Search Documents

By Peter Allen, John R. Stuermer

COUNTRY RISK ANALYSIS A company operating in a foreign country assumes all the risks that it would at home. However, beyond these, it assumes risks that arise from the unique political economic, financial conditions of the foreign country which it operates. These risks are known as "country risks". The importance of these risks has grown appreciably in the recent past (particularly in the aftermath of Iran's revolution in the late 1970s and Mexico's debt rescheduling of 1982-83), and as a result, country risk analysis has become an increasingly useful management tool. Country risk analysis seeks to assess the probability that countries will service their aggregate foreign liabilities on time, as well as the probability that country conditions could inhibit the debt service capability of private sector debtors. This involves assessment of both the ability and the willingness of countries to meet their external liabilities in a timely fashion. "Ability" is linked economic and financial variables: principally, a country's economic structure, foreign exchange generating capacity and debt service burden. On the other hand, "willingness" is tied to political factors: mainly the economic/financial orientation of government policy and the stability of economic decision making. Ability: Economic, Financial Conditions and Prospects Judgement of a country's ability to meet foreign financial obligations begins with a detailed study of a country's external balance sheet which compares the country's foreign liabilities and assets. Table 1 below presents country balance sheets for Mexico, Korea and Indonesia. [TABLE 1 The External Balance 3-,-et 1983 (billions of dollars; Indonesia Mexico Korea Foreign Liabilities 31.1 67.6 40.5 By Source: Bank 13.1 75.5 26.3 Non-bank 18.0 12.114.2 Foreign Reserves 9.3 4.7 7.0] The large magnitude of Mexico's external debt (nearly $90 billion), compared to foreign assets of approximately $5 billion, illustrates the weakness of this country's external payments position, and the main reason that it has been unable to meet interest and principal payments and been forced to reschedule its foreign debt. On the other hand, the relationship between Korea's external liabilities and assets ($50.5 billion and $7 billion, respectively), is more favorable and helps explain why Korea has been able to meet debt service payments and maintain its access to the international capital markets. Indonesia has even a more favorable relationship between its foreign assets and liabilities, $31 billion and $9 billion, respectively, and its debt is mostly lower interest rate, non-bank debt, making for a less onerous debt service burden. After the balance sheet, the analysis turns to a comparison of the country's foreign exchange earning capacity and its prospective financing requirements, that is, the country's future earnings stream

Jan 1, 1985

By Charles R. Keyes

I. INTRODUCTORY. IN the dry regions of the globe many silver-deposits display certain remarkable features which at the same time are so totally unlike anything met with among ore-bodies elsewhere, that they have long presented exceptional difficulties not only to a satisfactory explanation of their origin, but to economical milling. A most striking peculiarity of these ores is the haloid character of many of their bonanzas. To this fact more than to any other may be ascribed most of the unusual uncertainties of mining-operations in desert countries-the marvelous local richness of the ores under certain conditions and the often abrupt transition, to utter poverty; the inadequacy of ordinary prospecting customs and the constant devising of new exploratory methods; the unaccountable losses in smelting and the continual change in treatment-practice. For these anomalies certain climatic conditions seem to be chiefly responsible.

Jul 1, 1911

Jan 1, 1887

By JOHN JERMAIN

In my opinion, the explanation of the fuel-requirements involving the conception of heat available and necessary above a critical temperature, as advanced by Johnson 1 and elaborated by Howe, Raymond and others,2 affords a theoretically correct basis for such an accounting. It is the purpose of this paper to set forth a first crude attempt to construct a formula which shall show quantitatively the relation between the various factors affecting fuel-economy, and afford a means of comparing the enormous amount of data on the fuel-consumption of various blast-furnaces, at various times and under various conditions of operation. I have also applied this formula to a large number. of individual cases, and have, by its means, compared the furnace-practice of several important iron-making districts. II. DERIVATION OF FORMULA FOR FUEL-REQUIREMENTS. The general expression for the fuel-requirements of the blast-furnace, which I believe to be theoretically correct as to form, is as follows Carbon per ton of iron = Heat per ton of iron necessary in hearth above Tc./Heat per pound of carbon available in hearth above Tc. XFactor of rate of driving. +Carbon dissolved by CO2 of flux. +Carbon dissolved incidental to reduction of ore. + Carbon dissolved in pig-iron. (NOTE.-Tc = critical temperature.) Since, according to Johnson's theory, fuel-economy is usually limited by heat available and necessary in the hearth, rather than by the total heat supplied and necessary, we may write Carbon needed in hearth = Hn/Ha in which Hn is the heat per ton of iron necessary in the hearth above some critical temperature, and Ha is the heat per pound of carbon available in the hearth above this same critical tem¬perature. 1 Trans., xxxvi., 454 (1906). 2 Trans, xxxvi., 792 to 798 (1906) ; Trans, xxxvii., 216 to 237 (1907).

May 1, 1911

By Charles Dorrance

Culm is a general term used in the anthracite regions for many years to denote a mixture of coal, bony coal and impurities which is sent to the refuse-banks. Thus, 35 years ago culm contained the pea and buckwheat sizes of anthracite; but to-day, and as mentioned in this paper, culm is used specifically to denote the material which passes through the smallest screen in the anthracite-breaker. The smallest size of commercial anthracite is known as No. 3 buckwheat, barley, or bird's-eye coal, and is ordinarily made through a round-punched plate having openings & in. in diameter, and over a round-punched plate with openings 3/32 in. or 1/16 in. in diameter. Thus culm will consist of coal, bony coal, slate, gravel, iron pyrite, etc., ranging in size from 3/32 in. down to dust. Other local terms for culm are " slush," " silt," and " dirt." The first experiments towards the utilization of anthracite culm by briquetting, and the first briquetting-work done in this country, were in 1872 at Port Richmond Piers, Philadelphia, Pa., by E. F. Loiseau.1 Clay was used as a binder and the finished briquette was water-proofed with shellac, etc. Excessive cost was given as the reason for discontinuing work at this plant.

Jan 1, 1912

CONTENTS PAGE MERRISS, M. H.-Direct Electrolysis of Black-copper Anodes of High Nickel-lead Content. Discussed by C. S. Witherell, C. P. Linville, G. E. Dalbey, M. H. Merriss 1 GRISWOLD, GEORGE G.-Calculating the Zinc for Desilverizing Lead Bullion by the Parkes Process. Discussed by C. S. Witherell, George G. Griswold, Milo W. Krejci, Lawrence Addicks, W. F. Gross, H. H. Alexander, A. F. Beasley, C. P. Linville 3 ALEXANDER, H. H. and STACK, J. R.-The Reduction and Refining of Tin in the United States. Discussed by Edward F. Kern, J. R.' Stack, R. L. Hallett, C. R. Hayward, William H. Bassett, R. C. Canby, H. G. S. Anderson 20 GREENAWALT, WILLIAM E.-Greenawalt Electrolytic Copper Extraction Process. Discussed by Stuart Croasdale, Colin G. Fink, Arthur L. Walker, Edward F. Kern, Henry A. Tobelmann, Oliver C. Ralston 26 BENEDICT, C. H. and KENNY, H. C.-Ammonia Leaching of Calumet and Hecla Tailings. Discussed by G. E. Dalbey, C. H. Benedict 34 RALSTON, OLIVER C.-Hydrometallurgy of Lead. Discussed by F. L. Bosqui, Jr., George D. Van Arsdale 34 TAINTON, U. C. and LEYSON, L. T.-Electrolytic Zinc from Complex Ores. Dis¬cussed by W. G. Woolf, C. A. Hansen 39 Direct Electrolysis of Black-copper Anodes of High Nickel-lead Content Discussion of the paper of M. H. MERRISS, presented; at the New York Meeting; February, 1924, and, issued, as Paper No. 1273-M, with MINING AND METALLURGY, September, 1923. C. S. WITHERELL, New- York, N. Y. (written discussion).-This paper is particularly valuable in that it gives the results of operations -carried out under conditions differing from standard practice. In the electrolytic refining of copper, as in other kinds of metal refining, it is occasionally necessary to treat extraordinary foul or complex material, in which cases 'it is valuable to know what other metallurgists have accomplished under similar conditions. As tapping the slimes-covered anodes brought the tank-voltage down to 0.45 to 0.50 volt, the counter electromotive force was, probably not more than 0.1 or 0.2 volt; hence the so-called polarization was, mainly,

Jan 6, 1924

By Fred D. Gustafson

With the postwar emergency for new housing and for new industrial buildings, much research has been done on lightweight aggregates for use in concrete and plaster. The trend toward lighter weight aggregates to relieve the dead load on the higher, steel frame- work buildings started toward the end of the last century. Progressively the requirements be- came more stringent, crushed bank slag, weighing 80 lb per cu ft as com- pared to 100 lb for crushed rock, was supplemented in some sections by foamed slags and expanded shales weighing from 40 to 60 lb per cu ft. In other sections cinders were used weighing from 40 to 50 lb, including sand. Sections favored with more recent vulcanism turned to pumice weighing from 30 to 60 lb, whereas other localities made use of diatomite, from 28 to 40 lb. Exfoliated vermiculite weighing from only 6 to 10 lb per cu ft came into use. As the search for lighter weights in aggregates continued so did the search for other desirable properties such as nailability, ease of cutting or channeling, and good insulation to both sound and heat. This search eventually led to a widespread interest in the expansion of perlite, or similar volcanic glasses, with the result that in 1946, the Office of the Housing Expediter' listed eleven firms reporting the operation of processing plants either on pilot or commercial scale producing aggregates weighing from 2 to 16 lb per cu ft.

Jan 1, 1949

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 Williams, J. A.

THE Alaska Juneau mine has been developed through an adit driven at the elevation of the top of the mill and all mining is done above this main haulage level. As a result of wholesa1e"mining operations about 11,000 tons rock containing one dollar' per ton in gold is, hauled to the. concentrator during every 24 hr. Due to the method of mining, whereby a system of oreways delivers-the.ore direct from the stope to the bottom level of the mine, no tramming of ore is done on any of the upper levels. However, ;in doing exploratory drifting and crosscutting on the upper levels, the broken material is trammed by hand in 1-ton 18-in. gage cars to a nearby raise connecting with one of the several oreways. This constitutes the only tramming operation except that on the main level.

Jan 1, 1931

By E. Motica

Ores containing uranium and vanadium minerals have been mined from the Salt Wash Member of the Morrison Formation from many localities in the Colorado Plateau region since about 1900. The most productive deposits are in a relatively small area in Southwestern Colorado referred to as the Uravan mineral belt. The mineral belt is a narrow elongate area in which uranium-vanadium deposits in the Salt Wash have a closer spacing, larger size, and higher grade than those in adjoining areas. Pre- 1948 ore production from the mineral belt was 655,000 tons averaging 1.91 per cent V2O5 and 0.28 per cent U3O8. Production during the 1948 to 1964 period was 7,900,000 tons of ore averaging 1.46 per cent V2O5 and 0.27 per cent U3O8. The ore deposits occur principally in the uppermost sandstone unit of the Salt Wash. This unit consists of sandstone lenses formed by a system of aggrading braided streams flowing in an easterly direction generally normal to the mineral belt. These lenses, referred to as channels, are as much as one mile in width and average about 50 feet in thickness and can be traced for several miles along their courses. Areas favorable for one deposits are recognized principally by the following criteria: ( 1) a host sandstone thickness of over 30 feet, (2) the presence of carbonaceous material in the host sandstone, and ( 3) gray mudstones and clays associated with the ore-bearing sandstone. The ore minerals are believed to have been precipitated from laterally migrating solutions; there is no apparent genetic relationship between ore deposits and tectonic structural features. Exploratory and development drilling from the surface is conducted in three phases: first, wide-spaced drilling to find and outline favorable channels; second, moderate-spaced drilling in favorable ground to locate ore deposits; and third, close-spaced drilling to block-out ore. Long-hole drilling from underground stations is used to find and delineate extensions of ore bodies being mined. Due to intense production since 1948 from shallow deposits, best potential for new deposits exists in areas where the ore-bearing unit is 600 to 800 feet deep.

Jan 1, 1968

By R. J. Cowan

IN the art of cementation a controversy has been going on for years as to whether solid or gaseous carbon is the active agent in carburizing steel. More recently opinion has crystallized into a compromise to the effect that carburizing is a gaseous cementation of steel in the presence of solid carbon. The importance of this theory has a particular bearing upon the work to be described. In the art of carburizing, use is commonly made of such words as "catalytic," "atomic," "nascent" and "activated;" in an attempt to describe the process. These words are used indiscriminately. For, instance, the gas is said to be "catalytic" and carbon to be "nascent," or vice versa. In using these expressions, investigators are confirming the acceptance in their minds of the active conditions of both gas and carbon in the cementation process.

Jan 1, 1931

By AIME AIME

Annual net production of crude oil from the Anglo-Iranian, Oil Company's fields in Iran for the years 1940 through 1945 amounted to: YEAR TOTAL PRODUCTION (Long Tons) 1940 8,626,639 1941 6,605,320 1942 9,399,231 1943 9,705,769 1944 13,274,243 1945 16,835,000 (preliminary figure) All developed fields were on almost continuous production throughout the war, though their operation naturally was hampered by war conditions, which affected particularly supplies of equipment.

Jan 1, 1946

By Frederic Brunton

I. INTRODUCTION THE smelting plant of the British Columbia Copper Co. at Greenwood, B. C., now closed because of the decline in the price of copper due to the European war, is of special interest to metallurgists for several reasons. It was successfully smelting in blast furnaces the lowest grade copper ore of all plants in America. In order to do so, it had to run at' very high efficiency, which necessarily required a large tonnage per square foot of hearth area, together with the minimum amount of labor and other costs. The furnaces smelted daily 2,250 tons of ore (6.62 tons per sq. ft. of hearth area), carrying 0.85 per cent. of copper, at a smelting cost of $1.18 per ton. The entire plant required 130 men to operate it and keep up repairs, showing a labor efficiency of about 17.5 tons per man per day. In the present paper, the method of obtaining these results is shown. Most of the information contained in this description I obtained as Assistant Superintendent, during the two years preceding the present shutdown. Other sources of information to which I am indebted are: The British Columbia Copper Co., Ltd., by Alfred W. G. Wilson, in The Copper Smelting Industry of Canada; Greenwood Smelting Works, by J. E. McAllister, Engineering and Mining Journal, vol. xci, pp. 1011 to 1015 (May 20, 1911); and Description of the Copper Smelter of The British Columbia Copper Co., by W. L. Bell, in Transactions of the Canadian Mining Institute, vol. xvi, pp. 151 to 154 (1913).

Jan 7, 1915

On the following pages are abstracts of papers published by the Institute during the year 1935 as TECHNICAL PUBLICATIONS and CONTRIBUTIONS, papers in bound volumes appearing for the first time, and papers in MINING AND METALLURGY. For abstracts of papers that appeared in bound volumes in 1935 but that were published as TECHNICAL PUBLICATIONS in 1934, see the YEAR BOOS dated January, 1935.. Many of the TECHNICAL PUBLICATIONS have been reprinted in bound volumes. Information regarding this disposition, and number of pages in each paper, may be found in the list beginning on page 64. Volume numbers are given as listed at the beginning of the index, page 71. The abstracts are grouped as follows: [Page Metal Mining 17 Uses of Metals 23 Milling and Concentration 23 Iron and Steel Division 26 Nonferrous Metallurgy (Reduction of Ores)...: 34 Institute of Metals Division (Founding and Metallography of Nonferrous Alloys) 36 Page Coal Division 43 Petroleum Division 50 Industrial Minerals Division (Nonmetallics) 57 Mining Geology 60 Mineral Industry Education Division 62 Geophysical Prospecting 62]

Jan 1, 1936

By Krahmann, Rudolf

THE following is an account of a survey undertaken to test the possibility of outlining a kimberlite pipe by magnetouietric methods. Kimberlite is a basic igneous rock closely related to melilite-basalt or alnoite, which occurs either in the form of volcanic plugs or as dikes intruded into rocks of various types and geological ages up to and includ¬ing the Lower Cretaceous. The famous diamond mines of South Africa are all in kimberlite pipes and these pipes are probably the original source as well of the vast alluvial deposits found in various parts of the country. The pipe chosen for this experiment is one that ' occurs on the farm Goedgevonden No. 20, about sixteen miles north of the village of Klerksdorp and ninety miles southwest of Johannesburg. Some prospecting has been done on this pipe and diamonds were produced from it but not in paying quantities. The magnetometric survey was made in June, 1932, by R. Krahmann and H. Wallisch and the results are shown on the accompanying plan. On the plan are shown also the boundaries of the pipe as exposed at the surface and details in regard to the surrounding foundations. These are taken from a geological survey made at a later date by W. Beetz, of Johannesburg.

Jan 1, 1935

THE Executive Board of The American Engineering Council met in Pittsburgh, May 26 and 27. Its actions on the licensing of engineers and on the Employment Bureau are printed at length elsewhere in this issue. The board announced plans purposing the solution of the national problems of water power and forestry, upon which "the industrial development of the nation and the standard of living of future generations largely depends. The whole Federal water-power situation is in so critical a condition that immediate constructive action by the Government to conserve the public interests, involving vast consequences of economic and Federal policy, is necessary. After a long discussion during which the water-power problem as it affects Government reorganization was reviewed and Henry Ford's Muscle Shoal's plan was discussed, the board decided to lay the entire question before President Harding. A national movement to conserve the nation's forests, in which engineers, the U. S. Forestry Service, the forestry services of the states, universities and technical schools, and other groups such as the farmers, the railroads, and lumbermen, shall pool their efforts, was set in motion by the engineers. The work will be in charge of a Reforestation Committee of the Council, headed by Charles H. MacDowell of Chicago. Mov-ing picture interests will be asked to aid. The board pledged its support to President Harding in his plan for Government reorganization. In adopting the report of its Committee on Public Affairs, headed by J. Parke Channing of New York, the Executive Board of the council determined, in the event of the failure of the President's efforts to bring about greater economy and ffieciency in national affairs by regrouping of Federal functions, to press independ-ently a nation-wide movement for the establishment of a Department of Public Works. Progress in a national survey of the two-shift day in American industries was reported by the Council's Committee on Work Periods in Continuous Industries. This survey, called the most extensive of its kind ever made, has been in progress for more than a year; and purposes an exposition of industrial conditions which shall form a basis for establishing the relative merits of three shifts of eight hours each and two shifts of twelve hours each.

Jan 7, 1922

Jan 1, 1968

By JO. E. SHERID

THE Dawson coal-mines are owned and operated by the Stag Canon Fuel Co., of which Dr. James Douglas is President and E. L. Carpenter general manager. The property is situated in Colfax county, N. M., and the openings now in operation are in townships 28 and 29 N. R. 20 E., and township 28 N. R. 21 E., shown in Fig. 1. The mines are part of the southern end of the Raton coal-field, which extends north into Colorado and embraces many coal-camps of the Trinidad section. II. GEOLOGY. Geologically, the coal-measures, commonly known as the Laranmie series of the Cretaceous system, have a thickness of about 800 ft. in the vicinity of Dawson. The coal makes an excellent coke, and, according to some authorities, its coking properties are clue to the action of intruded sheets and sills of igneous rock, the sheets occasionally thickening into masses resembling laccoliths, at such places making nearer approach to the coal and sometimes producing small areas of natural coke. There are but few dikes through¬out the entire southern portion of the field and little or no faulting along the dikes. In some parts of this great coal-field the intrusive sheets are far removed in the green shales below the coal-measures, and are so much altered as to be difficult of identification. There is but little disturbance of the strata through¬out the Raton coal-field in as far as it extends into New Mexico. There are two workable seams in the coal-measures, and two or three smaller coal-seams, ranging from 1 to 2.5 ft. in thick-

Jun 1, 1909

By F. N. Flynn

- Introductory IN 1882, The Arizona Copper Co. Ltd., acquired producing copper mines at Metcalf and Morenci (locally called Longfellow). Metcalf is situated a distance of 7 miles, and Morenci a distance of 6 miles from the general office of the company at Clifton, Ariz. A reduction works with five blast furnaces was built in the center of the town of Clifton in 1884 and operated until January, 1914. Concentration of oxidized ores was begun in 1890-1891, in a mill built adjoining the smelter, and in October, 1893, a leaching process was started for treating tailings from the oxide mill. A sulphide concentrator with 300 tons capacity was built at Clifton and started treating chalcocite ores in July, 1896. This was the first mill to treat low-grade copper-sulphide ores successfully. Another concentration mill for sulphide ores was erected at Morenci in 1900. The, sulphide mills are now being remodeled to treat ores by concentration and flotation, with a capacity of 4,000 tons at Morenci and 500 tons at Clifton. The leaching plant has not been running since September, 1914. The average yearly production from this company's mines and reduction works from 1885 to date has been: Pounds 10 years ended 1894 6,864,902 10 years ended 1904 20,439,614 10 years ended 1914 : 32,665,905 Part of year 1915, to Sept. 12 30,206,106 4 months of 1916, to June 15,964,840 June, 1916...: ? 4,900,000 Construction on a new smelting plant was started in February, 1912, and finished in February, 1914. In the Transactions, vol. 49, E. Horton Jones published "Unit Construction Costs from the New Smelter of the Arizona Copper Co., Ltd:," which fully describes the construction of this plant, with details of costs.

Jan 9, 1916

By A. CHESTER BEATTY

SO much has been written about African, and particularly about Northern Rhodesian, copper during the past two years that I feel safe in assuming that you are familiar with the general background of the Rhodesian picture. Therefore, I will confine myself to certain of the high lights in connection with the history, geology, development, ore reserves, and contemplated mining methods in this relatively new and highly important copper field., Unlike most of the other great orebodies of the world, the Roan Antelope mine was not discovered by the hoof of a starving prospector's faithful burro; nor even, as its name might suggest, by a well-placed kick of protest from an antelope stumbling over a malachite outcrop. Late in 1905 an English prospector named Collier, traveling in the N'Dola district, came upon some natives using a green powder for medicinal purposes. Closer examination of the powder revealed that it ' was ground-up malachite. Collier endeavored to persuade the natives to tell him where they obtained this medicine, but' for a long time without success, because of the general feeling among the natives that they did not wish to reveal the resources of their land to the white. Finally however, - he persuaded- brie 'of-the elders to at" least take 'him part way toward, the- place where the malachite was supposed to occur. The bid took him, to a point on the lower regions of the Luanshya river and there left him with the instructions that if he followed the stream up toward its.

Jan 1, 1931