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By E. H. Crabtree, W. F. Netezband

The productive area of asphalt-bearing sandstone in Missouri is near the Missouri-Kansas state line near Nevada, the county seat of Vernon County about 100 miles south of Kansas City. While production thus far has been confined to Vernon and Barton counties, there are known deposits in adjacent counties. The area is served by four railroads: the Missouri Pacific, the Kansas City Southern, the Missouri-Kansas & Texas, and the St. Louis & San Francisco. The plant of the Reliance Rock Asphalt Corporation is in Vernon County, about 5 miles west of Nevada, at Ellis, a flag station on the Missouri, Kansas & Texas Railroad. A siding has been built to the plant SO that the finished product can be loaded directly into railroad cars. The property consists of a lease of 240 acres in one block. All portions of the property not required for quarrying or processing the asphalt-bearing sandstone are used for farming by the fee owner. The entire tract is very flat so that there are no transportation difficulties from quarry to plant. Geology The commercial asphalt-bearing sandstones are all of Pennsylvanian age, the major portion of the production coming from the Cherokee formation, the basal member of the Des Moines group. The Cherokee formation includes all beds between the base of the overlying Fort Scott limestone and the Mississippian limestones below. It underlies most of the area, but in the west and northwest townships of Vernon County, and elsewhere in local outliers, the Henrietta limestone, forming mounds, escarpments and high ridges, covers the Cherokee, and is in turn covered by the Pleasanton shale. In the eastern portion of the counties, the Mississippian limestones are exposed. The thickness of the Cherokee varies according to the amount that has been removed by surface erosion. Where fully present under the Henrietta; it is approximately 375 ft. thick, but over most of the county it ranges from 100 to 200 ft. thick.

Jan 1, 1938

By E. S. Machlin

The alternate processes by which solute atoms can limit the migration of grain boundaries have been considered. At the lowest solute concentrations the controlling process is "mechanical breakaway" in which the solute atoms affect the driving force and not the mobility. In the next higher range of solute concentration, solute atoms are bound to the boundary and diffuse by boundary diffusion along cusps in the boundary developed at the solute atoms. In this region the boundary velocity is controlled by the component in the direction of boundary migration of the rate at which the bound solute atoms can diffuse along the boundary. At still higher concentrations, it is predicted that boundaries break away from the binding solute atoms by thermal activation. The specific behavior Predicted is consistent with the observations of Aust and Rutter. The most striking agreement between prediction and experiment is that obtained for a range of solute concentration in which the boundary velocity is inversely proportional to the cube power of the solute concentration. MaNY models have been devised for the atomic steps in the motion of a grain boundary. McLean1 has listed some of these models and Aust and utter' have evaluated these and other models. If there are

Jan 1, 1962

By Francis Foley

WITH the possible exception of high-speed tool steel, the service demanded of rock-drill steel is probably more precarious than that of any other tool steel. Unaided by the helpful influence of alloys and dependent solely on the efficiency of the heat treatment applied for its ability to stand up under the abuse to which it is necessarily subjected, rock-drill steel is worthy of intensive study. For its heat treatment the smith has his fire, an oil fire perhaps, and a quenching bath; he judges' the temperature by his eye. There are shops where excellent drills are produced by this method, but there are more where the product varies between very good and very bad. Pyrometers with specially designed equipment are used in but few cases. But the responsibility for rock-drill failures does not rest entirely on the smith. Little has been published concerning the efficiency of drill steel, though the Canadian Mining Journal' published the breakage record of a large number of hollow drill steels. This record indicates that most of the breaks occur during the early life of the steel and that as a given batch of steel is used, its percentage of breakage decreases. This fact, the article points out, is at variance with the much-talked-f theory concerning failure from crystallization and fatigue. It seems to point to the fact that the greater part of drill-steel failure from breakage is traceable to faulty manufacture, resulting in defects in the bore of the hollow steel from inclusions of slag or oxides, etc. As this defective material meets with early failure, it is weeded out. In addition, some breakage may be caused by a lack of proper condition with respect to heat treatment of the steel as furnished by the manufacturer. In the article mentioned, the breakage of 1 ¼ -in. (3.17 cm.) hollow steel is given as 4.62 per cent. for the early period of use, with a decrease to 3.35 per cent. and 2.67 per cent. With time in use. For 1-in. (2.5 cm.) hexagonal hollow steel, the figures for breakage are 0.18 per cent. and 0.06 per cent.; attention is called to the "enormous decrease in breakage by the use of smaller diameter drills." The figures are given as so many "drills sharpened," but there is no way of determining the percentage of

Jan 6, 1921

By Chester Washburne

COLOMBIA has an almost ideal situation with respect to the world's markets, being only a short distance from the Panama canal and the West Indies. The sailing distance from its Caribbean ports to New York is less than that from Tampico. Geographically, Colombia consists of three systems of broad mountain ranges separated by two long narrow valleys. The Cauca River valley separates the Western or Coastal range from the Central range. On the west side of the Coastal range are the Atrato and San Juan Rivers. The Central and Eastern ranges are separated by the Magdalena River valley. In the department of Santander the Eastern range divides, one branch continuing northward as the Cordillera of Perija, the other turning eastward across Venezuela as the Cordillera of Merida. Between these ranges is the great basin occupied by Lake Maracaibo. These valleys consist mainly of long narrow reëntrants or tongues of Tertiary sediments between the older rocks of the mountain ranges. The late Miocene and younger sediments seem to have been deposited in separated basins, but the Cretaceous and possibly some earlier Tertiary strata were laid down more or less continuously over a great part of .Colombia and Venezuela. These strata were subsequently folded into the present ranges. The deposition of the Cretaceous and of some of the Tertiary was in a great sea, the main land mass being in Brazil, with land probably along some of the cores of the present mountain systems. The sediments, except the Lower Cretaceous, vary markedly in character and thickness. An illustration is seen in the massive series of non-marine conglomerates and sandstones of the upper Magdalena River valley, near Honda, which are almost wholly wanting in the coastal sections where marine sediments prevail. The oldest rocks bearing on the search for oil are the black carbonaceous and bituminous shales, limestones, and cherts of the upper part of the Lower Cretaceous. These probably are the main source of oil in both Colombia and Venezuela. They include thick bodies of true "oil shale. Above the carbonaceous and bituminous beds, lies a series of many thousand feet of clastic sediments. The most noticeable and easily recognizable formation among these clastic sediments is the "coal-bearing series," which may be either upper Cretaceous or Eocene. The

Jan 6, 1922

By Warren L. Howes

THIS paper deals primarily with an investigation of ball-mill liners that was conducted by the writer over a period of six years at the Mammoth mill in Arizona. The investigation covered a wide variety of designs of liners in both primary and secondary mills. The comparative results are presented herein as evidence of the extent to which design influenced liner life and mill performance. FLOWSHEET The feed to the Mammoth mill was a complex, oxidized, gold-silver-lead-molybdenum-vanadium ore with rhyolite, andesite and granite as gangue. Although the ore varied between stopes, the long-term average in character remained substantially the same. Capacity was 560 tons per day. [t] Fig. I shows an abbreviated flowsheet of the grinding section of the mill. PRIMARY BALL MILL A 3-ft. Symons shorthead crusher in open circuit crushed to ¼ -in. maximum one-way dimension the feed to the 5 by 10-ft. Marcy open-end ball mill. The mill rotated at 80 per cent of critical speed and was charged with 4-in. forged steel balls. Cast balls were used for a few months at a slight reduction in ball cost, but breakage of the large balls reduced the ball size and grinding capacity to a point where the over-all costs suffered out of proportion to the saving in cost of balls. For metallurgical reasons, the finished product of the mill was maintained at minus 8-mesh. This coarse product, plus the very abrasive ore and the absence of fines in the feed, caused abnormally rapid wear of the mill liners. The resultant high operating cost led to the most extensive phase of the investigation. [ ] In order to clarify the difference in design of the various types of liners used, Fig. 2 shows the profiles with the arrangement in which grinding balls of maximum size would lie on the face of the liners. The results with each type of shell liner in the primary mill are shown in Table I.

Jan 1, 1943

By Donald W. Barnett

U.S. environmentalists have tended to oppose all new energy developments. Their efforts may be counterproductive because opposition to, say, offshore oil directly leads to the continued use of other energy sources that may have a higher social cost. Rather than attempting to eliminate all pollution from energy production, which would be prohibitively expensive, one should minimize the social cost of energy production for the given demand. Linear programming is used to rank various oils (California State and O.C.S., Gulf of Alaska, Prudhoe Bay, Athabasca tar sands, oil shale and certain foreign crudes) in terms of their social desirability. The objective is to minimize the cost of supplying the California market, subject to resource, sulphur and oil spill constraints. Social desirability is indicated by the inclusion of the oil in the optimal solution and the size of the associated shadow price. the larger the shadow price, the greater the benefits of increased production. The more negative, the greater the cost associated with forcing consumption of that fuel. The environmental shadow prices indicate the size of the trade-off between a particular environmental standard and minimum cost. The trade-offs can be surprisingly large. any reasonable spill standard can be achieved by changing the development pattern. Generally, the further offshore, the smaller is the environmental degradation, but the more expensive is the oil. Foreign oils can be economically and environmentally inferior to domestic oils. Crude from the California O.C.S., San Joaquin Valley end Prudhoe Bay appears a valuable resource, while the Gulf of Alaska, synthetic and foreign crudes appear marginal to submarginal.

Jan 1, 1977

By W. M. Weigel

The first successful use of the wire saw in slate quarrying in the United States was late in 1926, at the quarry of the Colonial Slate Co. near Wind Gap, Pa. This installation was sponsored and supervised by the United States Bureau of Mines in collaboration with the National Slate Association.' The success of this trial resulted in other installations of wire saws, so that 27 were in operation at Pennsylvania slate quarries2 by October, 1928. Marble Quarrying with a Wire Saw Until recently, little or no attempt has been made to use the wire saw in the quarrying of other stone, but it is believed that its successful use in slate will be followed by attempts to take advantage of its possibilities in other quarrying operations. An example of such a trial is the recent installation of a wire saw at the marble quarry of the Saint Clair Marble Co. near Guion, in the Ozark region of northern Arkansas. This quarry is in a comparatively new district and the decision to open and develop it had to be made in the face of many unknown factors. For this reason, it was essential that the development costs be held at a minimum, and as a wire saw could be installed more cheaply than standard channeling equipment, it was decided to try it out. One factor Largely controlling the decision was that the location was peculiarly adapted to this method. The point of development selected was on the rather abrupt end of a ridge formed on the south by an almost perpendicular bluff along the White River and on the north by a rather steep slope with little or no overburden. By taking advantage of this topography it was possible to place the supporting standards for the sheaves at both the outer and driving end without the necessity of drilling or excavating openings to receive them, and to locate the motive power in line with these standards, which made it unnecessary to deflect the sheaves.

Jan 1, 1931

THE record of the development of physical metallurgy since the founding of this Institute embraces by far the greater part of physical metallurgy as this subject is recognized today. Yet it is not to be supposed that the metallurgist interested in the properties and behavior of solid metals at the beginning of this period was without important and even fundamental information. He had an empirical knowledge of the behavior of solid metals which extended backward into prehistoric times and he had the early beginnings of many of the chapters in the science of metals. Industry was burgeoning in many directions, for methods had been developed, especially in the manufacture of steel that provided materials in extremely large tonnages, permitting applications of metallic materials on a very widespread scale. These multitudinous new uses of metals created an increased interest in the behavior of metals, and provided the basis for the rapid development of a science of metals. Indeed, the development of science generally that accompanied the industrial revolution reached a flood tide toward the end of the century, furnishing the metallurgist basic principles in chemistry, physics, mechanics, and crystallography that would shortly be extensively applied to metallic behavior. In this account, the early developments in the wide metallurgical field will be traced, in order that the status of physical metallurgy in 1871, when this Institute was founded, may be clearly seen. The subject of metallurgy in antiquity has been written upon frequently and at length. We shall here no more than indicate the main features that we need to define the position in 1871 and to provide a proper background for discussing subsequent developments. The writings of Pliny,1 23-79 A.D., to which Robex-ts-Austen3 fre-

Jan 1, 1948

By F. C. Dyer, H. E. T. Haultain

There has been much written on ball-mills, but no small amount of the literature is simply the expression of individual opinion without sufficient data. This is no doubt due to the complexity and obscurity of the phenomena involved. The outstanding paper is by E. W. Davis,I superintendent, School of Mines Experiment Station, University of Minnesota, which is based on a large amount of data from careful experiments with full-size apparatus, together with some mathematical philosophy. The entire philosophy is summed up in the equations given; but the present writers question the foundation upon which this philosophy is based. Encouraged by the work of Davis, the authors of this paper continued work they had been doing along this line. At first, photographs were taken of the ends of rods in a small laboratory rod mill. The mill was tilted slightly toward the feed end and the discharge end was removed. The rods remained in the mill long enough to permit good observation and good photography. Later, a mill 24 in. inside the stepped lining was constructed. It consisted of two sheets of plate glass, 1/2 in. apart, set in a cast-iron ring. It was driven by a variable speed motor and was connected to an accurate speedometer (magneto and voltmeter type). In place of balls or rods, cast brass disks were used. These were 3/8 in. thick and varied in diameter from 2 in. down to 3/4 in. Four small projections on each side prevented the disks sticking to the glass when water was used; sometimes steel balls % in. in diameter were added to the load of disks. There was also constructed a 6-in. mill with corrugated linoleum lining and containing a dry load of various sizes of steel balls. The mills were so connected to the motor that the small mill made two revolutions to one of the large mill. Many runs were made with a great variety of materials, including crushed marble, seeds of many kinds, and many mixtures (some wet and

Jan 1, 1923

By A. W. Gauger

Fox perhaps one hundred years scientists have been engaged in attempts at devising a satisfactory method of classification of coal. During this time many charts, tables and graphs have been proposed, some of which have had considerable merit, but no one system has been found to be applicable to all ranks of coal, nor has any one system received general acceptance. In many of the proposals, water eliminated between room temperature and 105° C. has been regarded as extraneous matter and calculations have been made to the air-dry or water-free basis. Such methods of. calculation do not lend themselves to satisfactory grouping of the high-moisture coals.1,2 A consideration not only of the properties of the high-moisture coals and their behavior on drying but of the generally accepted ideas of the coalification process and the role of water in this process indicates that water is an essential constituent of all coals and therefore should not be neglected. For example, in such low-rank coals as the lignites of the Northern Great Plains' deposits the inherent moisture of the lignite as mined plays a very important part in the physical properties thereof. Freshly mined lignite contains upwards of 30 per cent water and is extremely tough and resistant to shock. Upon exposure to the atmosphere, the lump loses part of its moisture and checks and splits, leaving a friable and broken up residue. So far as we have been able to determine, water is the only thing lost in this process and we are forced to the conclusion that moisture plays an extremely important part in the structural properties of the original lignite. With reference to the coalification process, Mack and Hulett3 pointed out in 1917 the important part that water played therein. They observed that water cannot be removed from peat or coal by pressure alone, but only as the result of chemical reaction, and suggested that peat in its early stages may be largely a hydrosol. Slow chemical changes occur over a long period of time until finally the mass becomes more largely a hydrogel. These views are substantiated to some extent by the experi-

Jan 1, 1932

R. 8. MACPHERRAN, Milwaukee, Wis. (communication to the Secretary): The importance of carbon in pig-iron, as well as the desirability of buying, for some purposes, irons which are high in carbon, has always been recognized. Mr. Summers, I think, has given undue weight to the carbon-determinations. The combined carbon often decreases materially as the center of the pig is approached, with a corresponding increase in the graphite. Even the determination of total carbon, to be of service, must he supplemented by that of other elements. By it alone, the softness of a foundry-iron cannot be determined. Car-wheels and No. 5 iron, for instance, frequently contain 3.75 per cent. of carbon. This is the percentage specified by Mr. Summers for his No. 1 iron, " with the silicon about anywhere the furnace-man wants it." It is true that, other things being equal, the higher the carbon the softer the iron for foundry-use. But to introduce any given percentages of graphitic and total carbon into a pig-iron specification would but make the specification more complicated, without increasing its value in a commensurate degree. Mr. Summers does not believe in the governing of mixtures by the silicon, and, in support of his views, gives several tables. It seems to me that both his conclusions and his tables are somewhat unsatisfactory. He comments on the irregularity in carbon, but fails to note the significance of the irregularity in silicon..The variation of 0.7 per cent. in silicon, for example, is too great to be accounted for by difference in blast. It might better be attributed to bad grading at the furnace, unsystematic sampling, or irregular charging. Deductions drawn under such conditions are of little value. In ordinary work the castings from the same mixture should

Jan 1, 1899

TO WE BOARD OF DIRECTORS OF THE AMERICAN INSTITUTE OF MINING AND METALLURGICAL ENGINEERS Gentlemen:-The following report covers briefly some of the more important activities of the Institute during the year 1923. In my report for the year 1922, I drew attention to the falling off in membership of the Institute due to the depressed condition of the mining industry in several lines and the inability of many of our members to find profitable employment in mining or its associated branches. A number who were unemployed during 1922 established connections during 1923, but a still greater number have been forced to resign or drop their membership during 1923. Fortunately, the number dropped is not so great as in the previous year. The Employment Service conducted by the four Founder Societies bears witness to the trend in business. For the young men just out of college, there are plenty of opportunities at small salaries, there are plenty of opportunities for them as laborers; but for the mature members, those of experience, there are few calls. During the last eighteen months, our Employment Service has been able to place only six of our members out of every hundred engineers for whom it has found work. Another loss which this Society has suffered, but which is not felt so keenly by our sister societies, is in its foreign members. The A. I. M. E. has always had a large foreign membership, but of recent years exchange has been so heavily against many European and South American countries that a large number of members residing abroad have been compelled to relinquish their membership. Almost invariably these members express keen regret because of the necessity that confronts them, and almost invariably the writers express hope that present conditions will not last long and that they will soon be able to ask for reinstatement. Having stated the darkest side of the picture first, it may now be drawn to your attention that in spite of these losses the number of persons applying for membership was decidedly encouraging. From the quality point of view, the membership has not gone backward. The Membership Committee has declined to recommend many

Jan 1, 1925

IN NOVEMBER 1933 I had the pleasure of receiving an autographed copy of a small brochure entitled "Birth of the Porphyry Coppers." The author, James Colquhoun, a distinguished British mining engineer, had been the dominant figure in the Arizona Copper Company, Limited, which, until its acquisition by the Phelps Dodge Corporation in 1921, had been the principal producer of copper in the Morenci district. In addition to the highly productive Humboldt and Longfellow mines it owned the Clay property, which, of course, has now become Arizona's No. 1 copper mine. Except for Utah Copper it is the premier Porphyry copper enterprise in the United States. Mr. Colquhoun's little volume was inspired by THE PORPHYRY COPPERS which had appeared early that year. In a most courteous and friendly way he adduces data to show that "we (Arizona Copper Company Limited) were successfully treating low-grade porphyry ores in quantity for at least four years (1901 to 19W) before the Utah Copper Company did anything at all." This last remark is based on the figures in THE PORPHYRY COPPERS showing that Utah's first production came from the Copperton pilot plant in 1905. Mr. Colquhoun traces the story of Morenci beginning in 1883 when he first arrived there. He tells how the rich self-fluxing ores (containing lime- stone, silica, and iron in proportion to permit direct smelting to produce black copper) were gradually exhausted. High-grade siliceous ore could be mixed in limited quantity with the self-fluxing ores; and oxidized ores were leached to contribute substantially to the production of the district. But

Jan 1, 1957

By H. G. Botset

ANY information that will increase the accuracy of our knowledge of the conditions prevailing in petroleum reservoirs should be of direct value in the determination of the proper operating technique as well as in the estimation of reserves and of ultimate production. The obvious method of obtaining this information is by studying a sample of the reservoir rock and its contents. In any such study, the problem of primary importance and maximum difficulty is that of getting the core to the surface in such a manner that its original fluid content is undis-turbed, which has so far proved to be an impossible task. Though it might be rash to say this will never be done, it is certainly safe to assume that a method for the recovery of a core at the surface in its undisturbed original state may not be developed in the immediate future, and certainly will not be forthcoming without a great deal of costly experimentation. Therefore any information that may be obtained that will help to correlate the state of a core (its fluid saturation) at the surface with its condition at the time it was drilled should be of value to the petroleum industry. The experiments described in this paper were undertaken with the purpose of determining, if possible, any relationship that might exist between the saturation of a core at the surface and its original fluid content. No consideration has been given to the question of contamina-tion by penetration of drilling water, since this problem has been exten-sively studied by other investigators. 1-3 Furthermore, it was regarded as being outside the scope of the present experiments, which were con-cerned only with the effect of pressure reduction upon the liquid content of cores. In an experimental study of this sort involving a large number of variables, accurate control of all factors is very important. The essen-tial and obvious procedure is to vary systematically one factor or condi-tion while keeping all the others constant, which necessarily involves a rather protracted and sometimes tedious experimental program.

Jan 1, 1939

By W. F. Holbrook

IN a previous paper1 a method for the measurement of the comparative desulphurizing power of slags was described and data were presented covering the range of likely slags containing up to 10 per cent MgO In the present work the range is extended to include slags containing up to 20 per cent MgO, and the effect of temperature on 5 per cent and 15 pen cent MgO slags over the range 1475° to 1525° C is included The method used was that described in the previous paper except that some of the temperature measurements were made with a noble-metal thermocouple instead of a tungsten-graphite thermocouple Twelve-gram charges of 0 8 per cent sulphur-metal and 5-gram charge-, of slag were subjected to heating for 30 nun at a prescribed temperature The charges were analyzed for sulphur content For purposes of comparison, desulphurizing power is defined as the ratio of the percentage of sulphur found in the slag to that found in the metal Six slag and metal charges were made coincidentally in 5/8-in holes in a section of an electrode graphite rod One slag and metal charge was used as a control by means of which adjustment in the desulphurization value could be made for small variations in temperature and other factors For convenient presentation of the data, the slags are arranged in groups in each of which one of the four main slag components is constant Thus, the 15 per cent MgO slags are presented separately from those containing 20 per cent MgO SLAGS WITH MAGNESIUM OXIDE CONSTANT 15 Per cent MgO -The data on slags containing 15 per cent MgO cover a composition range of 24 to 50 per cent SI02, 5 to 27 per cent A1203 and 24 to 53 per cent CaO Variation in composition has been in steps of 2 per cent over much of the area Because the change in desulphurization power is generally gradual with gradual change in composition, certain sections have been covered m steps of 4I per cent and even

Jan 1, 1938

By E. H. Hamilton, H. C. Vacher

The limiting concentrations of carbon and oxygen which may CO-exist at equilibrium in liquid iron are important in determining the degree to which liquid steel may be refined before it is deoxidized. Most refining processes depend upon the oxidation of a highly carburized iron which invariably results in contaminating the steel with oxygen. The oxygen thus introduced presents many problems to the refiner, who in turn has attempted to rid the steel of this impurity by deoxidation witch elements such as manganese, silicon and aluminum. The importance of the limiting concentrations of carbon and oxygen is accentuated in view of a number of recent researches which have indicated in many instances the existence of relations between oxide inclusions and dissolved oxygen and physical properties and chemical behavior of steel. The determination of the equilibrium concentrations of carbon and oxygen existing in iron under steelmaking conditions is obviously of fundamental importance. It has been generally assumed that the product of the equilibrium concentrations of carbon and oxygen in liquid iron is a constant and that this product is directly proportional to the carbon monoxide pressure in equilibrium with the liquid iron. Hertyl.2 has computed values for this product based on open-hearth data which are all in the neighborhood of 0.01 to 0.03 (per cent. FeO X per cent. C) for temperatures in the vicinity of 1550" to 1600" C. and one atmosphere pressure. Kinzel and Egan % have attempted to determine the value of this product by exposing liquid iron to carbon monoxide at one atmosphere pressure. The value reported by them was 0.0005 at 1550" C. In order to apply certain equations to the rate of carbon elimination in the open-hearth process, Feild4 found it necessary to assume a value of 0.0102 at 1580" C. for this

Jan 1, 1931

By E. C. Lee

The safety of mine workers has received more attention from both State and Federal law-making bodies than any other industry, a fact that shows clearly the hazardous nature of the industry. The last, but by no means the least, of the measures adopted for the protection of mine workers, is workmen's compensation legislation. This is proving to be a powerful instrument for greater safety in the industries, from the fact that special stress is laid not on how the accident happened or who may have been responsible for it, but on how badly the employee is hurt by it. The injured person does not have to employ lawyers to prove his case, because- the mere fact of his employment is proof of his right to compensation. The immediate effect of such legislation is the certainty confronting the mine operator that he must. pay out large sums for every accident, regardless of its cause, thus adding materially to the cost of the production of his coal. his fact furnished to the operator the strongest incentive to reduce the causes of accidents; not that the operator has ever lacked reasonable consideration for the welfare of his employees and a proper humane interest in their safety, but his engrossmentin earning his daily livelihood has been so great that he has not felt that he had the time to devote to the safety of the operation. This time he must now find because of the actual cash value of the prevention of accidents in his mines. This agency alone proved inadequate to bring about a material improvement because operators have always been willing enough to improve safety conditions when possible to do so within reasonable limits of their financial ability. The requirement in the Workmen's Compensation Laws of several of the States, that the mine operator shall insure as a guarantee of his ability to meet his compensation obligations, has furnished the needed incentive, moral and financial, necessary to the prompt and effective dissemination of a more general knowledge of the causes and

Jan 1, 1918

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

ALABAMA. Aldrich, Aldrich, W. F. Anniston, Noble, A. E. Auburn,' Brown, R. L. Bessemer Abbott, C. E., Ferguson, V., Williams, E. P. Birmingham, Aldrich, T. H., Aldrich, T. H., Jr., Allen, A. W., Bowron, J., Burbidge, T. A., Crawford, G. G, Crockard, F. H., Dimmick, F. D., Ellis, E.,E., Hiller, E., Johnson, G. R., Ludwig, C. P., McCormack, G B., McCrery, Moffett, C. A., Morris, B.H, Peters, R., Jr., Pill, J. R., Ramsay, E. Gadsden, Hudson, J. B. Helena, Squire, J. Holt, Shook, J. W. Huntsville, Moss. Lehigh, Toulmin. Rock Run, Garvin, J. M. Thomas, Kluttz, W. L., Johnson, J. E., Jr. University, Litchman, H. B., Smith, E. A. Woodward, Woodward, A. H.

Jan 1, 1910

NEW MEMBERS The following list comprises the names of those persons who became members during the period Oct. 10 to Nov. 10, 1915: Members BECK, WESLEY HUDSON, Civ. and Min. Engr., Ellsworth Collieries Co., Ellsworth, Pa. BRADSHAW, GRANT D., Pres., Andrews-Bradshaw Co, 409 Diamond Bank Bldg., Pittsburgh, Pa. BUTLER, BERT S., Geol U. S. Geological Survey, Washington, D. C. CAMERON, FRANK, Asst. Mine Foreman, Braden Copper Co., Rancagua, Chile, So. Amer. CHEN, YEFAH FRANCIS, Asst. Min. Engr., Pinghsiang Colliery, Pinghsiang-Ki, via Changsha, China. CLAGHORN, DAVID MONTGOMERY, Mining Engr., Timekeeper, Wilkeson Coal & Coke Co., Wilkeson, Wash. DAVIS, REUBEN WALDO, Min. Engr., Supt., Cannel Coal Co., Dolores, Webb Co., Tex. DOUTHETT, GEORGE M., Supt Crescent Metals Co., Glenwillard, Pa. DUNSFORD, ENSOR R., Min. Engr., Asst. Supt., Victoria Gypsum Min. & Mfg. Co., Ltd., Quarry, St. Alms. C. B.. Nova Scotia. Canada.

Jan 12, 1915