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By Jack R. Miller

This session has been organized to suggest to you that the development of direct reduction is important to the iron ore mining and coal mining industries. The papers presented this morning will include a discussion of the costs of making direct reduced iron (DRI), the iron ore and coal supplies needed to produce DRI, the financing of direct reduction (DR) projects and, probably most important, the impact of the DR development on the iron ore and coal industries. For starters, this opening presentation offers a brief statement about DR practice and DRI, under the title that should surprise no one: "Direct Reduction: What Is It?" There is always the chance? that a brief statement may become long and complicated. But, by mixing some slides borrowed from Hal Lownie with a larger number of photographs accumulated from other sources, I hope to avoid such pitfalls.

Jan 1, 1978

By Lawrence Devon Smith

"This paper examines the impact of the various assumptions that go into an economic evaluation, and shows how these can be combined to show an exciting result that may not really exist. An example of an embellished case (the kind that one frequently sees when projects are being promoted) is developed and the cumulative impact is analysed to show the actual project underneath. The paper also points out some areas to watch for overly optimistic assumptions such as prices, inflation, and debt. The concept of a ""bare bones"" base case is proposed (constant metal prices, constant dollars, no inflation, no debt, no interest, on a project basis, after tax) as a common reference point.As well, the discount rate is examined as a fundamental means of reflecting risk in discounted cash flow evaluations. Current industry practice is discussed, and a methodology for the analysis of risk levels is proposed that assesses the constituent components of the discount rate: real interest, mineral project risks, and country risk.INTRODUCTIONOften, the first time that all of the technical and economic data for a mineral project comes together in one place is when the economic evaluation is developed. This typically happens when work on the project has progressed to a sufficient level of detail that the effort to produce a year-by-year cash flow is justified, usually at the pre-feasibility or feasibility study stage. The data involved will include:• production; tonnes waste and ore mined, ore grade, mining recovery, metallurgical recovery, metal sold• revenue; metal price, smelting & refining charges, marketing costs• operating Costs; mining, milling, administration, fees, royalties• capital Costs; exploration, development, construction, indirect costs (engineering, management), contingencies, start-up, inventories, working capital, replacement and sustaining capital, closure costs• taxes and royalties• exclusions; depreciation (this is not a cash item), sunk costs (only costs going forward)."

Jan 1, 2003

By John Stubbs

Sub-Surface Shaft excavation Mine development Headframes Surface Production facilities Product storage and loading Tailings area Infrastructure Discovery Lodge Utilities Operations complex Port Marine loading Rail unloading and storage

May 1, 2013

By Kris Inwood

"In 1879, when the Dominion government initiated its controversial program of industrial promotion, iron smelting in Canada was limited to one company producing coke iron on the mainland of Nova Scotia and three small charcoal blast furnaces in Quebec. There was no steel production. By the eve of the First World War, iron and steel were being produced in very large quantities, the companies active in 1879 had disappeared and new centres of integrated iron and rolled steel production at Hamilton, Sydney and Sault Ste. Marie had come to resemble the industry as we know it today. The most dramatic change was that at Sydney, Nova Scotia, where in the early 1900s, two steelmaking companies established works. The Sydney developments have been explained as the result of resource discovery and technical change. W.J. Donald, in his authoritative account of the Canadian iron and steel industry, observes:(1) ""The most rapid growth of the Canadian iron and steel industry has occurred since 1897 ... The remarkable growth has been caused largely by the new conditions of the industry. The discovery and use of Newfoundland ores, together with the availability of Cape Breton coal, has made the Nova Scotia industry not only possible but profitable .... It is a safe conclusion that the Canadian industry would not have been an important one, had it not been for the discovery of the Michipicoten and especially the Wabana (Newfoundland) ores:' Donald also argues that metallurgical progress had been necessary to render the ores valuable. ""Newfoundland ores ... contain a considerable amount of phosphorus, and were made available for steel-making by recent inventions:' The purpose of this paper is to re-examine Donald's story. It will be argued that the origin of steel-making at Sydney is somewhat more complicated than Donald has indicated. The difficulty with Newfoundland ore extended beyond its phosphorus content and a resolution required more than the basic open hearth furnace identified by Donald. Moreover metallurgical change was only one of several developments necessary to induce industrial investment at Sydney. Surprisingly, however, the discovery of iron ore in the late nineteenth century does not appear to be part of the explanation."

Jan 1, 1999

By Burns W. G, Muceniekas E, Whitcher I. G, Hughes F. E

No iron ore deposits were reported before 1961 from the Hamersley Ranges, Western Australia, although low-grade bedded iron formations, associated with ferruginous jaspers and cherts, were known to occur in the local Nullagine Series of Precambrian age.In January-March 1961 preliminary investigations in the area drained by the Turner River, Duck Creek and Serpentine Creek revealed the presence of over 1000 million tons of dense botryoidal or pisolitic limonite, forming flat-lying orebodies with 50-57 per cent iron.Large bedded hematitic orebodies were also discovered in the same area in August-October 1961. These have a porous, biscuity texture and an iron content of 60-61 per cent. They occur at a welldefined stratigraphic level (Brockman Iron Formation), normally in synclines where they have been upgraded by circulating meteoric waters during an old cycle erosion.In 1962 systematic geological studies and mapping, together with sampling and scout drilling, indicated larger reserves of biscuity hematitic ore and led to the discovery of massive hematite deposits at Mt. Tom Price. These were extensively drilled in 1963, proving the persistence of' high-grade mineralisation to a depth of 200 ft and over.To date the total indicated reserves of the Hamersley deposits, within the area held by Hamersley Iron Pty. Limited, are of the order of 4960 million tons and thus rank among the more important of the world. The reserves are composed of 600 million tons of bedded dense hematite ore with 64-66 per cent iron, 2900 million tons of bedded biscuity hematite-limonite with 60-61 per cent iron, 1360 million tons of limonite (goethite) ranging in grade from 50 to 57 per cent, and 100 million tons of canga (conglomerate) iron ore containing 53-63 per cent iron. In all cases harmful impurities are comparatively low.

Jan 1, 1964

Discrete Element Method - Computational Fluid Dynamics Modelling of Flow Behaviour in a Stirred Mill - Effect of Operation Conditions

Sep 13, 2010

The Role of the Drilling Contractor BY FERRIS E. SAINSBURY Ron Haxby, Occidental Minerals What is the best method for drilling a 12-in. diam hole to a depth of 1200 ft and maintaining the deflection within 25ft from vertical? Ferris Sainsbury: In order to drill a 12-111. hole down to 1200 ft, In most places you would have to employ a rotary tricone bit With a down-the-hole hammer, I expect by that depth significant Inflows of water would be experienced Even with foams, we would not be able to get the water out of a hole of that diameter So the down-the-hole tricone method of drilling would be best. To keep it straight, we would probably employ the largest square drill stem compatible with the diameter of the hole. Ron Haxby: Is it common in drilling contracts to put in a vertical hole clause? Ferris Sainsbury: You can put in the vertical hole clause Ron Haxby: Does it cost more? Ferris Sainsbury: Normally, if the hole deviates, the driller can correct it with deflection wedges and will charge it back to you at cost, plus 10% or somewhere along that range Any drill hole has a tendency to go perpendicular to the dip, and there are times when stabilization systems are not successful in preventing the hole from turning into the dip of the formation. The only solution, in this situation, is to go in with an oriented wedge and kick the hole back out.

Jan 1, 1979

MR. GIBSON (continuing): In connection with the coal from this mine, I will say that it is not a very dirty coal. The vein where most of the coal comes from is about eight feet thick, and two feet from the bottom there is a small boney band about two inches thick. The breaking shot has to be placed over the, band, therefore breaking the boney into fine particles which goes off with the slack. This coal is a very good domestic coal and the slack is in great demand for various power, plants, such as sugar plants, smelters and other industries, but where this, boney is broken up and goes into the slack, it is very injurious in effect and retards the sale of the slack. Therefore the Spring Canyon Coal Company went to the expense of' building this plant, costing over $250,000, just in order to get that, two inches of boney coal out of the rest of the vein. The market in, Utah is very critical, and in order to sell coal, the product must be thoroughly clean in every way and, as Mr. Murphy says, I believe they have succeeded in making a very good commercial product. In any event the Spring Canyon Coal Company put out more coal than any other one mine during the last year, 1924, they had the largest production. I thank, you. (Applause). PRESIDENT MARKS: With the assistance of Mr. Robinson and Mr. Miller, I am sorry you could not get the pictures a little better synchronized with the story. MR. F. C. MILLER (Chief Chemist The Colorado Fuel & Iron Company, Pueblo) : We had seven slides to show eighteen different views on the screen and we did remarkably well. (Laughter.) PRESIDENT MARKS: Is there : any further discussion on this paper? MR. G. B. JONES (Mining Inspector, Victor-American Fuel Co.) : I would like to ask a question on the

Jan 1, 1926

By R. J. Pindred

Discussion by R.J. Pindred In his paper, Davis presents an overview of risk. He also introduces the Capital Asset Processing Model (CAPM) as a foundation for selecting the appropriate discount rate for a mining project. While applying portfolio theory is more defensible than the ad hoc adjustment of discount rates, the CAPM is not a panacea. CAPM shortcomings [The CAPM, as Davis stated, is expressed in the equation: ri=rf+pi4) where ri is the project discount rate rf is the risk free interest rate (3i is the project beta, and 0 is the market risk premium (rm - rf)] Application of the CAPM is more difficult than Davis indicates. Valuation is prospective, while the CAPM parameters are historical. Beta is determined from a regression analysis of historical data, while the beta needed for valuation is the expected beta. Betas are known to be unstable and the regressions that generate them often have low explanatory power. The difficulty of estimating a "project" beta must also be considered. Thus, the beta that is used in the CAPM will be based on the analyst's judgment. Like Cavender's discount rate, this judgment can lead to different project NPVs. Subjectivity in valuation cannot be avoided by a mechanical application of the CAPM. The risk-free rate, which Davis identifies as a short-term real rate of 4%, is also subject to scrutiny. A mining project is not a short-term investment and no single risk-free rate is appropriate for all of the cash flows. The hypothetical mine discussed in Cavender's paper is a six-year project. One might argue for the application of a risk-free rate from the Treasury yield curve at the duration of the project (in a bond-duration sense). This, too, is inappropriate. The risk-free rate should be matched to the timing of the cash flow. These rates can be determined by calculating the implied forward rates from the yield curve using a procedure known as "bootstrapping." It is likely that each of the project's cash flows would be discounted at a different rate. Commodity prices Davis criticizes the "ad hoc adjustment to the discount rate." Yet, in his discussion of the value of stochastic simulation, he suggests that the gold price be modeled as a "random walk, with or without a trend." This is essentially an arbitrary modeling of price risk. Consider that a liquid market in gold futures exists. The futures' price curve, which is closely related to the market's estimate of future spot gold prices, should be used to provide inputs to the model. This is especially true of a relatively short six-year project. Alternatively, as Davis correctly points out, a risk-averse investor can sell the commodity short to hedge price risk. Is it any more correct, in the portfolio sense, to account for price risk at all ?? References Cavender, B., 1992, "Determination of the optimum lifetime of a mining project using discounted cash flow and option pricing techniques," Mining Engineering, Vol. 44, No. 10, pp.1262-1268 Fabozzi, F.J., 1993, Bond Markets, Analysis and Strategies, Second Edition, Prentice Hall, Inc. Higgins, R.C., 1992, Analysis for Financial Management, Third Edition, Richard D. Irwin, Inc. Solnik, B., 1991, International Investments, Second Edition, Addison Wesley Reply by G.A. Davis Pindred discusses two issues related to my paper, the shortcomings of the Capital Asset Pricing Model (CAPM) and which commodity price values to use in the valuation exercise. Even though these topics are not directly related to the use or misuse of Monte Carlo simulation, they are important points to take into consideration in valuation exercises. Since I do not appear to have addressed these issues satisfactorily in my original paper, I will comment on each here. Pindred agrees with me that applying portfolio theory, and specifically the CAPM, to the selection of project discount rates is more defensible than ad hoc methods. But he then points out that the application of the CAPM to project valuation is more difficult that I indicate. It is true that the CAPM is a difficult tool for project valuation in general,. But the application of the CAPM to mining projects is one of the easiest I can think of. The biggest problem with using the CAPM for project valuation is coming up with an expected project beta. I suggest a project beta for gold projects of 0.45. The "true" value might be 0.35, 0.55 or whatever. Pindred correctly notes that the selection of the appropriate project beta is based

Jan 1, 1996

Edgar Hall, Silverspur, Queensland, Australia (communication to the Secretary*):—Dr. Douglas has written on this subject before, and his influence has had a powerful effect on the eide of freedom among the' younger generation of engineers. Moreover, it is not the first time that he has attributed the decline of the copper-smelting industry in Swansea to the secrecy maintained by the firms there engaged in smelting-operations. In this latter statement I think his conclusions are open to criticism. Whether the firms mentioned have suffered by their secrecy is their own business—I hold no brief for them ; but that the decline of the copper-industry at Swansea was inevitable seems to me to he proved conclusively by Dr. Douglas's own writings. In his paper on The Copper Situation,' Dr. Douglas says : "In comparing iron and copper mining,...it must be remembered that 2 tons of average iron ore from the most prolific source now available ... will make 1 ton of metal; whereas from 33 to 75 tons (say an average of 50 tons) of copper ore must be mined to produce 1 ton of copper." And further: "Last year's production of iron was made from approximately 50,000,000 tons of ore. Our copper mines, to yield a production of 900,000,000 pounds, must have handled approximately 22,000,000 tons of ore, or nearly half the quantity raised from our iron mines." Is not this the key to the whole situation ? In transporting the 50,000,000 tons of iron-ore, 25,000,000 tons of the metal iron were carried so much nearer to the market, but the transportation of 22,000,000 tons of copper-orc would have carried only 450,000 tons of the metal copper nearer to its ultimate destination. The small percentage of copper available in its ores makes

Jan 1, 1909

Richard Moldenke, New Pork, N. P. (communication to the Secretary*):—Iu following the discussion of the specifications for cast-iron and finished castings, I mas strongly impressed with two points which might be ventilated to advantage more fully from the view of the practical foundry-man. First, the reasons why only silicon and sulphur were specified and not phosphorus, manganese and carbon; and second, why but little was said concerning the presence of iron oxide in the material.

Jan 1, 1905

By A. M. Radigan, W. G. Prast

M.S. Azun The authors' paper did not explain the facts and reasons why state companies are established and what their role is in international industrial mineral trading. Also, I do not agree with the conclusion implying that the main goal for state companies is to capitilize natural resources. Almost all state companies are founded by certain laws and their activities are arranged by state regulations. Their only aim is to operate mineral deposits for their people and to protect the rights of the people. Although some ore deposits, such as nonstrategic or small, may be exploited by privately owned companies, the state has the right to control the operation and production. Activities of state companies may or may not be widened because of the character of the deposits and the importance of the mineral market involved. For some countries, although governments may occasionally change hands, the policy of the mineral trading system is not affected by this change. There is no doubt that any government desires to make more earnings to increase GNP, when it is involved in operating and trading mines. It wants to produce and sell the finished products, instead of unprocessed ones, if possible. When it is known that some mineral deposits are relatively rare, such as Turkish boron deposits, the government can nationalize the mines to control production and affect the market. If there is an abundance of a certain mineral in the market, the government can cut production and set a floor price, such as Canadian potash. Also, when production of a specific mineral is unique, such as Turkish chromite, the price of such mineral may be set by correspondant government. One may add that if some governments with their state companies produce a certain mineral in a larger amount, they may decide to establish a cartel to protect their production and price. These are the facts followed by government-owned state companies and partially government-owned companies. The reason being charge of many deposits by the state companies is always the same: "protect" the mineral rights of the people.

Jan 2, 1984

By M. S. Azun

The authors' paper did not explain the facts and reasons why state companies are established and what their role is in international industrial mineral trading. Also. I do not agree with the conclusion implying that the main goal for state companies is to capitalize natural resources. Almost all state companies are founded by certain laws and their activities are arranged by state regulations. Their only aim is to operate mineral deposits for their people and to protect the rights of the people. Although some ore deposits, such as nonstrategic or small, may be exploited by privately owned companies, the state has the right to control the operation and production. Activities of state companies may or may not be widened because of the character of the deposits and the importance of the mineral market involved. For some countries, although governments may occasionally change hands, the policy of the mineral trading system is not affected by this change. There is no doubt that any government desires to make more earnings to increase GNP, when it is involved in operating and trading mines. It wants to produce and sell the finished products, instead of unprocessed ones, if possible. When it is known that some mineral deposits are relatively rare, such as Turkish boron deposits, the government can nationalize the mines to control production and affect the market. If there is an abundance of a certain mineral in the market, the government can cut production and set a floor price, such as Canadian potash. Also, when production of a specific mineral is unique, such as Turkish chromite, the price of such mineral may be set by correspondent government. One may add that if some governments with their state companies produce a certain mineral in a larger amount, they may decide to establish a cartel to protect their production and price. These are the facts followed by government-owned state companies and partially government-owned companies. The reason being charge of many deposits by the state companies is always the same: "protect" the mineral rights of the people.

Jan 1, 1985

Remarks Of Mr. Robert W. Hunt, General Superintendent, Albany And Rensselaer Iron And Steel Company., Troy N. Y. - In discussing Dr. Dudley's two most interesting papers, I feel a natural hesitancy in disagreeing with conclusions formed after such careful and conscientious work. But I think he has made his deductions from too meagre premises. The analyses of but twenty-five samples are entirely too few to justify the establishment of so important a formula. When we consider that he indirectly proposes to regulate an interest amounting, even at the present low prices, to over $20,000,000 per annum, we may well hesitate before accepting a formula based upon the chemical and physical analyses of but twenty-five steel rails. Dr. Dudley touches the keynote in referring to the proposed labors of the Government Test Commission. They based their hopes of attaining success upon the chemical and physical analyses of a very large number of samples, and in the only branch of investigation which the short-sighted policy of Congress has allowed them to complete, i.e., chain cables, we find that a dozen, twenty-five or one hundred tests gave no satisfactory results. It was only after many hundreds that they were enabled to draw conclusions. There are so many circumstances bearing upon the life of a rail, that the task of extracting a correct result seems herculean. I presume I am right in stating that in our Northern latitudes early winter and spring months witness the breaking of the greatest number of rails, thus seeming to prove that an unstable road-bed has much to answer for. Then, again, broken and flattened wheels must be taken into account, but I am convinced that more rails have been broken by the treatment which they received before leaving the rolling-mill * The remarks of the participants in this debate have been written out by the speakers, and are here given without any attempt to retain the order of the dis¬cussion. While the report does not, therefore, preserve the vigor and spontaneity of the debate, it is believed that it gains in value by giving the matured views of the speakers. The continuation of this discussion at the Pittsburgh Meeting, May, 1879 (beginning with remarks of Mr. Cloud on page 401), is appended for convenience of reference.-T. M. D., Sec'y

Jan 1, 1879

MR. SHUBART: Mr. Miller's paper mentioned the two processes that seemed to be a success, the Smith process and the Piron process. I suppose the main difference is this, that Smith's process is to furnish domestic fuel and the by-products while the Piron process that Ford is installing is for fuel for power plants. I would like to ask Mr. Miller something about the commercial cost of the process. With the briquette you must make it cheap enough to sell. What are the commercial possibilities of Smith's briquette? MR. MILLER: It is pretty hard to say what the cost would be at this time, owing to the fact that slack has advanced double, or even more at the time I was in New York with the plant, but at that time it was costing $1.10 for the operation. You can add to that, of course, the cost of the coke. One dollar and ten cents was the entire cost of plant operation. It takes about one and one-half tons of coal to make a ton of briquettes. One dollar and ten cents takes care of all the material, cost, labor, handling, etc. Labor was much cheaper then. I would say it would cost about $2.20 now. The cost of coal is what you can buy it for on the market. I don't think, however, that the carbocoal process will ever meet with any great favor for the simple reason that it is really a prepared fancy fuel. It is going to be nice for people in offices where they want a grate or for families where they want a nice clean fuel. It leaves no stain on the fingers, no odor to it. It seems in carbonizing coal we change the carbon molecule. For instance, we are all familiar with the diamond. It is carbon, yet it requires a tremendous heat to burn a common little diamond. But you can set a piece of charcoal afire, which is also carbon, with a match. The molecular form has been changed in carbonizing coal, i. e., it is larger. Carbocoal will fire very readily, it can be started with a piece' of paper. I think the Piron process will be the process, i. e., to simply take out the tars and light oils, then fire direct-have the distillate plants right on the job. CHAIR: Can Mr. Shubart tell us something of the mechanical part of the Piron process? MR. SHUBART: The Piron process is of interest because Mr. Ford is taking it up. He has made so few mechanical mistakes it makes us feel that it is a success. Piron is a chemist of high accomplishment and reputation. The thing about the proces is its simplicity. Mr. Smith's is a very elaborate process, but Piron has gotten around all that. Piron feeds the raw coal in at about one-half inch mesh or smaller. He feeds it into a retort about 55 feet long, 16 feet wide over all. He has a hearth about 6 feet wide and the length of the retort. The base of the hearth that carries the coal is a conveyor, a flat cast iron conveyor, a very massive affair, very accurately made, so that there is no loss of coal. Between the upper and lower strands of the ' conveyor is a bath of molten lead which gives an accurate control of temperature. For best results he must have temperature of not under 800 F., not over 1,300 degrees F., about 1,100 or 1,200 F. seems to be ideal for getting greatest yield of oils and the best tars and other by-products. This lead bath has a system of flues running through it that

Jan 1, 1923

Mr. Shepard's paper was unfortunately delivered extemperaneously so no record is at hand. He spoke most interestingly and at length on the oil shales of Colorado, giving his opinion as to the ultimate outcome of the oil shale industry. He explained his idea that it would be built up of comparatively small plants, each of which would make the crudes, or more exactly would roughly divide the crude into its fractions, piping or shipping the fractions to a Central Refinery, using the residue for fertilizer, as it runs very high in fertilizer salts. He recommended that this plan be taken up by Coal Producers, that they consider the possibility of breaking up coal and selling its more refined products in place of selling raw coal. He spoke at length of the various outlets for products of distillation. Mr. McDermott gave a very interesting talk later on work that is being done in the Northern Colorado field along these lines. Mr. McDermott mentioned the strange fact that coaly materials such as mother of coal appeared to give just as good or better results under distillation than did lignite coal. Messrs. Randall, Howe, Goddard, Danford, and Nash added interesting data covering the use of pulverized fuel, and this data will be collected and offered to the Institute later in the form of a paper. Mr. Young spoke of the use of powdered coal in small units for small plants, mentioning the system now being offered by an Eastern Iron Works for small heating plants.

Jan 1, 1922

By Dean S.

Further discussion at the North of England Institute of Mining and Mechanical Engineers' general meeting held in Newcastle-upon-Tyne, 12th February 1916, with Mr. T.Y. Greener, President, in the chair, of the paper published in Trans. I.Min.E. vol.L, 1915, p.179 and 388. Written contributions to discussion included Mr. Dean's reply to earlier discussion (p.35-44), further written contributions by Tate S. (p.44-54) and Brown E.O.F. (p.54-56), and oral comments by Hare S., Merivale J.H., Greener T.Y. and Tate S. Particularly debated were the causes of the difference in output between American and British coal miners

Dec 1, 1916

PRESIDENT PRYDE: I think that the overcutting machine undoubtedly presents a great many benefits, especially where the roof is frail. I have found a good substitute for the Arcwall, getting a lighter machine by equipping a machine with a turret truck, you get a much lighter weight, and while the cutter is not movable vertically, you cut not on top of the seam, but about the middle of it. MR. SC'HLOSS: I would like to ask Mr. Pryde the advantages of cut- ting with this turret-mounted Shortwall machine. PRESIDENT PRYDE: It is better for development work in narrow places. In development work you have a lot of narrow places. MR. LITTLEJOHN: Mr. Chairman, we were compelled at Winter- quarters, one time, to introduce them for reason of sand rolls'. We have in that mine a condition-we have sand rolls from twelve inches to two and a half feet, sometimes higher than that-usually twelve inches to two and a half feet, and we had to get some of the C. E. 7's on the turret there and used them for advance work not only in the entries, but in rooms; not only in that particular district, but in fact all the districts in the mine-we have abandoned the power trucks. You can cut without unloading, and that is one of the principal advantages, and when the sand rolls come in it enables you to cut over the top of the sand roll, but the particular objection, we were working a nine-foot wall, and some of the coal was twelve feet thick, so that the miners have raised a little objection to the drilling.

Jan 1, 1924

PRESIDENT MARKS: This is a matter, I think, in which we are all very much interested, and I know We will have considerable discussion on the subject. MR. GIBSON: Wouldn't it be a fact, Mr. Trick, if a mine was laid off on the block system, it would require less ventilation, less cubic feet of air per minute, and therefore you would have that much better ventilation by

Jan 1, 1926

By AIME AIME

THREE of the addresses presented at this interesting and important session are printed in full else- where in this issue. The fourth, Mr. Hewett's paper, on "Cycles In Metal Production" has been issued as Technical Publication 183, and an abstract of it was published on page 162 of last month's issue. The general discussion that followed these four important papers is given in full below. S. A. TAYLOR: I would like to ask Mr. Veasey whether the control of oil in pools includes royalties, and, if so, in case of a new pool how are you going to control, or rather how are you going to describe the limits of that pool?

Jan 1, 1929