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By Walter F. Pond, Kendall E. Born

Production of crude oil in Tennessee during 1935 approximated 20,000 bbl., an increase of about 5000 bbl. over 1934. The total production for the state is an estimate, since the only definite figures available are those for Scott and Morgan counties, where 12,377 bbl. were marketed during 1935, an increase of 4305 bbl. over the preceding year. The oil fields of Scott and Morgan counties are near the eastern margin of the Cumberland Plateau where Pennsylvanian sediments rest uncon-formably upon the Mississippian. Near Glenmary, in Scott County, the production is from the middle Mississippian, probably near the top of the St. Louis limestone. Accumulation is due to a low, east-west anticline which has been cut by a fault. This field is now 20 years old and only a few wells are pumped at present. Oil was Struck along Boone Camp Creek in Morgan County in 1924 and there has been small production since that time. The oil comes from the middle of the Fort Payne formation of lower Mississippian age at a depth of 1400 ft. Geologic work in the area has shown that a terrace and porosity conditions in the Fort Payne formation account for the accumulation. The production figures on a number of small producing wells in Clay and Overton counties are not available. As pointed out by Glenn1, the installation of small local skimming or topping plants in the fields has curtailed the shipment of crude oil out of the state and as a result it has been impossible to secure accurate production figures in these counties. The operators, in most cases, are reluctant to give information, and there is no state law requiring them to do so. Based upon information available to the writers, it is believed that between 7000 and 8000 bbl. is a fair estimate of the production in Clay and Overton counties during 1935. More than 500 wells have been drilled in Clay County, the majority of which were drilled east of Cumberland River. Some eight small oil fields have been developed in the county within the past 12 years, a

Jan 1, 1936

By Kendall E. Born, Walter F. Pond

Production of crude oil in Tennessee during 1935 approximated 20,000 bbl., an increase of about 5000 bbl. over 1934. The total production for the state is an estimate, since the only definite figures available are those for Scott and Morgan counties, where 12,377 bbl. were marketed during 1935, an increase of 4305 bbl. over the preceding year. The oil fields of Scott and Morgan counties are near the eastern margin of the Cumberland Plateau where Pennsylvanian sediments rest uncon-formably upon the Mississippian. Near Glenmary, in Scott County, the production is from the middle Mississippian, probably near the top of the St. Louis limestone. Accumulation is due to a low, east-west anticline which has been cut by a fault. This field is now 20 years old and only a few wells are pumped at present. Oil was Struck along Boone Camp Creek in Morgan County in 1924 and there has been small production since that time. The oil comes from the middle of the Fort Payne formation of lower Mississippian age at a depth of 1400 ft. Geologic work in the area has shown that a terrace and porosity conditions in the Fort Payne formation account for the accumulation. The production figures on a number of small producing wells in Clay and Overton counties are not available. As pointed out by Glenn1, the installation of small local skimming or topping plants in the fields has curtailed the shipment of crude oil out of the state and as a result it has been impossible to secure accurate production figures in these counties. The operators, in most cases, are reluctant to give information, and there is no state law requiring them to do so. Based upon information available to the writers, it is believed that between 7000 and 8000 bbl. is a fair estimate of the production in Clay and Overton counties during 1935. More than 500 wells have been drilled in Clay County, the majority of which were drilled east of Cumberland River. Some eight small oil fields have been developed in the county within the past 12 years, a

Jan 1, 1936

By A. G. Loomis

IT is only within the past 10 years that serious attempt appears to have been made to improve rotary drilling fluids by the application of the principles of colloid chemistry, although the use of chemicals to control the rheological properties of clay slips has long been known in the ceramic industry. The main difficulty apparently lay in the lack of a complete analysis of all of the functions of a drilling fluid in the drilling of the well, together with the lack of adequate consideration of how colloid science could be applied to secure these ends, and particularly how apparent antithetical properties of the fluid could be compromised. Thus one analysis1 of the many requirements of a drilling fluid proved conclusively that the viscosity should be low, in order that cuttings and entrained gas might be eliminated effi-ciently in the settling ditch, while the loss in carrying capacity accompanying low viscosity could be regained by increasing either the density of the mud or the upward velocity of the mud stream in the annular space of the well, and the danger of sticking of the drill stem due to rapid settling in case of enforced suspension of drilling operations could be eliminated by enhancing the thixotropic properties of the fluid. The desired properties of the drilling fluid having thus been established, it was a natural step to treat the fluid with vis-cosity-reducing chemicals, such as salts of weak organic acids1,2-for example, sodium tannate or gallate-and to adjust the pH to the alkaline side to such a degree of thixo-tropy as would give low viscosity and low yield point under the conditions of flow prevailing in the settling ditch, but rapid gelation and high yield point when quiescent in the annular space during shut-downs. In fact, flow in the settling ditch should be just short of turbulent while flow in the well, together with the flow of mud past the cuttings, is practically always turbulent. The use of chemicals other than those mentioned, such as Calgon (sodium hexametaphosphate) and certain other phosphates together with sodium tannate, has now become standard practice and it is the consensus that this method of treatment has proved to be an important step in the development of the art of drilling oil wells.

Jan 1, 1940

By Renato G. Bautista, David C. Lindholm

The results of scale-up studies on a continuous, multistage horizontal mixer-settler extractor are presented. The chemical and mechanical system involves the separation of lanthanum from a mixture of rare earth chlorides using di(2-ethylhexyl) phosphoric acid as the solvent and dilute HCl as a scrub solution in a bench scale extractor. Each stage has a hold-up of 2.6 l. A single stage unit is utilized for scale- up studies. Results are obtained on four sizes of geometrically similar units, the largest being six times the volume of the original bench size. A unit operations technique is chosen so that mixing and settling can be examined independently. Variables examined include type of continuous phase, flow rate of inlet streams, and power input to the mixer. Inlet flow-rate ratios are kept constant for all tests. TWO potential methods of unbaffled pump-mixer scale-up are explored; the maintenance of constant impeller tip speed and constant power input. For the settler, the previously successful method of basing design on constant flow-rate per unit cross- sectional area is used.

Jan 1, 1977

By Frederick Clapp

ALTHOUGH many oil fields have been, and still are being, discovered in Oklahoma, the geology and structure of most of them have not become familiar to the general public because of the delay in securing government geological surveys and the reluctance of oil companies and other interested parties to give out their "inside information." Therefore, until official surveys are available, it behooves us to publish geological results as soon as possible. Fortunately the writer has been authorized by the Cement Field Oil Co. to publish his data on the Cement field, Caddo County at this time. LOCALITY AND DESCRIPTION The Cement field is situated in the part of Oklahoma known generally, until recently, as "Healdton fields," and lies 60 mi. (96 km.) northwest of the Healdton field proper. Like the Healdton field, it forms an approximate ellipse, trending northwest and southeast through the village of Cement on the St. Louis-San Francisco Railroad, on which it is reached in 2 ½ hours from Oklahoma City. In its geological structure, the field constitutes an anticline over 13 mi. (21 km.) long and from 1 to 3 mi. wide; the point of greatest width being not far from its intersection by the above-named railroad. The major axis trends north 75° west from the village of Cement; but eastward appears deflected (if field interpretations are correct) to about south. 45° east. About 5 mi. south lies an approximately parallel syncline, which may be conveniently called the Cyril syncline, the south and west boundaries of which may be distant many miles, but forming a closed basin', south of the Cement anticline. The position of the offsetting synclinal axis, which is believed to lie north and east of Cement, has not been discovered.

Jan 2, 1920

GEORGE S. RICE (written discussion *).-An interesting and important question arose during the coal famine of last winter as to whether the development of new mines should be discouraged on account of the need of labor for the necessary construction and development work at a time of scarcity of labor, more especially as there was an apparent overcapacity of existing mines. The question was referred to the author for his comments, which led to the study of the statistics. The essential results of this study are indicated on the accompanying chart, which illustrates, among other things, the increase in production or consumption, and the estimated maximum production capacity of the bituminous and sub-bituminous mines of the United States. The curves shown are based on data published in the "Mineral Resources" of the United States Geological Survey, and cover the period from 1900 to 1916 inclusive. The following curves have been drawn from the data secured: 1. Average number of days that the mines worked. 2. Yearly total production of bituminous and sub-bituminous mines. 2a. Yearly production of machine-mined coal. 3. Average annual production, equivalent to consumption, for a period of 17 years. 4. Number of coal mine employees each year. 5. Estimated capacity of mines, on basis of 300 working clays in the year. 6. Estimated drop in capacity if no new mines are opened. Considering these curves and the data from which they were constructed: It will be noted that the average number of days the miners worked varied from 193 in 1908 to 234 in 1900, the average being 217. The causes for so many idle days out of the possible total number of working days in the year are well known, namely: (a) Lack of business; (b) lack of cars. Taking the country as a whole, (a) is the important factor, which might otherwise be expressed as being an excess of productive capacity. The yearly production of the mines, which is practically synonymous with consumption, has shown a steady increase, with a few set-backs. An average line has been struck which indicates that the average annual increase of production has been 18 million short tons (16,330,000 metric tons).

Jan 5, 1918

By W. Joseph Schlitt, Kenneth J. Richards, John D. Prater

Kennecott Minerals Company has developed a leach-hydrolysis route for treating flue dusts from copper smelters The flue dusts are acid leached in an oxygen atmosphere to solubilize copper and fix the arsenic, antimony, and bismuth as stable compounds Copper is recovered by cementation with Iron and the barren solution is recycled Molybdenum and other values may be recovered by modification of the basic flow sheet Results of bench scale and pilot plant tests are discussed in terms of the effect of operating parameters.

Jan 1, 1981

By Cornelius F. Kelley

AT the Annual Meeting of the A.1.M.E. last February, Cornelius F. Kelley, chairman of the Anaconda Copper Mining Co., was presented with the Charles F. Rand Memorial Medal for "conspicuous success as administrative head of great enter- prises engaged in the production of nonferrous metals at home and abroad; for inspiring leadership of an organization that has trained able engineers for service wherever ores are mined and metals are recovered; and for enhancing the prestige of metal mining in the financial and industrial world." Mr. Kelley's acceptance speech follows: I am not unmindful of the fact that the distinction is not to be considered a personal one, but that by the language of the citation itself it is rather a recognition of the service that has been performed by the many trained men of an industrial organization that in the arts of mining and metallurgy and in the fabrication of metal products has performed a distinct service to the industry and to mankind. In that spirit, the award is accepted, and on behalf of the organization I represent and myself, I thank you and assure you that the honor is deeply appreciated.

Jan 1, 1944

By John E. Conley, John A. Ruppert

W. B. Mather—A minor recommendation that may be offered to improve the paper is the inclusion of a map of Oregon showing the general location of the various deposits. This is of especial importance to persons like myself who are not familiar with the various areas and counties mentioned. N. S. Wagner and R. S. Mason (authors' reply)—We agree that an index map of Oregon showing the location of the various nonmetallic deposits would add to the paper (fig. 1).

Jan 1, 1951

By John A. Ruppert, John E. Conley

W. B. Mather—A minor recommendation that may be offered to improve the paper is the inclusion of a map of Oregon showing the general location of the various deposits. This is of especial importance to persons like myself who are not familiar with the various areas and counties mentioned. N. S. Wagner and R. S. Mason (authors' reply)—We agree that an index map of Oregon showing the location of the various nonmetallic deposits would add to the paper (fig. 1).

Jan 1, 1951

By Peter Soo

Pvestrained Ferrovac E iron has been neutron-irradiated at approximately 90°C to an integrated flux of 1020 nut (E > 0.82 mev]. The irradiation was found to produce an incveased temperature dependence of the flow stress in addition to a greatly increased athemal stress. Measurements of the flow stress and stress relaxation, from which the activation volume and activation energy for slip were deduced, show that neutron irradiation changes the rate -controlling slip process to one based on dislocation interactions with tetragonal distortions which are Produced around submicroscopic interstitial loops in the lattice. The study indicates that without prestraining prior to irradiation the chances of detecting a change in the rate -controlling slip process are greatly reduced because in the initial stages of slip a substantial fraction of the radiation defects are swept out of the slip plane by gliding dislocations. Thus, activation parameters which are subsequently measured are representative of a greatly reduced defect density and would not differ appreciably from those for unirradi-ated material. The large increase in the athermal component of the flow stress is probably connected with the presence of depleted zones in the lattice which are introduced by irradiation. ALTHOUGH fast neutron-irradiation has not been observed to markedly alter the activation parameters for slip in bcc metals,' small but significant changes do occur. Most experimenters agree that irradiation predominantly increases the athermal component of the yield stress.'-= In addition to this, Laidler and smidt7 have shown that in iron irradiated to 5 X 10" nvt and molybdenum irradiated to 10" nvt, changes occur in the activation volumes for slip. A similar conclusion has been reached by Milasin and Malkin8 for irradiated iron. Work by Ohr et a1.5 shows that for Ferrovac E iron, irradiated to 1.2 X 1016 nvt, small increases in the activation energy for slip also occur. So far these changes in the activation parameters have not been explained on a firm theoretical basis. One important factor which would minimize the chances of detecting a change in the slip mechanism upon irradiation is the presence of "channeling" which has been observed in molybdenum,9 niobium,10 and iron.11These channels are formed by gliding dislocations which sweep irradiation defects out of the active slip planes and thereby create zones in which continued dislocation motion is encouraged. The activation parameters for the dislocations gliding in the defect-free channels would, therefore, be similar to those for unirradiated iron and a change in the rate-controlling slip process would be difficult to detect. In the present work, an attempt has been made to reduce the effect of uneven deformation on the measured activation parameters for slip in neutron-irradiated Ferrovac E iron polycrystals, so that a more realistic assessment of the effects of neutron-irradiation could be made. Primarily, the experiments involve the irradiation of specimens which had been prestrained to 9 pct elongation at room temperature prior to insertion into the reactor. It was hoped that the introduction of a large number of evenly distributed dislocations would substantially decrease any channeling effect which might otherwise occur. MATERIAL AND EXPERIMENTAL PROCEDURE The starting material was vacuum-melted Ferrovac E iron, an analysis of which is given in Table I. The standard tensile specimen had a gage length of 1.125 in., a cross-sectional diameter of 0.120 in., and a re-crystallized grain size of 1.2 x 10-3 in. All tensile tests were conducted on a floor model "Instron" tensile machine at a strain rate of 3 x 10-4 per sec. The irradiation of the prestrained specimens was performed in the Brookhaven High Flux Beam Reactor to an integrated flux of 1020 nvt (E > 0.82 mev) at a temperature of about 90°C. All specimens were excap-sulated in high-purity aluminum sheaths which were lightly swaged around the samples to ensure good thermal contact. Subsequent measurements on the irradiated specimens showed that within experimental accuracy the swaging had not deformed them. EXPERIMENTAL RESULTS Fig. 1 shows the flow stresses for a series of unirradiated control samples. In order to produce a comparable dislocation substructure throughout the test sm range, all specimens were prestrained

Jan 1, 1970

By W. C. Ellis, E. S. Greiner

WHEN metallic materials are deformed plastically, the process may be considered as one in which hardening and recovery occur simultaneously. The net hardening is that produced by deformation in the absence of recovery lessened by recovery during and immediately following deformation. Strain hardening takes place through movements of large groups of atoms acting to a degree as an entity. A complex microstress system is developed. Recovery is a diffusive-type process involving single atoms or, at most, only a few atoms in concerted action. This is accompanied by elastic strain relaxation. Recovery is strongly temperature-dependent. The driving energy for the process resides in thermal fluctuations of the atoms augmented by the energy of the stress field producing the deformation, and by that produced by the deformation. At very low temperatures recovery is essentially absent, or very small. At high temperatures in the hot working range, recovery is so rapid that deformation results in no appreciable net hardening. The interplay of strain-hardening and recovery results in differing end structures depending on the temperature and the strain rate of the process. For example, there is a prominent difference in the spacing of the slip markings and in the detail of X-ray diffraction patterns. High temperatures and slow strain rates favor a wide spacing of slip markings and sharp reflections.',' This suggests that change in rate of the recovery concurrent with deformation modifies to a degree the manner of the deformation. Different slip systems may operate. For very slow rates, the mechanism may, as has been suggested, differ from that of "classical slip." In the experimental work that follows the findings will be interpreted from the point of view developed in this section. Recovery and Electrical Conductivity Electrical conductivity is a sensitive indicator of the state of strain in a material3' * and was used in this investigation. The materials studied in wire form were: OFHC copper, a high purity (99.99 pct) and 2s grade aluminum, and grade A nickel. Wire annealed and initially 0.050 in. in diam was drawn through diamond dies in a simple holder maintained at 25", —75°, or — 195°C. Precautions were taken that for each material all conditions of drawing were the same except the temperature. Electrical resistivity was measured for each condition at 20°C. This was done as soon as practical after drawing to minimize possible room temperature recovery. The data for the four materials are plotted in Fig. 1 in terms of the change in resistivity for drawing at the several temperatures. The effect of temperature of drawing on the increase in resistivity is most pronounced for copper. Drawing at 25°C to 80 pct reduction in area increases the resistivity approximately 2 pct; drawing at —195°C to the same reduction increases the resistivity about 6 pct. The increase in resistivity" & in this metal is due to extra scattering of conduction electrons originating in the lack of orderly arrangement of the atoms induced by the deformation process. It has been suggested

Jan 1, 1953

By Sidney A. Swensrud

The writer has been interested for some time in trying to appraise our industry's prospects for gasoline consumption over the next half dozen years or so. Anyone who has even approached the problem knows the intimate relationship to it of the number of automobiles in use— by automobiles I mean both passenger cars and trucks. Probably at least 90 per cent of our gasoline is used in automotive vehicles. Some recent estimates secured from the Department of Commerce show the following breakdown: Per Cent Passenger cars............................................ 60.0 Trucks................................................... 27.4 Busses................................................... 2.9 Taxicabs................................................. 2.2 Subtotal............................................... 92.5 Aviation, motor boats and railroads......................... 0.5 Agricultural: farm tractors, etc.............................. 3.3 Balance (manufacturing, government use, construction, etc.)... 3.7 100.0 Up to the beginning of the depression there was, of course, a constant annual increase in the number of automobiles in use, for each year the industry added to the total inventory or ''population" more new units than were being scrapped, as may be seen in Fig. 1. Few of us in the oil industry needed to give much attention to the detailed figures, although the automobile industry seemed to interest itself in all sorts of calculations of replacement demand vs. new car demand, the average life of the car, the number scrapped, and the like. Probably many people in the oil industry, as well as outside it, were surprised at the way in which automobile registrations and gasoline consumption held up during the early years of the depression. Nor were they greatly perturbed when, as in the last two years, both registrations and consumption began to fall somewhat. That was natural enough; it

Jan 1, 1933

By Robert Lepsoe

IT is generally realized that in cyaniding the precipitation efficiency of zinc dust is due to the fine division or extended surface of its metallic particles; but frequently it is thought that the presence of other, metals, say 2-3 per cent. lead, is advantageous,. causing more complete precipitation. The results of testing about fifty brands of commercial zinc .dust have led to the conclusion that there is a distinct relation of precipitation efficiency to fineness and that the effect generally can be estimated by examining the size of metallic particles. The presence of lead was not found to be of any importance. SPECIFICATIONS Generally the term "97 percent. to pass a 350-mesh screen, 95-97 per cent. uncombined metallic zinc" is used by the leading European exporters. Among the many methods of determination of metallic zinc, I have found the iodine test (iodine in potassium iodide) very satisfactory and rapid. It has been controlled by the other methods, samples of the same product having been sent to three different analysts: Iodine method 98. 11 per cent. metallic zinc, Volumetric method 97.63 per cent. metallic zinc, Ledoux Co., New York Bichromate method 98.16 per cent. metallic zinc, Watson Gray, Liverpool, England Bichromate method 98.20 per cent. metallic zinc, Norway Inst. of Tech., Trondhjem

Jan 2, 1925

By J. Visman

FOR more than 25 years evaluations of coal cleaning units have appeared in many publications, and during this time considerable progress has been made in developing the theory and techniques of calculating washery results. A variety of characteristics have been defined over the years, many receiving general recognition during the first post-war Coal Preparation Conference in Paris in 1950. Coal preparation has become a science, and the approach to preparation problems is being revolutionized. Formerly, for example, if a coal operator wanted to know the performance of a given cleaning unit for a particular grade of his run-of-mine, he either shipped a carload to the manufacturer for a test run or relied on a report of a test carried out on a coal similar to the one he intended to clean. In modern practice the expensive, time-consuming test work generally can be avoided if the washability curves of the coal in question and the error curve of the cleaner are known. Normally a guarantee can be given on the strength of this information. General acceptance of modern standards has thus reduced the need for pilot-scale models of existing types of coal cleaners. Needless to say, the method requires exhaustive and accurate information on the cleaning unit and on all the additional circumstances affecting its results, in- formation that ultimately can be secured only from actual tests made in the laboratory or in the washery.

Jan 10, 1954

By William Priestley

The author has shown, by .practical experiments, how the rate of cooling steel in the mold governs ingotism, segregation, the formation of dendrites, and the distribution of intergranular material; and the resulting effect these conditions have on the physical qualities of the steel before annealing, after annealing, and after forging. The paper also describes how the structure of steel is affected by the design of the mold and the method of pouring. It is shown that the various constituents of carbon steel segregate differently under different rates of cooling. For the classes of steel covered in this paper, it is concluded that the best physical structure and the most uniform chemical composition is obtained by pouring the steel at a low temperature and solidifying as rapidly as possible in the mold. MUCH time has been devoted, by metallurgists, to the study of steel after solidification and remarkable strides have been made in the heat treatment of steel, but less knowledge is available of the thermophysical, activity of the constituents of steel prior to solidification in the mold. It is known that certain elements added to steel produce marked changes in physical properties, also that other elements added to steel produce similar changes, but we have only meager knowledge as to how these elements combine in steel under different conditions of solidification. It is not sufficient to know, from chemical analysis, that a certain element is present in steel. We should know how this element is in combination with the other elements and whether the combination is such as will give the greatest physical properties. Certain elements go into solid solution with the iron, while others segregate to the grain boundaries and combine with the impurities collected there. Until it is known where an alloy produces the most beneficial effect and a means, is determined for controlling its physical location by altering solidification conditions, or otherwise, we will not obtain the maximum value from our alloys.

Jan 2, 1924

By E. J. Schmitz

This novel safety-lamp, which was first introduced in some of the German coal-mines in 1882, at once attracted general attention in the coal-districts of Europe. Objections which arose during the early stages of its use at the mines have gradually died away with the increase of experience in handling the lamp 011 the part of the miners, and the continual efforts to perfect it on the part of its inventors. Wolf's lamp has rapidly surpassed all its rivals, and has already a greater distribution on the Continent than any one of its older sisters. In the course of two and a half years, the manufacturers have sold 25,000 of the lamps, besides remodelling several thousand rapeseed-oil lamps. This great success, which of itself speaks loudly enough as to the superiority of the Wolf benzine-lamp, is corroborated by both official and private reports, which all agree in pronouncing this lamp the best yet brought forward. It was described in a paper by Mr. Eugene B. Wilson, read at the Chicago meeting of the Institute, in May, 1881,* in which its salient merits were briefly but clearly indicated. Every previous improvement of the original Davy lamp has been directed to one or more of the following main points: 1. Light of greater and more uniform intensity. 2. Freedom from smoke or soot, which clogs the gauze and other parts of the lamp. 3. A greater safety and sensitiveness in the presence of firedamp. 4. An illuminating material which, satisfying the foregoing conditions, should be also cheap. 5. A lock which could not be opened in the mine by the miner. 6. An arrangement for lighting without opening the lamp. 7. An arrangement for changing the size of the flame in the closed lamp, to supersede the picker, the danger from which is explained in Mr. Wilson's paper, already cited. It may safely be said that wolf's lamp was the first to secure all these objects. The adoption of benzine instead of rapeseed-oil (previonsly the best illuminant) has completely satisfied conditions 1, 2, 3, and 4. Benzine gives a much clearer, stronger, and more uni-

Jan 1, 1886

By Francis Lucas

A microscope objective of given numerical aperture, whew used with light of given wave length, has some fixed limit of resolution. This may be expressed as potential resolving ability-the ability to resolve is inherent in the lens but whether this limit is achieved in practice is quite another matter. Nearly 50 years ago Abbe evolved theoretical considerations which indicated that the ability of a lens to resolve detail is directly proportional to twice the numerical aperture of the objective and inversely proportional to the wave length of the light used. It is true, unquestionably, that as the numerical aperture of the objective is increased the potential resolving ability of the lens is increased and likewise whew the wave length of the light used is decreased, the degree of resolution is increased. Whether Abbe's formula expresses the exact relationship is not a matter of great concern. It suffices to know that to improve resolution, other things being equal, two avenues of approach are available. Either the numerical aperture of the objective may be increased or the wave length of the light decreased. With the apochromatic system it is possible to employ successfully wave lengths from 400 to 500, µµ and still secure reasonably short exposures. The present limit for numerical aperture is 1.40 N. A. although objectives of 1.65 N. A. are wow an experimental possibility for metallurgical work. Thus certain well defined limits are set for those who work within the range of the visible spectrum. In order to take advantage of the increase in resolving power which accompanies a decrease in the wave length of light employed, Dr. A. Köhler and Dr. M. Vow Rohr of the Zeiss Scientific Staff developed the "monochromats." These are quartz objectives corrected for the single wave length 275 µµ which lies in the ultra-violet region of the spectrum. They also developed a series of quartz oculars and a complete photo-micrographic equipment with which to use the quartz optics. Quartz must be used for the optical parts because glass absorbs ultra-violet light almost completely. Thus there was made available about 20 years

Jan 6, 1926

By Phillip Crowson

INTRODUCTION This discusses some of the economic risks and uncertainties which face any company investing in new mineral ventures. These differ mainly in degree rather than kind from other large capital intensive projects, except that economic risks are compounded with technical risks. Mines face a wide variety of physical risks, and in addition the ore reserves may not prove as ample, nor as amenable to treatment as the feasibility studies indicate. On the economic front, mineral projects are subject to risks of fluctuating prices and sales volumes, no matter where they are located, or how they are financed. Typically, they are heavy users of capital compared with their owners' internally generated funds. Long term debt of various types is still the favoured form of finance. A project's currencies and cost often differ from each other and from those of the parent company. Facing up to the various risks associated with fluctuating and uncertain revenues, interest rates and exchange rates are amongst the hardest tasks for natural resource companies. ATTITUDES TO THE MINING INDUSTRY Some have questioned whether the game itself is now worth playing. They have argued that the mining industry's mediocre rewards in the past decade have been insufficient, compared with the risks involved. They can see no prospect of dramatic improvement in the next decade. Demand is highly cyclical and tends to grow less rapidly than economic activity, as a whole. Barriers to entry are low in most mineral markets, but impediments to exit can be substantial. Exit is especially problematic in those minerals where there are large state shareholdings and/or where less developed countries are major producers. The consequence is claimed to be an endemic tendency to excess capacity, and prices barely adequate to cover marginal cash costs. Many of the petroleum companies that moved into mining with such high expectations in the late 1970s have retreated, often bearing the scars of heavy losses. Individual shareholders, taken collectively, place low valuations on their investments in mining companies. The price/earnings ratios of the major mineral producing companies are low compared with their historical averages and with those of other industries. PRICE: EARNINGS RATIOS (October 1988) [UK Industrials 12.0 RTZ 8.4 Cons Gold 12.2 US Industrials 13 - 13.4 Alcan Alcoa Amax Asarco Cyprus Minerals Freeport Copper Inco Inspiration Magma Copper Newmont Mining Nord Resources Phelps Dodge Reynolds Metal Canada TSE 300 10.6 Cominco 8.7 Falconbridge 5.3 Noranda 7.0 Rio Algom 7.2 Teck Corporation 17.] NOTE: Mining companies' p/e based on prospective 1988 earnings, from Kleinwort Benson Securities' weekly Mining World, October 1988. Until 1987, it was argued that share prices correctly reflected the companies' poor earnings potential. Subsequently, the argument has been that earnings have been unnaturally boosted by cyclically high metal prices. The stock market valuations, therefore, correctly reflect future earnings, or at least expected earnings. This seems to be a case of Heads, I win; Tails, you lose. The underlying analysis of metal markets appears

Jan 1, 1990

By D. A. Hinckfuss

The large and compact but simple Bougainville Copper Limited flotation circuit has been in operation for 3-1/2 years. Discussion of problem areas encountered since start-up and remedies that have been implemented or proposed, form the main basis of this paper. Full current operational data is also provided.

Jan 1, 1976