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By G. W. Tower

THE YEAR 1931 was for most American copper producers one of restricted output but extremely low production cost.. When compared with 1929, the marked reductions in costs achieved in 1931, operating at rates in many instances a third to a half of capacity, can only be regarded as remarkable. In fact, the recent shut-down of several large operations suggests the probability that 1931 costs represent a bare minimum for many properties. Before discussing the 1931 results a few remarks on cost data are appropriate. The type of cost tabulation here presented was first published in 1929, (A. B. Parsons. E. & M. I. June 8, 1929), and has appeared each, succeeding year following in general the calculation method and company set-up of the original article. (. G. W. Tower, E. & III. L, July 8. 1930; S. D. Strauss, E. & M. J.; July 27, 1931). As far as possible the leading American copper companies are included. In considering these cost tabulations it must be borne in mind that the information from which they have been prepared is entirely contained in the annual report of each company; and that a multiplicity of interests and a condensed income statement for some of the larger companies, such as Cerro de Pasco and Kennecott, make the cost figure an arbitrary one depending upon sundry metal credits, metal products, miscellaneous income, etc. For Granby, Howe Sound. Magma, and Noranda, sundry metal credits are important. Furthermore Andes, Chile and Greene Cananea give costs only against copper sold. Although the individual costs here figured are by no means absolute they are computed by the same method each year and offer a basis of annual comparison; and with attention to footnotes the premises on which the costs are based may be easily followed.

Jan 1, 1932

By A. O. Dady

PRODUCERS of both bituminous and anthracite coal have for many years been worrying about the gradually decreasing consumption of their product in the United States. Twenty years ago production had climbed to a peak of 569,000,000 tons of bituminous and around 90,000,000 tons of anthracite. In 1939 it was about 393,000,000 tons of bituminous and 51,000,000 tons of anthracite. This does not mean that the country is using less polver than it did twenty years ago, or that we are living in colder buildings. As a matter of fact, about three times as much electric power is now being consumed as in 1920. In general two factors are responsible for the drop in coal consumption: (1) greater efficiency in the use of coal, and (2) increased competition from hydro power, internal-combustion engines, and substitution of oil and gas for coal in conventional furnaces. As to the first factor, it took 3 Ib. of coal to generate a kilowatt-hour of electricity in central stations in 1920 and it takes 1.4 Ib. now; it took about 175 Ib. of coal in railroad locomotives to haul 1000 long tons a mile in 1920 where it talces about 120 lb. now: and marked economies have also been made in the use of coal in steel plants: in by-product coke ovens, and in other large uses. As to the second factor, three times as much electricity is produced from water power now as was produced in 1920; three times as much oil is being consumed in various ways; and likewise, the consumption of natural gas has tripled- whereas coal consumption in the same period has dropped by 40 per cent

Jan 1, 1941

By F. C. Smyers, E. W. Merrick

ALTHOUGH the zinc and pyrite concentrates produced at Midvale go to other companies, the United States Smelting Refining and Mining Company smelts and refines its own lead. Refining is the first step of the process that is done at some distance from the mining operations, the plant being at East Chicago, Ind., an industrial center about 25 miles southeast of Chicago. For years it has been notable as being the only lead refinery in the country using the Betts electrolytic process. The original buildings, many of which are still in use, were erected in 1906 when the plant was known as the United States Metals Refining Co. In 1920 the parent company sold its copper refinery at Chrome, N. J., and since the copper refinery was also known as the U. S.

Jan 1, 1948

By R. B. Fuller, E. T. Casler

MANY changes were made in the methods and equipment used in the mining of pebble phosphate rock in the generation immediately preceding the present World War and it would be extremely interesting to note the improvements that will be made during the next generation. Literally, much water has gone over the dam since the days when we used local cordwood for generating steam and drying pebble phosphate rock. belt-driven centrifugal pumps operated by steam engines. and floating dipper or centrifugal dredges; when we removed overburden by small steam shovels and transported it by dinkey locomotives and six-yard cars; when washing machinery was installed on wooden structures the washers being replaced every four to six years. Those were the days when men were plentiful, and 47 different mining companies were selling their products, based on .decidedly meager information; and. like so many mining operations, little thought was given to conservation. As the importance of phosphate rock has become more prominent in the thoughts of our economists, a more intelligent approach has been made to mining problems. Vast improvements have been made in the technique and processing of the phosphate matrix and stripping of overburden, which, in turn, have brought developments in machines and equipment and a more

Jan 1, 1944

By Charles H. Addison, Robert W. Shields, James W. Sweeney

GIPSY: Is user oriented. Is flexible in applications. Is an ITERATIVE question answering system. Has an adaptable retrieval mechanism. Has both a batch and a teleprocessing version. Allows the user to "browse" through his information. Has ability to answer "ad hoc" queries. Is a currently working and proven system.

Jan 1, 1969

By F. S. McNicholas, R. L. Healy

NOTEWORTHY because of the amount of explosives used, the tonnage broken, and the wide range involved both vertically and laterally, was a large underground blast fired last November at the Hidden Creek mine, Anyox, B. C. Stoping methods and mining prac¬tices at the Hidden Creek mine have previously been described in the technical press. Earlier mining methods employed included shrinkage stoping, glory-holing, and "spiral" stoping. The latter especially has been a practice peculiar to the Granby company, having been used for years at its Phoenix mines and later at the Anyox property where conditions as to size of orebodies and strength of ground both in the ore and walls were similar. These methods all leave tremendous excavations supported at key points by pillars and braces that may only be safely mined by big blasts.

Jan 1, 1935

By Blandford C. Burgess

Mica is an orchid among minerals. It is formed in pegmatites, one of the most bizarre of igneous formations, and is exceeded by few other minerals in the perfection it may attain as to size, color, and cleavage. First used for window glazing, as an ornament and article of trade, it has become one of the most essential insulators of electricity, heat, and shock. Most internal combustion engines use mica condensers or capacitors and such machines of war as planes, tanks, and submarines are immobile without it. The original manuscript of this guide was written in April 1943 at the peak of war emergency. It was not used be- cause shortly thereafter a decision was made to buy on a one price basis eliminating differentials for both quality and size. This is now presented with the thought that from the standpoint of preparedness we can only consider an- other war imminent and every effort should he made to set up in usable form the experience gained during the Second World War. Colonial Mica Corp. was set up by Metals Reserve Co. as a wholly owned government agency to encourage production of domestic mica and to purchase it. It soon became the exclusive buying agency for such mica. The writer as Southern Manager called on all the private agencies buying mica to assist in formulating buying policies, methods, and prices.

Jan 1, 1949

By E. P. Mathewson

A Discussion of the Paper of E. P. Mathewson, presented at the New York Meeting, April, 1907, and printed in Bi-Monthly Bulletin, No. 13, January, 1907, pp. 7 to 14. PROF. HENRY M. HOWE, New York, N. Y. (communication to the Secretary *) :-The results presented in Mr. Mathewson's paper are of very great interest. Perhaps the most interesting is that shown in Table I. and Fig. 1, in which the arsenic decreases in 10 min, from 0.22 to 0.07 per cent. This is such a large decrease that it is to be hoped that Mr. Mathewson will verify it by repeating his tests with a matte of similar composition. This is particularly to be desired, because the simultaneous removal of sulphur appears to be very small. All three blows further agree in showing that the removal of arsenic is in the very early part of the blow. The fact that the removal of arsenic then ceases abruptly cannot be explained completely by the fact that the arsenic has fallen so low as by its lowness to resist further removal, because in the first blow the arsenic becomes stationary at 0.06 per cent., whereas in the third blow it does not become stationary until it has fallen to 0.034 per cent. The abrupt ending of the re¬moval of arsenic is more likely to find its explanation in the composition of the slag, and it is to be hoped that. Mr. Mathewson will supplement these extremely valuable data with others in which the composition of the slag at the same time shall be given. The sudden rise of arsenic toward the end of the third blow I suppose must be referred to an error in sampling or analysis. Mr. Mathewson speaks on page 14 of the "percentages of iron . . . volatilized during the first period." Is it his meaning that all this iron is really volatilized, or does he mean that the iron is scorified and the sulphur volatilized ?

Jul 1, 1907

By Charles White Merrill

Mankind's progress is measured in minerals. Man's emergence from prehistory is marked by passage through a Stone Age and a Bronze Age and into the present era, sometimes called the Iron Age or the Age of Metals. With the evolution of civilization and the development of a modem industrial economy, minerals become more and more important. Structures, roads, and machines are built largely of minerals; the energy to heat the structures and to drive the machines is mostly mineral; agricultural fertility is maintained by mineral fertilizers and water; and military strength is provided by fortresses, armaments, and munitions, largely of mineral origin. Thus in the material world, in the productivity of the economy, access to minerals has paramount importance. Every evidence indicates increasing dependence on minerals in the modem economy, particularly on the mineral fuels as energy sources to provide the power base for advancing industrialization. Both the total and the per capita consumption of almost every mineral is increasing in the industrialized nations. Moreover, nations with predominantly agrarian economies call themselves underdeveloped and universally strive to industrialize. Most mineral consumption trends in the more advanced economies have been greatly exceeding population growth-which itself has been advancing at an accelerating rate-and sometimes have surpassed the growth in real income. Some minerals have only recently been adopted or grown to importance in use. Titanium metal did not appear as a commercial product until 1948, and even coal seriously displaced wood as a source of heat less than two centuries ago. On the other hand, minerals have always played an important role in construction. The prehistoric megaliths that form the dolmens of Salisbury Plain are stone; the pyramids are andesite faced with limestone; and many other ancient structures are built of mineral materials. In modem times the whole course of architecture has been redirected by new building materials, mostly mineral. Most conspicuous is the sky-

Jan 1, 1964

By John M. Kelly

New Mexico produced 38,882,342 bbl. of oil in 1943, and regained seventh place among the oil-producing states. This production was an increase of 6,968,526 bbl., or 21.8 per cent, over the figure for 1942. The maximum per-well allowable on Jan. I, 1943, was 38 bbl. daily and at the end of the year this figure had been increased to 48 bbl. Allocations as set by the New Mexico Oil Conservation Commission closely followed recommendations by the Petroleum Administrator for War and the average daily pipe-line runs were 106,476 bbl., being within 2.2 per cent of these allocations. Production for Lea County was 33,043,925 bbl.; Eddy County, 5,405,-967 bbl.; northwestern New Mexico, 432,070 bbl., and Chaves County, 380 barrels. Drilling activity for New Mexico in 1943 was only 75 per cent of that in 1942, with 255 completions. Of these completions 180 were oil wells, 10 gas wells and 65 dry holes. The ratio of dry holes to producers, more than I to 3, was the greatest in recent years. Of these dry holes, 46 were drilled within the boundaries of proven . areas while 19 were wildcats. Wildcat drilling during 1943 was responsible for the discovery of four new oil fields and one new gas field, as well as three extensions to existing proration areas. At the close of the year the New Mexico Oil Conservation Commission had designated 64 areas as proven for oil and/or gas. The Monument area was again New Mexico's largest producing oil field, with an annual production of 7,228,855 bbl. Next was Eunice, with 6,461,044 bbl., followed by Vacuum with 4,946,110 bbl. IIobbs, ranking fourth, with 3,799,114 bbl., was the leader in total recovery with an accumulated production of 104,180,53I bbl., or more than 10,000 bbl. per acre to date. Drilling activity in Lea County accounted for completion of 67 oil wells, 2 gas wells and 24 dry holes. One of these oil wells was the discovery well of a new area and three extended proven areas. The most active drilling campaign in the county was again in the Maljamar area, where 18 oil wells were completed. The Maljamar Cooperative Repressuring Agreement affected 141 producing wells, and operations were a decided success, more than 85 per cent of the gas produced being returned to formation. The new oil field for Lea County was designated as the San Simon area although boundaries have not been established to date. Discovery well for this area was the Skelly Oil Company's State U. No. I, in theNE. NE. K of sec. 5, T.22 S.,R.ssE. This well was drilled to a total depth of 4183 ft. and plugged back to 4138 ft. after encountering bottom-hole water. Initial production was 124 bbl. per day on the pump. This oil is 37.4' gravity and has a sulphur content of I per cent. Productian is from Yates sand of Permian age. The Lynn area of southern Lea cbunty was extended 145 miles to the northwest

Jan 1, 1944

By John M. Kelly

New Mexico produced 38,882,342 bbl. of oil in 1943, and regained seventh place among the oil-producing states. This production was an increase of 6,968,526 bbl., or 21.8 per cent, over the figure for 1942. The maximum per-well allowable on Jan. I, 1943, was 38 bbl. daily and at the end of the year this figure had been increased to 48 bbl. Allocations as set by the New Mexico Oil Conservation Commission closely followed recommendations by the Petroleum Administrator for War and the average daily pipe-line runs were 106,476 bbl., being within 2.2 per cent of these allocations. Production for Lea County was 33,043,925 bbl.; Eddy County, 5,405,-967 bbl.; northwestern New Mexico, 432,070 bbl., and Chaves County, 380 barrels. Drilling activity for New Mexico in 1943 was only 75 per cent of that in 1942, with 255 completions. Of these completions 180 were oil wells, 10 gas wells and 65 dry holes. The ratio of dry holes to producers, more than I to 3, was the greatest in recent years. Of these dry holes, 46 were drilled within the boundaries of proven . areas while 19 were wildcats. Wildcat drilling during 1943 was responsible for the discovery of four new oil fields and one new gas field, as well as three extensions to existing proration areas. At the close of the year the New Mexico Oil Conservation Commission had designated 64 areas as proven for oil and/or gas. The Monument area was again New Mexico's largest producing oil field, with an annual production of 7,228,855 bbl. Next was Eunice, with 6,461,044 bbl., followed by Vacuum with 4,946,110 bbl. IIobbs, ranking fourth, with 3,799,114 bbl., was the leader in total recovery with an accumulated production of 104,180,53I bbl., or more than 10,000 bbl. per acre to date. Drilling activity in Lea County accounted for completion of 67 oil wells, 2 gas wells and 24 dry holes. One of these oil wells was the discovery well of a new area and three extended proven areas. The most active drilling campaign in the county was again in the Maljamar area, where 18 oil wells were completed. The Maljamar Cooperative Repressuring Agreement affected 141 producing wells, and operations were a decided success, more than 85 per cent of the gas produced being returned to formation. The new oil field for Lea County was designated as the San Simon area although boundaries have not been established to date. Discovery well for this area was the Skelly Oil Company's State U. No. I, in theNE. NE. K of sec. 5, T.22 S.,R.ssE. This well was drilled to a total depth of 4183 ft. and plugged back to 4138 ft. after encountering bottom-hole water. Initial production was 124 bbl. per day on the pump. This oil is 37.4' gravity and has a sulphur content of I per cent. Productian is from Yates sand of Permian age. The Lynn area of southern Lea cbunty was extended 145 miles to the northwest

Jan 1, 1944

By RALPH HAYES SWEETSER

IRON ore and bituminous coal are the two basic raw materials for the whole iron and steel industry. The ore furnishes the iron and is absolutely necessary-all iron and steel products come directly or in- directly from the iron ores. The bituminous coal furnishes the carbon needed for the smelting of the ores and for the fuel used in all the processes of iron and steel manufacture. The necessary carbon could be furnished in some other form besides bituminous coal. In fact, it is only since the Civil War that bituminous coal has been the chief source of the carbon for metallurgical fuel. For many years only charcoal made from the forests furnished the carbon for smelting iron ores. About 90 years ago, anthracite coal was first used as blast-furnace fuel and for many years continued to be the chief blast furnace and steel making source for carbon. Even in my own blast-furnace experience, I have used charcoal in Canada and anthracite in Pennsylvania for smelting ores in an iron blast furnace. Bituminous coal, now almost exclusively the source for the carbon used in smelting iron ores, also furnishes most of the heat used in the steel-making processes. It is seldom used in blast furnaces in its natural condition, hut is first coked in beehive, or in by-product coke ovens; such bituminous coal is called "coking coal." Bituminous coal that is suitable for making the producer gas used in the open-hearth steel process is called gas coal. Any bituminous coals suitable for making blast-furnace coke or foundry coke, or that can be satisfactorily used for making producer gas, are classed as metallurgical coals and as such are to be considered in my proposed plan for the evaluation of metallurgical coals. According to Bureau of Mines Bulletin No. 449 these coals comprised 22 per cent of the bituminous coals mined in this country in 1923.

Jan 1, 1926

By AUGUSTUS J. MONKS, Norman L. Weiss

THE Santa Barbara Unit of the Compania Minera Asarco, of which the San Diego mill is a part, is in the Parral District of southern Chihuahua. Although the concentration of sulfide ores has been practised in Santa Barbara since 1900, the San Diego mill, completed in 1921, was the first plant in northern Mexico to attempt the treatment of oxidized lead ores. From the milling point of view the many ores that have been treated at San Diego are very similar, the differences among them being rather of degree than type. Since 1921 the number of ores from different sources treated simultaneously has varied from four to eleven; in no case have any distinctive characteristics warranted the separate treatment of any of these. The zone of oxidation, source of the ores milled at San Diego, extends to a depth of 300 to 400 ft. below the surface. These ores carry more gold and less silver, lead, copper, and zinc than the underlying sulfide ores; the gangue minerals appear comparatively unchanged by oxidation and leaching. Lead occurs in diverse minerals, chiefly in cerussite, galena, and angle-site, the proportion of the lead in galena varying considerably in the different mines. An average of the feed to the mill would show the following approximate distribution of the lead content:

Jan 1, 1930

By A. Patton, F. N. Speller

The use of roll scale in the Bessemer process dates back, to the best of our knowledge, at least 20 years. It was first used by the Ohio Steel Go., Youngstown, Ohio (now the Ohio Works of the Carnegie Steel Co.) under the direction of Sam McDonald, Superintendent of the Bessemer Department at these works. Two 10-ton vessels and one blowing engine capable of blowing one heat at a time were employed. The object of using the scale was to shorten the length of the blow, or in other words, to increase the production with the same equipment. Various means were tried out for introducing the roll scale into the bath of molten iron: It was shoveled into the vessel before the heat was charged, so that the metal would flow over the scale; it was shoveled into the bath after the vessel was turned up; it was dumped into the empty iron ladle by the wheelbarrow-load, and at times was dumped on top of the molten metal in the iron ladle. But the practice of introducing the scale into the iron ladle had to be abandoned on account of danger from explosions and of skulling the ladles. It was soon learned that the proper place to charge the scale was in the empty vessel, so that when the molten iron was poured into the vessel it flowed over the scale, causing a considerabIe reaction to take place before the heat was turned up. Eventually, cylindrical chutes similar to those now in use were installed. Into these chutes the scale is dumped and carried into the empty vessel. Before this convenient means of introducing the scale was adopted, the Ohio Works had satisfactorily demonstrated that roll scale would increase production, by blowing 107 heats in one 12-hr. turn (1,087 tons) with one blowing engine, blowing one heat at a time; whereas, prior to the use of scale, the best practice at these works was about 80 heats under the same conditions. In using roll scale and other oxides of iron to facilitate and control the refining of pig iron in the converter, the Bessemer plant has borrowed one of the most active agencies used in the open-hearth process with, as would be expected, much the same results. The effect of such additions to the Bessemer charge may be discussed as to the influence of this practice on quality, production and cost.

Jan 1, 1917

By C. R. King

Most of the acid volcanic glasses such as obsidian, perlite, pitchstone, pumice, and pumicite (volcanic ash) are susceptible to some expansion if suddenly subjected to a suitably high temperature in a properly designed furnace, and subsequently suddenly cooled. Expansion results from the action of chemically combined or dissolved water expanding as a vapor within the softened heated rock particles. This expansion forms countless minute bubbles within the pasty mass of the natural glass particles. If the particles are cooled before these bubbles can escape, the resulting products are cellular, more or less spherulitized glass froths or hollow glass spheres of many types. Chemically, they are essentially aluminum silicates containing about 70 to 75 pct silica, 10 to 16 pct alumina, and 2 to 7 pct sodium plus potassium oxides. They are relatively resistant to attack by acids or alkalies, are resistant to heat up to over 1000°F, and are completely inert to insect or fungus attack.

Jan 1, 1949

By L. K. Eigenbrod, F. Notaro

Enactment of Public Law 91-173 (Federal Coal Mine Health and Safety Act of 1969) has placed new responsibilities on the mining industry. The new law, aimed at eventually solving the problem of pneumoconiosis, sets new respirable dust standards at 2 mg per cu m. Techniques employed to date have been shown to lack total effectiveness in meeting the prescribed standards. Since it is possible that even the new standards will eventually have to be lowered to effectively attack the medical problem, the need for new and more reliable methods of assuring clean respirable air will intensity. This paper presents, in a preliminary manner, both the present technical capability and growth potential of cryogenic technology for supplying miners with clean breathing air. Work with two sizes of prototype supplied-air (cryogenic-liquid) respiratiors in Union Carbide's Fawn Coal mine, will be described. Other potentially fabricable systems will be discussed and a preliminary assessment made of the potential cost of introducing cryogenic air breathing systems in coal mine service.

Jan 1, 1972

By AIME AIME

No democracy such as ours, can ever be prepared for war, because we could never conceivably be the aggressor. The aggressor prepares in secret, designs his new tactics, and invents and makes new equipment and selects the time to strike. If a democracy prepare done year and the war came later, all that it had one would have to bed one over. All that England has today in the way of effective armament has been invented, designed, made, and the crews trained since the war began, because the totalitarian aggressor introduced new types of equipment and new techniques.

Jan 1, 1941

By E. P. JENNINQS

(Cleveland meeting, October, 1912.) LARGE deposits of titaniferous iron-ore occur at Caribou, an old silver-mining camp in Boulder county, Colo., 17 miles west by south of Boulder, and a few miles northwest of the tungsten-mines. Professor Regis Chauvenet 1 published a part analysis of the ore many years ago, but gave no description of the wall-rock. Caribou hill, which contains both the silver-bearing veins and the iron-ore deposits, is a low dome of gabbro surrounded by the Archaean schists and gneisses of the Front range of the Rocky mountains, the peaks of which, a few miles west of Caribou, attain an elevation exceeding 12,000 ft. The gabbro stock is roughly elliptical in outline, with approximate diameters of 1 and 3 miles. The crest of the dome is 10,500 ft. above sea-level, and the town and ore-deposits are 500 ft. lower. Outcrops of the iron-ore occur in the town and extend NW. for 2,000 ft., where they disappear under the swampy meadows of Caribou park. Portions of the deposit are covered by drift, but one continuous outcrop is 900 ft. long and from 200 to 250 ft. wide. A second deposit is 0.25 mile south of the town along the eastern slope of the hill. It is not as well defined as the north bed, but is approximately 1,000 ft. long and from 100 to 200 ft. wide. The easily disintegrated ore does not form prominent outcrops, but the outlines of the deposits are readily traced by the large amount of ore fragments that cover the ground. Trenches and pits sunk on the outcrop expose a roughly banded magnetic iron-ore, with pyroxene as the principal gangue-mineral. The Gabbro. This rock was classified in the field as a gabbro from the presence of pyroxene and striated feldspars, and for convenience the field-name will be retained. 1 Chauvenet, Regis, Biennial Report of State School of Mines, Golden, Colo., p. 16 (1886).

Oct 1, 1912

By Meredith Johnson

THE year 1924 saw little change in the production of oil and gas it either Pennsylvania or New York. In the early months of the year the price of Pennsylvania crude oil, $4.00 to $4.50 a barrel, was sufficiently high to cause operators to lay plans for rather extensive drilling opera-tions. But when, in August, the price dropped to $2.85 a barrel, there was no inducement for new work and drilling was curtailed. In spite of the curtailment, however, the combined production of the two states for the year showed a slight increase over 1923, the production being 8;859,000 bbl. in 1923, and 8,901,000 bbl.1 in 1924. The increased production was due entirely to. the continued development of flooding operations in the Bradford field, all other oilfields showing a decline for the year. TABLE 1. Production of Crude Oil in Pennsylvania and New York for the Last Ten Years a Production, Barrels Production, Barrels Year Year Pennsylvania I New York Pennsylvania I New York 1915 7,838,000 888,000 1920- 7,438,000 906,000 1916 7,593,000 874,000 1921 7,418,000 988,000 1917 7,733,000 880,000 1922 7,425,000 1;000,000 1918 7,408,000 809,000 1923 7,609,000 1,250,000 1919 8,137,000 851,000 1924 7,535,0006 1;366,0006 a U. S. Geological Survey figures. b Estimated. Much of the drilling in the southwestern part of Pennsylvania was done in search of gas. Natural gas in Pennsylvania is fast being recognized at its true worth and the increased prices allowed 'the gas companies for their product induced quite a bit of new work. The relative importance of natural gas compared with manufactured gas is shown in Table 2.2

Jan 3, 1925

Long range expansion plans begun in 1966 by The International Nickel Co. of Canada, producer of over 50% of the free world supply of the white metal, are so mammoth as to give rise to the speculation that something might have to burst at the seams. From an annual level of capital expenditure of $35 to $70 million, the company jumped in 1967 to $145 million in new capital investment and will come close to $200 million in 1968. Inco expects to spend $700 million in the next five years, beginning in 1968, for new mines and surface facilities in Canada. The program involves the opening of nine new mines within the next 3 1/2 years, expansion of producing mines, and construction of new plants and modernization and expansion of established ones to process the increased ore production. Beyond this, the company is committed deeply in developing new sources of nickel abroad. Any one of these new projects, if proven economic, would necessitate expenditures of about $100 million or more. For Inco, the economic strain was relieved without a rupture this spring when Henry S. Wingate, company chairman, reported' at the stockholders annual meeting that $150 million had been raised by the sale of bonds. This marked the first time in 32 years that the company had gone into debt.

Jan 10, 1968