Search Documents

By Forest Mintz

Many oil and gas producers find it advantageous to borrow against the value of their hydrocarbon re- serves. This paper considers the requirements for a reserve based loan and the calculations that a bank would perform to arrive at a loan amount. Three of the most common loan structures, i.e. a term loan, a production payment, and a revolving credit/term loan will be discussed. A typical outline for each type of loan is presented. Finally, a comparison of major considerations in the three financing techniques is shown.

Jan 1, 1982

By W. G. Sinclair

The wartime momentum of exploration continued throughout the year 1945 despite the end of hostilities in mid-August. The table below illustrates drilling activity in the various categories: Completed wells. . . . . . . . . . . . . . . . . . . . . . . . 401 Wildcats.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104 Wildcat discoveries, oil.. . . . . . . . . . . . . . . . . . . 2 Wildcat discoveries, gas-condensate.. . . . . . . 4 Development wells.. . . . . . . . . . . . . . . . . . . . . .297

Jan 1, 1946

By Northcutt Ely

This chapter deals with the systems of laws by which governments regulate the exploration for and production of the minerals within their jurisdictions. It is a summary, restricted by necessary space limitations, of material assembled by the author for a publication of the United States Bureau of Mines, "Summary of Mining and Petroleum Laws of the World," (Information Circular 80 1 7, 196 1. ) The present study is organized in three parts, dealing with (1) the historical background of these legal systems, (2) laws of the United States, and (3) laws of other countries of the world. The reader's attention is invited to the acknowledgments at the end of the chapter, which inadequately express the appreciation due those who have assisted in the collection of this material. Part I. Historical Development of Major Western Systems of Land Tenancy with Respect to the Ownership and Control of Minerals The use of metals in primitive societies was largely confined to the manufacture of weapons for self-preservation. The ruler's control over copper, then bronze, then iron, was essential to maintenance of his own ascendancy at home and his group's position against neighbors who had access to similar metals. Ancient societies were thus characterized by the ruling group's ownership of minerals and metals. The Egyptian civilization, which emerged in the fourth millenium B.C. upon the agricultural subjugation of the lower valley of the Nile, was responsible for extensive development of the upper valley as a source of mineral wealth. The production of gold during the height of that civilization has been estimated at $30,000,000 per year, thus equaling the early placers of California and Australia. The mines of Egypt were the property of the Pharaohs and were controlled at their direction. Greek mining developed a different scheme of land tenancy which more closely resembled modem concepts. Development of mineral resources was

Jan 1, 1964

IRON AND STEEL DIVISION Established as a Division February 22, 1928 K C. McCutcheon, Chairman T. L. Joseph, Past Chairman J B Austin, Vice-Chairman E K Miller, Vice-Chairman T. J. McLoughlm, Vice-Chairman Ernest Kirkendall, Secretary-Treasurer CO M M I T T E E S EXECUTIVE J. A. Bowers '54 J. S. Marsh '55 R. W. Campbell '54 D. L. McBride '53 Walter Carroll '55 G. B. McMeans '53 K. L Fetters '53 F. L. Toy '54 H. M. Griffith '55

Jan 1, 1952

By DR. DOUGLAS

Discussion of the Paper of Dr. Douglas, presented at the Toronto Meeting of the Institute, July, 1907 (Trans., xxxviii., 455 to 471). 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 side 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 referred to have suffered by their secrecy is their own business-I. bold no brief for them ; but that the decline of the copper-industry at Swansea was inevitable seems to me to be proved conclusively by Dr. Douglas's own writings. In his paper on The Copper Situation,1 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-ore 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

Sep 1, 1908

[Separates of all the Pamphlets published within the last three years (starting with No. 1469) are available, with few exceptions, at Institute headquarters. Separates of all the Technical Publications are also available. All the papers are on file in public, university and technical libraries, and when so indicated in the list, may be found either in the TRANSACTIONS or in the special volumes issued by the Institute.] METAL MINING TRANS. PAMPHLET VOLUME NUMBER TITLE AUTHOR MEETING AND PAGE* -1033 Relation of Air Pressure to Drilling H. W. Seamon New York 66,743, 766 Speeds of Hammer Drills Feb., 1921 1034 Time Factor in Depletion of Mines J. W. Roberts New York - 66,711 Feb., 1921 1 1035 Calculation of Ore Tonnage and Grade J. E. Harding New York 66, 117, 122 from Drill-hole Samples- Feb., 1921 1038 Discussion of Papers Presented in 1920 1041 Run-off and Mine Drainage - H. N. Eavenson New York 66, 624, 630 Feb., 1921 1043 The Health of the Underground Worker A. J. Lanza New York Feb., 1921 1045 Dust-ventilation Studies in Metal D. Harrington New York 66, 272, 282 Mines Feb., 1921 1046 Discussion of Papers Presented at New York Meeting, 1921 1072 Breakage and Heat Treatment of Rock- B. F. Tillson New York 66,758 drill Steel Feb., 1921 1073 Discussion of Papers Presented at New York Meeting, 1921 1076-M Analysis of Some Drill-steel Tests F. B. Foley New York - 66,789 Feb., 1921 1077-M Application of Magnetic Analysis to C_ W. Burrows New York 66,796 Root Drills Feb., 1921 1078-M Heat Treatment of Rock-drill Steel G. H. Gilman New York 66,779 Feb., 1921 1080 What is the Ideal Drill Steel? F. H. Kingdon New York 66,807 Feb., 1921 1081 Rock Drill Steels, etc. W. T. Ober New York 66,814 Feb., 1921 1082-C Underground Mine Development, Its J. B. Dilworth Wilkes-Barre 66, 715, 721 Definition and Valuation Sept., 1921 1084 Drill Steel from Hollow Ingots P. A. E. Armstrong New York 66,809 Feb., 1921 1088 Authors' Replies to Recent Discussion 1092 Heat Treatment of Rock Drill Steel A. E. Perkins New York 66,811 Feb., 1921 1096-M Octagonal Ventilation Shaft of Davis- J. L. Bruce Wilkes-Barre 66, 252, 268 Daly Copper Co. Sept., 1921 1100-C Determination of Electrical Equip- G. Bright Wilkes-Barre 66, 580, 605 ment for a Mine Hoist Sept., 1921

Jan 1, 1926

By Eugene A. Stephenson

NUMBER of noteworthy events in the petroleum industry may be reported for 1941, of which the most spectacular was doubtless the rise in the daily rate of crude-oil production to a peak of approximately 4,300,000 barrels. This enormous daily rate did not ensue from the furor of flush pools but represented for the most part merely a slight additional daily delivery from many wells that had previously been operated on a more restricted basis, in line with good conservation practice and also from the adroit increase in the number of days per week by the Texas Railroad Commission. Another important fact was the increase in price throughout the Mid-Continent area from the static level of $1.02 for 36°, A.P.I., crude, to $1.17 per barrel. Efforts to elevate the price above this point have met with severe opposition from the O.P.A.. as has also a similar effort by the PennsyIvania Crude Oil Producers' Association, but the vastly increased costs for materials and labor may shortly give the industry the enhanced price which it has long deserved.

Jan 1, 1942

By Arthur F. Taggart

This paper proposes two units (believed to be new) for designating, respectively, capacity and efficiency for primary and intermediate crushers. Capacity Operators know that the tonnage of rock that can be put through a particular crusher in a given time depends primarily upon the crusher setting (open setting for jaw and primary gyratory types; closed setting for cones and rolls), and secondarily on the lithological character of the feed, its maximum size, the amount of fines that it carries, its moisture content, and the method of feeding. The proposed capacity formula states a relationship between all of these factors in one empirical equation, as follows: Tr = TR80K'K" [I] in which Tr, called "reduction tons per hour" is the new capacity unit; T = tons of feed per hour requiring crushing; R80 = "80-per cent reduction ratio"; and K, K', and K" are constants that approximate quantitatively lithological character, moisture content and method of feeding, respectively. T is the hourly weight of material in the feed that is coarser than the coarsest discharge of the crusher. (For marked departures from the normal specific-gravity range—2.5 to 2.7—T should be adjusted to corresponding volumes.) In the crushers under consideration, discharge from the crushing zone is limited by the minimum dimension of a particle. Passage of the particle through a square-mesh screen is limited by its intermediate dimension. Sheppardl has shown that the ratio of maximum: intermediate: minimum average dimensions of broken rock fragments may be taken as about 1.5:=:0,6 for nonslabby rocks such as are normally crushed, while for slabby rocks, such as thin-bedded sedimentaries, foliated schists and gneisses, and the blocky metamorphics, the ratio is of the average order I.3:I:o.3, with the possibility of an even smaller relative value for the thickness. Gaudin2 finds the corresponding ratio for —I50 + 200-mesh pyrite to be I.4: I:0.6. The hourly tonnage of crusher-plant feed, therefore, should be diminished by the amount thereof that would pass a square-mesh screen of which the aperture is S times the crusher setting, where S is a shape factor with the value 1.7 for rocks that break exceptionally cubic; 2 for ores and rocks that exhibit no appreciabie tendency to slabbiness; and 2.5 to 3, or, in exceptional cases, even larger, when the tendency to slabbiness is marked. R80 is the quotient of the theoretical square-mesh aperture that would pass 80 per cent of the feed, divided by the aperture that would pass 80 per cent of the product. It is best determined from screen tests. If, as is usual with primary crushers, a sizing test of feed is not available, the

Jan 1, 1943

By Arthur F. Taggart

This paper proposes two units (believed to be new) for designating, respectively, capacity and efficiency for primary and intermediate crushers. Capacity Operators know that the tonnage of rock that can be put through a particular crusher in a given time depends primarily upon the crusher setting (open setting for jaw and primary gyratory types; closed setting for cones and rolls), and secondarily on the lithological character of the feed, its maximum size, the amount of fines that it carries, its moisture content, and the method of feeding. The proposed capacity formula states a relationship between all of these factors in one empirical equation, as follows: Tr = TR80K'K" [I] in which Tr, called "reduction tons per hour" is the new capacity unit; T = tons of feed per hour requiring crushing; R80 = "80-per cent reduction ratio"; and K, K', and K" are constants that approximate quantitatively lithological character, moisture content and method of feeding, respectively. T is the hourly weight of material in the feed that is coarser than the coarsest discharge of the crusher. (For marked departures from the normal specific-gravity range—2.5 to 2.7—T should be adjusted to corresponding volumes.) In the crushers under consideration, discharge from the crushing zone is limited by the minimum dimension of a particle. Passage of the particle through a square-mesh screen is limited by its intermediate dimension. Sheppardl has shown that the ratio of maximum: intermediate: minimum average dimensions of broken rock fragments may be taken as about 1.5:=:0,6 for nonslabby rocks such as are normally crushed, while for slabby rocks, such as thin-bedded sedimentaries, foliated schists and gneisses, and the blocky metamorphics, the ratio is of the average order I.3:I:o.3, with the possibility of an even smaller relative value for the thickness. Gaudin2 finds the corresponding ratio for —I50 + 200-mesh pyrite to be I.4: I:0.6. The hourly tonnage of crusher-plant feed, therefore, should be diminished by the amount thereof that would pass a square-mesh screen of which the aperture is S times the crusher setting, where S is a shape factor with the value 1.7 for rocks that break exceptionally cubic; 2 for ores and rocks that exhibit no appreciabie tendency to slabbiness; and 2.5 to 3, or, in exceptional cases, even larger, when the tendency to slabbiness is marked. R80 is the quotient of the theoretical square-mesh aperture that would pass 80 per cent of the feed, divided by the aperture that would pass 80 per cent of the product. It is best determined from screen tests. If, as is usual with primary crushers, a sizing test of feed is not available, the

Jan 1, 1943

An appropriate change in Art. I, Sec. 9, of the bylaws was voted by the Board on April 16 whereby, in the case of Student Associates applying for change of status to Junior Member, only two endorsers are needed instead of three, provided one of them is the same member who endorsed his original application for Student Associateship.

Jan 1, 1952

Coal - Surface Mining Coal Preparation Coal Utilization Research and Development Health and Safety

Jan 3, 1976

By E. J. Kenaedy, E. H. Robie

THOUGH the fall meeting of the Coal Division was held in the heart of the anthracite section, at Hazleton, Pa., the bituminous industry was well represented also, and the two groups found much common ground for discussion. The' technical part of the program was confined to two sessions in the morning and afternoon of the first day, Friday, Oct. 14, the evening and the following day being reserved for field trips and social functions. The attendance more than met the expectations of those in charge of the arrangements; there seemed no hint of depression here.

Jan 1, 1932

By L. O. Howard

What was perhaps the first attempt at basic converting in the Southwest was made by the late Charles F. Shelby at Cananea early in 1907, when he removed the acid lining from one of the 8 by 12-ft. barrel-type converters then in use at the reduction works of the Cananea Consolidated Copper Co. and substituted a lining of one course of magnesite brick. In this shell, he blew 21 taps (about 180 tons) of matte to white metal before the brick gave out along the tuyhre line. In every case, the white metal so made was transferred and blown to copper in other converters. The cost of the lining was $700 and Mr. Shelby gave up the experiment as impracticable. No further serious effort to bessemerize copper mattes in a vessel having a more or less permanent lining of basic brick was made by any of the large copper smelters in the Southwest until some months after Messrs. Peirce and Smith had brought the question permanently before the public, and had proved it to be a metallurgical and financial success by their work at Baltimore and Garfield. Early in 1911, the Cananea Consolidated Copper Co. had in operation at its reduction works at Cananea, Mex., several 8 by 12-ft. barrel-type converters lined with magnesite brick which had previously been operating with acid linings. In the 18 months following, these converters produced 50,000 tons of copper. In June, 1912, this company installed the first of its new equipment of six stands of electrically operated 12-ft. Great Palls type converters, and shortly afterward discontinued the use of the smaller shells. In September, 1911, the Consolidated Kansas City Smelting & Refining Co. had installed at its El Paso plant two 10 by 26-ft. Peirce-Smith converters. Later, in March, 1913, one standard Great Falls type converter was added. About the time the Peirce-Smith converters were going in at El Paso, the Calumet & Arizona Mining Co. was experimenting with basic linings in 7-ft. by 10-ft. 6-in. barrel converters at its plant in Douglas, Ariz. These efforts were sufficiently successful to enable the plant to "handle the total output of copper in these small shells until the standard Great Falls converters were substituted in June, .1914.

Jan 1, 1917

By W. O. Crosby

WASHINGTON CAMP, in Santa Cruz county, Arizona, is a small and little known mining district situated on the lower, eastern slope of the Patagonia mountains, about 20 miles east of Nogales and a like distance south of Patagonia Station on the Sonora railroad, which connects it Benson, 83 miles from Nogales, with the main line of the Southern Pacific. This district is also about 4 miles north of the international boundary, 35 miles west of Bisbee and 40 miles north of Cananea, in Sonora. The topography of the district, which lies at a general elevation of 5,500 ft. above the sea, is only very moderately rugged, and presents no obstacles to mining operations. Although some of the claims of the camp, including the Pride of the West, Belmont and Holland, were extensively worked for silver 25 years ago, they passed, at moderate depths, as in so many other districts, out of the argentiferous lead carbonate and sulphide into zinc, copper and iron sulphides; and for two decades the camp was abandoned and almost forgotten. In recent years, however, its apparent possi¬bilities as a copper producer have led to a revival of mining activity; but not, as yet, with conspicuous success. Although economically relatively unimportant, the deposits of Washington Camp are, mineralogically and structurally, nevertheless, typical examples of ore-bodies developed in connection with the garnet ledge now recognized as a normal feature of granite-limestone contacts; and, in the opinion of the writer, this is an instance where a minor example is yet essentially normal and capable of throwing important light upon the origin and genetic relations of the type.

Nov 1, 1905

By L. O. Howard

WHAT was perhaps the first attempt at basic converting in the Southwest was made by the late Charles F. Shelby at Cananea early in 1907, when he removed the acid lining from one of the 8 by 12-ft. barrel-type converters then in use at the reduction works of the Cananea Consolidated Copper Co. and substituted a lining of one course of magnesite brick. In this shell, he blew 21 taps (about 180 tons) of matte to white metal before the brick gave out along the tuyère line. In every case, the white metal so made was transferred and blown to copper in other converters. The cost of the lining was $700 and Mr. Shelby gave up the experiment as impracticable. No further serious effort to bessemerize copper mattes in a vessel having a more or less permanent lining of basic brick was made by any of the large copper smelters in the Southwest until some months after Messrs. Peirce and Smith had brought the question permanently before the public, and had proved it to be a metallurgical and financial success by their work at Baltimore and Garfield. Early in 1911, the Cananea Consolidated Copper Co. had in operation at its reduction works at Cananea, Mex., several 8 by 12-ft. barrel-type converters lined with magnesite brick which had previously been operating with acid linings. In the 18 months following, these converters produced 50,000 tons of copper. In June, 1912, this company installed the first of its new equipment of six stands of electrically operated 12-ft. Great Falls type converters, and shortly afterward discontinued the use of the smaller shells. In September, 1911, the Consolidated Kansas City Smelting & Refining Co. had installed at its El Paso plant two 10 by 26-ft. Peirce-Smith converters. Later, in March, 1913, one standard Great Falls type converter was added. .About the time the Peirce-Smith converters were going in at El Paso, the Calumet & Arizona Mining Co. was experimenting with basic linings in 7-ft. by 10-ft. 6-in. barrel converters at its plant in Douglas, Ariz. These efforts were sufficiently successful to enable the plant to handle the total output of copper in these small shells until the standard. Great Falls converters were substituted in June, 1914.

Jan 9, 1916

By J. V. Vogel

Jan 1, 1969

By AIME AIME

As already announced, the XCIIId meeting of the Institute will be held at Toronto, beginning July 23, 1907. Hotel Headquarters will be at the King Edward Hotel, in which also the sessions will be held. The Queens, Rossin, Wallen, Iroquois and Palmer are good hotels not far from the King Edward. Members must secure their hotel-accommodations beforehand, by direct correspondence with the hotel they select. For those who neglect this precaution, the Local Committee will doubtless do what it can, but is unable to promise anything. Correspondence concerning this meeting (including notices of intention to attend it) should be addressed hereafter exclusively to Mr. W. G. Miller, Provincial Geologist, Bureau of Mines, Toronto, who is the representative of the Local Committee. The excursion to Cobalt, Lake Tenagami, Sudbury, etc., arranged by that Committee, involves the use of a special Pullman train for meals and lodging. After waiting a reasonable time to hear from members, the Local Committee has made its contract for Pullman cars. According to its latest report, there was still room for additional excursionists. Under this head, application made immediately to Mr. Miller may not be too late. Sessions for the presentation of papers, etc., will be held at the King Edward Hotel on Tuesday afternoon, July 23, and Wednesday morning and afternoon, July 24. The following papers have been accepted: 1. Sonic Reflections on Secrecy in the Arts, by James Douglas, New York, N. Y. .2. The Wilfley Table, by R. H. Richards, Boston, Mass. 3. The Tar-Sands of the Athabaska District, by' Robert Bell, Ottawa, Can. 4. The Occurrence of Nickel in Virginia, by Thomas L. Watson, Blacksburg, Va. 5. Coal-Briquetting in the United States, by E. W. Parker, Washington, D. C.

Jul 1, 1907

By Arthur F. Hagner

The titaniferous magnetite deposit at Iron Mountain, Wyoming, is in Precambrian anorthosite. Individual ore bodies are lenses, commonly arranged en echelon, conformable to the platy crystal structure and compositional layering of the anorthosite; a few transect these features at various angles. The ore bodies are on the east flank of the principal anticline in the anorthosite mass. Magnetite and ilmenite, accompanied by spine!, are the ore minerals. The principal gangue minerals are olivine, which was introduced with the ore, and plagioclase, the chief constituent of the anorthosite. The anticlinal region appears to have been a structurally weak zone, and westward-bowing curves of the axis were especially favorable sites for localization of the two largest massive ore bodies. These bodies are synclinal and plunge southeast. The proportion of magnetite-ilmenite to olivine and to anorthosite appears to be related to structural features. Where magnetite-ilmenite is present with olivine, the magnetite-ilmenite is encountered along the most pronounced parts of a fold where anorthite content is highest, whereas olivine is associated principally with more gently folded portions. During granulation and recrystallization of the anorthosite mass, temperature and pressure changes furnished the energy required to release and mobilize iron and other elements that migrated to areas of low pressure, the ore zone. Some iron and magnesium may have combined with silica from partly dissociated plagioclase to form olivine. The ore formed by replacement of anorthosite as indicated by: (1) the marked changes in mineralogy along strike, dip, and plunge of an ore body; (2) the concentration of massive ore in folds and olivine on limbs; ( 3) the halo of low-grade mineralized rock that transects the structure of the anorthosite in the hanging wall; and ( 4) the layering in the large southern ore body, that strikes more easterly than the trend of the body.

Jan 1, 1968

Established as a Division March 13, 1935 R H Feierabend, Chairman T E Gillingham, Jr, Northeast Vice-Chairman W A Riggs, Southeast Vice-Chairman C F Clausen, Mid-Continent Vice-Chairman R H Wilpolt, Rocky Mountain Vice-Chairman J K Brooke, Pacific Southwest Vice-Chairman Leslie C Richards, Pacific Northwest Chairman V A Haw, Canadian Vice-Chairman J S Holland, Sec'y -Treas National Lead Company Mining Department 111 Broadway New York 6, New York

Jan 1, 1960

By Joseph W. Richards

ALTHOUGH bad grammar, the above query is probably, at the present moment, good sense. Why was the Institute started and why does it continue to exist? The small group of men who worked out the original idea felt keenly the necessity of mining engineers and metallurgists getting together in order to discuss their professional problems. That necessity still exists but it does not strike the present generation of engineers so keenly because they have always had the Institute: they do not know what it is to be without it. The Institute is a great graduate school of mining and metallurgy. All of its members who have something to say worth saying are the teachers; all the rest may be learners or critics. No university or technical school can match the experience and information which the authors of its papers possess, no institution of learning has a body of potential listeners so extensive and so vitally interested.

Jan 1, 1921