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By T. M. Chance

The first bituminous coal cleaning-plant to use the sand-flotation process1 was placed in operation on Oct. 1, 1925, at the tipple of the East Broad Top Railroad & Coal Co., at Mt. Union, Pa. The general principles governing the design of plants of this type and typical operating results of anthracite sand-flotation units have been previously outlined.2 I will, therefore, confine myself to a description of this particular plant and to some of the elements of design it incorporates. The Original Mt. Union Tipple The plant was installed to transfer coal.from steel narrow-gage cars of 60,000 and 70,000 lb. capacity to standard-gage equipment. The coal was hauled about 30 miles from the East Broad Top field. This coa1, mined by the Rockhill Coal & Iron Co. and other operators, is a low-volatile slow-coking coal with ash of high-fusion point. It is normally a high-grade coal that does not contain an excessive amount of free impurities, but it requires careful handling to secure a fair domestic yield, and, naturally, the need for narrow-gage transshipment increases the difficulty of the problem. The narrow-gage cars were discharged into an 8-car track hopper equipped with two feeders passing the coal to two 42-in. apron intake conveyors. Twin units were installed throughout the original plant, two lump-and-egg shaking screens, two lump picking-tables, two egg picking-tables and two stoker conveyors. The stoker coal was loaded without cleaning. The loading tracks and booms were in duplicate and, with the layout as originally installed, either unit could be run independently, each unit shipping a different class of coal or both units making the same product.

Jan 1, 1927

THE John Fritz Medal Board of Award, at its regu¬lar annual meeting Oct. 19, awarded its gold medal to Herbert Clark Hoover. Thus ended a process of selection begun a few years ago. The award was tentatively made a year ago by the Board, which is composed of sixteen recent past-presidents of the four national societies of Civil, Mining and Metallurgical, Mechanical, and Electrical Engineers, having together a membership of nearly 60,000. The sixteen members of the Board are: American Society of Civil Engineers : C. E. Grunsky, Robert Ridgway, George S. Davison and John F. Stevens ; American Institute of Mining and Metallurgical Engineers: William Kelly, J. V. W. Reynders, Samuel A. Taylor and E. DeGolyer; American Society of Mechanical Engineers: Fred R. Low, D. S. Jacobus, Dexter S. Kimball and Charles M. Schwab; American Institute of Electrical Engineers: Farley Osgood, M. I. Pupin, C. C. Chesney and Bancroft Gherardi.

Jan 1, 1928

By P. F. MINISTER

AT Lime Spur, Mont., the East Butte Copper Mining Co. has been quarrying limestone for twenty years. The quarry is beside the Northern Pacific R. R. in the Jefferson River canyon, 4 ½ miles east of Cardwell, at Lime Spur, Montana. HISTORY This quarry was opened early in 1900 by Dan Morrison of Whitehall, the discoverer of the Morrison cave, to supply a demand for smelter flux. Limestone was sold to the Pittsmont smelter of The East Butte Copper Mining Co. and to the Butte Reduction Works. As no particular effort was made at the quarry to select the rock that delivered to the smelters was unduly high in magnesia and impurities. The East Butte com¬pany, therefore. Bought the quarry. in 1909 and confined operations to the high-grade beds in order to supply rock of the desired purity for its own smelter and the Butte Reduction Works until the latter shut down. It also developed a market for some of its rock with the sugar factories. The latter market increased until in later years all rock, larger than 4 in. in size over a bar grizzly, was being shipped to the sugar factories, and the rock smaller than 4 in. was being used as a flux in the blast furnaces at the Pittsmont smelter. In 1924, the East Butte concluded a contract with the Anaconda company for the treatment of its ores, and the Pittsmont -smelter -was shut down: which made the minus 4-in. rock a useless by-product. Since there was not enough revenue in the sugar rock alone and also because of limited waste room it became necessary, if Lime Spur was to continue to operate, to increase- the proportion of plus 4-in. rock and to develop a market for the minus 4-in.

Jan 1, 1930

By H. A. Coy

THE Mascot mines of the American Zinc. Co. of Tennessee are situated at Mascot, Tenn., 14 miles northeast of Knoxville, on the Southern Railway. The district is centrally located in the Great Valley, or Appalachian Valley Province. Prior to 1900, a small output of zinc was obtained from oxidized ore mined in open pits. In 1900, a shaft was sunk to sulfide ore, and in 1903, a second shaft was put down, neither being as deep as 200 ft. The American Zinc Co. of Tennessee began drilling in 1911, and outlined an ore body to which its No. 1 shaft was sunk, to a depth of 365 ft. Since that time, the American Zinc Co. of Tennessee has been the only operator in. the district. The Federal mining laws have never been in operation in Tennessee and mining lands are as irregular in boundary and area as farm lands. Ownerships are generally held in fee. In most cases the surface and mineral rights, are transferred together. Electric power is supplied at 66,000 volts by the Tennessee Power do, from a hydro-electric plant at Parksville, Polk County, Tenn., 100 miles from Mascot. No other power is used, but an emergency steam plant is held ready in case of interruption of service. Labor is all native and non-union. Negroes are employed for most of the shoveling, and for a few miscellaneous jobs, but for almost, no other work.

Jan 9, 1924

By R. M. Hardgrove

PULVERIZED coal was first used for firing cement kilns about 45 years ago, with such success that it has continued in general use. Based on cost, pulverized coal is usually the most economical fuel. In some localities natural gas or oil is cheaper, but 85.5 per cent of all cement kilns at present are fired with pulverized coal. The pulverized-coal flame is well suited to kiln conditions. Its soft, luminous nature gives it a high radiating property and the length of the flame can be readily varied to suit conditions in a kiln of any length. Ash and slag cause most of the difficulties incident to the burning of coal. In a cement kiln, however, the ash, being similar in composition to the raw mix and being deposited uniformly in the mix and clinker, occasions no difficulty as long as it remains constant in quality and quantity. Until 6 years ago almost all cement kilns using pulverized coal employed the bin system. The coal was dried and pulverized in a separate plant and delivered into a bin at the kiln. Thus the bin system requires driers, storage-type pulverizers, conveying systems, individual kiln bins, pulverized-coal feeders and primary air fans. The direct-fired system requires only a pulverizer and a blower. Fig. I shows typical plants. The first installations of direct-fired pulverizers were of the impact type but fineness of pulverization was both inadequate and variable. About 1927 a few direct-fired installations employing tube-type pulverizers were made, which were much more satisfactory. As more efficient pulverizers were developed from 1934 on, equipment for direct firing was installed at a large number of plants, until now 196 of about 900 kilns in use in the United States are direct-fired. Most of these replaced antiquated bin systems. PROCESS OF BURNING CEMENT CLINKERS The process of burning cement clinkers is fundamentally one of heat transfer. In boilers and other heat-exchange apparatus the area of the surface receiving heat from the gases is the best unit for comparing output. This seems to be equally true for kilns. The inside kiln surface is the heat-receiving surface and its area is used as the unit of kiln size in the following comparisons. Heat input is based on British thermal units in the fuel. E. G. Bailey,1 in his work on boiler-furnace heat absorption, has used the unit "B.t.u. available." This is the practical calorific power of the fuel, plus the heat in the air used for combustion. In other words, it is the heat available for useful work in the furnace or kiln. The unit of kiln output is barrels per hour. The composition of the raw mix, the percentage of water in the slurry of wet plants and hardness of burning all affect the output. These conditions, however, are hard to evaluate and probably have less effect on the output than irregularities of raw feed and clinker discharge and inexpert control of combustion. WET VS. DRY PLANTS The study presented here covers 88 plants, of which 41 are wet and 47 dry. Of

Jan 1, 1941

By Joseph W. Leonard, T. S. Spicer

INTRODUCTION Reasons for Thermal Drying The continuing increase in the percentage of minus %-inch coal produced as a result of the increased use of mechanical mining methods has, over the years, tended to shift considerable portions of the work of producing saleable coal to the fine coal cleaning section of the preparation plant. Because a given weight of fine coal will contain substantially greater surface area than an equivalent weight of coarse coal, it follows that, when subjected to wet cleaning processes, the fines will absorb and retain consider- ably more moisture than coarser fractions. Increased moisture pickup in the finer sizes complicates fine coal cleaning since beneficiation may not be limited to the removal of ash and sulfur but often must be expanded to include the additional step of thermal drying to remove excessive moisture. Thus, water which provides the medium for cleaning fine coal is in itself detrimental and, like ash and sulfur, reduces coal quality. Removal of surface moisture by drying is done for one or more of the following 1 reasons: (1) To avoid freezing difficulties and to facilitate handling during shipment, storage and transfer to the points of use; (2) to maintain high pulverizer capacity; (3) to reduce heat loss due to evaporation of surface moisture from the coal in the burning process, thus increasing heating efficiency; (4) to improve the quality of coal used for special purposes, such as in the production of coke, briquettes, and chemicals; (5) to decrease transportation costs; and (6) to facilitate dry coal-cleaning processes. Because benefits to coal transportation and utilization are the most common reasons for thermal drying, the following sections will examine these areas in greater detail. Benefits to Transportation Initial benefits from drying are the reduction of shipping costs from the mine to the point of utilization since more coal can be concentrated into a given weight of product when worthless moisture is removed. Non- combustible~ such as water and mineral matter in railroad shipments of coal are billed the same as coal at $3.32 per ton, according to the recent average costs. Savings of 10 to 20 dollars from drying on the shipment cost of each 50 to 60 tons of coal contained in a typical railroad car is common. Savings on coal shipments from individual mines which result from coal drying can be expressed in terms of hundreds of thousands of dollars and more each year. For example, a reduction of shipping charges of only 5 percent on one million tons per year would mean a savings of 166,000

Jan 1, 1968

By P. D. Zemany, G. W. Sear, B. W. Roberts

Vanadium metal is embrittled by hydrogen at a temperature as low as 250°C when held in the presence of manganese metal and water vapor in a rough vacuum. It is established that the property changes are caused by the catalytic decomposition of water vapor at the vanadium surface and the diffusion into and solution in the vanadium of the resultant hydrogen. It is found that manganese is a necessary component of the catalyst. The manganese is transported in the vapor phase by an unknown molecule. A deuterium tracer experiment demonstates the role of water vapor in the embrittle-ment process. VANADIUM metal foils were observed to become embrittled' at a temperature of about 300 °C when held in the presence of manganese metal and a small amount of moist air, This paper describes the investigation to find the embrittling agent and an understanding of the relatively low temperature reactions that are involved. Experimental The vanadium metal foil used was prepared by cold-rolling and pack-rolling 32 mil sheet" in a series of steps down to 1 mil foil. The original observation was confirmed by sealing vanadium foils of 3 x 10 sq cm into individual Pyrex tubes with manganese powder† and a con- trol tube containing only the vanadium foil. These tubes were evacuated to 10 -5 mm Hg without baking and sealed. After heat treatment for 200 hr at 300°C, the control foil showed no change in duetility, whereas the foil contained in the manganese— containing tube was embrittled. The visual appearance of each was unchanged. A series of Pyrex sample tubes, about 2.5 cm diam and 25 cm long, were prepared, each containing a 3 x 10 sq cm piece of foil and 5 g manganese powder at the lower end of the tube. By reducing the time of anneal and the temperature of these samples, it was found that embrittlement could be created at 250°C in a time as short as 1 hr. Since the vanadium metal used here has been drastically cold-worked by rolling, it is assumed that it contains a maximum number of dislocations. To check the possible necessity of dislocations in this low temperature reaction, a vanadium foil sample was annealed in Vycor for 2 hr at 800°C to re crystallize and reduce the dislocation concentration. Metallographic examination showed grains which were not visible before annealing. The embrittlement procedure was carried out at 300°C and 3 hr. Upon checking the foil no embrittlement was observed. Further experiments demonstrated that about 6 hr at 300°C are required to create embrittlement in the foil. This delay in the onset of embrittlement in the vanadium foil suggests but does not prove that dislocation channels play a role in the embrittlement phenomena. If manganese metal is necessary for this low temperature embrittlement, do other elements in the transition metals group yield the same result? To check this qualitatively, a group of elements of similar atomic radii were obtained and sealed as before into Pyrex tubes with a sheet of vanadium foil. These tubes were annealed at 250°C for 6 hr and included (with radii)-2 A1 (1.4A), As (1.25A), Be (1.2A), Co (1.25A), Cr (1.45A), Cu (1.25A), Fe (1.25A), Ga (1.2A), Ge (1.25L%), Mn (1.3A), Ni (1.25A), Si (1.2A), Ti (1.45A), Zn (1.3A), air, H,O, 10 cm Hg of dry hydrogen, and MnO, powder. Upon testing the above sample foils for brittleness, only the manganese-containing tube yielded a brittle foil. Manganese Transport—To eliminate contact of manganese metal powder and vanadium foil, sample tubes were prepared with fritted glass barriers. The embrittlement reaction was still found to occur. Thus, the mode of transfer of manganese is certainly vapor transport. A vanadium foil was embrittled by this mechanism in an evacuated Pyrex tube for 8 hr at 300°C. By means of X-ray fluorescence analysis,' the amount of manganese added to the surface was established at 5 ±2 x 10 -6 g per sq cm. Since the average rate of manganese deposition is known, an effective average pressure of an assumed carrier compound can be computed. ___ P = M/T v2p mkT

Jan 1, 1959

By AIME AIME

IF the observation of our British friends is true that Americans put new records in bigness above everything else then the 150th meeting of the Institute was not the grand success it seemed to be. Just why the attendance slumped a little this year is anyone's guess, but the favourite explanation seemed to be that half the country is planning to come to the New York World's Fair this summer and that two trips from the hinterland to the me- tropolis, with another to San Francisco of course, can hardly be justified with the present condition of the stock market and the prices of the products of our mines. Certainly, some were pre- vented from coming too by the epidemic of respiratory afflictions that was rampant in February. Unfortunately. several succumbed after they had reached New York.

Jan 1, 1939

By R. D. Begley, A. W. Khair

Introduction The technique being investigated here uses a physical mine model which consists of a plexiglass room-and-pillar model 11.4 x 11.4 cm (4.5 x 4.5 in.). It is placed at the bottom of a larger plexiglass box 25.4 x 30.5cm (10 x 12 in.). The box is then filled with a model material representing geologic overburden. Sand has been selected because of its deformability under gravitational forces. The mine model is capable of creating a cavity and induces movement on the surface of the model material. This surface disturbance can be measured using a photographic technique called holographic interferometry. This paper discusses results of an investigation of the possibility of generating subsidence criteria using physical mine models and laser holographic interferometry. Problem Statement Subsidence appears to be widespread in two states - Pennsylvania and Illinois - although serious subsidence is found in localized areas of numerous other states (HRB Singer Inc., 1977). The US Bureau of Mines estimates that more than 1618 km2 (400,000 acres) of urban areas are threatened by subsidence. Pennsylvania and West Virginia contain 57% of these threatened areas, with the remainder being spread out over 16 states (Johnson and Miller, 1979). Events of subsidence have been reported in urban areas, including Pennsylvania (Gray et al., 1977) and Illinois (Mahar and Marino, 1981). One location has observed three episodes of subsidence beginning in 1950 (Bruhn et al., 1981). These subsidence events all occurred over abandoned room-and-pillar mines. Some mines have been abandoned more than 50 years (Bauer and Hunt,1981) . Available research does not offer much on the problem related to time dependent subsidence, especially those associated with the failure of remnant coal pillars. The physical modeling technique developed at West Virginia University is capable of measuring both instantaneous and time delayed subsidence. Laser Holographic Interferometry Laser holographic interferometry, or holometry, uses the interference properties of laser light to measure small movements of objects. The object requires only optical access and no surface instrumentation. This technique is closely related to photoelasticity. Both techniques rely on the uniqueness of the light reflected off or through an object in any given state of stress. The entire measurement process is done remotely without any surface instrumentation and without using a camera. The interferogram is constructed and visual observation will yield fringes on all areas that yielded or moved. The displacement represented by one fringe was determined by Wilson et al. (1977) and is given by the relationship: [d ='1(1) 2 cos 8 where d = displacement of one fringe 6 = incident angle of laser light A = wavelength of light (632.8 x 10-9 meters for Helium-Neon lasers)] In summary, holometry is capable of detecting very small movements of objects under study. It is a very sensitive process that requires laser light and vibration free experiments. Experimental Program Lab Facilities The primary components of the facilities were the laser and the optical table. The light source was 50 milli-watt, Helium-Neon laser. The optical table was a granite slab weighing nearly one ton. All experiments were performed on the optical table. It consists of a large table sitting on air cells similar to car innertubes. Six air cells were placed on top of two layers of wood and Styrofoam. Figure 1 is a schematic diagram of the vibration free table. Even with these precautions, the experiments still had to be performed at night to reduce potential traffic related vibrations. Room-and-pillar mine models consisting of three different pillar sizes were constructed out of plexiglass. The models were designed to represent three different extraction ratios. Figure 2 shows the models. The extraction ratios were determined by the tributary loading concept (Peng, 1978). These models were the primary component of a seam extraction simulator. A schematic of this simulation device is shown in Fig. 3.

Jan 1, 1986

By E. J. KENNEDY

METHODICAL AND EFFECTIVE: thus may be characterized the fall meeting of the Iron and Steel and Institute of Metals Divisions at the Hotel Statler, Buffalo, N. Y., on Oct. 4 and 5. Approximately 200 registered. Interest centered 1111 the technical papers which were keenly followed, with substantial discussion: During the entire week of the National Metal Congress (Oct. 3 to 'i), there were also other sessions of interest' to metallurgists, directed by the America11 Society for Steel Treating, American Welding Society, Production Division of the Society of Automotive Engineers, the Iron arid Steel and Machine Shop Practice Divisions of the American Society of Mechanical En,' the Wire Association and the American Drop Forging Institute. The National Metals Exposition at the 174th Regiment Armory was well attended.

Jan 1, 1932

By HAROLD A. TITCOMB

TOWARD the close of 1925, a British geologist, T. Landell Mills, brought to the notice of .A. Chester Beatty and selection Trust Ltd. certain mineral areas in southern Yugoslavia. Mills' data, which included rough maps and preliminary reports by' a Yugoslav engineer, Jules Draskocy, appeared interesting to Reatty, and early in 1926, I, with three British assistants, proceeded to Serbiaand commenced the investigation of several groups of ancient mine workings. They were found to be extensive and the geological conditions-schists, limestones, and andesitic intrusive-favorable for mineral deposits. At Stan Trg, on the Trepca Concession, five rniles east of Kosovska Mitrovica, an ancient filled adit was found, a shelter-hut erected, and work started in reopening this adit.

Jan 1, 1936

JAmes E. Howard, Watertown, Mass.:—In connection with this paper, it is the desire of the Watertown laboratory to receive suggestions as to the lines of work and the particular direction along which the examination of the ingot-metal should proceed, and any suggestions so offered will be noted with care, and the tests conducted so as to embrace such features as it is thought desirable to have investigated. To me the question of structural continuity seems of para-

Jan 1, 1909

By Edwin S. Johanson, Ronald H. Wolk, Clarence A. Johnson, Harold H. Stotler, Katherine C. Hellwig

The H-Coal process, an ebullated bed reactor system for converting coal to liquid fuel, is described. Results from long-duration continuous flow bench-scale operations with Wyoming Wyodak, Arizona Black Mesa, and Utah Kaiparowits Plateau coals are presented. Economic data on the conversion of these coals to liquid products are given. The potentials of the H-Coal process in regard to coal from western producers is stressed.

Jan 1, 1974

Jan 1, 1968

By Leslie Burris, J. C. Hesson

The diffusivity of uranium in liquid cadmium has been measured as a function of temperature by the capillary -bath technique. The diffusivity measurements were made at 4509 500°, 575º, and 650°C, over which temperature range the diffusivity of uranium varied from 1.3 to 2.3 x 10-5 sq cm per sec. The diffusivity of uranium in cadmium was less than that predicted by the Einstein-Stokes equation. VERY little information is available on the diffusivity of uranium in liquid metals. Bonillal has reported a single measurement of the diffusivity of uranium in bismuth. Measurement of the diffusivity of uranium in cadmium was undertaken, not only to supply data in an area in which a dearth of information exists, but also because of a need for this physical property measurement in connection with mass transfer studies now underway in the U-Cd system at Argonne National Laboratory. The capillary-bath method used in this work has been successfully used by other workers2"4 to obtain diffusivities in liquid metal systems. Although considerable experimental technique is required to obtain reliable diffusivity measurements, the basic information required is only that of temperature, capillary tube length, the initial and final compositions of the alloy in the capillary tube, and the composition of the bath into which the solute element is diffusing. From these measurements, diffusivities may be calculated using Fick's law. The diffusivity equations are presented in the Appendix. Equations which are often used to predict diffusivities in dilute solutions5 are the Einstein-Stokes equation: D= (kT)/(6pµr) and the Eyring equation: D = (?,kT/?y?zp), where D= diffusivity (sq cm per sec), k = Boltzman's constant, T= temperature ("K), p = viscosity (poises), r = radius of diffusing molecule or species (cm), and A,, Ay, and A, are the diameters of the diffusing molecule in the three axial directions. For round molecules, the Eyring equation gives values which are 37r times larger than the Einstein-Stokes equation. In this work, the experimental values were compared to the Einstein-Stokes equation. Experimental values of diffusivities in liquid metal systems usually lie between those predicted by the Einstein-Stokes and Eyring equations. The viscosity values for cadmium were obtained from the Liquid Metals Handbook.6 EXPERIMENTAL APPARATUS AND PROCEDURE The general procedure employed consisted of rapidly immersing in a molten cadmium bath containing a negligible amount of uranium a capillary

Jan 1, 1963

By P. V. Brough, K. B. Gillaspie

DECISION to build a mill at the Bayard property was made in May 1942. Western-Knapp Engineering Co., of San Francisco, assisted by engineers of U. S. Smelting, handled the design and construction. Much of the milling equipment was moved from the Company's mill at Goldroad, Ariz. Wartime restrictions necessitated wood construction and paper sheathing except for structures adjacent to the Bullfrog shaft. Construction started in September 1942 and milling in March 1943. Bayard ores are processed in a single-ection mill. About half of the ore treated during the past year was hoisted through the Bullfrog shaft and the rest was trucked from other shafts. Coarse storage includes four bins, two of 120 tons each for Bullfrog ores and two of 85 to 120 tons each, served by a truck ramp. The low capacity figure refers to

Jan 1, 1948

By T. B. Nolan, R. N. Hunt

In terms of present metal prices, analysis of extant records of the Eureka district indicate past production of the magnitude of $200,000,000 in recovered silver, lead, and gold. Production to date has been thoroughly oxidized ore from massive replacements, fissures, manta, and pipe-like bodies-in large part from the massive Eldorado (middle Cambrian) and Hamburg (middle to late Cambrian) dolomite horizons. In the productive area of about 6 square miles carbonate rocks comprise 80 per cent of the section, which includes early Cambrian to late Ordovician horizons. Four-fifths or more of the district's production came from a block of Eldorado dolomite in Ruby Hill that was moved in over younger horizons on strands of a regional thrust fault. The lower 500 to 600 feet of the block was much fractured and brecciated and became host to the ores. The Ruby Hill fault, a late normal fault, limits the Ruby Hill block of dolomite on the north for its entire length of nearly a mile and terminates the downward extent and exploitation of its ores. It introduced an hiatus of some 40 years in the district's development. Drilling of the past 20-odd years, followed by underground work, has now exposed the down-faulted extension of the Ruby Hill block of Eldorado dolomite and its contained ores, dropped 1800 feet in a dip shift to depths beneath the surface of 2000 to 3000 feet. The ores at depth are the sulfide counterpart of those mined in early years on the footwall side of the fault. The ores of the district may be attributed to the same source as the intrusive quartz diorite outcropping in a limited way south of Ruby Hill but found at depth elsewhere in drill holes. The long north-south axis of the district, its anticlinal structure, its major faults, and the distribution of the intrusives and, in their relation to the surface, the ores themselves, all suggest that erosion has not cut deep enough to expose the extent of intrusives and the ores consequent upon them.

Jan 1, 1968

Jan 1, 1901

By Thomas R. Stauffer

The principle that conventional schemes for taxing petroleum or mineral resources are "inefficient" is illustrated using simulation calculations tested against an "ideal" system. Inefficiency is defined as the relative success in maximizing expected government revenues from the resources. Most systems fail because: 1) they leave oil in limbo, i.e. unproduced because of excessive fiscal burden; or 2) they unnecessarily increase the variance in the explorationist'c, rate of return by undertaxing large fields and overtaxing smaller but infra-marginal fields. This increases his discount rate and reduces taxable surplus. An "ideal" tax system is specified which maximizes government revenues while minimizing risk to the operator. Two criteria are developed: 1) the tax falls to zero on fields which yield only the minimum necessary rate of return ("marginal" fields); and 2) the after-tax present value of all fields is the same for all fields above a threshhold size. In particular, marginal fields, while contrib- uting little to expected values, do contribute to reducing variance and hence risk praemia by distributing the exploration costs over a higher probability of successful outcomes.

Jan 1, 1982

Sec. 1. The membership of the Institute shall comprise six classes, namely: 1. Members; 2. Honorary Members; 3. Senior Members; 4. Associates; 5. Junior Members; 6. Rocky Mountain Members. All shall be equally entitled to the privileges of membership, excepting that no member of any class whom residence shall be outside of the United States of America, except those residing in Mexico and Canada, shall be entitled to vote. SEC. 2. Members: A person to be eligible for election or transfer into the claw of Member must be at least 27 years of age and must have had at least six years' employment in the practice of engineering, mining, geology, metallurgy, or chemistry, during at least three years of which he must have held positions of responsibility in one or more of these fields. This shall not apply to Rocky Mountain members.

Jan 1, 1939