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By L. D. Jaffe, John H. Hollomon

Fox many steel parts it is desired to obtain the maximum toughness consistent with the strength required by the mechanical design. It is generally recognized that the greatest toughness at any given strength is found in steels having a tempered martensitic structure,1 and is virtually independent of the composition of the steel2 (except for carbon). The choice of the composition of a steel for the parts in question should be based, therefore, on hardenability considerations and on manufacturing facility and economy. In a recent paper3 the concept of hardenability was discussed and a somewhat new approach to the problem was suggested. The hardenability was defined in terms of the cooling conditions (speed of cooling) required to avoid the pearlite and the bainite reactions. Since all the alloying elements do not have the same effects on the two reactions, the bainitic and pearlitic hardenabilities must be considered separately. In order to design a steel for a given part, it is necessary to design a composition that has both sufficient pearlitic and sufficient bainitic hardenability. However, this requirement does not fix the combination of alloying elements to be used; an infinite number of steels would have the required hardenabilities. Other considerations limit the choice. For example, decreasing the carbon content increases the toughness at a given hardness, and for this reason low-carbon steels are often desired. Limitations or requirements of refining, casting, or forming practices often affect the level of some of the alloying elements. Price considerations enter. Frequently, however, it is very desirable to minimize the tendency toward quench-cracking while maintaining the necessary hardenability. This paper is concerned with suggesting a method for choosing compositions that will have the required hardenability together with minimum tendency toward quench-cracking. QUENCH-CRACKING Since only the case in which the entire part will transform to martensite in the particular quench employed is being considered, the analysis of the quench-cracking problem is somewhat simplified. Quench-cracking arises from the temperature gradients existing throughout the piece during cooling. Because of these temperature gradients, the contraction arising from the decreasing temperature and the expansion arising from the austenite-martensite reaction do not occur uniformly over the parts, and stresses are set up that tend to cause cracking. The temperature gradients can be reduced by decreasing the severity of quench. This, however, requires that the hardenability be correspondingly increased by increasing the carbon or alloy content. An

Jan 1, 1946

By W. A. Scheuch, J. Walter

Ordinarily secondary copper, unless electrolytically refined, is reclaimed directly as foundry ingots used in the manufacture of copper-rich alloy castings. This use does not require the elimination of the impurities to the degree required if the recovered'metal is to be used for electrical purposes where a high electrical conductivity is of prime importance. However, as a part of the general policy of reusing its own scrap and by-products wherever possible, the Western Electric Co. at its Hawthorne Works is recovering its secondary copper as wire bars which are delivered to its own rod and wire mill and there processed into wire of high electrical conductivity. This departure from the usual recovery scheme has been accomplished through the careful classification and sorting of the material entering the furnace charges and the careful control of the subsequent melting and refining in a reverberatory furnace. Tests conducted over a period of approximately four years have shown that the quality of wire bars produced from selected secondary copper is equal to that of wire bars produced by the electrolytic refineries. The interest which has been exhibited in the process by those who have seen it has prompted the following general description. It is the authors' opinion that the recovery of secondary copper will become more and more an important factor in the copper production industry. The description is largely of the refining furnace and its operation, but it must be remembered that careful classification and sorting of the scrap materials to eliminate impurities are just as important as the furnace operation toward obtaining a satisfactory final product. Classification and sorting do not lend themselves easily to description; they must, just be done. It should also be recognized at the outset that constant intelligent supervision is requisite to the success of the process because there are so many ways in which impurities can find their way into the final product. Secondary Copper Used for Wire Bars Only clean secondary copper of the grades known to the trade as Numbers 1 and 2 are melted for wire-bar manufacture. This material, supplemented by that obtained from various manufacturing processes

Jan 1, 1930

By Kenneth J. Kurry

12.2-1. Introduction. Successful management constantly strives to improve its methods and equipment in order to produce a better product at reduced cost. It is not enough that managers be cost conscious and industrious in these days of rapid, dramatic technological development. They must keep abreast of these developments-new or improved methods, machines, and equipment. Most of the machines and equipment have been carefully designed and perfected by reliable companies. However, improvements and progress often evolve from a definite need and are most successful in a particular operation. What may be the "answer" to the requirements of one company may be totally useless or inefficient to those of another. The manager of today must continuously evaluate the myriad proposals for change that result from modern technology-in terms of the particular needs and objectives of his company-to determine correctly which will best satisfy those needs and reach those objectives. Each new method or piece of equipment must receive careful study to make certain it is compatible with the entire operation. It may solve a problem in one department only to create a new problem in another. There are many pitfalls to be avoided in obtaining the necessary facts, and often these problems are unrelated to the actual use of the equipment or method being studied. All facets of the operation being considered must be thoroughly studied to determine if the method is compatible to the entire operation. For example, in considering a possible recommendation that a certain method and type of equipment be used to transport ore, some of the factors that should receive close scrutiny are: blasting procedure, maintenance, turning radius, percent grades, weather extremes, dumping problems, tire problems, length of haul, operator acceptance, or mismatched equipment. Failure to consider every factor-large and small, present and future-in evaluating a proposed change can mean a large investment in a new method or machine that will have to be continued for years at higher-than-antici-

Jan 1, 1968

By E. R. Gilliand

KNOWLEDGE of a large number of the physical properties of the hydro-carbons is needed in the calculations and studies of the production engi-neer. Since experimental data on these properties of the individual hydrocarbons and their mixtures are available in only a relatively few cases, the use of generalized correlations has developed rapidly in the last decade. The generalized correlations of pressure, volume and tem-perature,1 enthalpy,2 and vapor-liquid equilibria,3 on the basis of reduced temperatures and pressures, are outstanding examples of this develop-ment. These correlations are of particular value to the production engineer interested in the flow of oil and gas, since they can be used to estimate the conditions under which segregation of phase occurs as well as the composition, density, and relative amounts of the phases. The technique of using the correlations for such estimations has been pub-lished by several authors¢ and will not be considered in this paper. A considerable number of data have been obtained to check the generalized pressure-volume-temperature correlations, and these data indicate that such relations hold for the hydrocarbons from methane to heptane. The accuracy is in general sufficient for most engineering pressure-volume-temperature calculations. However, the generalized correlations of enthalpy and vapor-liquid equilibria have in general been developed from the pressure-volume-temperature correlations by thermodynamic calculations and only a relatively few experimental data are available to check these calculated values. The calculations from pressure, volume and temperature are likely to lead to large errors in the calculated enthalpy and vapor-liquid equilibria. Thus, in the calculations of enthalpies, slopes of the pressure-volume-temperature data are employed, and determining these slopes can greatly amplify small errors in the original data. In the vapor-liquid equilibria calculations it is necessary to have the pressure-volume-temperature relations of the mixture, and the latter properties are much more questionable than those of pure components, particularly in the critical region. A considerable number of experimental data are

Jan 1, 1939

By Leon McCulloch

WHEN clean iron and metallic zinc dust, protected from the air, are heated below the melting point of zinc, the iron takes on a coating that has excellent protective value. This coating is a brittle alloy of zinc and iron, and the process is called sherardizing. Although the zinc particles are covered with oxide and cannot touch the iron, an extremely small amount of the zinc vaporizes and the vapor, reaching the iron, alloys with it. Other zinc then vaporizes to replace that which has been removed from the atmosphere. This process continues indefinitely at a decreasing rate, for the coating already formed permits zinc to diffuse through-it to combine with the iron beneath. In this way, the coating grows outward from the surface of the iron, as the bark grows from a tree. The method of growth was clearly seen while sherardizing small cubes of cast iron, at about 450° C., in a small glass-stoppered bottle enclosed in a rotating drum. The dust contained about 3 per cent. iron, which prevented caking, and coatings 1/2 in. thick were grown in a few hours. After a heavy layer had been formed, the cubes were again: treated for a shorter time. The layer last formed was seen to lie next to the iron, instead of at the outer surface, showing that the growth was from the surface of the iron outward. The coatings split at the edges and corners, leaving the iron exposed there. Flakes of graphite from the iron were lifted upward and embedded in the coatings. The composition of sherardized coatings varies from the outer surface inward, as would be expected from the mode of growth. That is, the iron content increases slowly at first, then more rapidly as the iron is approached. At the surface the least amount of iron possible is 6 per cent., as the experiments described below have shown.

Jan 2, 1922

By J. J. Sense

10.2-1. Equipment Scheduling. In any earth-moving operation, more profit may be earned or lost by equipment scheduling than by any other single facet of the project. Many now-defunct earth movers would have survived the cost-profit squeeze had they followed an efficient, cost saving, equipment scheduling program. The ideal program would have every item of the equipment fleet working all of the time. In practice for many obvious reasons, principally mechanical conditions, operating conditions, and human nature-this ideal situation is not possible. The cost-conscious organization strives to keep as many pieces of equipment of the fleet working efficiently as much of the work day as possible. Operating efficiency requires the minimum equipment to move the predetermined tonnages in the prescribed period of time. In the case of a shovel-truck operation this would mean the scheduling of the minimum shovel and truck shifts to excavate and transport the necessary tonnage to the processing plant or waste dump. To accomplish this goal, the operator must work from the predetermined production established by the requirements of the plant, stripping ratio, mine plan, etc. This production schedule may be in terms of tons or yards per year, per month, or per hour, but must eventually be translated into tons or yards per ma- chine per unit of time. In this regard, the reader is referred to Sections 8.0, Excavation and Loading, and 9.0, Haulage and Transportation. The trend to larger and faster, and as a result more costly, equipment requires that the operator consider every possibility to keep the equipment operating around the clock, seven days per week. In some areas seven day operation may not be feasible economically, because of premium pay for Sunday work. Mine labor agreements are generally written without premium pay penalties for weekend work, and such scheduling is possible and most often desirable.

Jan 1, 1968

The following is an incomplete list of members and guests who called at Institute headquarters during the period Oct. 10, 1918 to Nov. 10, 1918. J. Carson Adkerson, Virginia. George H. Parsons, Hayden, Ariz. Andrew B. Armstrong, Connecticut. W. E. Pomeroy, New York. Courtenay DeKalb, San Francisco. Ezra C. Rider, Bisbee, Ariz. Clifford G. Dennis, San Francisco. H. W. Seaman, Chicago, Ill. Rudolph Emmel, Boston, Mass. William Allen Smith, Northampton. Emil Gathmann, Baltimore Md. R. K. Stockwell, Salt Lake City, Utah. Ernest S. Geary, Denver, Colo. W. G. Swart, Duluth, Minn. W. E. Hopper, Washington, D. C. Kirby Thomas, New York. W. Spencer Hutchinson, Boston, Mass. - Warren D. Thompson, Harvard Club. E. W. Kohl, Jr., Philadelphia, Pa. H. Vincent Wallace, Los Angeles, Cal. E. C. Nighman, Butte, Mont. Paul T. Benson, formerly with the Tacoma smelter, has resigned his position there to accept one with the Great Metals Mining and Milling Co. at Nespelem, Wash. Prof. Edward E. Bugbee, of the Mining Department of the Massachusetts Institute of Technology, has been granted a leave of absence to accept the position of Assistant Director of Education for the S.A.T.C. of five southern states with headquarters at Raleigh, N. C.

Jan 12, 1918

By E. A. Koester

Kansas produced approximately 35,434,000 bbl. of oil in 1932 compared to 37,018,000 bbl. in 1931, a decrease of 1,584,000 bbl. or 4.2 per cent. These figures do not indicate the amount of oil that could have been made available from the state for the year. Many of the fields discovered during the year and some discovered in previous years were entirely shut in. Practically all flush production discovered within the last two years has been prorated in some manner or other. Probation Kansas production is under regulation as specified in House Bill 387, passed by the legislature in 1931, which became effective when published May 28, 1931. The principal features of the law are the prohibition of waste, including gas energy, the regulation and prevention of discrimination of purchasers, the marketing of oil ratably from wells in each field when the daily production is above 15 bbl. per well. This act gives the enforcing powers to the Public Service Commission. The Commission, having many other regulatory duties, appointed an Oil Advisory Committee, which, with the aid of the State Umpire, keeps records and makes recommendation for orders as to specific regulation of fields and conditions in each field. At the time the Commission was given authority to regulate production and marketing in flush fields, several of these had already been under voluntary proration and marketing restrictions by agreement of the operators. These gradually came under the control of the Commission by mutual consent. It is the policy of the Public Service Commission to follow the will of the operators so long as they do not have ideas or plans in conflict with the law. The cost of administration of this law is assessed against the operators according to the amount of oil taken from the fields in which ratable taking is necessary. There is a feeling that the whole state should share this expense, which is small, since it is beneficial to the older fields by assuring them 100 per cent market for their output by restricting the flush fields.

Jan 1, 1933

By M. J. Buerger

POSSIBLY the most puzzling features observed during a single-crystal deformation test are the appearance of slip striae on the surface of the crystal and the strengthening of the specimen.1 While the first phenomenon is mainly of theoretical interest, the latter is fundamental to all strain-hardening and cold-working processes in which the deformation occurs by translation. The plastic deformation of crystals has received considerable discussion2 and need not be reviewed here in any great detail. It has been observed, essentially, that after a certain amount of initial stress is applied, the surface of the crystal becomes covered with sets of parallel striae or rings which appear to divide it into thin slabs or slip blocks.3 The striae are the traces of rational crystallographic planes along which shearing movements are localized, these movements providing the strain which accompanies stress applied beyond pure elasticity. As deformation under the applied stress proceeds the slip blocks shear past one another, although the essentially single-crystal character of the specimen is unimpaired. All of the shearing apparently takes place in the immediate vicinity of the original slip striae without the appearance of new planes of movement.4 Since each increment of strain is attended by an increased stress requirement to continue the deformation, the crystal strengthens during the process.

Jan 1, 1928

By M. J. Buerger

POSSIBLY the most puzzling features observed during a single-crystal deformation test are the appearance of slip striae on the surface of the crystal and the strengthening of the specimen.1 While the first phenomenon is mainly of theoretical interest, the latter is fundamental to all strain-hardening and cold-working processes in which the deformation occurs by translation. The plastic deformation of crystals has received considerable discussion2 and need not be reviewed here in, any great detail. It has been observed, essentially, that after a certain amount of initial stress is applied, the surface of the crystal becomes covered with sets of parallel striae or rings which appear to divide it into thin slabs or slip blocks.3 The striae are the traces of rational crystallographic planes along which shearing movements are localized, these movements providing the strain which accompanies stress applied beyond pure elasticity. As deformation under the applied stress proceeds the slip blocks shear past one another, although the essentially single-crystal character of the specimen is unimpaired. All of the shearing apparently takes place in the immediate vicinity of the original slip striae without the appearance of new planes of movement.4 Since each increment of strain is attended by an increased stress requirement to continue the deformation, the crystal strengthens during the process.

Jan 1, 1928

By J. G. Balkestein, J. W. R. Baerts

During an attempt to develop a method for accurate, rapid, continuous analysis of ash content of wal, the Dutch State Mines Laboratory found that the absorption coefficient for X-rays was related to ash content. This relationship was utilized in the development of an apparatus called CendreX, used to measure the absorption and in turn the ash content. The principle, procedure, accuracy, and applications of the CendreX automatic determination of ash in coal are discussed in detail. Until recent years coal preparation research was concentrated on the possibilities and efficiency of preparation equipment. Ever increasing demands for quality in coal, however, have caused researchers to become concerned with quality control. One of the characteristics strongly influencing quality (calorific value) and, consequently, the price of coal is ash content. Both customer and producer require that the ash content be controlled. To make this possible it is necessary for the producer to collect samples from the coal stream in the washery and to determine their ash content. On the strength of the results obtained the production process can then be adjusted, if required. Until recently incineration was the only method for determining ash content. When coal is incinerated with oxygen, it takes at least 15 min to determine the ash content. Even then some time may be lost in passing on the data. Therefore, this discontinuous and time-consuming method does not make a suitable starting point for checking, re-adjusting, or modifying the production process. Since it was not possible to accelerate incineration by mechanization and automation, another type of rapid continuous analysis had to be found. This would have to depend on some coal characteristic closely linked with ash content. At the Central Laboratory of Dutch State Mines, Dijkstra and Sieswerda found that the absorption coefficient for X-rays was suitable for this purpose. An apparatus based on the measurement of this characteristic was developed. Named CendreX,* this patented equip- *A Stamicarbon N. V. registered trademark. ment, used in combination with a sampler and conditioning apparatus, permits continuous determination of ash content with satisfactory exactness to within 3 min.t At the American Mining Congress meeting of May 1961, Log A. Updegraff, surveying aspects of continuous analyaia, reported on the CendreX appartus (Mining Congress Journal, August 1961). Since the first Condition for correct ash determination, whatever the method used, is always a sample taken in the right way, some practical aspects of sampling will be discussed first. SAMPLING In coal handling operations, each grain has its characteristic properties. In both the cross-sectional and longitudinal direction of the product stream the mixture of these grains is imperfectly blended. The elimination of the factor of segregation between the cross-sections from the direction of the stream is the principal aim of continuous analysis. Therefore, the samples to be analyzed are withdrawn in various places from the segregated product stream in such a way that they form a semi-continuous flow. In order to be truly representative of the product stream, the sample flow must fulfil two conditions: 1) The sample flow must be sufficiently large to insure that adventitious differences between the composition of the product stream and sample flow will be as small as possible. 2) All grains through the entire cross section of the product stream must have an equal chance to get into the sample flow. Since there is always a segregation through the cross section the sample flow will have a bias if the sampler collects only part of this section. In order to prevent the volume of the sample flow from becoming too large, the cross sections are taken discontinuously. However, this discontinuity gives rise to the adventitious differences that arise between the composition of product stream and the sample flow, and these differences become greater and are more deranging as the fluctuations follow each other more quickly. Moreover, the intervals between the morrnents of sampling mean a delay in the analysis. The aim will, therefore, be to collect small samples, or in other words thin cross-sectional increments, taken at sufficiently high frequencies. The following points should also be taken into account: 1) The smallest dimension of the openings in the sample collector must be equivalent to at least 3 d in

Jan 1, 1962

By B. J. Yamada, D. W. Fuerstenau

Long-chained neutral molecules (decyl alcohol) increase the flotation of corundum with sodium dodecylsulfate and trimethyldodecylammonium chloride as collectors. This phenomenon is postulated to result from coadsorption of the neutral molecules with the collector ions. Flotation and streaming potential experiments have shown that sodium laurate is an effective collector for corundum at more dilute concentrations than sodium dodecylsulfate or sulfonate.1>2 It has been postulated that this phenomenon results from the adsorption of both laurate ions and lauric acid molecules, whereas sodium dodecylsulfate can be adsorbed only as dodecylsulfate ions, since this collector does not hydrolyze under flotation conditions. Similar effects have been observed in alkaline solutions with dodecylammonium chloride and trimethyldodecylammonium chloride as collectors.' If in- creased flotation occurs with the collectors which hydrolyze because of adsorption of the neutral molecules, purposeful addition of long-chained molecules should increase the flotation rate of minerals with such collectors as sodium dodecylsulfate or trimethyldodecylammonium chloride because these long-chained molecules should coadsorb with the collector ions. The effect of neutral molecules on flotation in these cases must depend on an adsorption mechanism which differs from that proposed by Cook for the adsorption of xanthic acid molecules by galena. For neutral molecules to function as collectors in the flotation of insoluble oxide minerals, adsorption of organic ions must first occur to provide a means of anchoring the fatty acid or amine molecules. Without adsorption of collector ions, flotation does not occur even in the presence of large quantities of neutral molecules, as is indicated by the cessation of flotation at low pH values with soaps as collectors or at high pH values with primary amine salts as collectors.' Neutral molecules, such as fatty acids, must be adsorbed through van der Waals attraction between the hydrocarbon chains of the adsorbed soap ions and the hydrocarbon chains of the fatty acid molecules. The mutual association of hydrocarbon chains results

Jan 1, 1962

By James H. Boettcher

INTRODUCTION There are many and varied sources of finance available to the mining industry for exploration, development and/or the operation of mining projects and companies. These sources include equity from major as well as "penny" stock exchanges, precious metal mutual funds, private investor groups (from "grubstakes" to tax-oriented limited partnerships) and banks. The variety is representative of the fact that the world's capital markets are segmented and stratified according to risk-reward characteristics. This interrelationship is summarized in Exhibit I and 2 which relate (very approximately) various sources of finance to a typical mining project's life cycle and risk-return characteristics. The objective of this paper is to introduce, as it applies to the mining industry, a somewhat recent phenomenon represented by one of these capital markets segments referred to as "venture capital." Venture capital investing per se, which today is a multibillion dollars per annum investment business, goes back as far as Queen Isabela's backing of Columbus' "wild ideas." The real institutionalization of the venture capital process really began in earnest, however, after World War II. Today over 700 private venture capital sources (and more government related ones) exist providing funding to a range of industries, but typically related to the "high-tech" business. The table to the right shows industries financed by venture capital funds between 1980 and 1982. Conspicuous by its absence is, of course, mining which is not a great surprise since typical mining projects up until recently were large, required long lead times and were undertaken by established mining houses. Also, as most of you can appreciate, successful investing in the mining business requires a great deal of experience and understanding of the industry which most venture capital funds do not have. TARGETED RETURN The rate of return objective of most venture capital funds is, according to the legalized version, to realize a return which is "substantially in excess of that obtainable through conventional equity investments." One may say that a common objective of venture capital funds is to realize a 20% to 30% compound annual internal rate of return on capital over their life which is often ten years. [ ] This objective has been recently more feasible in the mining sector due to the development of smaller precious metal projects which cost less and are quicker to generate cash flow than the behemoth projects of the 1970s. In addition to precious metals, venture capitalists have invested or looked at a variety of other mining projects including ones as prosaic as a high margin "kitty litter" operation, sand-gravel and other industrial minerals operations, the leveraged buyouts of coal mines or mineral divisions of major energy or mining corporations, and even in in-situ copper or gold leaching ventures. A typical investment is in the range of $100,000 to $3,000,000 although some can go as high as 5,000,000. This implies a project size up to, say, 30,000,000 if a venture capital fund does it on its own. Larger projects can be done if the equity portion of the investment is syndicated with other investors.

Jan 1, 1985

By S. F. Shaw

The principles involved in lifting oil in wells flowing naturally are identical with those underlying the flowing of wells by means of the air-gas lift, and information of a dependable nature obtained in the study of the air-lift can be applied to wells with natural flow. A well flowing naturally is one in which the lifting is done by means of the gas-lift, for which the gas is supplied entirely by the formation from which the oil is derived. In air-gas lift operations, there is insufficient gas supplied by the formation to lift the oil to the surface in an efficient manner, therefore additional gas for this purpose must be furnished from an outside source. There may, at times, be conditions obtaining in natural flowing wells different from those in wells flowed by gas-lift, but these differences do not at all conflict with the main principles of gas-lift work. One such condition is met with in wells in which the gas supplied by the formation is in considerable excess of that required to lift the oil to surface; this excess may be so great as to reduce the quantity of oil that can be lifted through the particular diameter of casing or tubing that has been lowered into the well. This same condition can be brought about, however, by supplying a large excess of gas from an outside source to an artificial gas-lift well, and a study of the effects obtained from injecting a large excess into the well can be applied directly to handling wells flowing naturally which have a large excess of gas supplied by the underground reservoir. Conditions for Lifting Oil The main factors to be considered in flowing wells are as follows: 1. Submergence, or pressure at the bottom of the tubing or casing. 2. Lift; the height to which the liquid must be raised. 3. Diameter of the flow tubing or casing. 4. Quantity of liquid to be lifted. 5. Pressure at the discharge end of the flow tubing, or back-pressure, as it is sometimes called.

Jan 1, 1930

By Enrique Touceda, Henry M. Howe

This paper gives the composition of the iron and slag at different stages in the " air-furnace" process of preparing " hard metal," or white castriron, for conversion into malleable cast-iron by annealing. The details of the process are given in an appendix. One of us had been trying for years to work some chemist of some of our malleable-iron plants up to a degree of enthusiasm which would lead him to make such an investigation. It would have had the advantage of the greater familiarity with the conditions which one habitually on the spot must have. Failing in this, he made use of an opportunity which presented itself of taking samples here represented, with such fairness as the conditions permitted, holding firmly that a rough approximation to the truth is better than the complete lack of data, or that a bird in the hand is worth two in the bush. We hope that this attempt may stimulate others effectively to duplicate this work, and thus correct or confirm it. Our results are shown in Table I. and graphically in Figs. 1 arid 2. Discussion.—At the time when the first two samples were taken, the metal and slag were still too sluggish to permit fair sampling, and not until sample 6 were the conditions really favorable, because at the time of the fourth sample the metal was not fully melted, and even at the time of sample 5 it was still sluggish. Indeed, the slag was probably very heterogeneous throughout, because it took up silica and alumina rapidly from the bottom, and because it was so siliceous as to be sluggish at this relatively low temperature. This hetero-geneousness is exaggerated in the two samples of slag 8, apparently by the great viscosity due to its extraordinary acidity. Note that the manganous oxide of one sample is about two and

Jan 1, 1909

By Frank D. Hoyt

BY far the most conspicuous of the Pennsylvania slate districts is that extending from the New Jersey line at the Delaware Water Gap westward almost to the Schuylkill River. This covers parts of three counties in east-central Pennsylvania: Northampton, Lehigh, and Berks. The most important development, both in geographic size and product importance, is in Lehigh and Northampton counties. The greater part of the region is underlain by only one formation-the Martinsburg, consisting of slates, clay slates, and sandy shales, all of the Ordovician period. The slate-bearing Martinsburg formation is underlain by Cambro-Ordovician limestones. Immediately overlying the Martinsburg formation is the Tuscarora quartzite of the Silurian period. The Martinsburg formation itself is divided into three distinct divisions, termed simply: the upper, the middle, and the lower members. Commercial slate has been extracted from all of these members, but the formation of greatest importance is the upper member, representing 2600 ft of the total formation thickness of nearly 11,000 ft. The upper member is commonly referred to as the "soft slate" and consists of three facies: 1) beds of blue-gray, very sandy, almost quartzitic slate, in many places, approximately a medium-coarse sand- stone with calcareous cement; 2) blue-gray sericitic slat-the dominant rock type of this member-with occasional chloritic beds; and 3) dark gray or virtually black, highly carbonaceous beds, referred to locally as "ribbons."

Jan 8, 1958

By C. Richard Tinsley

SUMMARY A detailed analysis of nickel, copper, and cobalt recovery from manganese nodules shows simple rates of return of 9-15% in 1985. A sulfur dioxide roast process yields a slightly better return than an ammonia leach technique. Nodule tonnage predictions tend to be over-optimistic and more conservative forecasts show that market penetrations are only significant for cobalt and manganese. However, cobalt prices are unlikely to fall to the level of nickel. Between now and 1985, cobalt is expected to be in balanced to tight availability. INTRODUCTION Deep-ocean manganese nodules are one- to two-inch concretions which cover 2040% of large areas of the ocean bottom. Commercial targets far these black, potato-like nodules are located in the North Pacific at water depths of 5,000-6,000 m. in a belt roughly midway between Hawaii and Mexico. However, good grade nodules are not solely limited to this belt as areas southwest and northwest of Hawaii, as well as in the Indian Ocean, contain concentrations of acceptable grade manganese nodules. Some 90% of the nodules are found half-buried on the deep ocean bottom. A siliceous-ooze host soil combined with low sedimentation rates, certain ocean currents, and possible geo- thermal effects are favorable factors far nodule formation. The viewpoints and analyses in this paper are the author's own and should not be attributed in any way to Amoco Minerals Co.

Jan 1, 1976

By Dr. O’Neil Thomas J., Donald W. Gentry

"October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February." -Mark Twain Although the preceding chapters describe the type of preliminary evaluation frequently performed in the mining industry, it has been assumed that input data are known with certainty-clearly an enormous simplification. In reality, estimates of ore grade, mining cost, metal price, etc., are subject to varying degrees of uncertainty due to the inability to predict the future with much precision. Management would probably not, for example, be equally attracted to two projects each offering a 20% DCFROI-one for a new gold venture in Nevada and the other for an undersea manganese nodule operation in the Pacific. The high risk with the latter investment tells the obvious; there is more to investment decision-making than a deterministic analysis using "best estimates" of input parameters. The science of decision theory normally distinguishes between decisions under uncertainty, where probabilities of various outcomes are unknown; and decisions under risk, where such probabilities can be estimated. The first case is rarely en- countered in practical capital investment analysis in mining, so the remainder of this chapter focuses on that class of problems where rational probability distributions for the future states of input variables can be estimated. RISK IN MINING Risk in the context of this chapter is the unforeseen deviation of individual cash flows from expected values for a capital project. For a mining venture, the source of this uncertainty could be any number of factors relating to such items as ore grade, ore reserve tonnage, operating costs, product prices, etc. With conventional *Adapted from O'Neil, T.J., 1979, "Procedures for the Preliminary Financial Evaluation of Metal Mining Ventures," Computer Methods for the 80s, A. Weiss, ed., AIME, New York, pp. 556-573.

Jan 1, 1984

By Walter S. Weeks

THE process of cooling air by allowing it to expand and do work in an engine is well known, but the theory of obtaining cold air by free expansion without the aid of an engine operating with cutoff has been little discussed. Case 1 If compressed air is allowed to expand to the atmospheric pressure through an orifice in an sir line that is supplied by a running compressor, no cooling results except the negligible one due to the Joule-Thompson effect, which will not be considered in this discussion. The effect of moisture will also be neglected. Symbols P1 Absolute pressure in pipe line, lb. per sq. ft. P3 Atmospheric pressure, lb. per sq. ft. V1 Volume occupied by 1 lb. air in pipe. V3 Volume occupied by 1 lb. air at P3. Cv Specific heat of air at constant volume, B.t.u. per lb. per deg. F. Cp Specific heat at constant pressure, B.t.u. per lb. per deg. F. T1 Absolute temperature of air in pipe, deg. F. T3 Absolute temperature of air outside after expansion and mixing and coming to rest. J Mechanical equivalent of heat (778 ft. lb.) R Gas constant for air, ft-lb. per deg. F. = 53.3. Formulas Consider 1 lb. of air moving out of a pipe. The air behind it does work on it to the extent of P1V1 ft-lb. This work is really done by the thrust of the piston of the compressor and does not come from any energy that exists in the air in the pipe. The pound of air contains

Jan 1, 1937

By Tomek Ulatowski

This presentation discusses the necessary ingredients for the creation of an acceptable credit structure, i.e., the structure that enables the borrower to attract the funding from different groups of lenders. As the amount of debt in the capitalization of new projects increases, it becomes quite critical that the mining venture sponsors obtain funding in a manner which maximizes the project economics. Attention normally is focused on the inherent operating cost characteristics of a venture such as the cost of mining, milling, transportation, smelting, and refining. The projected costs are derived from lengthy feasibility studies often taking millions of dollars and years to prepare. For a variety of reasons as the amount of equity directly provided by the sponsors declines, the balance must be made up from external credit sources. As a result, once the project becomes operational, debt service requirements assume crucial importance. For most new ventures, in the early years of production, the total amount of periodic debt amortization charges together with the projected interest expenses equals or exceeds the total operating cost. Utmost care must be taken, therefore, to reducing these costs which will then increase the chances for the implementation of the project. Project sponsors must carefully evaluate different funding sources in terms of their potential economic impact and, concurrently, evaluate alternative credit structures in order to be able to attract the selected funding vehicles. In this presentation I will discuss credit sources in the order of their relative appeal; i.e., from the standpoint of maximizing rates of return to the project owners. The tenor of the credit, that is the period from signing a loan agreement to the time of last repayment under the loan agreement, is undoubtedly the most important variable in evaluating the attractiveness of debt sources. Therefore, I will begin by discussing debt sources with the longest maturities and will end with a description of credits with relatively shorter tenors. The availability of different funding possibilities will naturally depend on the geographic location of the proposed venture, the creditworthiness of the borrower and the sponsors, the project economics, and finally the actual liquidity conditions in the capital markets at the time that the funds are committed. U.S. LONG-TERM DEBT MARKET - PUBLIC OFFERINGS AND PRIVATE PLACEMENTS The long-lived nature of most mining projects dictates that the majority of the mine financing be raised from long-term sources. In today's world capital markets U.S. debt issues probably carry the longest maturities available. The maturities can range from 5 to 40 years. Various types of long-term corporate debt instruments can be differentiated from one another by their terms, seniority as to claims against the assets of the issuer, legal form, and whether issued privately or through a public offering. The terms of these debt issues vary widely. For example, the interest rate which is typically fixed at the time of issuance, is determined by the credit quality of the issuer, the maturity, the average life, the seniority of the debt, the quality of control covenants or type of assets pledged as security, and other exogenous factors such as: economic policy, general level of interest rates and cur-rent level of financing activity. The entire principal amount of the debt may be due and payable at maturity (known as a "bullet" maturity) or, more typically, through periodic repayments in equal or staggered amounts. Almost all such debt issues allow for prepayment at the option of the issuer, but require varying amounts of repayment penalties. Disbursements are made over a relatively short period after signing of the debt documentation which may not coincide with the actual funding needs of the project. Financial covenants can be quite stringent, covering areas such as the issuer's financial leverage, working capital, payment of dividends and other distributions, merger and acquisition activities, and limitations on the disposition of property. Long-term debt issues may also be distinguished by the seniority of their claims against

Jan 1, 1985