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By J. M. Weehuizen

Complete details are given of the drilling method by which two shafts were sunk at the new Beatm'x mine of Staatsmijnen in the Netherlands. The nature of the rock strata in the Dutch mining district determined choice of the drilling rather than the freezing method. Data for each step and details of the equipment used are given in the illustrations. Staatsmijnen was founded in 1902 with government financial backing, but it is run as a private enterprise, on a commercial basis, with the normal fiscal obligations. The company now has four mines in operation with annual outputs amounting to 7 1/2 million tons of coal. In 1952 it was determined that a new mine—the Beatrix—would be opened. Details of the shaft-sinking operation are described in this paper. SHAFT LOCATION The coal-bearing carboniferous rock in the Dutch mining district is overlain almost completely by soft water-bearing strata, which at the site of the new shafts are about 1600 ft thick. The sinking of the new shafts through this soft water-bearing overburden (Fig. 1) is a costly and time-consuming affair. From the two availaible sinking methods: 1) Poetsch's well known freezing method or 2) the drilling method of Honigmann-de Vooys, the latter was preferred, not only because of its relative cheapness, under the prevailing conditions, but primarily because by using the drilling process, a special type of shaft lining of steel, concrete, and bitumen could be used. The new shafts, located 330 ft apart, have an inner diameter of 18 ft, 4 1/2 in. The boreholes, which have a diameter of 25 ft and which were drilled through nearly 1600 ft of overburden and some 100 ft of carboniferous, each contain more than 29,000 cu yd—by far the largest in the world. DRILLING METHOD The drilling method is based on the use of mud-flush—a thin mixture of clay and water—to keep the borehole filled during the entire drilling period and during insertion of the lining (Fig. 2). The pressure of the mudflush against the borehole wall is greater than that of the water in the surrounding

Jan 1, 1961

By L. A. Roe

Magnetic separation of iron ores is one of the fastest-growing segments of the minerals beneficiation industry. The tonnage of taconite ores processed annually by magnetic separation will, in a few years, reach 100 million. Magnetic separation occupies an attractive position in the field of ore beneficiation. It is a simple yet effective method, used for some 150 years and steadily growing more important. This type of beneficiation orginated in 1792, when William Ful-larton was issued a British patent covering the separation of iron ore by magnetic attraction. What is magnetism, and why are some materials capable of being magnetized and others not The study involves many unknowns, and even a partial answer to these questions would be a dissertation in solid state physics and perhaps other fields of science. But the last two decades have revealed basic facts as to why certain materials are magnetic and what happens to them when they are magnetized. Some of the newer studies in solid state physics have developed a theory that can be applied to studies of magnetism. It is claimed that magnetism stems fundamentally from the spin of electrons in atoms that tend to go in pairs, spinning in opposite directions. The atom as a whole can act as a magnet only when there is an imbalance of electronic spin. Whenever an atom has an odd number of electrons, therefore, this imbalance exists. This neutralizing effect explains why a piece of material that contains atomic magnets is not necessarily magnetic. The physicists tell us that iron is composed of many small magnetized regions called domains, which consist individually of millions of atoms. The piece of iron becomes magnetized when an external force lines up these domains in the same direction. Fundamental data developed by physicists working in fields far removed from minerals beneficiation are now available for developing better magnetic separators for ore processing. More Data Needed on Magnetic Properties of Minerals: There is less information on magnetic properties of minerals than there is for certain aspects of magnetic separator design. When the data on magnetic properties is available, it is often directed toward the study of powders for tape recorders and other highly scientific endeavors that are of little use to the beneficiation engineer. W. R. Crane's table of tractive forces, published in 1902, is still a guide in the study of magnetic minerals. Bits of other information regarding electrostatic conductivity, dielectric constant values, and permeability of various minerals have also appeared but are of small practical value in magnetic separation of ore. It is extremely important to obtain pure mineral specimens for making investigations and to record results that may be of use in studies of magnetic processes. Reference to the large volume of data developed by those concerned with analysis and design of permanent magnets soon reveals that these people have extensively evaluated the effect of various impurities on magnetic properties. Much of the science of the ferrite industry is based upon spinel-type structures which are varied by substitution of selected elements or even subtraction of elements, leaving vacant sites in the space lattice. Magnetic separators are used to beneficiate a wide variety of industrial minerals. In this application the relatively large volumes of nonmagnetics are usually the commercial products. The amount of mag-

Jan 1, 1959

By Orlando E. Romig

As metals and alloys are composed of an aggregate of allotriomorphic crystals or grains, each possessing an individual orientation, the physical characteristics of a metal or an alloy are closely related to the properties of the individual crystals. The preparation and study of single metallic crystals are, therefore, matters of considerable importance. The advent of the X-ray spectrograph as a valuable metallurgical tool has magnified the importance of this subject, because the interpretation of some X-ray spectrographs is difficult unless single crystals are used in these studies. Previous Work The first paper, as far as the writer knows, on the behavior or preparation of single crystals of metals is by Baker.' He describes the behavior of extruded wires of sodium and potassium. These wires, when pulled in tension, instead of showing the usual conical fracture common to most metals, had a chisel-shaped fracture when they were broken. I and 11, Fig. 1, have a similar fracture. Baker checked his results by preparing single crystal wires from molten sodium and potassium and observing their properties. He pre- pared the wires by filling glass tubes, under oil, with the molten metal. The surfaces of the strained wires showed slip bands of remarkable clearness of which photographs are shown in his paper. He concluded that these wires were single crystals and "that the portions of the metal brought into play are cubes. Such cubes, when placed so that a plane through two opposite edges was parallel to the axis of the wire, would allow of lateral contraction by faces gliding over one another in one direction only and not in the direction at right angles."

Jan 1, 1927

By Thomas T., Read

ANY discussion of State-supported schools of mining and A metallurgy needs to be prefaced by a definition, since the first school to offer a mining curriculum, the Pennsylvania Polytechnic College, was established by a grant from the State. But, so far as can be determined, it received no further State support. It would be tiresome to go into precise details,. and it will be enough to stipulate that by State schools are meant those which derive their main financial support from regular appropriations made by a State legislature. The University of Michigan was the first of these to offer a mineral industry curriculum; its story, as well as those of Wisconsin and Illinois, has been related in the preceding chapter.* Arranging the others in chronological order involves making a decision as to what weight to attach to plans for giving instruction, as contrasted with its , effective initiation. This may appropriately be illustrated by the history of mineral industry education in California. California Among those who came to California in 1849 and the following years were many New Englanders who had a keen interest in education. Some of them, mostly Congregationalists and Presbyterians, sought to establish a school of higher education around San Francisco Bay and eventually succeeded in opening the "Scientific and Classical School at Contra Costa' in Oakland, at Broadway and 5th St., on June 20, 1853. This prospered so well that it was chartered by the State as the "College of California" on April, 13, 1855. Developing so rapidly that its quarters became cramped, in 1864 it not only bought a tract of

Jan 1, 1941

By S. F., French

IN reviewing the design of the ore haulage system for the Morenci project, the reader should bear in mind that the railroad and its equpiment cannot be considered as an independent railroad provided only for the purpose of transporting ore from one point to another, but as an integral part of the operation which begins at the electric shovels loading ore at the mine, and ends where the ore, after having been crushed in the primary crushing plant, is deposited in the bins at the secondary crushing plant. Obviously then, the problem consisted of designing a system that would function to the best possible advantage in complete co-ordination with the other units.

Jan 1, 1942

By P. G. Hallof

Only recently has the term Induced Polarization found its way into geophysical literature. Schlumberger first mentioned the possible use of the induced polarization effect in one of his early papers. Later, induced polarization was the subject of several university theses, such as Seigel's at the University of Toronto and Bliel's at the Michigan School of Technology. In addition, a group at the New Mexico School of Mining and Technobgy has done work on induced polarization. There is very little to be found in print on the subject of induced polarization. Several papers have been presented at meetings, the 1958 AIME and SEG* conventions, for instance, on laboratory measurements of the effect and theoretical considerations useful in the interpretation of field results. This paper is the first attempt to present actual field results which show the usefulness of induced polarization as a prospecting technique. There are several phenomena that can cause polarization when electrical current is passed through the ground. In a paper presented at the 1958 SEG* meetings Professor T. R. Madden of M. I. T. demonstrated that only two of these gave rise to appreciable effects. The first is a result of the membrane and diffusion effects in a sandstone that contains appre- ciable amounts of clay minerals. The unbonded charges associated with the clay mineral forma material that passes positive and negative ions with different mobilities. When current is passed through such a system for some period of time, polarization results. The second phenomenon, which gives rise to very much larger polarization effects, is the one used in the new prospecting technique. These effects are a result of the blocking action or polarization of metallic or electronic conductors in a medium of ionic solution conduction. This electrochemical polarization, called "the over-voltage effect" by electro-chemists, occurs whenever electrical current is passed through a volume of rock which contains metallic minerals such as base metal sulphides. This polarization at metallic interfaces in ionic solutions depends upon the chemical energies necessary to allow the ions to continue the flow of current by giving up or receiving an electron from the metallic surfaces. The energy stored in this reaction isanalogous to that stored when a condenser is charged. If a d. c. current flowing through such a system is interrupted, the polarization can be detected as a small, decaying current that flows after the applied current is discontinued. The decaying potential measured is a result of the current flow caused by charges returning to their equilibrium positions from the positions they assumed under the applied potential field. Because of the polarization, there is an excess of change at each metallic interface. There is an alternate method of measurement of the induced polarization effect. The electrical

Jan 1, 1961

By L. H. DeWald

During the examination of various commercial brands of copper wire bars, which had exhibited different degrees of adaptability for being drawn into fine gages of wire by the present-day high speed machine, it was found that each brand had a more or less characteristic crystal macrostructure. The extremes of these macrostructures are similar FIG. 1.-EFFECT OF METAL TEMPERATURE IN CASTING ON CRYSTAL MACROSTRUCTURE OF BAR. Reading from left to right, metal temperatures were 1166" C., 1149" C., 1132" C.. 1121" C., 1093" C. to the maximum variation shown in the photomacrographs reproduced in Fig. 1. As the various brands did not differ materially in chemical composition, it was concluded that the differences in structure were the result of variations in casting technique.

Jan 1, 1931

By C. G. Cheriton

The Bathurst mining district is located near the town of Bathurst on the north shore of the province of New Brunswick in eastern Canada. This region is the northeasterly extension of the Appalachian mountain system. The area is heavily forested and covered with a fairly uniform layer of glacial gravels and boulder clay. The relief is low, increasing to a few hundred feet in the north west and several hundred feet in the extreme southwest. Thus, rock outcrops are scarce and occur mostly along streams and ridges. These factors made conventional prospecting difficult and resulted in the district becoming an excellent place for the application of regional geological studies, air photo techniques, airborne and gound geophysical methods and soil sampling. Late in 1952, The Brunswick Mining and Smelting Company discovered a very large base metal sulphide body presently known as their No. 6 orebody. Early in 1953, another and even larger sulphide body was discovered and is known as the No. 12 ore body. Mining exploration was very active thoughout 1953 and in 1954, The American Metal Company discovered the orebodies which have been developed into The Heath Steele 'Mines. The location of these deposits is shown on figure one. In the latter part of 1954, The Anaconda Company became interested in the district and decided to make a geological study of this new and promising base rrietal area. The following paper presents the story of the application of modern geological and geophysical techniques, leading to the discovery of a large sul-nhidp liodv. The Bathurst district is generally underlain by the Tetagouche group of Middle Ordovician rocks.

Jan 1, 1961

By C. A. Meissner

THE following is a further discussion of the paper of James Gayley, " The Application of Dry-Air Blast to the Manufacture of Iron " (Trans., xxxv., 746), with special reference to his sup-plementary paper (Bi-Monthly Bulletin, No. 4, July, 1905, pp. 797 to 819), and. to the paper of J. E. Johnson, Jr., "Notes on the Physical Action of the Blast Furnace " (Bi-Monthly Bulletin, No. 5, September, 1905, pp. 1111 to 1146). Mr. Gayley's paper has been discussed also by E. Windsor Richards, R. W. Raymond, E. H. Saniter, W. J. Foster, H. M. Howe, V. Pendred, B. H. Thwaite, James Gayley and Alexander Pourcel (Trans., xxxv., pp. 1022 to 1042), Joseph W. Richards (Bi-Monthly Bulletin, No. 4, July, 1905, pp. 703 to 718); T. W. Robinson (Bi-Monthly Bulletin, No. 4, July, 1905, pp. 788 to 796) ; C. B. Dudley, R. W. Raymond, J. E. Johnson, Jr., W. F. Mattes, James Gayley, David Baker, John Birkinbine and F. E. Bachman (Bi-Monthly Bulletin, No. 5, September, 1905, pp. 1147 to 1152);.E. de Mille Campbell (Bi-Monthly Bulletin., No. 1, January, 1906, pp. 25 to 50) ; John Birkinbine (Bi-Monthly Bulletin, No. 1, January, 1906, pp. 137, 138). At the Washington meeting of the Institute, May, 1905, a very instructive and interesting paper was presented by Mr. J. E. Johnson, Jr., entitled " Notes on the Physical Action of the Blast Furnace,"' in which reference is made to Mr. Gayley's dry-blast process. A few of Mr. Johnson's conclusions, as summarized in the last pages of his paper, do not appear to me to be in complete accordance with the results obtained at the Isabella furnaces; and I therefore present the following notes which may throw further light on this subject: Mr. Gayley has called attention to the fact that the moisture in the air is an extremely variable and uncertain factor; and

May 1, 1906

By R. D. Carnahan, G. A. Stone, R. J. Arsenault

An experimental technique has been developed for carrying out a dynamic tensile stress-strain test in which plastic strain is measured continuously throughout the microstrain region extending through the macroflow region to total deformations of 5 pet. The tests were carried out on niobium, samples having interstitial impurity levels of 160 and -800 ppm at temperatures ranging from room temperature down to 100°K. A band spectrum of activation energies was obtained from calculations based on the measured activation volumes and temperature dependence of flow stress. The inability of a single rate-controlling process to predict such a phenomenon has led to the proposal that several sequential rate-controlling dislocation mechanisms are operative in the preyield micro-strain region. These are thought to be: the motion of geometrical kinks, the formation of double kinks in edges, and finally in the macrostrain region the formation of double kinks in screws. In less pure niobium the effect of interstitial impurities is shown to be dominant in the microstrain region, suggesting that a fourth probable mechanism is overcoming interstitial barriers instead of geometrical kink motion and the formation of double kinks in edge dislocations. THE principal fundamental aim of most mechanical properties studies of crystalline solids is to determine the dislocation mechanisms responsible for the plastic behavior. The extension of such studies to the region of preyield microstrain behavior has received renewed attention in the past few years as the details of macroscopic flow behavior have become better understood. For the most part, microstrain studies have been carried out using one of two variations of a single experimental technique.1 The first method involves loading the sample at a constant extension rate to a predetermined stress level (less than the macroscopic yield stress), instantaneously unloading, and then determining the extent of plastic deformation to a sensitivity of 10"6. The microscopic stress-strain curve is then constructed from the results of a repeated series of such individual measurements, each of which involves loading to an incrementally higher stress level, by relating the accumulated plastic microstrain for each step to the maximum applied stress in that step. The second variation, also carried out by step-wise increases in stress, measures the total strain to a sensitivity of ~10"6 and relates the maximum stress to the area of closed hysteresis loops that are generated under certain conditions (namely, prestrained samples). The foregoing methods have yielded interesting information about the nature of preyield deformation and plastic response to stresses below the yield stress, but they offer certain disadvantages for studying the dynamic behavior of dislocations. In the first method it is physically impossible to specify a plastic strain rate inasmuch as the test sample is reexposed, as it is loaded to its maximum stress in a particular step, to lower stresses at which flow will take place. The strain corresponding to a given stress level on the stress-microstrain curve thus generated will then always be greater than that at the corresponding stress level of a truly dynamic test carried out at the same extension rate. The second method has been used to obtain correlations with dynamic macroscopic flow parameters by applying dislocation damping theory to the hysteresis loop areas.2 The approach has had some success but suffers in that only samples that have been prestrained a few percent can be studied. Although the stresses

Jan 1, 1968

Jan 1, 1881

By M. Prats

Most of the information available on the heat efficiency of hot fluid injection processes, both water and steam, has been obtained from calculated temperature distributions in the pay zone and adjacent formations. The usual approach has been to write the heat balance equations in terms of the temperatures, and then to introduce whatever simplifications are necessary to help obtain an analytical or a numerical solution. In either case, the assumption has often been made that the vertical thermal conductivity in the flooded interval is infinite, so that the temperatures within the flooded interval are then independent of vertical position. Because it was first made by Lauwerier,l and has been used extensively since, this assumption will be referred to as the Lauwerier assumption. Excellent reviews of the literature on the heat efficiency of hot fluid injection processes have been given by Spillette,2 Flock et al.,3 and Ramney.4 Of course, the most significant contributions take into account the effect of a finite vertical thermal conductivity on the vertical temperature profile. The most general analytic expression for the heat efficiency of a hot fluid injection process is that of Antimirov5 who considers injection of a heated incompressible fluid into a reservoir through an arbitrary number of wells. The rate of heat injection into the reservoir, as well as the injection temperature, is an arbitrary function of time. The geometry of the horizontal flow is arbitrary, although the reservoir is considered to be of uniform thickness and properties and to be of infinite areal extent. Heat transfer within the reservoir is by horizontal convection and conduc- tion, and by vertical conduction. In the formations adjacent to the flooded interval, heat transfer is by conduction in any direction. Thus, the available expression for the heat efficiency due to hot water injection has been developed for rather general conditions. This degree of applicability has not been obtained for other thermal recovery processes. By making the Lauwerier assumption we have been able to obtain expressions for the heat efficiency that are essentially independent of the thermal recovery process, be it steam, hot-water, or underground combustion. Clearly, then, the approach followed here is more restrictive than that of Antimirov5 in that it uses the Lauwerier assumption. At the same time less restrictive assumptions are made about the horizontal heat transfer mechanisms, either in the flooded interval or in the formations adjacent to it. The main difference between our approach and that of other investigators is that the heat balance in the pay zone is expressed for the pay zone as a whole rather than for a volume element within it. The Lauwerier assumption is introduced after the problem is developed along these lines as far as possible. The details of the development of the heat efficiency are given in the Appendix, while the main features of the model are discussed in the next section. Results and their implications are discussed later in a separate section. The Model Certain assumptions have been made to determine

Jan 1, 1970

By John D. Morgan, Sylvain J. Pirson

An instantaneous and continuous analysis of a mineral suspension should be of great value in controlling various mineral preparation processes. Described herein is a method of analysis based on the use of high-frequency alternating current, which, under certain restrictive conditions, could be of use. Theoretical Considerations In a suspension of conductive minerals, the electrical effect primarily responsible for the variations in electric conductivity is the capacitance. In Fig Ia, let an alternating voltage E be applied across two electrodes F and F', between which are two rows (S and T) of mineral particles, all of approximately the same size, immersed in a fluid. Let the number of rows of particles between the electrodes be R and the number of particles in each row be N. If A is the area of a particle, D is the distance separating two particles, and k is a constant depending on the fluid, the capacity, CO, of the particle system will be given by: KRA C°= ND Referring now to Fig Ib, let R, the number of rows, be held constant, but let N, the number of particles in each row (S and T), be increased X-fold. The capacity, C1, of

Jan 1, 1949

By AIME AIME

WEDNESDAY night, by long tradition, is al- ways set aside for the annual dinner, even when, as it was this year, it is Ash Wednesday. Whether the somewhat smaller attendance than last year is attributable to that cause, the unexpectedly long persistence of business depression, or whatever may have been the reason, it was a joyous occasion, and the grand ball-room of the Commodore Hotel was as completely filled With diners as * was consistent with com- fort. In the half hour before the dinner was actually served the guests assembled in an adjoining room and not only exchanged greetings but proceeded along the receiving line to greet the guests of honor. The number present was so large that hardly more than half of them had been able to do this before the summons to the dining room sounded and a hearty and immediate response was made to it. Toy balloons at each plate, inflated and directed at the heads of companions or nearby friends, but which were just as likely to carom from the nose of a hurrying waiter, successfully broke the ice as well as not a few plates. It would be interesting to know whether the pleasure the guests derive from these de- vices is in part based on the all-too evident annoyance of the waiters, and what the relative quantitative relationships are.

Jan 1, 1931

By Alan M., Bateman

MR. JORALEMON'S dispassionate discussion of this subject in TECHNICAL PUBLICATION 340 of the Institute shows clearly some of the failures and successes of geology in the discovery of ore deposits. He forces us to recognize, with humility, that chance has played a greater part than geology in the recent discovery of several great copper deposits. I think, however, he wrongly ascribes to unexpected or chance discovery some deposits that were found as a direct result of geological investigation. I refer to the Rhodesian copper deposits,, particularly Roan Antelope and Mufulira, both mentioned by him as having been found by chance. Also,. I think Mr. Joralemon's paper, inadvertently, does not- give the proper credit for the early recognition of the possibilities of these deposits. I feel sure that Mr. Joralemon and the gentlemen given credit by him will welcome any further information on this subject that will throw light on what will some day- be of. historical interest and importance. Consequently, I should like to set forth some additional data that throw light on who should receive the most credit, and' to indicate that, in my opinion, sound. geological reasoning and not chance is to be, credited for the development of the. Roan Antelope and Muf ulira mines.

Jan 1, 1931

By R. W. Vieth, S. A. Bradford

THE orientations of tetragonal tin crystals are commonly examined by either the transmission Laue method or the back-reflection Laue method. The predominant planes and zone axes of the pattern are plotted on a Wulff net and indexed by measuring the angles between planes and directions. The problem of identifying the Laue spots has been approached in several different ways. Nicholas 1 tabulated interplanar angles for ten planes but did not relate the angles to permutation of indices or sign. A table of angles between adjacent planes and of angles between adjacent zones was published by Chandrasekhar and veal.' These tables are very helpful, provided the film shows all the low-order zones that occur within about 20 deg of each other. Frounfelker and Hirthe's compilation3 of angles between the (001) plane and twenty-nine other planes is useful for the indexing, only if the (001) spot can be found on the film. For all but the simplest orientations, however, more information is needed to index the diffraction spots. Standard stereographic projections, such as those published by Bicelli, 4 provide part of the information required. By their nature, these projections show the positions of only a few zone axes. In the tetragonal system many low-order zone axes are not normal to the planes having the same indices. Consequently, planes and directions can have entirely different positions on a stereographic projection. For example, the [011] zone axis is 33 deg from the normal to the (011) plane. The crystallographic orientation usually has to be deduced from a combination of the predominant zone axes and a few low-order planes that appear on the film. In addition to a standard stereographic projection of the planes, a stereographic projection of the directions is needed. Such a projection can be constructed from the angles given in Table I. To provide more information about angles between planes and directions, we have calculated interplanar angles up to (332) and angles between planes and directions up to [332] on an IBM 1620 computer. The angles are differentiated according to permutations of sign and indices. Those doing research on tin single crystals are welcome to request a copy of these tables from the authors.

Jan 1, 1967

By Charles E. Wait

It is said by some that the occurrence of a deposit of sulphide of antimony in Southwestern Arkansas has been known for fifteen or twenty years. Whether or not such is the case I am not prepared to say, but I am not able to find any record of such a discovery, or any analysis of antimony ore obtained from that section, published at so early a period. The present discoveries, that seem to be attracting some attention, date back to the winter of 1873-74. At that time a vein of ore was found by Mr. Robert Wolf, in honor of whom the vein was named, and still is called, "the Wolf lode." At the time of the discovery the ore was unknown to the prospector, and its composition was not thoroughly understood in that locality until samples were sent to several analytical chemists, who pronounced it sulphide of antimony—stibnite. Since the discovery of this ore there have been three mines opened, and a number of interesting minerals of the antimonial series have been found. I have had an unusually good opportunity to collect specimens from these mines; and it is owing to the constant inquiry concerning the character of these ores that I have collected for publication the results of quite a number of analyses, sufficient I trust to clearly point out their composition. This is one of the few localities in the United States where antimony ore is found in workable quantities ; I say workable quantities, because two different shipments of ore have been made to English reduction works, and in both cases excellent returns were made. The discovery of these deposits will, it is hoped, give rise to a prosperous and remunerative industry at no distant day, and when fully developed they may yield ore in sufficient quantity to supply the regulus for the home demand, thus adding wealth not only to those interested, but also to the State of Arkansas. The three mines are situated in the northern part of Sevier County, and may be reached by the St. Louis, Iron Mountain and Southern Railway to Fulton, thence by wagon-road to Columbus, Nashville, Centre Point, and to the mines. During most seasons of the year the

Jan 1, 1880

By Edwin Berry

THE consideration of the present value of a mine is of great importance when planning for the operation of a property,, and it is particularly so in the case of mines that have large ore reserves. At various times during the past 15 years, the writer has had occasion to make rather thorough studies of the subject, and has been greatly impressed by certain important points which these studies have brought out, points which, though they may be well known, are often lost track of in the rush to obtain low mining costs and high daily tonnage output. . It is the object of this paper to present briefly, and in a general way, some of these points, and especially those which have to do with the relationship which (1) ore reserves and plant capacity, (2) grade of ore mined, and (3) ore losses in mining, bear to the present value. Present value, sometimes called present worth or actuarial value, means the value today of the future earnings of an enterprise. Great industrial, manu-facturing or railroad enterprises, if properly handled, go on indefinitely and their value is directly dependent on their estimated annual earnings. Mines, or oil properties, on the other hand, have an earning capacity only until the ore or oil is exhausted, and their present value is dependent not only on their annual earnings but also on their life, which is the length of the period over which they can produce at a profit. A mine, or an oil property, is a "wasting asset," while an estab-lished manufacturing business is not, or should not be. In other words, the present value of a mining property. represents a sum of money on which there could be paid from operating profits a determined rate of interest, say 8 per cent., and in addition an amount which, if invested at compound interest as received, would at the end of the life of the mine pay back the present value. In his "Wealth and Income of the American People," Walter Renton Ingalls says: "The fundamental principle of mine valuation is the present worth of an annual dividend accruing during the period of years corresponding to the life of the mine."

Jan 7, 1922