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By Stanley F. French, Bruno F. Koch

Although the amount of dust that will be actually recovered in the six main dust-control systems cannot be accurately stated until the tests mentioned previously are carried out, it is estimated that the average air entering the wet collectors will contain around 5 grains of dust particles per cubic foot. This means that the six systems handling a total of about 133,000 cu.ft. of air per minute will return about 68 1/2 tons of dust to the concentrator per day and since the copper in this dust will average around 2 per cent, the total recovery is approximately 1.37 tons of copper every 24 hours. This important copper recovery is not due entirely to the dust-control system since in a plant without control only the duct that is dispersed to the atmosphere represents a loss. A conservative estimate of the recovery of copper solely due to the dust control system would be about half of the total or approximately 0.70 tons of copper per day.

Jan 1, 1942

By J. Hall Carpenter, James E. Lawver

Shortly after the passage of the Taconite Amendment in Minnesota, several mining companies announced their intention to build new magnetite taconite plants and another announced its intention to augment present facilities. It is clear that Minnesota will enjoy an expanding magnetite taconite industry, but despite the fact that the reserves are large, eventually they will have to be supplemented by oxidized deposits. Furthermore, not all producers have magnetite taconite reserves. Due to the extensive oxidation of most of the western part of the Mesabi Range, there are no large blocks of unaltered magnetite taconite that lend themselves to open pit operations. Unless a commercial process can be developed to concentrate the oxidized, or so- called "nonmagnetic", taconite and semi-taconite, the existing mines operating in the western part of the range will be forced to shut down when the direct shipping, wash and gravity ores are depleted, or are no longer salable, because of their poor quality compared to high-grade pellets. KNOWN PROCESSES COSTLY The enormous reserves of the oxidized iron- bearing formation have offered a tantalizing challenge to metallurgists for many years. In fact, several processes for concentrating certain types of oxidized ore have been successful at both laboratory and pilot plant level, but to date no process for concentrating semitaconite or oxidized taconite has reached commercial fruition. Magnetic roasting, followed by low-intensity magnetic separation1, has shown considerable promise because the high iron recovery makes the ratio of concentration of many of the oxidized ores more favorable than that of magnetite taconite. However, the capital and operating costs are high and, in many cases, a high- grade concentrate cannot be made without resorting to flotation of the magnetic concentrate. Hence, most research groups are investigating alternate methods of concentration with the hopes of reducing the cost.

Jan 9, 1965

By Victor O. Strobel

Fire-brick hot-blast stoves have been the subject of frequent discussions at the meetings of the Institute; and although it is my object to elucidate some of the points in connection with this subject, I will not go into the specific features of all types, but more especially call attention to a new type recently designed by Mr. Fred. W. Gordon. As the economical production of a ton of pig-iron is a more essential feature than a large output, much depends, where fuel cannot be obtained cheaply, upon suitable apparatus whereby high temperatures can be maintained. Where iron-pipe stoves have been employed, the fuel-consumption reached one and a half pounds of fuel, and, when a larger output was desired, often two pounds, to the pound of iron produced. The temperature attained rarely exceeded 900' F., and that at the expense of frequent renewals of the pipes, which was not inconsiderable. The fire-brick hot-blast stoves of the past five or six years have clearly demonstrated their superiority over the old system. Of the accompanying drawings, Fig. 3 illustrates a four-pass regen-

Jan 1, 1886

By Sir Albert E. Kitson

The manganese ore deposits of the Gold Coast, British West Africa, occur in very ancient rocks, of both sedimentary and metamorphic types. In certain respects they have a strong resemblance to those of India and Brazil, as contrasted with those of Tertiary age in Georgia, but in this paper no careful comparison with them can be made. Viewed from the present condition of the manganiferous rocks, the oldest deposits are in the sediments. Later than these are the progressively metamorphosed representatives of these sediments. Youngest are the products of decay and degradation with the concentration of manganese oxide in the rocks of both groups. The oldest occurrences are in argillaceous and siliceous phyllites and slates, which show only a moderate degree of metamorphism. They belong to a series which also includes mudstones, sandstones, grits, conglomerates and subordinate limestones, with tuffs and lava-flows, largely of basic types. This has been named the Birrim System. Its age is unknown, for no definite fossils have been discovered in it. Since these non-fossiliferous strata at many plaees are of a character which in many parts of the world are suitable for the preservation of fossils, and which contain them, it is assumed that the Gold Coast deposits are pre-Cambrian. These rocks of the Birrim System have normally a northeast-southwest strike, and are folded, but not to any very great degree except in certain belts. From the Eastern Province of the Gold Coast they may be traversed diagonally across their strike for upwards of 600 miles, to the extreme northwestern corner of the Northern Territories. Thence they probably extend much farther into French territory.

Jan 1, 1927

By E. M. Norris

THE Western phosphate deposits extend over a large area in the Rocky Mountain region, comprising portions of south central Montana, southeastern Idaho, northeastern Utah, and southwestern Wyoming. A limited acreage of these deposits passed into private ownership prior to Dec. 9, 1908, at which time 7000 sq. mi. of land in these phosphate fields was withdrawn from public entry by direction of the Secretary of the Interior. Under the Act of Feb. 25, 1920 (41 Stat. 437) title to all phosphate lands in the public domain was reserved to the United States with provisions for leasing portions to citizens, corporations, states, etc. The above act, in effect, created by law a Western phosphate reserve of approximately 2,269,055 acres.

Jan 1, 1944

By Layson, W. C.

ACCORDING to the records, Phelps Dodge made its original entry into the production of copper in the oldest copper mines of Arizona at Morenci in 1881. The ore body now being mined as the Morenci open-pit, as outlined by churn-drill holes, diamond-drill holes, and underground workings, is estimated to yield 230,000,000 tons of ore averaging 1.06 per cent copper. This development will add 2,500,000 tons of copper to the 900,000 tons already produced in the district. Some five years ago preliminary development of the ore body began, with big-scale production planned including the erection of a new treatment plant to be built near the mine. Inasmuch as the Morenci open-pit was an entirely new project this required the grading of roads, establishment of mining benches, construction of railroad grades, building of railroad tracks, erection of shops, as well as the purchase of the necessary equipment to satisfactorily and economically maintain the schedules of production forecast. Along with the preparation of the main ore body it was also desirable to mine and deliver to an experimental mill a relatively small daily tonnage of typical ore.

Jan 1, 1942

By Kyle Wightman

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

Jan 1, 1985

By Thomas T., Read

SUGGESTIONS that existing schools give instruction bearing on the mineral industry, or that schools for that purpose should be established in the United States, began to be made early, and it would require too much space to catalogue them all. Some of the more important may be mentioned to indicate their general character. In the "advertisement to such parents as have now (or expect to have) children prepared to be educated in the College of New York," which appeared in the New York Mercury of June 3, 1754, Samuel Johnson, the first president of King's College, the predecessor of Columbia, said that it was the "design of this college to instruct and perfect the youth," among other things, "in the arts of Numbering and Measuring of Surveying, and Navigation and Geography. . . . and in the Air, Water and Earth around us, and, the various kinds of Meteors, Stones, Mines and Minerals, Plants and Animals; and in the knowledge of all Nature in the Heavens above us, and of everything useful for the Comfort, Convenience and the Elegance of Life . . . " Though the concept that natural science should be used to enlarge the bounds of human life was thus implicit at Columbia from the very beginning (John Stevens graduated from it in 1768, James Renwick in 1807, Horatio Allen in 1823, and A. W. Craven in 1829), it was only during the period of Renwick's professorship of Natural and Experimental Philosophy and Chemistry (1820- 1853) that much attention was given to applied science.* Among the Austin papers, published by the American Historical Association,2 there is a draft in Stephen F. Austin's handwriting of a proposed memorial from the legislature of Missouri to Congress, not only urging "the propriety and utility

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