THE relationship between hardenability and weldability has been mentioned many times. The ease of making a hardness survey has led to its wide use as a criterion [ ] of weldability and with a given class or series of steels for which the ductility under weld heat-treatment is known the test is entirely suitable. However, in studying a new steel the hardness survey is of less value, since it is based on the assumption that there is a correlation between hardness and ductility. Several attempts have been made to derive indices for weldabilityl and hardenability from the chemical analysis. In most of these proposals the effects of the different elements were considered to be additive, but recently Grossmami2 proposed a novel method of calculating the hardenability of a steel from its chemical composition. In the [ ] method proposed, a steel is considered as having a base hardenability due to its carbon content and grain size, and this base hardenability is multiplied by a factor for each chemical element present, The final product is the hardenability. The purpose of the present study is to point out the possible relationship between hardenability and the effect of welding on hardness and ductility for a number of plain carbon and low-alloy steels. The composition of the 25 steels reported in this paper as determined by chemical analysis is given in Table I. To eliminate the effect of variations in finishing temperatures, the 1/2-in. plates were normalized after heating for one hour at 1650°F. in a controlled-atmosphere furnace.

Jan 1, 1942

By E. Lancaster-Jones

THE gravity magnitudes obtained by means of observations with the Eötvös balance in the field are necessarily resultant or total effects due to all abnormalities of mass distribution, including even the effects due to the ellipticity and rotational motion of the whole earth. Since the object of the survey is to isolate the effects which arise solely from some particular subterranean feature, and to deduce therefrom the configuration and extent of this feature, the first step is to eliminate from the observed effects all those due to "disturbing" (i, e., unwanted) features, whether above or below the surface of the ground. The disturbing features have different characteristics, according to their situation relative to the center of the balance and to the horizontal plane through the foot of the balance, or station point; this diversity was recognized by Eötvös, who divided the total effects into so-called Normal, Terrain, Topographical, Cartographical and Subterranean effects. This classification has been adhered to by most subsequent investigators, but the writer prefers to employ the term "three-dimensional," which really indicates the essential character of the class of effect known as "Subterranean," at any, rate from the standpoint of the computer of effects. Before disturbing effects can be eliminated, the features must be measured up or surveyed, whether by topographical, mining, or boring methods, and then the effects of each feature calculated and subtracted from the total observed effects. After this the problem of interpreting the residual effects will itself necessitate the computation of the assumed feature, or even a series of trial features.

Jan 1, 1928

By R. A. Deju, R. B. Bhappu

The theory of electrophoresis is briefly outlined and an apparatus which may be used for electrophoretic studies is explained. The results obtained using this apparatus are in agreement with those obtained by other investigators. How to solve some of the complications which occur in the measurement of zero charge and zeta potential is explained. It is believed that the apparatus described in this paper will allow rapid measurements of zeta potential, zero point of charge, electrophoretic mobility and zeta coefficient. For many years the phenomenon of electrophoresis has been studied, and much work has been done in designing an apparatus for better measurements of mobility, zeta potential and zero charge of minerals. Up to the present, most electrophoresis experiments have involved cumbersome equipment and tedious microscopic observation. The modified cell proposed in this paper obviates these drawbacks by using a Rayoscope together with a special system of lenses and filters. It therefore allows a faster and more accurate measurement of zero charge and particle velocity. THEORY Most authors currently regard zeta potential as the potential difference in an otherwise uniform medium between a point some large distance from the surface of the mineral and a point on the plane of shear. Fuerstenau,1 Miaw,2 and Gaudin and sun3 have performed some calculations of zeta potential using Henry's equation.4 Their results show wide discrepancies, probably due to differences in the past histories of the minerals used. The authors have also noticed this difference on determining the zero point of charge of quartz as shown on Table I.

Jan 1, 1967

By Albert Phillips

As EARLY As 1824, Haidinger1 described crystals of native copper that were, according to Dana,2 "probably twinned parallel to the octahedral plane and normal to this axis." In 1837, Rose3 very clearly demonstrated that native copper crystals were commonly twinned on the octahedral plane. Lasaulx,4 in 1882, described polysynthetic octahedral twins and stated that enclosed twinning lamellae were observed. Even on crystals formed artificially by. electrolysis, twinning was observed as early as 1886, by Brown.5 Many other descriptions of twinning in native copper and in gold and silver are to be found in the literature, and in every case with which we are acquainted the twinning is conformable to the spinel law; i. e., the octahedral plane is both twinning and composition plane. Metallurgists have long been familiar with the straight-sided bars or bands that commonly occur within the irregularly outlined grains of metallic crystalline aggregates. They are certainly found in nearly all metals of the face-centered cubic type after cold working and annealing. If a specimen showing these bands is rotated, keeping the angle of incidence of the illuminating beam constant, they usually exchange color contrast periodically with their respective matrix crystals. Also slip lines, when produced in these specimens, nearly always show a change in direction upon passing through the bands, giving rise to the "stairway" effect often illustrated in metallurgical textbooks. Apparently the only quantitative observations on bands of this sort were made by Osmond and Cartaud6 on austenitic steel. They selected,

Jan 1, 1928

By Raimo Matikainen

Sublevel stoping has been used in Finland since the 1930's and today more than ten under- ground mines have adopted it as their main stoping method (Fig. I). Approximately 80% of the total underground tonnage is mined by sub- level stoping (Table 1) The first mines to introduce the sublevel stoping method in Finland were limestone mines. The development of sublevel stoping was very slow up to the mid 1960's when the switch to trackless mining started and the increase of mechanization lead to higher capacity and productivity. The method itself has been almost the same since the 1950's when long hole drilling was introduced. According to a future prognosis sublevel caving will give way to sub- level stoping; on the other hand, open pit mining will at the same time grow rapidly with some new mineral orebodies, which will he brought into production. Most Finnish orebodies are, however, only marginal ores and they could not support mining with more expensive methods than open pit mining or sublevel stoping. The future of sublevel stoping seems relatively bright. GEOLOGICAL AND ROCK MECHANICAL BACKGROUND The rock mechanical conditions in Finland are in general relatively good and the rocks firm. The compressive strength is normally 40 - 150 Mpa and modulus of elasticity 40 - 200 Gpa. Low values are common in altered and fractured rocks and near the ore contact Rock stress measurements have been carried out already for 20 years for mine design and monitoring purposes. The results of these measurements show that relatively high horizontal stresses seem to be common (Fig. 2).

Jan 1, 1981

By T. Egleston

The treatment of the residues from the manufacture of sulphuric acid which contain small amounts of copper, silver and gold, has attracted considerable attention in Europe. They are successfully treated in several works on the continent, and in as many as twenty establishments in different parts of England. As the process must sooner or later attract attention in this country, I have put together my notes made in three of the most important establishments in Europe. These are the works at Hemixem near Antwerp, of Duisbourg in Westphalia, and of Oker in the Hartz. In the last works only, the ores are produced in the vicinity of the place where they are treated. The works at Duisbourg treat ores which come from the Rio Tinto mines in Spain, which often contain considerable quantities of arsenic. They are roasted in a number of different works along the Rhine for the manufacture of sulphuric acid. They are brought by boat and are landed at the works by steam-cranes. They are carried at once by a double-inclined plane worked by steam to the storagehouses to be kept, until treated. The wagons, after being weighed, are dumped. The ore is assayed at once, the assay-sample being taken from the boat while the ores are being discharged. They are all fine, and contain two to eight per cent. of copper and about sixty per cent. of iron, and a small amount of silver and gold. Their average composition is given below:

Jan 1, 1886

By Donald R. Lessard

I. INTRODUCTION There is no question that the choice of an appropriate discount rate is a critical element in virtually all business decisions in extractive industries. The standard textbook approach relies on a single overall cost of capital for an entire firm, itself a weighted average of the firm's cost of debt and equity. But a single rate is appropriate only if the commercial risks and financing structures are similar for all projects under consideration. In extractive industries, appropriate discount rates are likely to vary greatly from project to project. Risks of projects differ markedly by mineral, by country in which the project is located, by stage in production, and by position in the project's life. Further, for a variety of institutional reasons, financing structures vary greatly in relation to these same variables and thus the discount rate appropriate to the entire investment and, in particular, to the sponsor's equity investment will vary even more markedly. Failure to select discount rates which reflect these differences can result in extremely distorted decisions. Our interest in this subject results from our ongoing research on alternative ownership and financing structures for large scale extractive ventures in less developed countries where risks to the various participants--the sponsors, the financiers, and the host government--vary dramatically with the different options. Given the magnitude of these differences, a single discount rate for all options is clearly inappropriate. However, there appear to be few guidelines for practicing managers to follow in setting appropriate rates. In this paper, we take a first step in this direction.

Jan 1, 1977

By V. Koump, R. H. Tien

An approximate mathematical solution is found for the problem of unidimensional solidification of a slab of a binary alloy with time-dependent surface temperature. For the model considered, the solid skin does not form until the liquidus front has moved a certain distance. This distance depends on the rate of cooling and can be as large as half the thickness of the slab when the cooling rate is small. Assuming that the THE process of unidirectional solidification of binary alloys with constant surface temperature was analyzed by the present authors in a recent paper.' In the previous analyses, the surface temperature was considered to be lowered instantaneously, at the beginning of solidification, from its initial value to some surface temperature decreases linearly with time and that the solidus and the liquidus lines are straight, calculations are made of the temperature and concentration distributions, movements of the liquidus and the solidus fronts, as well as changes of temperature, solid fraction, and solute concentration of the liquid at the center of the slab. arbitrary temperature, lower than the solidus temperature. Although the solution of the problem for the case of constant surface temperature has some practical applications, instantaneous changes of temperature are physically impossible. Present theoretical study of the unidirectional solidification of a binary alloy is based on a more realistic model, i.e., in this case, the surface temperature of the slab decreases from its initial value continuously with solidification time. The model of solidification within the solid-liquid region is the same as the one described in the

Jan 1, 1969

By Francis A. Thomson

But little has been written concerning the camp of Republic. In 1900 Chatard and Whitehead 1 reported the results of some experiments with samples of ore from the Republic mine, and a few years later Fritz Cirkel2 described the construction, operation, and results attained in the mill at the Mountain Lion mine. From time to time brief articles, mostly of a semi-technical nature, have appeared in the Engineering and Mining Journal and other mining periodicals. The general geology of the camp, especially in regard.to its areal features, has recently been ably described by Joseph B. Umpleby.3 To bring to mind the general features of the district it may perhaps be well to review briefly some facts in regard to it, before discussing the treatment of the ore. I. History and Production. The town of Republic is situated in the NW. corner of Ferry county, about 25 miles south of the International Boundary, on the head-waters of the San Poi1 river, in what was formerly the " north-half" of the Colville Indian reservation. On Washington's birthday, 1896, this portion of the reservation was thrown open to mineral location, and within a few weeks important discoveries had been made. The present Eureka mining-district was organized, the camp grew apace, and consignments of ore were shipped by wagon to Grand Forks, 30 miles away; or to Marcus, a somewhat greater distance. It is reported that the first 1,500 tons shipped from the Republic mine uetted the owners $160 per ton, after being hauled

Jan 1, 1913

By Harrison Schmitt

During the past decade the writer has studied and mapped certain ore deposits and their structural associations in the states of Chihuahua, Durango, New Mexico and Arizona, and he believes that these deposits, with the exception of the manto-chimney, are representative of the principal types in the area of the states named. In this paper the deposits are described; then generalizations are drawn so far as seems appropriate. Hanover, New Mexico The Hanover, New Mexico, zinc deposits were briefly described by Lindgren and others,' Paige2 and recently in more detail by Schmitt. These, the kind ordinarily called contact metamorphic, border the southern end of an oval area of granodiorite intrusive ¾ mile wide and 2 miles long (Fig. I). The granodiorite has intruded, folded, and metamorphosed sedimentary and igneous rocks, which range in age from pre-Cambrian to Upper Cretaceous. About 90 per cent of the ore has replaced coarse, recrystallized, pure, fossiliferous, lower Mississippian, nonmagnesian limestone (Hanover limestone) 110 ft. thick;4 about 75 per cent of it occurs in the upper 50 ft. of this horizon just below an 18-ft. lower Pennsylvanian shale bed, which lies on a locally inconspicuous unconformity representing upper Mississippian time. The orebodies show five shapes or attitudes, each dependent on a special structural situation: 1. Most of the ore occurs as podlike, thick lenslike or other "three-dimensional" shoots extending from top to bottom of the Hanover limestone and lying adjacent to the outer contact of a silicate zone largely of andradite, which follows the intrusive contact (Figs. 1 and 2).

Jan 1, 1935

By Harrison Schmitt

During the past decade the writer has studied and mapped certain ore deposits and their structural associations in the states of Chihuahua, Durango, New Mexico and Arizona, and he believes that these deposits, with the exception of the manto-chimney, are representative of the principal types in the area of the states named. In this paper the deposits are described; then generalizations are drawn so far as seems appropriate. Hanover, New Mexico The Hanover, New Mexico, zinc deposits were briefly described by Lindgren and others,' Paige2 and recently in more detail by Schmitt. These, the kind ordinarily called contact metamorphic, border the southern end of an oval area of granodiorite intrusive ¾ mile wide and 2 miles long (Fig. I). The granodiorite has intruded, folded, and metamorphosed sedimentary and igneous rocks, which range in age from pre-Cambrian to Upper Cretaceous. About 90 per cent of the ore has replaced coarse, recrystallized, pure, fossiliferous, lower Mississippian, nonmagnesian limestone (Hanover limestone) 110 ft. thick;4 about 75 per cent of it occurs in the upper 50 ft. of this horizon just below an 18-ft. lower Pennsylvanian shale bed, which lies on a locally inconspicuous unconformity representing upper Mississippian time. The orebodies show five shapes or attitudes, each dependent on a special structural situation: 1. Most of the ore occurs as podlike, thick lenslike or other "three-dimensional" shoots extending from top to bottom of the Hanover limestone and lying adjacent to the outer contact of a silicate zone largely of andradite, which follows the intrusive contact (Figs. 1 and 2).

Jan 1, 1935

During the past decade the writer has studied and mapped certain ore deposits and their structural associations in the states of Chihuahua, Durango, New Mexico and Arizona, and he believes that these deposits, with the exception of the manto-chimney, are representative of the principal types in the area of the states named. In this paper the deposits are described; then generalizations are drawn so far as seems appropriate. Hanover, New Mexico The Hanover, New Mexico, zinc deposits were briefly described by Lindgren and others,' Paige2 and recently in more detail by Schmitt. These, the kind ordinarily called contact metamorphic, border the southern end of an oval area of granodiorite intrusive ¾ mile wide and 2 miles long (Fig. I). The granodiorite has intruded, folded, and metamorphosed sedimentary and igneous rocks, which range in age from pre-Cambrian to Upper Cretaceous. About 90 per cent of the ore has replaced coarse, recrystallized, pure, fossiliferous, lower Mississippian, nonmagnesian limestone (Hanover limestone) 110 ft. thick;4 about 75 per cent of it occurs in the upper 50 ft. of this horizon just below an 18-ft. lower Pennsylvanian shale bed, which lies on a locally inconspicuous unconformity representing upper Mississippian time. The orebodies show five shapes or attitudes, each dependent on a special structural situation: 1. Most of the ore occurs as podlike, thick lenslike or other "three-dimensional" shoots extending from top to bottom of the Hanover limestone and lying adjacent to the outer contact of a silicate zone largely of andradite, which follows the intrusive contact (Figs. 1 and 2).

Jan 1, 1935

During the past decade the writer has studied and mapped certain ore deposits and their structural associations in the states of Chihuahua, Durango, New Mexico and Arizona, and he believes that these deposits, with the exception of the manto-chimney, are representative of the principal types in the area of the states named. In this paper the deposits are described; then generalizations are drawn so far as seems appropriate. Hanover, New Mexico The Hanover, New Mexico, zinc deposits were briefly described by Lindgren and others,' Paige2 and recently in more detail by Schmitt. These, the kind ordinarily called contact metamorphic, border the southern end of an oval area of granodiorite intrusive ¾ mile wide and 2 miles long (Fig. I). The granodiorite has intruded, folded, and metamorphosed sedimentary and igneous rocks, which range in age from pre-Cambrian to Upper Cretaceous. About 90 per cent of the ore has replaced coarse, recrystallized, pure, fossiliferous, lower Mississippian, nonmagnesian limestone (Hanover limestone) 110 ft. thick;4 about 75 per cent of it occurs in the upper 50 ft. of this horizon just below an 18-ft. lower Pennsylvanian shale bed, which lies on a locally inconspicuous unconformity representing upper Mississippian time. The orebodies show five shapes or attitudes, each dependent on a special structural situation: 1. Most of the ore occurs as podlike, thick lenslike or other "three-dimensional" shoots extending from top to bottom of the Hanover limestone and lying adjacent to the outer contact of a silicate zone largely of andradite, which follows the intrusive contact (Figs. 1 and 2).

Jan 1, 1935

By Harrison Schmitt

During the past decade the writer has studied and mapped certain ore deposits and their structural associations in the states of Chihuahua, Durango, New Mexico and Arizona, and he believes that these deposits, with the exception of the manto-chimney, are representative of the principal types in the area of the states named. In this paper the deposits are described; then generalizations are drawn so far as seems appropriate. Hanover, New Mexico The Hanover, New Mexico, zinc deposits were briefly described by Lindgren and others,' Paige2 and recently in more detail by Schmitt. These, the kind ordinarily called contact metamorphic, border the southern end of an oval area of granodiorite intrusive ¾ mile wide and 2 miles long (Fig. I). The granodiorite has intruded, folded, and metamorphosed sedimentary and igneous rocks, which range in age from pre-Cambrian to Upper Cretaceous. About 90 per cent of the ore has replaced coarse, recrystallized, pure, fossiliferous, lower Mississippian, nonmagnesian limestone (Hanover limestone) 110 ft. thick;4 about 75 per cent of it occurs in the upper 50 ft. of this horizon just below an 18-ft. lower Pennsylvanian shale bed, which lies on a locally inconspicuous unconformity representing upper Mississippian time. The orebodies show five shapes or attitudes, each dependent on a special structural situation: 1. Most of the ore occurs as podlike, thick lenslike or other "three-dimensional" shoots extending from top to bottom of the Hanover limestone and lying adjacent to the outer contact of a silicate zone largely of andradite, which follows the intrusive contact (Figs. 1 and 2).

Jan 1, 1935

By B. Stas, L. Siska, L. Dlouhy, A. Skrabis

The basic research program of the Scientific Coal Research Institute at Ostrava - Radvanice into the problem of geophysics has been influenced by the specific nature of present urgent geo- physical problems in mines and directed to attain higher grade of effectiveness, safety, and overall economy in mining activity. The research has been divided into two basic trends: Seismoaccoustic research deals with questions pertaining to safety in mining especially when work is in coal seams under "heavy roofs", i-e., thick beds of sandstone prone to rock bumps and characterized by caving. Methods have been developed with the definite aim to determine the time and space prognosis of critical states of tension in the rock mass when stability is disturbed as a result of mining activity. Seismic research is directed towards the determination of detailed structural and tectonic elements of the internal geological formation of the Carboniferous rocks, the establishment of continuity or tectonic faulting of coal seams, and the evaluation of magnitude, shape, and time changes in the rock mass surrounding the mine workings. The measurements have been applied either from the surface or in the underground workings according to the specific nature of individual problems. Satisfactory results have been obtained in some branches of this research, other branches being still in the stage of development. Remarkable results have been achieved in the development of seismoaccoustic methods designed to establish the time prognosis of dangerous dynamic phenomena accompanying the process of strata deterioration above the worked longwall face. One of the most

Jan 1, 1971

By William P. Lohden

INTRODUCTION It is recognized that, for a variety of reasons, some companies in the mineral industry today are by no means cash-rich and, in fact, are reporting a growing proportion of long-term debt in their capital structures. A review of recent balance sheets of small, medium-size, and some larger companies, indicates that a fair number still have substantial positions in cash equivalents such as U.S. government issues and other short-term money market instruments. In part, this paper concerns itself with companies which have sufficient cash and equivalents and/or cash generation to internally finance mining projects or expansions but which, for some reason, choose to borrow funds. Misconceptions which appear to frequently underlie so-called "leveraging" decisions are explored in this paper. Also considered are those circumstances under which any company, including one that is cash-rich, should consider borrowing for a project in an amount beyond what would otherwise be necessary based upon its internal financing ability. I do not 'attempt to cover the raising of equity capital in public markets in this paper. OVERALL RETURN ON TOTAL POOL OF INVESTABLE CASH SHOULD INFLUENCE FINANCING DECISIONS If you approach an individual with an investment which can be financed from his savings, or by borrowing at a rate higher than he is earning on his savings, he will quickly tell you that to pay interest at a rate higher than he is earning would reduce his overall income. Assuming he is not currently considering any additional investment

Jan 1, 1977