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By Herbert D. Drechsler

Mining Finance is the interrelated aspects of "determining the total amount of funds to employ in a mining firm; allocating these funds efficiently to various assets; and, obtaining the best mix of financing in relation to the overall valuation of the firm." The first section is an overview of the financing problem through examination and discussion of the Balance Sheet and Income Statement. The next section is a discussion of the nature of the criteria developed in feasibility study. The third section describes type of capital funds, and the final section describes case studies of mining finance

Jan 1, 1985

By W. L. McMorris, A. H. Brisse

IN the last several years the coal industry has intensified its effort to solve the growing problem of cleaning and recovering fine mesh coals. On one hand there has been increasing civic pressure for cleaner streams, and on the other hand there has been increasing production of fine mesh coal, resulting directly from adoption of the modern mining methods so essential to the economy of the coal mining industry. Cleaning fine coal with the same precision possible with coarser coals is a difficult task, and for coals finer than 200 mesh it has been impractical. Furthermore, the inclusion of -200 mesh material in the final product markedly increases costs of dewatering and thermal drying, which are necessary steps if coal is to meet market requirements. Consequently these extreme fines have generally been wasted. As a result, problems have been created in many districts because there has not been enough area for adequate settling basins.

Jan 2, 1958

By S. F. Emmons

In a report upon the geology of Ledville and vicinity, which is till in the hands of the Public Printer, I hare given, at some length, my conclusions as to the genesis of the remarkable silver-lead deposits of that region, and the data, gathered during a long and careful consideration, upon which my views were founded. In the brief abstract of this report, published in 1881, the bare conclusions are given, with but few of the facts upon which they were founded. Since that time, these conclusions have been variously criticized, and it has even beer] assumed that the views I expressed with regard to these deposits were intended as a theory of ore-deposits in general.

Jan 1, 1887

By J. Marvin Weller, M. King Hubbert

Preliminary investigations were undertaken with a Megger Ground Tester in 1931 by Hubbert to determine whether the faults in Hardin County, Illinois, could be located by earth-resistivity surveys. The results of these investigations, which were in part presented before this Institute in 1932,1 were sufficiently promising to warrant a more extensive field program in the same general area the following summer. During the second season an apparatus of the Gish-Rooney type was employed because of its greater sensitivity and to avoid the troublesome correction for resistance of potential electrodes necessitated by the use of a Megger instrument. The discussion of earth-resistivity traverses which constitute the main part of this paper is based entirely upon the results of the second season's work. All of the traverses were made with a constant electrode spacing of a equal to 100 ft., and the four-electrode technique was employed. Successive stations in these traverses were spaced at intervals of 100 ft. and the line of electrodes was carried parallel to the line of traverse. The graphs of resistivity profiles presented here (Figs. 1 to 3) are plotted with resistivities in ohm-centimeters as ordinates and with distance divided into stations at 100-ft. intervals as abscissas. After the traverses were run by Hubbert the results were computed, the profiles plotted, and tentative interpretations were made by him. These curves and interpretations were then taken into the field by Wellcr, who made a careful geological examination along the lines of traverse for the purpose of checking and supplementing Hubbert's interpretations. Weller then constructed a geologic cross-section extending along the line of each traverse. The accompanying diagrams graphically illustrate the correlation that can be made between earth resistivity and geology in this area.

Jan 1, 1934

By C. L. Berrien

Before the present company was formed, in 1916, each group of mines comprising the old organizations made its detailed daily and monthly mine cost records along the lines used before the consolidation; that is, there was no attempt made to standardize and compare the stope costs of all mines. The general cost sheets for all mines, however, were standardized, and cumulative labor cost sheets were compiled in the general superintendent's office. At most of the mines, a daily record or distribution sheet for each working place was kept, showing the number of men, hours of drilling, hours of timbering, hours of tramming, cars of ore, cars of waste, sticks of powder and feet of fuse. This information was kept by each shift boss and entered on the distribution sheet by him or, at some mines, by a tram boss. The superintendent solved his own problems under the direction of the general superintendent, but without coming in touch with other superintendents, either through records or general conferences. Probably 95 per cent. of the stopes were square-set worked by day's pay; there were some back-filling and shrinkage stopes. Many of the development places, such as shaft sinking, station cutting, drifting and raises had always been run by contract. These contracts were given, for no definite period, at so much per linear foot and were measured monthly, or when completed, the men being paid monthly. In some cases, fairness to the employee was not maintained. On the whole, there was no standardization. There were no stope contracts, because of the objections of the Western Federation of Miners to general contracting in the mines. Changes in Stoping Methods Early in 1916, W. B. Daly, then general superintendent, and the author, then assistant general superintendent, visited the Southwest mining districts with the object of finding some improved mining

Jan 1, 1923

By H. R. Hanley, Charles Y. Clayton

One of the most important contributions to the art of electrolytic zinc production has been the aluminum cathode. This has been used in all major production since its commercial development in 1916. The literature is replete with important contributions, some of which may have been replaced by better ones, but thus far there appears no other metal to take the place of aluminum as cathode material. Credit for this innovation goes to Sherard Cowper Coles, of England. When experimenting on the extraction of zinc from Broken Hill ore at Hayle, Cornwall, in 1893, he introduced the aluminum cathode, and in 1895 obtained British Patent No. 20073. The reason for this dominant position of aluminum as cathode material in zinc sulphate electrolytes is its unique surface, to which electro-deposited metals usually do not tightly adhere. The metal must, be of high purity for best results. It is possible to develop a starting-sheet method by which thin electro-deposited sheets of cathode zinc are made and stripped from a smooth aluminum plate. Such thin sheets of cathode zinc may be used as are the copper sheets in standard electrolytic copper-refinery practice. However, complications arise because of extreme warping of the zinc starting sheet after a few hours of deposition, and thus special arrangements must be made to compensate for this abnormality. Reasons advanced for the ease with which deposits may be stripped from the aluminum surface are: (1) presence of a permanent oxide coating on the metal, (2) failure of aluminum to alloy with the deposit, (3) differences in coefficient of expansion, (4) high position of aluminum in the electromotive scries of metals. Of these reasons for nonadherence, which may have some application in general deposition, probably the oxide coating has the greatest bearing on the subject of zinc deposition. Adherence of zinc deposits has occasionally had serious effect on tonnage and production costs. Opinions have differed as to the specific

Jan 1, 1943

By E. G. Leonardon

THE first to appreciate and foresee the value of applying electrical measurements to structural studies was Prof. Conrad Schlumberger, Professor of Physics at the School of Mines in Paris. One of his earliest practical undertakings in this line was carried out, in the field, at Fierville-la-Campagne, Normandy, in 1912. His book, published in 1920,1 still stands as an authoritative, fundamental treatise on the use of the electric current in geological studies, in spite of the rapid evolution of geophysics during the last seven years. A remarkable feature of this book is that, even then, it stressed the role of electricity in structural investigations and made public the first successful results obtained therewith. Stratigraphic studies have been pursued continuously by Conrad Schlumberger and his associates since 1912, the only interruption being the World War. The results attained demonstrate the wide possibilities of electrical exploration in structural work. This field of activity is, at the least, as varied and valuable as the search for ore. It is curious that until very recently it has so slightly attracted the attention of geophysicists and geologists on this continent. The purpose of this paper is to present briefly some examples of the practical application of the potential methods to geological studies. These examples are chosen from a number of problems solved in the field by our firm, in the course of its consulting practice. Certain fundamental points are briefly stated before the field operations and interpretations are described.

Jan 1, 1928

By George F. Weaton

Mining differs from the ordinary industry in that most industries and enterprises have an indeterminate life, apparently perpetual, and therefore, are not called on to replace the original investment. In mining, however, when the ore bodies are mined out, there is nothing left, The original capital investment must, therefore, be returned to the investor by the time that the profitable life of the mine is ended. When the operating company makes no provisions for perpetuating its life by investing a portion of its earnings in other properties, the usual procedure is to pay the investor, periodically, a dividend sufficiently larger than the risk return on his investment to enable him, if he reinvests this overplus at a safe rate of compound interest, to replace his original capital by the time the mine is exhausted. This overplus constitutes a return of invested capital. In estimating the value of a mining enterprise, the work leading to the final result may be divided into two parts. The first is the examination of the property to determine ore reserves, mining costs and profits, financial requirements and future prospects. Whatever conclusions are reached in this phase of the work depend on the experience, thoroughness and integrity of the examining engineers. The second is the calculations pursuant to the field examination.

Jan 5, 1973

By Paul D. Merica, W. A. Mudge

ONE of the most prominent features of our present-day industrial development is the ever-increasing demand put upon materials of construction Engineering ingenuity, within the past 25 years, has been unusually active, and in some fields at least engineers frankly say that engineering design has progressed as far as the limitations imposed by the properties of the present materials of construction will permit. Consequently, they are today demanding improvement in their working materials and seeking new ones, through the aid of which the present limitations of design may be overcome The activity of this search is evident in all fields, but it is particularly so in that of structural materials required to be resistant to corrosion The corrosion resistance of metals and alloys is never absolute and all-inclusive, a particular alloy will withstand some corrosive conditions well and fall utterly under others Furthermore, other properties, physical and mechanical, required in conjunction with corrosion resistance vary considerably for different commercial applications One wants a soft, ductile sheet metal resistant to atmospheric corrosion, another, a high-strength alloy resistant to sulfuric acid The last decade has witnessed active and definite progress in the development of high-strength, corrosion-resisting alloys In June, 1924, a symposium by the American Society for Testing Materials, on Corrosion-Resistant, Heat-resistant and Electrical-resistance Alloys, disclosed no less. than 60 commercial alloys the properties of which were described as being suitable for industrial service where corrosion resistance

Jan 1, 1935

By Wilbur Nelson

Little drilling has been done in Kentucky and Tennessee in 1923, with the exception of the Kettle Creek area on the Kentucky-Tennessee line. Oil prices fluctuated between $2.86 and $1.36 Per bbl. for light oil. The Kentucky production was slightly over 8,000,000 bbl., being 1,000,000 bbl. less than during 1922. Tennessee production was approximately 8500 bbl., being a decrease of 1000 bbl, over. 1922. During 1923, the first producing well was brought in, in Clay County, Tenn. Production in Tennessee will undoubtedly increase considerably in 1924, and Kentucky production will probably increase slightly. THE year 1923 has been a dull period in oil development in Kentucky and Tennessee, with the exception of the Kettle Creek area along the Tennessee-Kentucky line, in Clinton and Cumberland Counties, Kentucky, and Clay County, Tennessee. The price of oil during the year has been so low that wildcatters have shown little interest in drilling. At the beginning of the year, light oil sold for $2.31 per barrel and medium oil for $2.06 per, barrel. Prices increased to the highest point for the year in February, when light oil brought $2.86 per barrel and medium oil, $2.61. In April, prices had declined 35 c. while in May an additional decline of 25 c. went into effect. During June, prices declined 20 c. per barrel; during July, 45 c. per barrel; remained stationary during August and September, and dropped during November and December to the low price of $1.36 per barrel for light and $1.21 for medium oil. At present, an increase of 29 c. has brought the price of light oil up to $1.55, and indications are that the price will continue to increase during the coming months. It can readily be seen that during 1923 the price of oil was such as to prevent any drilling except that necessary to hold leases and to maintain production enough to take care of overhead expenses.

Jan 3, 1924

By C. A. Stetefeldt

In a former paper (Runs., xxi., 286) I described the plant of the Marsac Refinery, and the manipulations of the process, but cou1d not, at the time, give reliable statistical results. To supply the latter is the object of the present paper. I shall give actual facts as correctly as possible, without any bias one way or the other. For all statistics I am indebted to Mr. W. G. Lamb, who has charge of the Marsac lixiviation-plant and refinery; to Mr. A. Luebeck, assayer at the Ontario mill; and to the Daly Office, Salt Lake City.* Before starting on the work of the year 1892, a most careful clean-up was made, and any remnants were charged to the refinery. During 1892 the Marsac lixiviation-works produced 48.8 tons of so-called "regular" sulphides, which contained, on an average, 11,449 ounces of silver per ton; 11.77 ounces of gold per ton; and 569.8 pounds of copper per ton. To this must be added, 266 pounds of sulphides and by-products left over from the product of 1891, which contained 1380 ounces of silver, 1.41 ounces of gold, and 63 pounds of copper. Before giving the results of the clean-up, a general discussion of the items of expense, methods of assaying, etc., is desirable.

Jan 1, 1895

By Charles Holland

MINERS have observed for many years that as pillars are removed in mining operations the pillar adjacent to those mined out frequently shoes evidence of being compressed. Although this has been known for a long time, little or no information is available concerning how far from the mining area the pillars are affected in this manner, or how great is the magnitude of the compression, or concerning the manner or char-acteristic way in which the compression acts, as the mined-out area approaches the pillar under consideration. The writer made a study of pillar action in the Mona mine of the Arkwright Coal Co., partly to get some quantitative data on the deformation of coal-mine pillars. The study was not completed but it seems best to present the information that was obtained.

Jan 1, 1937

By Leo L. Van Sambeek

An understanding of the creep and yield behavior of salt is required for the rock mechanics design aspects of solution mining. Most previous studies of salt behavior have been performed on small specimens of salt under homogeneous stress conditions; i.e., uniaxial and triaxial tests on specimens <0.002 m3. The corejacking test is a larger scale test (-0.75 m3) with inhomogeneous stress conditions that provides data on the structural response of salt. Interpretation of the responses from eight such corejacking tests provides verification of the requisite constitutive parameters required to predict salt behavior at different levels of stress and temperature. These constitutive parameters are not those studied in the usual laboratory test. Corejacking test results show almost inseparable elastic and plastic closures simultaneous with the corejack pressurization. Very rapid closure (on a relative basis) continues for a period of time after the pressurization. This rapid closure is shown to be both continuing yield deformation and creep deformation. After the period of rapid closure, the closure rate approaches a constant value. Numerical modeling of the corejack tests using a creep law containing both transient and steady-state creep functions does not provide results that agree with the responses measured in the corejack tests. Using an experimental design technique plus additional numerical modeling that includes yielding of the salt, results in identification of the significant parameters which allow agreement. The significance of the results from the study is demonstrated by comparing the postulated stability and creep response of a solution-mined cavern using the previous understanding of salt behavior and the understanding developed from this study.

Jan 1, 1985

By F. R. Hensel

The present study was made to determine the laws governing the formation of the primary? crystal structure during solidification. Most of the experiments were carried out on chill castings, but from the resiilts it will be possible to draw certain conclusions as far as sand castings are concerned. It is necessary to discuss first a number of theories, which are generally adopted for explaining the structure of an ingot. Usually, the structure of an ingot consists of the following three zones (Fig. 1): (1) a chill layer of small at-random oriented crystals; (2) a layer of columnar crystals; (3) a zone of equiaxed crystals. The tensile properties of the chill layer and the equiaxed range are usually much better than in the columnar range, particularly the planes that are formed by the columnar crystals growing from two sides at right angles have low tensile properties. This is one of the reasons why columnar crystals in ingot structures are undesirable.

Jan 1, 1937

By W. J. Keep

Those who have observed the influence of various elements upon cast-iron will be interested in the methods used by us to form the several series of test-bars, which form the basis of the conclusions presented in this paper. We found that we could not, by adding ordinary white stickphosphorus to molten iron, produce bars which would exhibit to the eye the peculiar influence of phosphorus. By melting wrought-iron drillings with red phosphorus, Mr. H. S. Fleming produced in his laboratory 10 pounds of phosphide of iron, containing 10.22 per cent. of phosphorus. With this we made two series of test-bars, the first with our white-base iron, and the second with our FLM gray-base iron. Before the time of making these bars we had been unable to procure regularly made pig-iron which contained enough phosphorus to permit of the production of

Jan 1, 1890

By James C. M. Li

The thermodynamics of the set of functions including the activation enthalpy. the activation free energy, and the activation entropy for the motion of dislocations at low temperatures is formulated without a specific model or a mechanism. The behniiior near absolute zero of all these functions and of other relevant quantities related to dislocation mobility Is examined in the light of the third law of thermodynamics. The velocity measurements of Stein and Low for edge dislocations in Si-Fe are used .for illustrotion. In the plastic deformation of crystalline materials, a fundamental assumption, which is supported by direct measurements using etch-pit techniques,&apos;-4 is that the average velocity of a certain mobile dislocation is a single-valued function of temperature and the effective shear stress exerted on the mobile dislocation: Sometimes under certain assumptions, even without direct dislocation-velocity measurements, an activation volume can be obtained from a change in strain rate in a simple tension test. Similarly an ac tivation enthalpy can be obtained by changing the temperature in a creep test. However, the assumptions involved should be studied carefully before using the results of these tests. Consider, for example, a tensile specimen at some stage of deformation with a distribution of mobile dislocations. Let the total length of dislocations of type i be pi per unit volume. The Burgers vector of these dislocations is hi which makes an angle ?i with the tensile axis. With respect to the same tensile axis, let the normal of the slip plane of these dislocations

Jan 1, 1965

While mining silver at Butte in 1882, Marcus Daly is reputed to have told his partners in The Anaconda Silver Mining Co., "It looks rather gloomy. The vein is running into copper." Recently, The Anaconda Co. authorized an $11 million expenditure to be made over the next five years to ensure their "running into copper" at deep levels for many more years. The new development program is designed to permit both deeper and more widespread selective mining in "the richest hill on earth" by means of additional shaft-sinking, reactivating closed mines, and establishing new haulageways and centralized hoisting facilities. Historically a deep level selective mining camp, Butte will now continue its uncommon use of three main types of mining methods at one camp-selective mining, block caving, and open pit mining. It was thought by some people that the construction of the Kelley shaft and the subsequent beginning of block caving operations in 1952-outgrowth of the Greater Butte Project-signaled the end of stope mining of high-grade ores at depth. This feeling became more pronounced when, in 1957, the Berkeley open pit commenced operations. During recent years, the tonnage of ore mined selectively underground has decreased, but the new program will maintain the position of selective underground mining in the overall picture of the Butte operations for many years to come.

Jan 7, 1960

By Beverley S. Randolph

While our coal-mining practice, in regard to hauling on main roads, has advanced very rapidly in recent years by means of compressed air, electricity and ropes, that of gathering from rooms or working-places has remained almost stationary. Few large mines are without some method of mechanical haulage on main roads, but the gathering from working-places is still done almost entirely by means of animals or men. An effort to improve this has been made recently by the Consolidation Coal Company, under the direction of the writer, at its mines in the Georges Creek region. The seam worked is the Pittsburg bed, known locally as the " Big Vein." It is from 8 to 12 feet thick. Immediately overlying the coal there is from 5 to 6 feet of " rashings," consisting of thin alternating beds of shale and coal, which disintegrate rapidly on exposure to the air, and making a very treacherous roof. Rooms are driven from 12 to 15 ft. wide, with a single track close to one side. A line of posts is placed just far enough from this side to leave a clear space for the mine-car with a driver at the brake. This brings the post not far from the middle of the cross-bar, and provides more effectual support than if placed at the end. The tracks in these rooms are usually of 4 in. x 4 in. oak scantling, though of late years, owing to the advance in the price of lumber and the reduction in steel rails, more of the latter are being used. This track is laid by the miner. His pay for the work is included in the price per ton for mining. It is therefore, as a rule, unskillfully and often carelessly laid, and cannot be relied upon to carry safely any weight materially greater than the loaded mine-car. Compressed air was already in use on the main roads, driving motors weighing 30,000 pounds each, which were used to. bring the mine-cars that had been assembled from the rooms

Jan 1, 1904

By R. W. Raymond

The sudden death of Captain Jones, September 28,1889, became known to his fellow-members on the eve of the Ottawa meeting of the Institute; and at that meeting, Mr. Charles Albert Ashburner, of Pittsburgh, expressed with unaffected feeling and unpremeditated eloquence the sorrow of all. Mr. Ashburner subsequently undertook to revise and extend, for in in the Transactions, the remarks he had made at Ottawa; but death surprised him also, in the midst of his labors; and it has become my duty and privilege to prepare from the memoranda he left behind, the present brief and inadequate notice. To me, who knew and loved them both, this task of double sorrow recalls them both, with a peculiar sense of presence and of absence. They seem to speak from another land, not far away, yet not with human voices—like an echo and its echo. William Richard Jones was born in Luzerne county, Pennsylvania, February 23, 1839. His father was Rev. John G. Jones, a Welsh minister, who had immigrated to the United States in 1832. William was the eldest son, and his father&apos;s failing health made it necessary for him to begin early the work of self-support. At the age of ten, he was apprenticed to the Crane Iron company, of Catasauqua, and in this humble capacity entered upon the profession in which he was to become famous. Unquestionably, the thorough acquaintance with all details, acquired by working his way from the bottom to the top, was one secret of the conspicuous executive ability which characterized him in the height of his career. According to a letter from Mr. J. H. Geer, Assistant Chief Engineer of the Cambria Iron Company, Mr. Jones entered the service of that company in 1858 or 1859 as a machinist, and continued to work in that capacity until July, 1862, when he enlisted as a private in the 133d Regiment of Pennsylvania Volunteers, in which he afterwards commanded a company. The regiment was mustered out of service in 1863, and Captain Jones re-enlisted in the 194th

Jan 1, 1890

By William Reynolds

This paper deals with the results of a study of the application and development of mining machines for cutting out and removing dirt bands in bituminous coal beds. Face Preparation When one or more dirt bands1 occur in a seam of coal, the problem of elimination of impurities becomes manifest. The degree of completeness to which these impurities arc removed at the face has an important bearing upon labor costs, haulage costs and outside cleaning costs, and often the ash content of the product is markedly affected. Yet, because the present-day miller is paid for the number of tons he loads he often lacks interest in the quality of the coal. To insure a clean product, a system of penalties for dirty coal is enforced, but control of extraneous impurity content in the loaded coal is often inadequate and ineffectual when coal and banded impurity are shot as one. It seems only logical that to reduce the amount of impurities by proper face preparation before the men are permitted to load the coal is the most efficient method of preparation. Many mines with one or more bands of impurities in their seams are able to mine a desirable product with a comparatively small amount of surface preparation. In fact, three companies in West Virginia have recently changed their methods of fact* preparation, with most gratifying results. The first company (in the Kanawha field) after changing its cutting practice with the hope of relieving a sales problem, was rewarded by an approximate 3 per cent drop in ash in the product. Another company, operating in the same field, reduced its ash approximately 4 per cent by a change in cutting practice. The third company (in the Pocahontas field) found the wet washer inadequate in producing a marketable coal, and installed new cutting machines. Three cuts are now being made in each working place, and the results arc so satisfactory that the cleaning plant has been abandoned.

Jan 1, 1938