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By D. Harker, E. Epremian

The constitution of the nickel-tungsten system has been studied by a number of investigators, the most recent of which are Ellinger and Sykes.1 On the basis of metallography, electrical resistivity and hardness measurements and some X ray diffraction work, they constructed a consitution diagram (Fig 1). Ellinger and Sykes report a0 for the alpha face-centered cubic phase (nickel saturated with tungsten) as 3.66?.‡ The gamma phase (tungsten saturated with nickel) is given as body-centered cubic, but no value of a. is recorded. At 43 pct tungsten by weight (approximately 20 at. pct) a beta phase is reported, but structure and lattice parameter are not known. Primarily on the basis of metallographic evidence, they conclude that beta is a new phase and rule out the possibility of formation of a superlattice since they- observe a new phase in the microstructure. Grube and Schlecht2 report an ordering reaction in a system similar to the Ni-W (Ni-Mo) and Harker3 has shown that NirMo forms a superlattice upon the pre-existing face-centered cubic lattice of the alpha phase. Elliniger arid Sykes observed a change in the diffraction pattern of a 4.3 pct W alloy upon aging and attributed it to the formation of a new phase. Thus, there appears to be some question as to the character of the beta phase reported by Ellinger and Sykes. The purpose of the present work is to determine precisely the structure and nature of the beta phase in the Ni-w system of X ray diffraction methods. Experimental Procedure One inch diameter ingots of 43.66 pct, 40.15 pct and 34.06 pct .tungsten by weight (19.8, 17.6 and 14.1 at. pct respectively) were melted and cast under vacuum from electrolytic nickel and pure wire filament grade tungsten. The ingots were soaked for 16 hr at 1300°C in a hydrogen atmosphere furnace, then swaged at this temperature and finally drawn to 0.020 in. diam wire. Some of the bar stock was retained in 1/2 in. diam rod for hardness and metallographic studies. Wire samples for diffraction work were sealed in evacuated quartz tubes and subjected to the various solution and aging heat treatments in a hydrogen furnace. X ray photograms were taken in a Debeye-Slierrer camera using copper K radiation filtered by nickel foil. Results X RAY DIFFRACTION The lattice parameters of the alpha and gamma phases at saturation were determined by an X ray photogram of the 19.8 at. pct W alloy after solution heat treatment at a temperature well within the alpha-gamma range above the peritectoid temperature (17 hr at 1150°C—oil quenched). The alpha phase was found to be face-centeted cubic with a. of 3.594 ± 0.001?, while the gamma phase was determined as body-centered cubic with a. of 3.158 ± 0.001?. Exactly the same phases and parameters were ohtained with the 17.6 at. pct W alloy for the same solution heat treatment. Thorough analysis was made of an X ray photogram of a 19.8 at. pct alloy sample in the quenched and aged condition (solution treated 1T hr at

Jan 1, 1950

* Kennecott Copper Corp. gets Charles R. Cox as president on Jan. 1. Mr. Cox is resigning his position as president of Carnegie-Illinois to take the new post with Kennecott, left vacant by the death of Mr. Stannard in September. •The ECA signed a contract in December to advance X3,600,000 to Newmont Mining Corp. to aid development of lead and zinc mines in French Morocco. The funds are to be repaid in lead and zinc for the United States' stockpile over a period of seven years. The mines are owned by the Societe des Mines de Zellidja, with which organization Newmont is associated. • Under the direction of John M. Brooks, Jr., general manager, the Matahambra mine in Cuba, will probably produce sufficient tonnage to make 4 million lb of copper per month during 1950. The grade is presently running between 7 and 10 pet. •S. H. Ash reports that the fatality rate per million-man-hr for the anthracite industry for 1949, through November, is 0.78. This is 15 pct better than that achieved during 1948, which was the lowest fatal injury rate in coal mining history. The first full year on record without a major disaster was recorded in 1949 (p. 34). •The Atomic Energy Commission has authorized the production of 200 lb of uranium metal for use under AEC license in non-Commission research projects. •A national survey of projected 1950 purchases of new machine tools, machine tool accessories, materials handling equipment, etc., just completed by the American Society of Tool Engineers reveals that, of the companies reporting, 80 pct state that they plan to buy either more equipment or the same amount as in 1948. • Armour Research Foundation is conducting investigations for the use of clay and shale deposits to make lightweight aggregates. The material is heated until it expands and forms material suitable for mixing with cement which it is hoped will be lighter, stronger, have better insulating qualities and will lower the cost of concrete. •In the first six months of 1949 the bituminous coal miners' average hourly earnings were $1.94 -as compared with X1.392_ national average for all manufacturing. Average annual earnings of full-time employees in the bituminous coal mines in 1948 were $3387 as compared with $2809 for all industry. •LaSalle Business Bulletin reports: "year ends on a rising trend in industry and trade ... nearly record-breaking demand from almost all sources keeps business high... most indicators but little below postwar peak... forces keeping activity high arestill powerful--changes in general business conditions likely to be slow and moderate." •Office of Internal Trade of the Commerce Department requests that technical data significant to the national security which is to be sent outside of the United States be submitted to it for an official opinion on the desirability of transmitting such information. This voluntary compliance program is part of our national security control. • Blast furnace slag reduced to 12 to 16 mesh is being used for sanding track at the Mont Coal mines of Armco. The slag replaces silica sand which caused silicosis. It has proved so effective and cheap that tests are being made to use the slag for rock dusting.

Jan 1, 1950

By P. K. Currie, J. V. Walters

Solution mining of magnesium salts (Carnallite and Bischofite) is taking place near Veendam, in the northeast Netherlands. The magnesium salts are used for the production of magnesia sinter, used as a base material for the manufacture of refractory bricks for furnaces. This paper gives, first, an introduction to the operational procedure followed in Veendam, with the emphasis on some of the unique aspects, and then discusses rock-mechanical aspects of the cavity behaviour. The creep behaviour of magnesium salts is described, and Finite Element calculations on cavity stability and potential surface subsidence are discussed.

Jan 1, 1985

By C. W. Mason

TIN has long been cited as offering a classic example of polymorphism, second in repute only to the allotropy of sulphur. The notorious "tin disease," which Cohen1 has studied so exhaustively in terms of the enantiotropic transformation of tetragonal white 0 tin to cubic gray a tin, has apparently encouraged the expectation that one or more addi-tional polymorphic modifications might exist. The search for confirma-tion of this idea has, as might be anticipated, led to the accumulation of a body of miscellaneous evidence, much of which would probably never have been sought, or taken seriously even by its discoverers, but for previous assumptions. The ball apparently was started rolling in 1880 by Trechmann,' who reported a new modification of tin (y tin), which was brittle and found in "hard head," a highly arsenical, slaggy material produced in a certain stage of tin smelting. A mixture of two kinds of crystals was obtained from a Cornish tin furnace, and those thought to be y tin were studied crystallographically. The results indicated that these crystals were rhombic and of different density from the tetragonal tin prepared electrolytically by Miller.3 Their analysis was given as 98.7 per cent Sn, 1.3 per cent Fe, and traces of As, Sb, Bi and S. In 1881 von Foullon4 obtained similar crystals from a Bohemian tin furnace. Headden5 examined crystals similar to those of Trechmann and von Foullon and reported them to be monoclinic, but of analysis corresponding to stannous sulphide. Later, Stevanovic,6 by goniometric measurements, proved that these crystals of SnS were really rhombic. Groth7 pictures and describes both "rhombic tin" (Fig. 9, vol. 1) and stannous sulphide (Fig. 84, vol. 1); their faces and angles correspond within the accuracy of measurement. Spencer3 in 1921 examined the above evidence critically; he found similar crystals from Cornish tin furnaces, proved them to be SnS, and even was able to analyze some of Trechmann's original specimens, finding high sulphur content. (Apparently Trechmann's analysis had been based on a second lot of crystals, not described crystallographically.)

Jan 1, 1939

Held at San Francisco, Cal., Thursday to Sunday, Sept. 16 to 19, 1915 COMMITTEES Arrangements CHARLES W. MERRILL, Chairman EDWARD H. BENJAMIIN H. C. HOOVER FRED `V. BRADLEY W. C. RALSTON ABBOT A. HANKS G. H. CLEVENGER Excursion and Accommodations ABBOT A. HANKS, Chairman E. T. BLAKE R. H. BEDFORD C. G. DENNIS FREDERICK BRADSHAW C. E. GRUNSKY, JR. EDMUND JUESSEN ARTHUR B. FOOTE F. A. KEITH GEORGE 0. BRADLEY CHARLES JANIN E. N. ENGELHARDT R. S. HASELTINE N. CLEAVELAND

Jan 12, 1915

W. M. PEIRCE, Chairman J. L. CHRISTIE, Past-chairman E. H. DIX, JR., Vice-chairman ALBERT J. PHILLIPS, Vice-chairman E. M. WISE, Secretary International Nickel Co., Bayonne, N. J. W. M. CORSE, Treasurer Executive Committee W. H. BASSETT, JR. R. H. LEACH' D. K. CRAMPTONR. F. MEHL J. A. GANN W. E. REMMERS G. O. HIERS H. J. ROAST JEROME STRAUSS Finance Committee J. L. CHRISTIE, Chairman W. M. CORSE C. H. MATHEWSON T. S. FULLER H. S. RAWDON

Jan 1, 1934

EXECUTIVE COMMITTEES OF LOCAL SECTIONS Arizona E. P. MATHEWSON, Chairman W. V. DECAMP, First Vice-chairman F. W. MACLENNAN, Second Vice-chairman E. D. GARDNER, Secretary-Treasurer, U. S. Bureau Of Mines, Tucson, Ariz. MICHAEL CURLEY J. P. HODGSON HENRY F.1 ASTER CLYDE E. WEED Boston Meets first Monday each winter month GEORGE A. PACKARD, Chairman FRANKLIN B. RICHARDS, Vice-chairman F. LEROY FOSTER, Secretary-Treasurer Rooms 8-219 Mass. Inst. of Tech., Cambridge, Mass. G. W. METCALFE D. H. MCLAUGHLIN

Jan 1, 1932

By A. U. Seybolt

A FEW copper-zinc-base alloys meet die-casting requirements reason- ably well, although improvements are desired. Aluminum bronzes, high-tinbronzes and some copper-nickel-zinc alloys can be die-cast, accordingto Herb,1 but seldom are because of such factors as higher melting ranges and greater cost than certain of the brasses. Fox2 has summarized the copper-base die-casting alloys that were in commercial use in 1937 and has given the effects of different alloying constituents. Table 1 gives some of the properties of these alloys as reported by Fox. TABLE 1. Commercial Die-casting Brasses a Constituent Yellow Brass Low-silicon High-siliconb Brass Brass Nickel Silver Composition, Per Cent Cu 57-59 63-65 80 -81.5 42.0 Zn 40-42 33-35 13.5-16.0 41.0 Sn 0.5-1.5 Si 0.75-1.25 3.75-4.25 Pb 1.0 Ni 16.0 Properties Tensile, lb. per sq. in.. 55,000-60,000 65,000-70,000 85,000-95,000 85,000-95,000 Yield, lb. per sq. in.d.. 30,000-35,000 35,000-40,000 65,000-70,000 65,000-72,000 Elong., per cent in 2 in . 15-20 20-30 8-12 10-20 Brinell hardness 120-130 120-130 160-180 160 Specific gravity 8.47 8.50 8.15 8.45 Properties reported by Fox.2 b Trade name of Brastil, Doehler Die Casting Co., similar to Webert Alloy, 3,4 American Brass Co., and Tombasil Alloy,5 Ajax Metal Co. c Trade name Tinicosil, Titan Metal Manufacturing Co. Melting point (liquidus) of the yellow brass is given by Herb' as 1650° F., of the high-silicon Brastil (with 4.5 to 5 per cent Si) as 1600° F., and of the nickel silver as 1675° F. d Criterion not stated.

Jan 1, 1939

Oct. 8 to 13, inclusive, 1917 COMMITTEES Committee on Arrangements H. A. BUEHLER, Chairman W. E. MCCOURT, Secretary C. J. ADAM L. L. HUTCHISON VICTOR RAKOWSKY J. A. CASELTON EUGENE MCAULIFFE J. D. ROBERTSON .F. W. DEWOLF P. N. MOORE ARTHUR THACHER E. F. GOLTRA MRS. P. N. MOORE H. A. WHEELER Committee on Ladies', Entertainment MRS. PHILIP N. MOORE, Chairman MRS.. W. E. MCCOURT, Vice-Chairman MRS. D. M. ARMISTEAD MRS. R. G. HALL MRS. A. A. BONSACK . MRS. J. W. HEGELER MRS. B. F. BUSH MRS. J. N. HOUSER MRS. G. 0. CARPENTER MRS. EUGENE MCAULIFFE MRS. F. V. DESLOGE MRS. RUDOLPH PORTER MRS. F. W. DEWOLF MRS. N. P. ROOD MRS. A. W. DICKINSON MRS. ARTHUR THACHER

Jan 12, 1917

By H. D. Hoskold

I. Instrument-Parts and Implements. Cross-hairs ; Stadia-measurement; Fineness of Graduation ; Cylindrical Gradu ation ; Nonius; Vernier ; One Vernier or two ; Leveling-Screws ; Troughton & Simms' Shifting Tripod-Head ; Hoskold's Shifting Tripod-Head; Hoskold's Extensible Tripod ; Electric Lamp ; Plumb-lines; Chain. II. Instruments. Compass (Mine-compaes of 1518, Compass of 1541, and Agricolals of 1556, Voig tel's Setz-compass, Circumferentor, Stanley's Hedley Dial, Compass on Tele scope, Hanging Compass, Lack of Precision) ; Plane-table; Octant and Quadrant; Theodolite and Transit (Evolution of the Theodolite, Scott's Tachymeter, Hoskold's Engineer's Theodolite, Angleometer, Precision of Mine-Theodolites). I. Instrument-Parts and Implements. Cross-Hairs.—Mr. Scott‡ says Lean's dial " might also have been provided with a diaphragm and cross-hairs; for Huygene discovered that any object placed in the common focus of the two lenses of a Kepler telescope (1611)- appeared as distinct and well defined as any distant body. Following this established theory, in 1669 Jean Picard, Marquis Malvasia and others crossed silken fibers in the mutual focus of their astronomical instruments." If by this Mr. Scott means that Huygens and Picard first devised and applied cross-hairs to the focus of the telescope, the writer cannot agree with him. Huygens did not describe " his telescope without tubes until 1684, in his Astroscopia Compendiaria."§ Moreover, it is recorded that the English astronomer, Gascoigne,?

Jan 1, 1902

Jan 3, 1953

By W. V. Vietti, E. P. Hayes

OpeRations on the Texas Gulf Coast during 1936 increased materially over 1935. A number of new fields were discovered and a few of the older fields were extended, both by the discovery of deeper pay sands and by lateral expansion of the known producing horizons. Twenty-seven new fields have been discovered, of which 25 are oil fields and the others are gas fields that have every indication of becoming oil-producing areas. Amelia, Anahuac, Bay City, North Pettus, Placedo, Pickett Ridge and Tomoconnor have had major extensions. Production for 1936 amounted to 91,224,844 bbl., an increase of 21,627,033 bbl., or 31 per cent, over the 1935 production of 69,597,811 bbl. The number of producing wells at the end of 1936 was 6727, as compared with 4851 at the end of 1935. Proration has continued in force, thus decreasing the rate of depletion and the number of abandonments normally expected. New Fields A brief discussion of the new fields follows, in addition to Tables 1 and 2, which contain the general data on these fields. Aransas (McCampbell).-Buckingham and McCampbell No. 1 McCampbell was drilled to 7501 ft., then plugged back to 6560 ft. and completed in the Marginulina for a 100-bbl. flowing well on July 18. Bee County.—The Voss field, discovered by Swiger and Devonian's No. 1 Voss, and the Holzmark field, discovered by Miller and Donzis on the Holzmark farm, are both of the same type structurally and are caused by folding against a fault, one field being on one side of a fault and the other on the opposite side of the same fault. Brooks County.—-Standard Oil Company of Texas Garcia No. 1, the discovery well in the Alta Mew field, and Dick Young's Singer No. 1, the discovery well of Alta Verde, appear to indicate small fields. Garcia No. 1 was drilled to 8022 ft. and plugged back to 2485 ft., at which depth the well made 189 barrels. Lockridge.—This gas field was discovered by Gulf Production Company's Fairfield No. 1, in Brazoria County. It was originally drilled to

Jan 1, 1937

By R. E. Ogilvie, J. I. Goldstein, R. E. Hanneman

The interdiffusion coefficients for the Fe-Ni system were determined as a function of composition in both the a and y phases at 1 atm pressure. The inter diffusion coefficients were also determined in the y phase at 40 kbar pressure. The concentration gradients were measured with an electron probe, and the diffusion coefficients were calculated by the Matano analysis. At 1 atm, Ey increases with nickel content up to 65 at. pct Ni. The relationship of Dy with temperature and nickel concentration, up to 50 at. pct Ni, is given by the equation DY-l atm = exp(.0519 CN~ +1.15) MANY of the transformations that occur in the solid state are diffusion-controlled, especially those involving precipitate growth in most metallurgical systems. Multicomponent diffusion is usually expressed in terms of a chemical or an inter diffusion The activation energy Q at 1 atm decreases from pure iron to 60 to 70 at. pct Ni and decreases from pztre nickel to 60 to 70 at. pct Ni. The Kirkendall marker movement indicates that DFe is greater than DNi zcp to about 60 at. pct Ni. Above 60 at. pct Ni, however, DNi becomes peater than DFe The inter diffusion coefficients were also compared with those calculated from self-diffusion data. A comparison between calculated and measured coefficients shows only rough agreement. The effect of 40 kbar pressure is to decrease DyPl atm by an order of magnitude. The activation volumes for high-pressure diffusion are in favorable agreement with theoretical models developed for self-diffusion. coefficient which determines the rate at which material is transferred from the matrix phase to the precipitate and hence determines the growth rate of the precipitate. Since the numerical values of the diffusion coefficients differ widely as a function of the metallic system, temperature, and pressure, the diffusion coefficients must be determined for each particular environmental condition. Of long-standing interest is the growth of the classic Widmanstatten pattern in metallic (Fe-Ni) meteorites. The growth rate of the pattern is controlled by the diffusion coefficients in the Fe-Ni system. Since these coefficients are essential to calculating the growth rate of the pattern, we found it necessary to determine the diffusion coefficients

Jan 1, 1965

By F. B. JEWETT

TWENTY FIVE years of doing, finding, and encouraging others to do scientific research in' industry, and of organizing the machinery for the` smooth 'and effective conduct of such research, have left me with a feeling that so far as this branch of human activity is concerned the problems in 'essence are- not, materially 'different from those met elsewhere. Years ago, in a less mature period of life, I may have thought that the effective industrial research man was a being somewhat different from his fellow workers in adjacent 'fields, but I have long since 'changed my views. The rank and' file of the modern industrial research organization are relatively easy to find, though some¬times difficult to get in sufficient numbers. Mistakes in choosing them are not particularly serious to the or¬ganization, however unfortunate they may be for the misplaced individual who persists too long in the wrong environment. The reason for this is obvious from the fact that, taken by and large, the work of the rank and file is at best necessarily a work of detail done under guidance of the more experienced. In this respect the situation of the rank and file in an industrial research organization is not different from that class in any other group activity, whether concerned with industry, the university, or the church. This does not mean, however, that we are not all anxious to have the best possible material obtainable in the rank and file, or that we are indifferent to the utmost of encouragement and stimulation to its individual members.

Jan 1, 1929

By M. F. Trice

Pyrophyllite is a hydrous aluminum silicate (A1²Si4O10(OH)²)1 that, occurs in both the foliated and the massive forms. The foliated variety resembles talc in that it has a greasy feel, a pearly luster, perfect basal cleavage, and usually is white, although in some deposits apple green, gray, brown, russet, and nearly black specimens may be found. The massive deposits of pyrophyllite yield pearl gray to light tan aggregates, some of which are so friable that they may be crushed with the hands into a fine gritty powder. Frequently specimens of the massive variety are studded with crystals of radial structure. The mineral has a specific gravity of about 2.7 and a hardness of 1 on Mohs' scale.' The chemical composition of commercial pyrophyllite reflects the mineralogy of the deposits, which, according to Stuckey12 contain pyrophyllite and quartz, together with chloritoid, sericite, and a few other minerals of negligible importance. The latter, he says, ('are noticed in but small quantities to the extent they might occur as accessory constituents of an igneous rock or as products of regional metamorphism or weathering. . . . Quartz is abundant everywhere except in the very best grades of pyrophyllite." Analyses of specimens from several deposits are listed in Table 1, showing that the silica content varies from 57 to 73 per cent and the alumina from 22 to 33 per cent. Oxides of iron and the alkaline metals are collectively present, with one exception, to an extent of about 1 to 1.5 per cent. Sources At present, North Carolina is the only commercial source of pyrophyllite, although the mineral has been found in small quantities in many parts of the world. The North Carolina deposits are in the "Carolina Slate Belt," which traverses the center of the state in a southwesterly direction. This belt varies from 8 to 50 miles in width. Two major deposits of pyrophyllite lie along its eastern boundary, in what is known as the Deep

Jan 1, 1942

By M. F. Trice

Pyrophyllite is a hydrous aluminum silicate (A1²Si4O10(OH)²)1 that, occurs in both the foliated and the massive forms. The foliated variety resembles talc in that it has a greasy feel, a pearly luster, perfect basal cleavage, and usually is white, although in some deposits apple green, gray, brown, russet, and nearly black specimens may be found. The massive deposits of pyrophyllite yield pearl gray to light tan aggregates, some of which are so friable that they may be crushed with the hands into a fine gritty powder. Frequently specimens of the massive variety are studded with crystals of radial structure. The mineral has a specific gravity of about 2.7 and a hardness of 1 on Mohs' scale.' The chemical composition of commercial pyrophyllite reflects the mineralogy of the deposits, which, according to Stuckey12 contain pyrophyllite and quartz, together with chloritoid, sericite, and a few other minerals of negligible importance. The latter, he says, ('are noticed in but small quantities to the extent they might occur as accessory constituents of an igneous rock or as products of regional metamorphism or weathering. . . . Quartz is abundant everywhere except in the very best grades of pyrophyllite." Analyses of specimens from several deposits are listed in Table 1, showing that the silica content varies from 57 to 73 per cent and the alumina from 22 to 33 per cent. Oxides of iron and the alkaline metals are collectively present, with one exception, to an extent of about 1 to 1.5 per cent. Sources At present, North Carolina is the only commercial source of pyrophyllite, although the mineral has been found in small quantities in many parts of the world. The North Carolina deposits are in the "Carolina Slate Belt," which traverses the center of the state in a southwesterly direction. This belt varies from 8 to 50 miles in width. Two major deposits of pyrophyllite lie along its eastern boundary, in what is known as the Deep

Jan 1, 1942

By AIME AIME

BLANDFORD. C. BURGESS, the new Chairman of the Industrial Minerals Division, took the advice of Horace Greeley in reverse-he turned his hack on San Francisco and the Golden Gate, and after a few side excursions toward Alaska and Arizona, hit the trail eastward, not for the lonesome pine, but for Spruce Pine, N. C. Born Aug. 10, 1893, in San Francisco. Burgess found his first job, shortly after finishing high school at 19, as axeman for a surveying party of engineers working for the Southern Pacific Co. in Oregon. Later he moved on up with them into Alaska. He liked the engineering profession, and decided to equip himself further so he entered the University of California in the fall of 1913. and for the next two years devoted himself to acquiring an education in civil engineering.

Jan 1, 1945

By Frederick A. Mumpton

For more than 200 years zeolites have been familiar minerals to geologists and mining engineers as minor, but ubiquitous constituents in vugs and fractures of most basalt and traprock formations. More than 35 different species have been recognized including several, such as chabazite, erionite, mordenite, and faujasite, whose adsorption properties rival those of many synthetic molecular sieves. Igneous occurrences of this type have never been mined on a commercial scale; they are generally small and low grade, and they commonly contain as many as four zeolite minerals, along with small quantities of calcite, quartz, and other silicate minerals. Their economic beneficiation to monomineralic zeolite products has also not been achieved and, for the most part, industrial applications of zeolites have relied primarily on synthetic molecular sieves that were crystallized from hydrous aluminosilicate gels. During the middle 1950s, when Union Carbide Corp. and other groups were developing processes and markets for their fledgling synthetic zeolite businesses, natural zeolites

Jan 1, 1975

By Reaves. M. J.

The title of my talk, "What Happened to the Uranium Boom?" is old news. Certainly it is for this group. All of us that make our living in uranium know that the boom of the last half of the 1970's is over. U.S. production has been exceeding consumption by more than two to one. Mines and mills are closing and yellowcake prices have been dropping for over 20 months. The gloomy outlook for the industry in the near term has been well documented by soothsayers of various descriptions, your daily newspapers, and in the Nuexco Monthly Reports. I'd like to attempt to describe the next upturn in the market (speculate, really) based upon the clues we're seeing now. In order to do that, I'd first like to go over briefly, some of the market factors that contributed to the recent price drop and resultant production cutbacks, and then hypothesize on the way these factors are changing and will change. Market prices are greatly affected (maybe even entirely determined) by buyer perceptions. This is particularly true with uranium, because of the long lead times associated with nuclear plant construction and also with conventional mine/mill development. Before the price rise (say, 1975) utility uranium buyers believed that: 1) U.S. producers would have difficulty expanding to meet U.S. demand. 2) Australian and Canadian production was essential to avoid shortages in the early 1980's. 3) Uranlum prices would continue to rise as demand exceeded supply. 4) Enrichment capacity would become inadequate. It was thought necessary, therefore, to build enriched inventory in the early 1980's for use in the late 1980's. Artificially accelerated expansion of the uranium producer industry was necessary to accommodate anticipated enrichment demand. Current perceptions are largely the opposite. These are the beliefs that were held most of this year and late last year as prices dropped. 1) U.S. production is far in excess of domestic need. Contraction of the U.S. production lndustry is necessary. 2) Canadian and Australian supply is optional and not essential. Producers in those countries are expanding mainly by displacing higher cost production and not because they fill a void, 3) Prices may be essentially stable for some time. 4) Enriched uranium is in excess supply. That is 1981. 1982 is shaping up to look like this: 1) Prices will have bottomed out. (That is not Nuexco's opinion necessarily, by the way, but it is my opinion.) 2) There will still be substantial utility inventories, but fewer spot sales. 3) Canadian and perhaps Australian sellers will have made substantial sales in the U.S. and will be aggressively seeking more. 4) U.S. production will have been dramatically curtailed. U.S. utilities that wish to con- tract long term will have difficulty in finding domestic sellers. Concern will develop about the availability of U.S. production capability. Virtually all long term con- tracts signed will be with non-U.S. sellers. 5) An awareness will begin to develop among U.S. buyers that we are approaching a period of dependence upon foreign uranium (which will be true). The history of the uranium market has been one of dramatic changes and overreaction to those changes. The rapid price rise of a few years ago generated excess U.S. production capacity and the rapid price drop of the last two years will almost certainly result in too little capacity. It will soon be difficult for U.S. buyers to buy domestic material except on the spot market. The question is, "will they care?" The lack of demand, of course, is the underlying reason for the current poor health of the uranium industry. In 1972, 1973 and 1974 collectively, there were 105 nuclear reactors ordered in the U.S. That ordering rate was expected to continue and accelerate throughout this century. In 1975, 1976, 1977, 1978, 1979, and 1980 altogether, there were 56 more reactors cancelled than ordered. The net growth of our only customer since 1974 has been a negative 56. TO put this in perspective, if these 56 reactors were operating now it would more than double present U.S. uranium consumption. Underlying lack of demand is something that is simply not going to change in this decade. Time is going to be required. The NRC indicates that the maximum feasible number of new reactors that can be licensed each year is six. That would increase uranium consumption by only 10% per year. New reactors, if ordered tomorrow, would not generate new uranium demand until after 1990. Even so, United States' consumption of uranium will rise from the 1980 level of 18 million pounds per year, to

Jan 1, 1982

By AIME AIME

C. H. BENEDICT, chief metallurgist of the Calumet and Hecla Consolidated Copper Co., has pioneered for nearly half a century. Noted for his ammonia leaching process, lie has Iong been responsible for all Calumet and Hecla mill, concentrator, and reclaination plant flowsheets. His influence has spread far beyond his own organization. lie is dean of Lake Superior metallurgists and has contributed greatly toward raising his specialty-the country over-to an honored profession; not merely an honored profession but a profitable one for industry and the public. The leaching process which he developed in 1912 has, since 1915, produced for Calumet and Hecla 250,000 tons of copper from waste tailings at a cost per pound, in 1929, below five cents. It has yielded profits of $35,000,000. In the war just ended, this process proved the only one adaptable to the recovery of copper from gilding-metal¬clad steel strip, and Calumet and Hecla treated more than 50,000 tons of such scrap for the Government.

Jan 1, 1945