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By Frederic Benard

The treatment of Balbach-Thum slimes at Copper Cliff by the Ontario Refining Co, is of interest because it differs considerably from methods usually employed for the recovery of fine gold from parting-plant slimes. Owing to the comparatively high percentages of palladium and platinum, wet methods are used to remover the greater proportion of these metals before electrolytic refining in the Wohlwill cells. The Plant The platinum-metals department, Wohlwill room, and gold-melting room extend along the north side of the silver refinery and are separated from the parting plant by a glass partition (Figs. 1 and 2). The platinum-metals department resembles a laboratory built on a large scale, with the various pieces of equipment laid out on terraces to facilitate handling. Because of the corrosive nature of the solutions, chemical stoneware is used throughout. Elevation of acids is accomplished by means of Mariotte bottles. On the top level are three steam-jacketed stoneware kettles of 50-gal. capacity, also a packed tower. One kettle is used for digesting the slimes while the remaining kettles are used for precipitating the gold. The dissolver is equippcd with a treated concrete hood, which is connected to the flue system. Gases are drawn off through the packed tower by means of a 6-in. stoneware exhaust fan. A 15 per cent solution of sodium carbonate is continually circulated through the tower. On the intermediate level are two suition filters, one for removing silver chloride and the other for the gold sand. The filter medium consists of an asbestos pad covered with a filter paper on which is a layer of twill. On the bottom level are two rectangular cementation tanks, 24 by 48 by 24 in. deep, and a suction filter used for removing the platinum-metal concentrates. The circulating pump for the packed tower is also here. Suction is provided by a vacuum pump having a capacity of 8 cu. ft. at 20-in. vacuum.

Jan 1, 1944

W. G. MITCHELL,* New York, N. Y.-I quite agree with Mr. Wilson1 in the statement that the Bonanza copper orebodies of the Jerome District are definitely pre-Cambrian. You might go much further than that. It is an interesting fact and, I think, well substantiated that the chalcocite enrichment is pre-Cambrian, and in that particular the deposits are unique, so far as I know, among copper-ore deposits. It is certainly true, under my scheme of classification, at least, and I think it has been supported by the work of Mr. Reber of the United Verde Extension, that chalcocitization was entirely accomplished prior to the laying down of the Cambrian sediments. The statement of Mr. Wilson that no Yavapai schist, as defined by Jagger and Palache, has been found in the Jerome District and that the schist in Jerome is composed entirely of ancient intrusive and extrusive volcanic rocks and bedded tuffs is one with which I am not entirely in accord. I believe that it is true that the schists at Jerome are largely composed of bedded volcanic material, I am also certain that there is a considerable proportion of plastic material in those schists. I have seen a good many slides, and it is quite common to find quartzites and limestones in the schists. At a short distance from Jerome, at the Arizona Binghamton, there are limestone strata in the schists several feet in thickness, and unmistakably a part of the original sediments as laid down. Another statement of Mr. Wilson is supported by my own observations. In the United Verde mine included fragments of sulfide ore are found in later anthracite dikes, which cut the orebodies but do not invade the chalcocite sediments. This is not only true, but those fragments of sulfide ore that are of small size, from the size of a walnut to fragments 2 and 3 ft. in diameter, are of the original unenriched pyritic material. I have never found high-grade ore, either chalcopyrite or chalcocite, in any of those dikes.

Jan 4, 1919

By G. Czupryna, S. Natansohn

Electrowinning is the prevalent technique for recovering silver from wastes generated in silver-tungsten electrical contact fabrication. Such scrap is placed in a permeable plastic basket, which constitutes the anode compartment, and is suspended in a larger cell where the cathode is mounted. A silver nitrate solution is used as the electrolyte and, upon application of an electric field, the silver migrates to the cathode where it deposits. At times, there is tungsten migration to the cathode compartment and consequent co-deposition with the silver. This W contamination, which may amount to several thousand mg/L (oz per gal), necessitates additional purification of the deposited Ag and its removal would, therefore, be advantageous. Eliminating the W impurity also extends the operating period of the cell with corresponding increases in the Ag output and savings in labor costs. The solution to this problem lies in the selective removal of the W from the AgNO3 electrolyte either by liquid-liquid or liquid-solid extraction. Although W extraction in the liquid-liquid mode with a quaternary amine or other reagents as extractants appears feasible, particularly in view of the low pH (about 1.5) of the system, this approach was not considered because it is essentially a batch-type process. It is a more elaborate industrial operation than extraction by ion exchange resins. Implementing the latter process consists of passing the electrolyte from the electrowinning cell through an ion exchange column which would extract the tungsten selectively and returning the tungsten-free stream to the cathode compartment. This process continues until the W extraction efficiency decreases (as a result of resin loading) below an acceptable value. The electrolyte is then directed through another, similar column while the W values are eluted off the first one and the resin is regenerated for another cycle. Thus, two columns in a parallel flow pattern provide the means for continuous processing of the electrolyte feedstock.

Jan 1, 1984

By H. F. JR. Miller

(Butte Meeting, August, 1913.) THE major cause of the deterioration of the open-hearth furnace as its length of service increases, is the melting down, or rather the slagging, of the checker-brick, together with the deposition of dirt in the form of iron oxide, etc., which helps to close the openings, as well as to slag the brick by chemical action. Any construction that will do away with the necessity of having the waste gases come down through the checkers will eliminate the main reason for their deterioration. There are some other well-defined reasons which are subordinate to the main one given above. Some of the defects of the present type of regenerator chambers are as follows: 1. The checkers cannot be cleaned while the furnace is in operation, nor can they be cleaned at the end of the run without taking out all of the checker-brick. This causes high costs for labor and brick. The labor cost is high because all checker-brick have to be handled twice. The brick cost is high because many of the bricks are spalled in the double handling, rendering them useless because a spalled brick will not stand up. 2. The top courses of brick become coated with iron oxide, etc., melt clown, and large amounts of dirt are deposited throughout the checkers, especially at the bottom. The draft of the furnace is decreased by the closing of the top and bottom openings, especially the top ones, and the entire working of the furnace is affected. If an effort is made to clean the checkers the dirt and brick falling down into the holes still further diminish the draft. 3. The distribution of the air or waste gases through the checkers is in many cases uneven, resulting in a lower temperature of pre-heated air and therefore a slower working furnace. Also, the passage of air and waste gases is so crooked that sometimes the chimney is not powerful enough to overcome the friction.

Jan 6, 1913

By G. C. Kuczynski

A. J. SHALER* and H. UDIN*— Bonding, and the increase in contact area, form two of the series of phenomena collectively known as 'sintering.' A third one of these is involved in changes in dimensions of the whole compact. Dr. Kuczynski's Fig 1, in which the center of the sphere does not approach the surface of the plate, shows that he is not concerned with the last of these phenomena. On the other hand, Frenkel's work is exclusively concerned with changes in dimensions. Dr. Kuczynski's rather unfortunate remarks about Frenkel's work are therefore beside the point. The work of Wulff and myself, quoted by the author, has also been primarily concerned with what we call the 'second stage of sintering,' in which such systems as may be represented by Kuczynski's model of a sphere and a block are no longer in existence. The work of Pines also falls in this category. Neither does Dr. Kuczynski's very masterful experimental work represent a solution to the problem of bonding. It does not seek to answer the question of why particles approach one another and form a weld in the first place. Such a study clearly reveals that the area of contact is initially rapidly deformed by direct mechanical flow caused by the same force of attraction. This initial deformation is neglected here. On the other hand, students of the phenomena of sintering must not underestimate the very important contribution that Dr. Kuczynski does make in this paper. It is a well-worked out study of the mechanism of 'spheroidization' of the voids, the first manifestation of which, during sintering, is the growth of the areas of contact, with no change in the dimensions of the compact. This study is very valuable as a basis for predicting the development of the strength of such compacts as filters and certain porous bearings, in which the second stage of sintering is never reached. A few more specific points may be brought up here. If, in Table 4, the data are extrapolated to zero time, it is easily

Jan 1, 1950

By J. Morgan Clements

The manufacture of coke in Peru, as practiced at the coalmines of the Quishuarcancha and Goyllarisquisca districts, is intermediate between the primitive coke-heap and the bee-hive oven. The method of coking is quite simple. In constructing the coal-heap, preparatory to burning, the ground is first leveled, and a simple stack of stone and clay is built, giving the bottom, to a height of 6 ft., approximately 6 ft. of external diameter. The size of the stack varies in different districts, but is generally 9 ft. high, and slightly smaller at the top than at the bottom. The walls of the heap are from 12 to 14 in. thick, which allows an inside diameter of from 3.75 to 4 ft. These walls are pierced at intervals by three or more tiers of openings or flues, connected with the central flue. The radial flues have a diameter of about 5 in. and are built with a gentle upward slope. The stack (shown in Fig. 1) is permanent; and in this respect the practice in Peru differs from other primitive practices in which nothing is permanent except the yard. Above the permanent 6-ft. portion of the stack there is added a cap of clay, about 3 ft. high, which contracts toward the top, where it has an inside diameter of about 2 ft. This clay cap is temporary, and frequently has to be renewed after each burning. Before charging the coal, there are first built, from the lowest tier of flues upon the ground, a number of temporary flues, leading from the central stack out to the edge of the coal-heap, and constructed of blocks of coal for the greater part of the distauce, the outer edge alone being of rough stoue. The coal is then piled up over these flues and around the stack to a height of about 6 ft. The bottom flues are the only ones that

Jan 1, 1905

By E. M. Furness, A. S. Henderson

ORIGINALLY the Babbitt experimental plant grinding circuit consisted of one rod mill 10 ½ ft diam by 12 ft long in open circuit followed by two ball mills 10 ½ ft diam* 12 ft long in parallel circuit. Shortly after operations commenced it was apparent that the rod mill could not function satisfactorily at the required 125 gross tons of ore per hr. Attempts to operate at this rate produced: 1) excessive tramp material over rod mill trommel screen which could not be handled in this open circuit and 2) excess build-up of coarse ore in the ball mill circuits because of inadequate rod mill grinding. Since Reserve Mining Co. ore must be ground to 85 pct -325 mesh to produce a satisfactory iron concentrate, an efficient and controlled grinding circuit is highly important. The first step in trying to resolve this grinding problem was to determine which unit of the circuit was actually in trouble and to what extent. A series of tests conducted at a lower tonnage rate of rod mill feed indicated that one ball mill could grind satisfactorily at rates up to 70 gross tons of rod mill feed per hr.

Jan 12, 1957

By W. J. Maraman, D. R. Harbur, J. W. Anderson

A device for rapidly quenching liquid metals into thin platelets has been developed at the Los Alamos Scientific Laboratory. This rapid quenching equipment is built around the technique of catching a molten drop of metal between a rapidly closing plate and a stationary plate. The design and operation of this unit are described. The closing speed of the smasher plate at impact is 12.6 ft per sec. The quenching rate for this device is controlled by the interface resistance between the plates and the platelet, and is dependent upon the heat content and density of the material being quenched. The initial quenching rate down to the freezing point of the platelet material is lo5º to 106ºC per sec. After an isothermal delay, which is poportional to the heat of fusion of the platelet material, the final cooling rate down to the temperature of the smaslier plates is l04ºto 105cº per sec. RAPID heating of metals by capacitor discharge and other methods has provided the metallurgist with a useful tool for probing into the kinetics of phase changes and the many nonequilibrium phenomena which occur during rapid temperature changes. Equally interesting studies can also be made on metals and alloys which are rapidly cooled from the liquid state.' Studies in this field have been limited, however, because the rates at which metals could be cooled were many orders of magnitude slower than the rates possible for heating. In recent years many new laboratory methods have been developed to rapidly cool metals from the liquid state to ambient temperature and below.2"4 All of these methods involve spreading a liquid drop of metal into a thin foil in a very short time. The methods developed have varied from ejecting a drop of molten metal at the inside surface of a rotating cylinder or stationary curved plate to catching a falling drop of molten metal between rapidly closing plates. The equipment which has been developed at the Los Alamos Scientific Laboratory for rapidly cooling molten materials uses the latter of these two approaches. The basic design, operation, and initial results of this rapid quenching device are given in this report. APPARATUS The drop smasher, which is now being used to obtain rapidly cooled metal foils, is shown in Fig. 1. Basically the device consists of a smasher plate which is driven by a solenoid into a stationary plate. The solenoid is activated by a drop passing through the photoelectric cell and is powered by discharging an adjustable 350-v capacitor bank with a 66-amp peak current into it. This power supply is designed so that the solenoid is powered for 2 m-sec after plate closure to minimize the rebound effect. There is an adjustable time-delay mechanism between the photoelectric cell and the solenoid. Both smasher plates have changeable inserts so that a variety of materials can be used to smash the molten drop. The shaft of the moving plate is guided in an adjustable housing which has ball-bearing walls. The cabinet shown to the left of the drop smasher in Fig. 1 contains the power supply and receiver for the photoelectric cell, the time delay mechanism, and the capacitor bank. The drop smasher can be placed inside a vacuum chamber, for use with radioactive materials, with the upper plate forming the lid, as shown in Fig. 2. On top of the vacuum lid is an induction coil, powered by an Ajax induction generator, which is used to melt drops from the end of the rod extending through the vacuum seal on top the quartz tube. OPERATION The drop smasher shown in Fig. 2 is operated in the following manner. The smasher plates are separated and the unit is lowered into the vacuum chamber using a pressurized cylinder. The induction coil, quartz tube, and lid with sliding vacuum seal are then assembled on top the vacuum chamber. A rod of the material for rapid quenching studies is connected to the rod extending through the sliding vacuum seal. The vacuum chamber is then evacuated and the desired atmosphere established. The photoelectric cell is turned on, and the capacitor bank is charged and armed. Power is supplied to the induction coil, and the rod of material for rapid quenching studies is lowered into the induction field. A molten drop forms on the end of the rod, drops off, falls through the light beam of the photoelectric cell, and is then caught between the smasher plates. .

Jan 1, 1970

By O. B. Bucklen, J. P. Matoney, P. G. Meikle, R. L. Terry

INTRODUCTION The trend in the coal industry for many years has been to make every- thing "bigger and faster." This also holds true for loading and storage facilities. Where once a 1 million st per yr (910,000 mt/yr) mine was rare, 3-5 million st per yr (2,730,000-4,550,000 mt/yr) mines are not uncommon today in the bituminous industry. This great increase in production, made possible through mechanization, requires greatly improved loading facilities just to get the coal away from the mine. Also, there is a trend to- ward combining production from more than one mine and cleaning it in a single preparation plant. In addition to increased loading capacity, this frequently necessitates raw-coal storage and blending facilities. The development of the unit train with its attendant economics has contributed more than any other factor to the widespread construction of storage and high-speed loading facilities. In the export market, the construction of ever larger coal colliers has added to the need for faster and larger loading facilities. In this climate of rapidly changing technology, any written ac-

Jan 1, 1979

By C. W. Clark

Two papers have been written previously concerning operations at the Montreal East plant of Canadian Copper Refiners Limited. The first one,1 written in 1932, described silver-refinery operations at the time for producing silver and gold bullion from tankhouse anode slimes; the second,2 published in 1933, consisted of a description of the entire plant. Since publication of these papers the refinery has become the world's larg-est producer of refined selenium. The first selenium was produced in August 1934. Tellurium production on a. commercial scale followed in October 1935. This paper will deal with selenium and tellurium produc-tion and also with present operations in the silver refinery. Blister cakes from Hudson' Bay Mining and Smelting Co., Flin Flon, Manitoba, and commercial anodes from Noranda Mines Limited, Noranda, Quebec, are refined at Montreal East. Both these bullions have unusually high gold, selenium and tellurium content. The average assay of raw slimes produced from domestic and Noranda anodes is about 40 per cent Cu, 3600 oz. per ton Ag, 800 oz. per ton Au, 22 per cent Se and 3.7 per cent Te.

Jan 1, 1938

By W. H. Bassett, J. C. Bradley

In their paper on the directional properties in cold-rolled and annealed commercial bronze,' Phillips and Samans suggest that cupronickel, under distinctly different treatments, shows both "45" ears" and "90" ears. Fig. I shows the ears on some cupronickel cups made some 17 years ago for bullet jackets for small arms ammunition. In this case the material heated to 425° C. had "45" ears, while that annealed at 950°C. showed long "90" ears" when drawn with the same tools. The method of cupping, the shape of cupping tools, etc., were found to have very little influence on the earing tendency, but the deeper the cup was drawn, the higher the ears would be. Method of Manufacture Cupronickel cast bars were 1 in. thick. Ordinarily, they were rolled with numerous passes to a thickness of 0.4 to 0.2 in., according to conditions. They were then given a single intermediate anneal, and rolled to finish thickness, frequently 0.032 in. After a last anneal the material was cupped with a "cut and draw" operation. Progress of this is indicated in Fig. 2, illustrating five different stages at which the drawing

Jan 1, 1933

By Robert U. King, John W. Vanderwilt

THE Climax molybdenite deposit in Lake County 100 miles southwest of Denver is located in the central part of the mineral belt extending north-easterly across the state. Principal geographic features and geology are shown on Fig. 1. The first period of molybdenite mining, which began in 1918, ended in April 1919 because of limited demand and a price drop to about 724 per lb. During this time the ore came from the Leal level and surface outcrops at a higher elevation. Rate of mining was 250 tpd and several million tons of ore averaging 0.7 pct molybdenite were developed. Since April 1924, when the second period* began, Climax Molybdenum Co. has been the only operating company. Production in 1924 was 400 tpd and finding ore was a continual problem. When the White tunnel was extended, however, further ore was encountered. The orebody was thought to be tabular until 1926, when B. S. Butler recognized the relation of the developed ore on the Leal and White levels to a central area of fine-grained hydrothermal quartz, and by 1929 diamond drilling had blocked out indicated ore reserves in excess of 100 million tons.

Jan 1, 1955

By Laurence Delisle

The aim of this paper is the description of a technique to be applied to the study of sections of metal powder particles, less than 20 microns in diam. with the electron microscope, by the replica method, using for replica a material such as formvar or parlodion. This work originated with the study of particles of tungsten powders. Such particles were too small to be examined in sufficient detail with the light microscope. On the other hand, examination with the electron microscope of the powders dispersed in the supporting film was not found satisfactory because: 1. It did not permit differentiating between single particles and aggregates. 2. It did not show the true outlines of the particles but only the projection of a whole surface. 3. No details appeared. For that reason it was attempted to make replicas of sections of the particles imbedded in a mounting material suitable for polishing and etching. The method proved satisfactory for the examination of tungsten powder and was then extended to car-bonyl nickel and carbonyl iron powders. Procedure Several mounting materials commonly used in ordinary metallography were investigated. The problem consisted in finding a mounting material

Jan 1, 1950

By Elmer W., Pehrson

NOT much serious consideration was liven to the military aspects of raw materials before World War 1. Following the outbreak of war in Europe in 1914, however. this situation was promptly changed. Disruption of allied shipping and German submarine warfare soon cut off a substantial part of the material the United Staten was accustomed to receiving from overseas. At the same time, raw material requirements rose rapidly as the tempo of industrial preparedness was stepped up in anticipation of war. By April 1917, when we entered the war, serious shortages threatened and consideralde attention was being given to our "deficcient" raw materials. The term "war mineral," began to appear after we became active combatants. But there is no evidence that "strategics" and "critical." as now used, had entered the lexicon of our raw materials experts during the last war nor were there apparently any officially recog¬nized list or definitions of what con¬stituted war materials. According to G. A. Roush in his book, `'Strategic Mineral Supplies," C. K. Leith, while serving as mineral advisor to the War Industries Board. compiled the first unofficial list of deficient minerals in 1917.

Jan 1, 1944

By Nicholas J. Grant, Noboru Komatsu

Electron-micrographic studies and hardness tests were made of an internally oxidized dispersion-strengthened Cu-12 vol pct SiO2 alloy follozuing longtime annealing at elevated temperatures. The rate of coarsening of SiO2 particles and the relationship between hardness and interpavticle spacing were Dispersion -strengthened alloys exhibit a remarkable stability of structure and properties at elevated temperatures compared with conventional alloys; nevertheless, when they are exposed to high measured. The rate of coarsening of SiO2 particles is controlled by the decomposition of SiO, rather than by the diffusion rates of silicon or oxygen through the copper matrix. The mechanism of coarsening was also studied by using a diffusion-couple technique. temperatures, weakening takes place as a result of coarsening of the dispersed phase. The theoretical treatment of the coarsening of dispersed phases has been treated by Greenwood,1 wagner,, and others3 by considering the interfacial energy of dispersions and the diffusion of solute atoms. Recently, experimental work on the coarsening of relatively insoluble, finely dispersed cobalt particles in copper was reported by Livingston,4 and on aluminum oxide in nickel by Dromsky, Lenel, and Ansell;5 according to these investigations, the rate

Jan 1, 1964

LIEUTENANT MARTIN F. BOWLES Martin F. Bowles, born Apr. 25, 1893, at Bonne Terre, Mo., and graduated from the Neodesha, Kans., High School, had finished all but one month of a four-year course in metallurgical engineering at the Missouri School of Mines, Rolla, Mo., when on May 12, 1917, he entered LIEUTENANT MARTIN F. BOWLES. the first Officers' Training Camp at Fort Riley, Kans. At the close of the training period, he was commissioned a Second Lieutenant and as¬signed to Co. B, 355th Infantry, 89th Division, and stationed at Camp Funston. He left this camp with his company on May 21, 1918, and sailed from an eastern port on June 4, arriving in England on June 15, 1918. After a short stay at a rest camp there, he proceeded to France. On August 14, he wrote that he was with Battalion Headquarters as Scout Officer, 1st Battalion, 355th Infantry, 89th Division. The last letter received from him, dated September 2, was written in his dugout and contained the following: "Here it is 2.45A. M. Sitting in a dugout

Jan 1, 1919

By J. B. Dilworth

The purpose of this paper is, first, to give a general account of a little-known coal-district of SE. Kentucky, its topography, drainage, and mineral resourcee, for those who may be interested in its economic development; and secondly, so to describe the geologic features of the field as to furnish available data to those engaged on the broader problems of Appalachian coal-geology. The data from which the major portion of the paper has been prepared were obtained, in professional investigations for private individuals and corporations, within the last decade. The area under review, defined by a heavy line on the map, Fig. 1, lies between Little Black and Pine mountains, and extends from Harlan on the west to a N-S. line crossing Looney creek 3 miles from its mouth on the east. This area can be divided for description into a Western and an Eastern Division. The character of investigatioil pursued in the Western Division, below Fugitt creek, was very different from that employed in the Eastern. In the former, only a rapid reconnois-sance was attempted: such coal-openings as had been made by prospectors or by citizens in obtaining fuel were visited, their

Jan 1, 1913

By N. J. King, R. F. Hadley

Alluvial valley floors constitute a valuable land resource and are important to ranching operations in the semiarid western United States. This resource may be in jeopardy locally if the alluvial deposits are disturbed by surface mining of coal deposits. Erosion problems caused by poor land-use practices can cause trenching of the unconsolidated alluvium with a consequent lowering of the water table and depletion of soil moisture needed to support vegetation. Historical evidence of this sequence of events is abundant in the geologic literature and serves as the basis for assessing potential impacts of surface mining. The potential geomorphic impacts of surface mining on alluvial valley floors with regard to fluvial processes are. (1) disruption of the longitudinal profile followed by valley trenching and high sediment yields downstream, and (2) replacement of the excavated alluvium with unconsolidated material that does not have similar physical characteristics and may be susceptible to erosion. Mining may disrupt the existing hydrologic framework affecting stream flow, ground-water levels, and water quality of both surface and ground water. Although functional hydrologic and geomorphic processes are similar, each valley represents a complex environment that does not submit to broad generalizations.

Jan 1, 1981

By J. Weertman

High-temperature creep experiments were carried out on indium, lead, and on binary substitutional alloys of In-Pb, In-Sn, In-TI, In-Cd, In-Hg, Pb-Bi, Pb-Sn, Pb-In, and Pb-Cd. The stress at which the power law creep equution breaks down was found to be much smaller for indium and lead than for metals with larger elastic moduli. The exponent over the stress in the power law creep equation was found to decrease upon alloying from values close to 4.5 to values near 3. THIS paper describes a set of high-temperature creep experiments made on high-purity lead and indium and on lead-rich and indium-rich single-phase binary alloys of various metals. These ex- periments were carried out to check two predictions of some creep equations derived by us"2 from a dislocation creep model due essentially to Mott. This model is shown in Fig. 1. Here dislocation loops are emitted from sources, not shown, situated on different slip planes. As the loops expand they come into each others' stress fields and are stopped. However, at high temperatures, as Mott has pointed out.

Jan 1, 1961

By Eugene P. Pfleider, Claus Freyberger

Generally, the different methods of financing new mining projects are not well understood by the engineers and supervisory personnel. Nor are the effects of these alternatives on depletion, taxes and profitability readily apparent to even the sophisticated management personnel without the aid of cash flow studies. Fortunately, with the advent of the computer it is possible now to simulate many different combinations of 1) equity, 2) loan and 3) production payment financing with little effort. A general computer program for cash flow analysis of mining ventures has been developed and applied as a case example to a 1967 feasibility study of the Underground Mining of Minnesota Taconite. The effects on profitability as measured both in rates-of-return and present value are presented for various financing combinations. In addition, percentage depletion rates were altered so as to measure the impact of this statuatory allowance. Based on the cost data as presented in the aforementioned 1967 feasibility study, and assuming 7% loans, the rates-of-return vary from 9. 9% to [00] % on equity variations and from 9. 9% to 11.4% on total invested funds.

Jan 1, 1969