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By C. M. Wayman, M. A. Gedwill, C. J. Altstetter

Cobalt Whiskers were grown by the hydrogen reduction of CoBr,. The fcc = hcp martensitic trans-formation in these whiskers was studied using X-ray and metallographic techniques. Present theories of the fee + hcp martensitic transformation were ex-amined in the light of the present findings Experimental evidence for slip as a part of the transformation mechanism is presented. In the bulk form cobalt is known to undergo a martensitic transformation1 from an hcp to an fcc structure upon heating above about 430°C. Upon cooling, the reverse transformation starts at about 400°C, but does not go to completion except in single crystalline or coarse-grained samples, or upon plastic deformation. The transformation may be thought of as the shearing of close-packed atomic planes in such a way as to change the stacking sequence from ABCABC to ABABAB with a contraction normal to the shearing planes and an expansion in the planes,2 producing a c/a ratio slightly less than ideal. This restacking to give {0001) and (112) 11 (1010) can be accomplished by the passage of a shockfey partial dislocation over every other (111)f plane resulting in a theoretical shear of 19.47 deg. To date there has been no completely satisfactory explanation of how the partial dislocations are produced on the close-packed planes or propagated from plane to plane to give the correct stacking sequence. The object of the present research was to study some of the characteristics of the fcc to hcp transformation in geometrically simple single crystals. It was felt that whiskers of cobalt grown by halide reduction would be ideal specimens with which to study the transformation, because whiskers have the following desirable features: 1) are easily grown as fcc single crystals; 2) exhibit relatively simple geometries; 3) have comparatively low dislocation densities;

Jan 1, 1964

By C. A. Queener, W. L. Mitchell

In recent years bismuth telluride has received considerable attention, primarily due to its value as a thermoelectric material. Since there seems to be little dependence of thermoelectric effect upon crystal orientation1 many of those who have previously worked with this material have been unconcerned with knowing its crystallographic angles to any degree of accuracy. However, when one studies deformation modes, lattice stresses, or the aniso-tropy of mechanical properties of a material, knowledge of the interplanar angles and their relationships as depicted in a stereographic projection becomes essential. Lange2 originally published crystallographic data which described the structure of bismuth telluride as rhombohedral with the space group A more recent work by Francombe3 presented data which corroborated and refined the original findings of Lange. In addition, Francombe established that there is no coexistence of rhombohedral and hexagonal lattices in bismuth telluride as was suggested by Vasenin and Konovalov,4 and that the structure can be treated as a pseu do hexagonal structure with an axial ratio, c/a, of 6.95 for convenience of presentation and study. The interplanar angles and standard projections for several unalloyed hexagonal metals have been previously published,5-9 but the present work appears to be unique in that it presents data for a rhombohedral compound in pseudohexagonal form. As a pseudohexagonal structure, this material has an extremely large axial ratio as compared to the usual range of approximately 1.5 to 1.9 for the hexagonal metals. Since the interplanar angles are a function only of c/a, the angular relations between various planes for Bi,Te3 will be grossly different

Jan 1, 1965

By Howard N. Hall

The compressibility of reservoir rock is a factor which is generally neglected in reservoir engineering calculations. This is due in part to the fact that there is little published information on rock compressibility values for limestones and sandstones. Omission of rock compressibility is undoubtedly justified in calculations for saturated reservoirs; however, in under-saturated reservoirs,* expansion of the rock accompanying decline in the reservoir pressure may be of such magnitude as to affect materially the prediction of reservoir performance. The effect of rock compressibility will be of most importance in: (1) calculation of oil in place by pressure decline data in undersaturated volumetric reservoirs when the limits of the field are unknown or indefinite, and (2) studies of natural water drive performance. To estimate its importance in such cases, a series of laboratory tests were made to obtain usable values for reservoir rock compressibility. The total, or effective, compressibility of any reservoir rock is a result of two separate factors, namely, expansion of the individual rock grains, as the surrounding fluid pressure de-

Jan 1, 1953

The production of petroleum in India (including Burma) increased from 334,811,624 gal.' ill 1936 to 350,322,222 gal. in 1937, the highest figure in the history of the industry. The increase in 1937 was clue to an increase of some 20 million gallons from Singu, 51/2 million gallons from Attack, 11/4 million gallons from Thayetmyo, and 1 mi1lien gallons from Digboi, accompanied by decrcases of 91/2 million gallons from Yenan-gyaung and 2 million gallons from Yenangyat,. The amount of gasoline produced from natural gas during the year was 10,616,313 gal. in Burma and 456,780 gal. in the Punjab. Yenangyaung Field.—The Yenangyaung field maintained its reputation of being one of the most wonderful oil fields in the world. The total production during 1937 was less than in the previous year but the resources of the field as a whole are sufficient to ensure an adequate supply of oil for many years. At the end of 1037 there were 2910 wells producing in the field. Besides a large number of ells drilled to shallow sands, this total includes 180 hand-dug wells, whose continued existenice is one of the interesting features of the field. During the year the deep drilling activities of 1936 in the southern part of the field died down, owing to the disappointing results obtained. On the eastern flank the limit of present economic extension of the oil sands was approximately demareated. Satisfactory results continue to be obtained from gas drives in the leased blocks; gas is also injected for repressuring and storage. Casing policies continue to be carefully designed to protect the oil sands against the danger of flooding by water and, in general, production methods throughout the field are characterized by a realization of the importance of the conservation of oil and gas and the prevention of waste, whether simple or underground. Singu Field.—-In 1937 the increase in the output from the Singu field was continued. This increased production was due not only to the rapid development of the valuable area in the southern part of the field but also to the successful results obtained from the first wells to produce from behind the practically completed river training wall of the Burmah Oil

Jan 1, 1939

The production of petroleum in India (including Burma) increased from 334,811,624 gal.' ill 1936 to 350,322,222 gal. in 1937, the highest figure in the history of the industry. The increase in 1937 was clue to an increase of some 20 million gallons from Singu, 51/2 million gallons from Attack, 11/4 million gallons from Thayetmyo, and 1 mi1lien gallons from Digboi, accompanied by decrcases of 91/2 million gallons from Yenan-gyaung and 2 million gallons from Yenangyat,. The amount of gasoline produced from natural gas during the year was 10,616,313 gal. in Burma and 456,780 gal. in the Punjab. Yenangyaung Field.—The Yenangyaung field maintained its reputation of being one of the most wonderful oil fields in the world. The total production during 1937 was less than in the previous year but the resources of the field as a whole are sufficient to ensure an adequate supply of oil for many years. At the end of 1037 there were 2910 wells producing in the field. Besides a large number of ells drilled to shallow sands, this total includes 180 hand-dug wells, whose continued existenice is one of the interesting features of the field. During the year the deep drilling activities of 1936 in the southern part of the field died down, owing to the disappointing results obtained. On the eastern flank the limit of present economic extension of the oil sands was approximately demareated. Satisfactory results continue to be obtained from gas drives in the leased blocks; gas is also injected for repressuring and storage. Casing policies continue to be carefully designed to protect the oil sands against the danger of flooding by water and, in general, production methods throughout the field are characterized by a realization of the importance of the conservation of oil and gas and the prevention of waste, whether simple or underground. Singu Field.—-In 1937 the increase in the output from the Singu field was continued. This increased production was due not only to the rapid development of the valuable area in the southern part of the field but also to the successful results obtained from the first wells to produce from behind the practically completed river training wall of the Burmah Oil

Jan 1, 1939

By Kirtland Marsh

THE manufacture of gas masks by the Chemical Warfare Service, U. S. A., required preparation of the carbon used in the canisters. The largest plant for the production of this carbon was situated at the works of the Astoria Light, Heat and Power Co., at Astoria, N. Y.; this paper will deal1 with the pyrometry equipment at that plant. Commercial charcoal was found unsuitable for use in gas masks because of its low power of absorption and its poor resistance to abrasion. The best raw material for the production of carbon was found to be coconut shells, but any kind of nut shells or fruit pits were used when sufficient quantities of coconut shells could not be obtained. The shells were first carbonized in retorts, the carbon was then crushed and screened between 8 and 16 mesh, and finally submitted to a special heat-treatment in air; steam treatment was later substituted for treatment in air. The production of gas-mask carbon on a commercial scale was begun at Astoria about Aug. 1, 1917. Temperature control was essential during the initial carbonization of the shells, as well as during the air or steam treatment, and pyrometers were installed for this purpose. The installation and maintenance of all pyrometry equipment was done by the pyrometry department, consisting of an officer in charge, an assistant, and two men. A special pyrometry laboratory was maintained in which all repairs were made.

Jan 9, 1919

By Herbert Hoover

YOUR committee asks that I speak today on the relations of the engineering profession to public affairs. That takes in a lot of ground. This being a cheerful occasion, I will assume that I should exclude the engineer's function as a taxpayer. This being a nonpartisan occasion, I will assume that I should not refer to his voting emotions in 1940. Perhaps what was in the minds of your committee was the application of engineering thought to the confusions of the times. That is also a lot of ground. I fear, however, its boundaries disappear in mirages and rainbows on all sides. Now any entry of the engineer into public affairs involves his breaking into the fields of the sociologists, the economists, and the politicians. However I don't know why, seeing the difficulties these professions are having, they should not welcome a little help.

Jan 1, 1939

New York Holds monthly meetings, except June, July and August J E SPURR, Chairman A D BROKAW, Vice-chairman SIDNEY ROLLE, Vice-chairman M H MERRISS, Secretary-treasures, Nichols Copper Co, 25 Broad St, New York M F CHASE KARL HOFFMAN Boston Meets first Monday of each winter month C R HAYWARD, Chairman E C GEITHER, Vice-chairman D H McLAUGHLIN, Secretary-treasurer, Rotch Bldg, Harvard Univ Cambridge, Mass GEO H GILMAN GEO A PACKARD

Jan 1, 1923

By M. J. GAVEN

COMING over from the plant on the Denver and Rio Grande yesterday afternoon I was an interested listener to a smoking-room conversation that had to do with the experimental plant near Rifle. The people who were talking didn't know me and I didn't know them, but I learned quite a little. I understood that the plant would never operate; that it was not intended to operate; that the "oil trust" would keep it from operating; that our tramway had eaten up all our money and still was not working and would not work; that the plant was run by a bunch of kids, and that the superintendent was probably the biggest kid of the bunch. I plead guilty to the latter. But the people who were talking were misinformed. The plant is producing oil. The first sample of oil that came from our unit at the Bureau of Mines experimental plant at Rifle, Colo., was produced on Sept. 18, the first that came out of the condenser, and it is still coming. This sample of oil may mean to the United States what the first oil produced from the first well meant.

Jan 1, 1926

By Herbert Clark Hoover, Lou Henry Hoover

MANY persons hold the opinion that the metal industries are fortuitous and that the occupation is one of sordid toil, and altogether a kind of business requiring not so much skill as labour. But as for myself, when I reflect carefully upon its special points one by one, it appears to be far otherwise. For a miner must have the greatest skill in his work, that he may know first of all what mountain or hill, what valley or plain, can be prospected most profitably, or what he should leave alone ; moreover, he must understand the veins, stringers1 and seams in the rocks2. Then he must be thoroughly familiar with the many and varied species of earths, juices3, gems, stones, marbles, rocks, metals, and compounds4. He must also have a

Jan 1, 1950

By H. Rees

This paper supplements and brings up to date a report prepared earlier this year and presented at the Eleventh Pan American Railway Congress in Mexico City. Most of the original report is contained in this paper in order to acquaint the reader with the project background. On December 1, 1961, construction of this locomotive was completed. Stationary testing started immediately, and a host of problems in various areas were uncovered. Many of these had no relation to the use of coal in a direct fired gas turbine. All of them emphasized the problems which plagued previous projects of this kind. In 1944 the Locomotive Development Committee of Bituminous Coal Research, Inc., was formed to study the problems of combustion, coal handling, and fly ash removal which would have to be solved before coal could be used to fire a gas turbine. By 1947 this committee was composed of the chief executive officers of nine eastern railroads and five eastern coal companies. All of the members of this committee were vitally concerned in a coal fired gas turbine because coal cost only one-fourth as much per heat unit as fuel oil. A number of research projects were started to develop and test components on a small scale. This included work at John Hopkins University, Battelle Memorial Institute, Institute of Gas Technology at Chicago, Purdue University, and Southern Research Institute. By 1946 a pilot plant had been installed at the Dunkirk, New York plant of Alco Products Div. of American Locomotive Co. The U. S. Bureau of Mines made available to the Locomotive Development Committee (hereafter called LDC) a Houdry process gas turbine plant, originally destined for a Russian oil refinery. The full scale pilot plant was used to evaluate the results obtained from the small scale studies under actual gas turbine conditions. Operation of this plant disclosed a number of problems which had not been discovered in the small scale tests. By 1951 four 250 hr tests had been conducted with the Houdry gas turbine to test out a variety of equipment. The major problem concerned the removal of abrasive fly ash from the products of combustion so that wear on turbine blades would not be excessive. The first 250 hr test showed that the original fly ash separating equipment was inadequate. Large ash particles passing through the turbine blading were nicking the leading edges of the first row blades. At the conclusion of the second 250 hr test, erosion was so severe that the first row of stator and the first row of rotor blades were replaced. At the end of the third 250 hr test, it was necessary to replace the first three rows of stator blading. The fourth test was used to test out a new design fly ash separator developed by LDC and named the Dunlab tube. This device gave more encouraging results than any of the others tested. Early enthusiasm for overcoming major difficulties had resulted in placing an order in 1946 with Allis-Chalmers Mfg. Co. for a 3750 hp regenerative gas turbine. The gas turbine, together with associated combustion and ash removal equipment, coal handling equipment, generators and gear reduction unit was installed at Dunkirk by 1951. A 750 hr test was made in 1952 with the LDC-Allis Chalmers gas turbine power plant. At the end of this test it was necessary to replace the first four rows of both rotor and stator blading. Rows 5 and 6 did not require replacement. In 1953 the American Locomotive Co. joined with LDC and assumed an active role in equipment development and manufacture. During 1954 LDC-Alco operated the rebladed gas turbine 300 hr to determine if a new fly ash separator was adequate. Performance of the improved separator was considerably better, but trouble was experienced with clogged blowdown lines from the Dunlab tubes. When these lines clogged it permitted the passage of abrasive particles. In 1955 a total of 1421 hr was run. This included 243 hr of cycle operation on Union Pacific coal from the D. O. Clark mine at Superior, Wyoming. During the 243 hr a total of 370 tons of coal was consumed. The purpose of this test was to determine if U.P. coal was suitable for use in a coal fired turbine. It was the unofficial opinion that it was as good or better than the eastern coals that had been tested.

Jan 1, 1964

By Fred C. Bond

Many grindability tests have been made in the Allis-Chalmers laboratory since the tabulated results were last published.' The lists of standard ball-mill and standard rod-mill grindability tests are brought up to date in this paper, and considerable new material is added. This includes a tabulation of open-circuit grinding tests, with impact and compression-crushing tests. The standard ball-mill grindability tests (Table I) were made in a standard laboratory ball mill, 12 by 12 in. inside, running at 70 rpm, with a charge of 285 iron balls ranging from 1½ to 3/4 in. in diameter and weighing 20,125 grams. Seven hundred cubic centimeters of minus 6-mesh stage-crushed dry feed was used, and the circulating load was maintained constant at 250 pct by adjusting the number of mill revolutions for each grinding period. Tests were made at all mesh sizes from 28 to 200, and the grindability is the number of net grams of screen undersize produced per revolution. The table includes 479 tests. It has been calculated that the ball mill does 52.3 joules of useful work on the ore per revolution2 with 93 joules input to the mill. The standard rod-mill grindability tests (Table 2) were made in a laboratory tilting rod mill, 12 in. in diameter by 24 in. long inside, with a wave-type lining, running at 46 rpm. The grinding charge consisted of six I1/4-in. diameter and two 13/4-in. diameter steel rods, all 21 in. long and weighing 33,380 grams. The mill was rotated level for eight revolutions, then tilted up 5' for one revolution, down 5° for one revolution, and returned to level for eight revolutions. It was discharged by tilting downward at 45° for 30 revolutions. Feed consisted of 1250 cc of minus in. stone and the circulating load was maintained constant at 100 pct by adjusting the number of mill revolutions for each grinding period. Tests were made at all mesh sizes from 3 to 65, and the rod-mill grindability is the number of net grams of screen undersize produced per revolution. The table includes 105 tests. The impact and compression-crushing tests (Table 3) are given in a table that is an extension of a previous publication8 in which the method of testing was described in detail. Two equal hammers weighing about 30 lb each were arranged to strike simultaneous blows on opposite sides of the test specimen. Broken pieces of rock passing a 3-in. square and retained on a 2-in. square were set up with the smallest dimension between the hammers, and this distance was measured. The height of the hammers was increased slightly before each blow until the specimen broke, and the foot-pounds per inch of thickness was calculated. Ten pieces

Jan 1, 1949

By Geo. T. Lynch

PALEOLITHIC MAN, laboriously shaping a stone implement in his cave, discovered that the dust irritated his eyes and nostrils and hindered his labors, whereupon, muttering a few incantations, forerunners of modern profanity, he removed himself and his work outside. There, ignoring the jeers of the hairy ?old-timers,? he turned his back to the wind and resumed operations in comparative comfort. Thus originated the dust problem in the mineral industries, and its solution. Despite long familiarity with the annoyance, danger, and loss occasioned by dust, little progress was made in the engineering solution of its problems until recent years. Some advance can now be reported but too many traces of ancient tradition and practice still remain. Considerable published information is available but only a part of this is of proved accuracy and utility. The greater portion is either misleading, being derived from too few cases to be of general application, or entirely erroneous, originating in guesswork, legend, or individual inspiration, divine or otherwise. The engineer, confronted with a dust problem, has neither the time nor the special training required to extract the values from this mass of low-grade. It is, therefore, desirable that we attempt to correlate the known values and to put them into a form upon which actual progress can be based. This discussion is, then, for the benefit of that engineer, particularly the engineer in the mineral industries and more particularly in ore-dressing plants, and is merely a gathering of facts already known but difficult to segregate.

Jan 1, 1938

By J. Th. Erb

The total crude oil production of these islands, which in 1928 amounted to nearly 5,000,000 metric tons—about 36,500,000 bb1.—has again increased in 1929. The figures for 1929 are as follows: Metric ToNs† North Sumatra........................................ 369,930 South Sumatra........................................ 1,236,510 Java and Ceram....................................... 678,787 Dutch Borneo (including Tarakan)....................... 2,793,326 Sarawak.............................................. 759,700 Total............................................... 5,838.253 †1 metric tor1 = 7.36 bbl. on the average. This production, as far as the Dutch Islands are concerned, is owned partly by the Bataafsche Petroleum Maatschappij, the producing subsidiary of the Royal Dutch Petroleum Concern, and partly by the Kolon-isle Petroleum Maatschappij (Standard Oil Co. of N. J.), while that of the British Protectorate Sarawak belongs to the Anglo-Saxon Petroleum Co., Ltd., of London. The increase in 1929 is due partly to more intensive drilling; the rotary system, which enables drilling to be done more quickly and to greater depths than was possible with the percussion system, has come into more general use. Further, considerable extensions have been made to some of the existing fields and several new pools have been discovered, which contributed in no small degree to the increase in production. Of particular interest is the fact that the ('Niam" (Nederlandsche Indische Aardolie Maatschappij), in which the Dutch Government has a large share and which company in 1928 was producing from only two fields in South Sumatra, has discovered a pool in North Sumatra and, moreover, has struck oil on the island of Poeloe Boenjoe near Tarakan (Eastern Borneo). The deepest well still drilling is in one of the fields of the "Niam" and has reached a depth of 2269 meters (7445 feet). Notwithstanding the tropical c1imate and the dense jungle in which most of the fields are situated, the most modern scientific methods are applied in exploration, in drilling, producing and refining.

Jan 1, 1930

By L. L. Swift

AT the present time there are four base metals being used for automotive bearing alloys. Of course there are numerous variations in the amounts of alloying elements added to each base metal and nearly all of these alloys have the conventional, if not classical, duplex structure; that is, they are composed of a hard constituent embedded in a soft matrix. The well-known theory is that the former will wear well, while the latter will be plastic enough to allow the bearing to be broken in and conform to the contours of the shaft. The requirements of the modern bearing have been most aptly described by W. M. Corse: In order to meet the engineering demands of today a good bearing metal must be able to carry the weight of the shaft and stand up under steady or suddenly applied loads, or even blows in some types of service. A certain amount of plasticity is desired to compensate for minute irregularities in the shaft or bearing surface, and to permit yielding, thereby avoiding dangerous stresses in bearing and shaft and preventing overheating and rapid wear of parts. Less plasticity is required in a bearing metal if the surfaces of bearings and journals are machined accurately, aligned, and kept in alignment. It is desirable, of course, that a bearing metal have a low coefficient of friction. Under most operating conditions the friction depends on the unit pressure of the bearing, the speed, the temperature, and the properties of the lubricant. A good bearing metal must have a low rate of wear to reduce the necessity for frequent replacements, and adjustment of the bearings. It must wear more rapidly, however, than the journal or shaft running on it, because replacement of the journal or shaft is more difficult and costly than replacement of the hearing., The hardness of, the bearing alloy is a property closely related to several of the foregoing. With a duplex microstructure, the measurement of hardness with any of the usual commercial devices means little. The Bierbaum method of measuring the hardness of the individual constituents was developed to, fill this need. MICROCHARACTER The Bierbaum microcharacter2.3 measures the scratch-hardness of a solid by pulling a weighted diamond point over the surface. The diamond point is ground. so that it is the corner of a cube, and mounted

Jan 1, 1938

By D. A. Vaughan

COMPOUNDS in the U-N system have received little attention since the work of Rundle, Baen-ziger, Wilson, and McDonald in 1948.' They described the three nitrides UN2, U2,N2, and UN as the only phases in this system. The region between UN and U,N, was reported to consist of the two phases while the region between U,N, and UN, is a homogeneous solid solution in which the U,N3, structure transforms with increasing nitrogen content into the UN, structure. This report presents the results of an X-ray diffraction study of the phases present in the region of the diffusion gradient on uranium reacted with nitrogen at several temperatures between 500" and 915°C. Several samples of uranium used in U-N gas-metal reactions by Mallett and Gerds were available for X-ray diffraction study of phase composition through the diffusion gradient. X-ray diffraction data were obtained using filtered iron radiation at intervals through the diffusion layer of the several samples on filings or turnings at approximately 0.001 in. increments down to the base metal. Representative X-ray diffraction patterns from various layers through the case on uranium after nitriding at 850°C are shown in Fig. 1. These data show that three different phases are present in the

Jan 1, 1957

By James Barr

The process of manufacturing ferrophosphorus lies not alone in smelting a mixture of phosphates, silica, iron ore, with coke as fuel, but upon smelting this mixture with coke and air as chemical agents as well as heat producers and in conjunction with extraordinary procedures and manipulations making the process continuous and profitable. For best results there must be cool top, limited fusion zone, hot bottom, good mechanical condition of stock and perfect distribution of gases; also minimum air supply, high heats and excess of coke or carbon. FERROPHOSPHORUS, an alloy of phosphorus and iron or perhaps a physical mixture of definite compounds of iron and phosphorus, has become of increasing importance as the use of the basic open hearth has extended. Commercial ferrophosphorus is a porous, brittle metal of crystalline structure and often with a bluish metallic luster. A typical analysis is as follows: PER CENT. Phosphorus 18.0 to 22.0 Iron 80.0 76.0 Oxygen 0.2 Sulfur : 0.3 Silicon 0.1 Carbon : 0.1 Manganese 0.2 This alloy was first made in an electric furnace, as it was thought that the high heat of the electric arc together with the reductive effect of carbon was necessary. About 1898, J. J. Gray, Jr., was producing a high-phosphorus pig iron in his furnace at Rockdale, Tenn., by using high-phosphorus, local iron ores. As these high-phosphorus ores were difficult to obtain, he conceived the idea of increasing the phosphorus content of the pig iron by the addition of phosphate rock to the furnace burden. When the phosphorus content of the pig was kept low and only small amounts of phosphate rock were added to the burden, no particular troubles were encountered, but when he increased the amount of phosphate rock to produce an 18 per cent. alloy, his furnace troubles rapidly multiplied.

Jan 10, 1924

INTRODUCTION Mineral explorationists range throughout the world looking for mineral deposits which can subsequently be made into mines. Mines are not found! Mines are made, usually at great cost and not often without significant risk. The process of making a mineral deposit into a mine involves a great deal more than a complete appraisal of the deposit. The making of a mine demands detailed feasibility studies of many factors, any one of which, if shown to be negative, could prevent the deposit from becoming a successful mine. Total feasibility analysis involves at least three major fields of study: (1) economic analysis, (2) financial analysis, and (3) political and environmental analysis. Economic analysis is essential for proper decision making at many stages in the evaluation of a mineral deposit. It is the yardstick by which the proposed mining project and alter- native investment opportunities are measured. Economic analysis is concerned with costs and potential profits and can be applied at various stages in the evaluation of a mineral deposit to determine if the project merits the additional funds necessary to bring about each succeeding stage. The nearer any deposit approaches to becoming a mine, the more carefully the economic analysis should be made. Financial analysis has reference to how, where, and at what cost the investment funds can be obtained to finance the proposed mine project. Political and environmental analysis has reference to the many intangible factors that can affect the making of a successful mine. These factors loom larger today than ever before, due to the profusion of government regulations and various environmental constraints now imposed upon the mineral industry both by law and by the weight of public opinion. Ultimately, many of these intangible factors can be resolved back into the economic analysis as an added cost to mine development, but more and more often they have become insurmountable obstacles to any development of certain deposits. The role of financial analysis and the analysis of intangible factors must never be underestimated when making a feasibility study upon which to base investment decisions; however, the emphasis of this text will be upon economic factors. THE PARAMETERS OF MINERAL ECONOMIC ANALYSIS The two major elements of economic analysis are: 1) The potential earnings or annual generated cash flow of the project. 2) The investment costs necessary to realize such earnings. If the difference between the two elements is large enough, i.e., if the return on investment from the cash flow is high enough to attract investors, the project can be said to be financially feasible. The mineral economic analysis must take into consideration many parameters, some of which are known or knowable within certain limits, and others of which are unknown or unpredictable within certain limits and for which estimates must be made. Because both known and estimated parameters enter into the same analytical computations, it is important for the analyst to realize the nature of each when considering the results of an analysis. Some parameters such as the grade of mining block, although estimated, are said to be known within mathematically defined limits. Other parameters, such as the future price for minerals produced, etc., can only be estimated or "guestimated" within reasonable limits for which no precision can be assigned. Known or Knowable Mineral Economic Parameters Known or knowable parameters are: 1) Tonnage and grade of valuable minerals for the total mineral body and for individual mining blocks. 2) Metallurgical recovery of valuable mineral. 3) Minimum operating life of mineral de- posit at any specified production rate. 4) Royalty schedule, property payments, etc. 5) Sales-purchasing agreements, smelter schedules, marketing contracts, etc.

Jan 1, 1980

By F. H. Spedding

From thermal, metallographic, X-ray, dilatometric, and electrical resistance data a Phase diagram is proposed for the La-C system. TWO compounds are formed, body-centered-cubic Laz C, having a large range of solid solubility, and body -centered-tetrago-nal Lac2 . The former melts incongruently at 1415°C, and at 25OC it has an electrical resistivity about two and one-half times that of bure lanthanum. The latter melts congruently at 2356°C and at room temperature has an electrical resistivity about equal to that of bure lanthanum. The addition of carbon to La lowers the melting Point of La about 115' C, raises the higher (B-Y) transfomzation about 10" C and appears to have no effect on the lower ( a-0) transformation. The addition of carbon appears to lower the oxygen content in the metal and improve the machinability; however, the tendency to oxidize is increased. Two eutectics are formed in the system. The first occurs at 2.2 pct C and melts at 806" C, while the second occurs between Lac2 and C with a melting point of2271"C. PETTERSSON,~ in 1895, was the first to prepare lanthanum dicarbide by heating the oxide with carbon in an electric furnace. He showed that this yellow, crystalline but brittle carbide had a formula corresponding to LaCz and that it reacted with water with the evolution of hydrogen and hydrocarbons and the formation of the hydrated oxide. Von Stackelberg's investigation of the crystal structure of the MCz carbides showed that the lanthanum dicarbide is of the tetragonal calcium dicarbide-type structure. He found the lattice parameters were a = 3.92 and c = 6.56.* Bredig,' using X-ray methods, showed that the room-temperature form of lanthanum dicarbide is stable up to 1750 °C and that above this temperature it transformsoto a face-centered-cubic structure, a = 6.0 ± O.lA, probably of the pyrite, FeSzstruc- typ? The reported discovery of two new cerium carbides, suggested that a corresponding face-centered-cubic lanthanum monocarbide and a body-centered-cubic lanthanum sesquicarbide might exist. This paper describes work on the lanthanum-carbon system which is part of a study of the rare earth metals and their alloys now in progress in this laboratory. EXPERIMENTAL PROCEDURE Source of Materials—The lanthanum metal was prepared at the Ames Laboratory by metal1o;hermic reduction of the fluoride with calcium metal. The results of spectrographic and chemical analysis indicated the presence of 0.01 pct Y, Al, Cu, Fe, and Si; 0.02 pct Ca and Mg; 230 ppm C; and 115 ppm N. The carbon used was of two types: 1) "National Special Graphite Spectroscopic Electrodes," and

Jan 1, 1960

By William P. Lohden

INTRODUCTION It is recognized that, for a variety of reasons, some companies in the mineral industry today are by no means cash-rich and, in fact, are reporting a growing proportion of long-term debt in their capital structures. A review of recent balance sheets of small, medium-size, and some larger companies, indicates that a fair number still have substantial positions in cash equivalents such as U.S. government issues and other short-term money market instruments. In part, this paper concerns itself with companies which have sufficient cash and equivalents and/or cash generation to internally finance mining projects or expansions but which, for some reason, choose to borrow funds. Misconceptions which appear to frequently underlie so-called "leveraging" decisions are explored in this paper. Also considered arc' those circumstances under which any company, including one that is cash rich, should consider borrowing for a project in an amount beyond what would otherwise be necessary based upon its internal financing ability. I do not attempt to cover the raising of equity capital in public markets in this paper. OVERALL RETURN ON INVESTABLE CASH If you approach an individual with an investment which can be financed from savings, or by borrowing at a rate higher than one is earning on savings, that individual will quickly tell you that to pay interest at a rate higher than is being earned on savings would reduce overall income. Assuming that additional investment opportunities are not currently being considered, the individual concludes that a draw-down on savings, leaving a cushion for contingencies suited to individual circumstances, is the correct financial decision. For reasons discussed later, the simple mathematical logic leading to this conclusion tends to become obscured at the corporate level. When Leveraged Studies Are Inappropriate or Premature Surprisingly, I have heard of a number of companies that could afford to finance an investment solely with internal funds, which have made DCFROR (i.e. discounted-cash-flow rate-of-return) studies not only on a 100% equity basis but also on a leveraged basis. Certainly, a leveraged study would be appropriate if additional projects were competing for more capital than was available internally. Often, however, other projects are not far enough along to warrant a leveraged study and there is some danger that a project may be undertaken because it has an estimated acceptable rate of return, on a leveraged basis, that is not ultimately earned because some of the other projects are postponed or abandoned and borrowing is less than expected. For the above reasons, until it has been determined that (1) borrowing is a reasonable certainty for a particular project and (2) the timing and amount to be borrowed has been determined within a reasonable range of accuracy, I believe it is inappropriate and misleading to calculate DCFROR for a project other than on a 100% equity basis. Even when there are several projects currently competing for funds and borrowing will be required to finance one or more of them, using the common yardstick of calculating DCFROR on a 100% equity basis is a safer method to initially evaluate and compare the attractiveness of the projects. Many companies, whether they would have to borrow or not, will reject projects that on a 100% equity basis do not meet their minimum rate of return standards. Some companies which have to borrow will undertake a project provided the project's DCFROR on a leveraged basis meets its minimum return standards. The danger of this approach is that even moderate shrinkages of estimated cash flows could plunge return below

Jan 1, 1985