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By Alfred Jr. Petrick, William A. Vogely

INTRODUCTION The scope of mineral finance extends beyond the economic aspects of property evaluation to all of those activities involving acquisition and utilization of funds with an objective to optimize the value of the firm. It must, therefore, en- compass consideration of the overall financial goals of the firm, decisions involving external versus internal growth and domestic versus foreign investments, management of working cap- ital, efforts to minimize the cost of capital, and decisions with regards to the instruments of long- term debt and equity financing. The scope of this section is limited to considerations of special interest to the mineral or petroleum engineer, which include the following aspects of mineral finance: (1) The technical aspects of mineral or coal property or oil and gas reservoir evaluation which provide the basis for estimation and forecasting of revenues and costs. (2) Estimation and forecasting of costs and prices in a inflationary economic environment. (3) Calculation of cash flows which model .. , the investment in minerals, coal or oil, and gas. Such models require assumptions as to the timing of cash flows, escalation of capital and operating costs, base prices, and escalation, the tax regime, royalties, division of profits and the economic aspects of loans. (4) The role of discount rate in the economic analysis of an investment which requires consideration of the opportunity costs of the firm, cost of capital, risk premiums. (5) Risk analysis including application of the concepts of conditional net present value, expected value, and risk preference as well as the application of the techniques of sensitivity and simulation. (6) Selection of application criteria for in- vestment decision making. (7) Capital structure with particular reference to the effect of debt financing. (8) Consideration of sources of funds utilized by the minerals industries. (9) Long-range planning including portfolio analysis. This section is limited to principles, methodologies, and trends in mineral investment, finance, and long-range planning in the United States with a perspective from the year 1984. Consideration of the key concepts is supplemented by case examples of investment risk analysis and financial structure. Important factors affecting mineral investment evaluation during the 1980s include volatile metals prices, cost inflation, and the introduction of techniques requiring the computer and its capacity for improved technical and economic analysis into the hands of those who know most about the industry. The personal computer is replacing the calculator on the desk of the individual analyst and is rapidly becoming a required tool for the study of engineering and economics. Examples of change brought about by the micro-computer include greatly improved techniques of cost estimation, wider application of the computer for project analysis, computer graphics, reserve estimation, geostatistical analysis, mine design and other techniques that capitalize on the ability of the computer to handle

Jan 1, 1985

By George Sachs

I deeply appreciate the honor of being selected to deliver the twentieth Annual Lecture of the Institute of Metals Division. The subject of my paper is extremely involved and voluminous, therefore I shall discuss only some more recent experimental material and speculate somewhat on the physical and mechanical fundamentals of these changes. The flow and the rupture of a solid material are rather different phenomena. It is therefore surprising that up to a rather advanced stage in metallurgical science these two fundamental phenomena have been simultaneously treated and forced into the general conception of the "failure " of solid material. Only in this century, and particularly during the last 20 years, have the very different physical meanings of flow and rupture been clearly recognized. Several hundred of the more recent publications deal with these subjects.l Law of Similarity The basic values commonly considered responsible for the mechanical behavior of any material are the stresses. From this standpoint both a large and a small article made from the same homogeneous metal and of geometrically similar shapes should behave identically, i.e., they should deform geometrically in a similar manner, if subjected to the same stress values at corresponding points. This "law of similarity" was introduced about 60 years ago simul- taneously by Barba2 and Kick3 and was derived from the classical theory of elasticity. As far as the plastic behavior of a metal is concerned, this rule appears to be valid. The conventional properties of large and small tension or compression test bars, machined from larger sections, are identical; while the force required to deform a section is proportional to its cross-sectional area and the work consumed in deforming geometrically similar articles in a geometrically similar manner is proportional to its volume. The general trend of the stress-strain diagram of a metal is independent of the section size (Fig. I). No exceptions from this rule are known. However, if the deformation of a metal is continued until rupture occurs, and the breaking stress or the work consumed is measured, a test bar of large cross section appears to fail before or at lower stresses than does one having a small cross section. Thus, the specific impact energy has been often found to decrease with increasing size of the test specimen, particularly for materials with a limited ductility.4 Another exception from the rule of similarity is offered by fatigue-strength values, which usually decrease with increasing section size.6'6 The conclusion must be drawn from these experimental facts that the ductility of a homogeneous metal decreases with increasing section size (Fig. I). This effect has been actually confirmed by Docherty,7 who observed that in static notch bending tests large specimens failed earlier and in a more brittle fashion than small specimens ma-

Jan 1, 1941

By George Sachs

I deeply appreciate the honor of being selected to deliver the twentieth Annual Lecture of the Institute of Metals Division. The subject of my paper is extremely involved and voluminous, therefore I shall discuss only some more recent experimental material and speculate somewhat on the physical and mechanical fundamentals of these changes. The flow and the rupture of a solid material are rather different phenomena. It is therefore surprising that up to a rather advanced stage in metallurgical science these two fundamental phenomena have been simultaneously treated and forced into the general conception of the "failure " of solid material. Only in this century, and particularly during the last 20 years, have the very different physical meanings of flow and rupture been clearly recognized. Several hundred of the more recent publications deal with these subjects.l Law of Similarity The basic values commonly considered responsible for the mechanical behavior of any material are the stresses. From this standpoint both a large and a small article made from the same homogeneous metal and of geometrically similar shapes should behave identically, i.e., they should deform geometrically in a similar manner, if subjected to the same stress values at corresponding points. This "law of similarity" was introduced about 60 years ago simul- taneously by Barba2 and Kick3 and was derived from the classical theory of elasticity. As far as the plastic behavior of a metal is concerned, this rule appears to be valid. The conventional properties of large and small tension or compression test bars, machined from larger sections, are identical; while the force required to deform a section is proportional to its cross-sectional area and the work consumed in deforming geometrically similar articles in a geometrically similar manner is proportional to its volume. The general trend of the stress-strain diagram of a metal is independent of the section size (Fig. I). No exceptions from this rule are known. However, if the deformation of a metal is continued until rupture occurs, and the breaking stress or the work consumed is measured, a test bar of large cross section appears to fail before or at lower stresses than does one having a small cross section. Thus, the specific impact energy has been often found to decrease with increasing size of the test specimen, particularly for materials with a limited ductility.4 Another exception from the rule of similarity is offered by fatigue-strength values, which usually decrease with increasing section size.6'6 The conclusion must be drawn from these experimental facts that the ductility of a homogeneous metal decreases with increasing section size (Fig. I). This effect has been actually confirmed by Docherty,7 who observed that in static notch bending tests large specimens failed earlier and in a more brittle fashion than small specimens ma-

Jan 1, 1941

By N. S. Stoloff, R. G. Davis

It is concluded from an X-ray stztdy that the formation of the hcp Mg3Cd superlattice is a nuclea-tion and growth reaction. A two-phase, ordered-plus-disordered, region is observed between 153" nnd 141"C. A maximum in the flow stress is observed both at temperature and in quenched specimens within the two-phase region. The peak arises fro112 the extra energy required to create antiphase boundary upon cutting the ordered regions. Hardening during isothermal annealing in Mg3Cd has been shown to be similar to the domain hardening in Cu3Au-type alloys in that up to the maximum the structure is ordered domains growing into a short range ordered matrix. The hardening is due to a combination of short range order strengthening and the strengthening produced when antiphase boundary has to be created. In a recent study1 of the effect of long-range order upon the mechanical properties and deformation modes of hcp Mg3Cd a comparison was made be- tween quenched (disordered) and slow-cooled (fully ordered) specimens. The most striking observations were that the disordered alloy yields at a much higher stress than the ordered alloy, and that there is a change in slip mode from primarily (_0001) ba_sal slip in the disordered state to (0001), {1010}, {1122}, and {l011} slip in the ordered state. The main purpose of the present work is to extend these observations to determine whether MgsCd exhibits a peak in flow stress at an intermediate degree of order, or at a critical domain size, as do other orderedstems. However, disagreement exists about the Mg3Cd order transformation with respect to: 1) the location of the critical temperature for order, 165°C or 153"~,' and 2) how the degree of order varies with temperature. Welber et a1.5 concluded from specific heat measurements that the formation of Mg3Cd is a second-order reaction with the degree of order a continuous function of temperature, while Moore and Raynor concluded that it is neither a first-order reaction, with the degree of order a discontinuous function of temperature, nor a second-order reaction. Consequently it was considered necessary to undertake an X-ray investigation into the change in degree of order and structure in the

Jan 1, 1964

By Richard B. Muter

1. Coal Preparation Terms (General) 1.1 Coal preparation-collectively, physical and mechanical processes applied to coal to make it suitable for a particular use. 1.2 Run of mine (ROM coal)-coal produced by mining operations, before screening, crushing, or preparation. 1.3 Raw coal-coal that has received no preparation other than possibly screening or crushing. 1.4 Raw coal feed-raw coal supplied to a plant or machine, in which it undergoes some form of preparation. 1.5 Coal cleaning-the treatment of coal to lower the mineral matter content (ash). 1.6 Cleaned coal; clean coal-coal produced by a cleaning process (wet or dry). 1.7 Middlings-a product of coal preparation that, by reason of its ash content, is intermediate between coal and discard. It follows therefore that the relative density of middlings is intermediate between those of coal and discard. Middlings may be reprocessed. 1.8 True middlings; bone comparatively high ash particles so nearly homogeneous that their quality cannot readily be improved by crushing and recleaning. 1.9 False middlings; interbanded middlings-middliigs in which the particles consist of bands of coal and shale, and from which the coal may be liberated by crushing 1.10 Refuse-waste material in the raw coal which the cleaning process removes. (See also discard; dirt; stone, No. 1.12). 1.1 1 Reject-the material extracted from the feed during cleaning, for retreatment or discard. 1.12 Discard; dirt; stone--the material extracted from the raw coal and finally discarded. 1.13 Recirculation-the operation in which the whole or part of a product from a process is returned to the feed to the process, e.g., the return of the crushed overflow from a screen to the screen feed for rescreening. 1.14 Foreign coal-coal received at a preparation plant from a colliery other than that to which the plant is attached. 1.15 Imported coal-coal coming from a foreign country, or other state within the country. 1.16 Low-grade coal combustible material that has only limited uses owing to undesirable characteristics (eg., ash content or size). 1.17 Segregation-partial separation of a previously mixed material into its constituents, occurring as a result of differences in either particle size or relative density. 2. Cleaning Characteristics 2.1 Washability-amenability of coal to improvement in quality by cleaning. 2.2 Float-and-sink analysis-the division of a sample into relative density fractions with defined limits, the proportions of the fractions being expressed as percentages of the total sample, commonly with an indication of the ash percentage (and other characteristics, if required) of each fraction.

Jan 1, 1991

By Charles J. Moore

It seems a duty incumbent on the older members of the Institute to set forth in permanent form some of the results of their experience for the benefit of the younger members; this is the principal object of the present paper, which is the result of a recent examination requiring somewhat unusual geologic investigation. History. The London vein mas first discovered by float and occasional outcrops in the year 1873, four years before the great lead carbonate discoveries of Leadville, but the mine was not definitely located and opened until two years later, when the present locations, Mother, Paris, London, and Hard to Beat, were surveyed for patent. Since 1875 the London mine has been worked almost continuously until 1911, when the force was reduced to a few men only. In its early life the ore was assumed to be free-milling gold-quartz, although lead was a constituent of the vein throughout, and much useless expenditure was made in the erection and operation of a free-gold stamp-mill, with plates and tables for saving concentrates. The vein then opened was in the porphyry-limestone contact, a siliceous lead-ore, clearly most amenable to reduction by lead-smelter. The losses due to this process led in time to the close of the mill. For 20 years past, the mine has been worked under lease and the ore shipped to the lead-smelters in Denver or Salida. In January, 1912,I examined the mine to ascertain whether it was advisable to run a cross-cut tunnel some 4,200 ft. in length to intersect the main vein at a depth of 650 ft. below the present lowest workings. Finding a greatly-faulted zone, a close determination of the geological conditions became necessary to the solution of the problem.

Jan 1, 1914

By Feng Liu

"With seven new applications for plans of work for exploration in the international Seabed Area approved by the Council during its twentieth session of the International Seabed Authority, 26 total approvals have been made by the Council up to date. Among them, three contracts were made with COMRA. On 8 August 2014, China Minmetals Corporation submitted another application to the Authority for approval of a plan of work for exploration for polymetallic nodules in the Area, which is also sponsored by the Government of the People’s Republic of China.China is one of the main contributors to the international seabed regime. The Presentation will describe China’s activities in the Area, such as exploration, technology development, environmental protection and policy making.JIAOLONG is a submersible with capacity of 7000 meters. JIAOLONG’s sea trials were carefully made in 4 years, from 2009 through 2012 and it successfully dove to a depth of 7062m in June 2012 at Mariana trench. A so called "Test Application Phase" started thereafter, and is planned to last for 3-4 years. Two cruises and 4 legs have already been made since then. A wide-range of findings were obtained during dives in South China Sea, and in COMRA’s Exploration Contract Areas for polymetallic nodules and cobalt-rich ferromanganese crusts. This presentation will reveal the colorful findings."

Sep 1, 2014

By George S. Rice, Li C. Ilsley.

A remarkable explosion of fire-damp caused by a discharge of lightning at the new shaft at the Sitalpur coal mine, has been reported by the Chief Inspector of Mines of India, who gave the following details: "The explosion occurred during a thunderstorm, and the evidence showed that a flash of lightning had, to all .appaarances, passed down the shaft causing disruptive disohalges at certain points between the guides and the winding rope, Tending the latter at two places situated respectively 228 feet and 278 feet frem the surface, The distance between the winding rope and the side of the shaft was 6 feet 4 inohes, indicating a spark gap;of this width, and an intensity of discharge which could not fail to ignite the explosive mixture of gas and air known to be present in the shaft."

Feb 1, 1920

By L. F. Heising

The Bureau of Mines evaluated 42 composite samples from selected Michigan-Wisconsin iron formations by reductive roasting-magnetic separation and flotation at minus 325 mesh. Samples having poor to marginal response on initial examination by conventional methods were reevaluated by finer grinding, by reagent suite modifications, and by selective flocculation-desliming techniques. Results ranged from excellent on Menominee Range samples to relatively on Gogebic Range ores. Marquette Range samples ranged from responsive to nonresponsive, depending upon grain size and mineral association.

Jan 1, 1967

By Adriana Baldessin Costa

Na etapa de flotação de minérios finos de ferro, usa-se como agente depressor o gritz de amido de milho. Tal produto orgânico para ser usado como reagente precisa ser gelatinizado para permitir que os grânulos do amido tenham capacidade de absorver água quando molhados ou expostos à umidade. Este processo pode ocorrer por efeito térmico através de água aquecida ou por um ativador térmico como soda cáustica, sendo o último usado na planta Casa de Pedra. Visando aperfeiçoar a preparação/gelatinização do amido de milho buscaram-se auxiliares químicos para reduzir a presença de grumos suspensos (amidos não gelatinizados), aumentar a eficiência da ação depressora e garantir maiores ganhos de recuperação metalúrgica do metal de interesse. O trabalho contemplou estudos com um agente auxiliar denominado SOFTEX 2011 da empresa TENSAC. Os testes foram feitos em escala de bancada com substituição da massa total de água usada na 1ª gelatinização do gritz de milho (solução com 10% de sólidos) pelo reagente SOFTEX 2011 nas proporções de 1,0; 1,5; 2,0; 2,5; 3,0; 3,5 e 4,0%. Os primeiros resultados demonstraram ganhos significativos em recuperação metalúrgica e uma melhor seletividade das espécies minerais. Fisicamente, observou-se boa transparência nas suspensões do gritz de amido de milho gelatinizado através de um aspecto como gel.

Aug 1, 2018

By A. Dorsey Lyon

INTRODUCTION A GREAT DEAL of attention has recently been given to the metallurgy of zinc, and much of that which has been said and written on this subject has been in the nature of a criticism. For instance, we are quite accustomed to hearing it said that the metallurgy of zinc has stood still, that it is antiquated, out of date, etc. We are, however, inclined to agree With George C. Stone1 When he says that, although there have been no such spectacular and radical changes as Were worked in the metallurgy of copper and iron by the introduction of converters, there has nevertheless been a decided and marked progress in the metallurgy of zinc, and especially during recent years. However, it must be admitted that, due to the fact that the chemistry of zinc is so different from that of the other metals, the retort process is the only process by which zinc is produced commercially; and, moreover, that losses which occur in the zinc industry-that is, in the mining, milling, and smelting of zinc ore-are very great, for it is stated' that probably less than 50 per cent. of the zinc mined, even

Jan 7, 1914

By E. T. Boome, A. C. Schmidt

P .E.R. T. and how P .E.R. T. techniques can be used in modern mine management by E. T. Boome and A. C. Schmidt Published in the Journal, December 1972 DISCUSSION A. E.W. FLETCHER A.c.S.A.* In making this contribution to the authors paper, I should first like to congratulate them on the clear and yet detailed way in which they have illustrated their subject. I should also like this contribution to be linked with Mr Hazell's paper "Mine Management by Objectives".

The income of the Institute is derived from dues, subscriptions to MINING AND METALLURGY and sale of publications. These sources are fortunately supplemented by the interest from invested funds now amounting to over $500,000, a considerable portion constituting endowments for especial purposes. Aside from the medal funds the principal endowments are the James Douglas Fund for support of the Library, the Rocky Mountain Fund and the Seeley W. Mudd Memorial Fund. The income from the two last named is available for the support of research and a variety of other purposes. It is allocated by the Board of Directors upon recommendation of standing committees in each case. 'An active effort is being made to increase the endowments of the Institute, it being felt that unusual opportunities exist for research and public and professional service through the organization.

Jan 1, 1934

By Lockyer PC, Reed MR Bartlett PM

Difficult ground conditions have plagued the underground operations at Mount Windarra since mining started in 1974.The ore at Mount Windarra consists of seven vertically dipping, sub vertically plunging ore shoots. The ore zone in which the shoots lie is characterised by moderate to heavy cleavage and the presence of serpentanite. The ore is known to extend to 1100 metres below surface.Long hole open stoping under cover of backfill has been used as the primary mining method at the mine, but its poor performance brought the mine near to closure in 1984. The mine had been closed from 1979 to 1980.

Jan 1, 1985

By J. D. Lindner, Gene E. Roark

Waterflooding operations in the Langston-Kleiner field. Young County, Tex., are described. Widespread application of formation fracturing has been practiced in both producing and injection wells. Field performance data arc cited which indicate than no detrimental effect on sweep efficiencies and that probable benefits in imectivily have resulted from the fracture treatments. I N T R O D U C I O N This paper is a report on a waterflood operation which is being carried out in the Lanpston-Kleiner field located in Young County, Tex. The oil reservoir aflected by this flood operation occurs in a Strawn sand member at an approximate depth of 3.550 ft subsurl'ace. The operators of' the project are Kleiner Estate. Turncr. Fiske. and West who are hereinafter collectively referred to as the Operators. Although the operation is unusual in several respects, the distinctive feature of this flood has been the widespread application of hydraulic formation fracturing treatments as a means to improve productivity and injectivity of the wells. It shall he the purpose of this paper to present basic information regarding the reservoir characteristics. op- craling practices, and waterflood behavior so that conclusions may be drawn concerning the effects which the fracture treatments have had on the performance of this water flood to datc. DEVELOP MENT Development of the 3,550 ft Strawn sand reservoir occurred during 1951 and 1952. The early development occurred on the Langston and Davis leases which arc in the northern region of the Operators' holdings and the wells were drilled on 20-acre proration units according to the field rules. However, studies of the economics of this program. coupled with the decision to proceed with pressure maintenance by water injection. resulted in the adoption of wider spacing in the later stages of development. This variation in spacing is apparent upon inspection of Fig. I upon which only the 3,550-ft Strawn sand producing and injection wells have been located on the Operators' properties. The development to the north of the operators leases is Ihe Garvey Strawn field and that to the south is the Taylor Strawn field. It wits determined that unitization of the leases to he involved in the waterflood program was not feasihle. Consequently. a system of offset injection wells, or lease line injection wells, was adopted from place to place as required to protect correlative rights in the program. This resulted in a dispersed array of injection and producing wells with relatively close proximity of wells along lease line areas and wider spacing toward

Jan 1, 1956

By Zengjie Wang

Investigation on hydrochloric acid leaching of the ilmenite from Panzhihua, China was carried out to prepare synthetic rutile. The leaching parameters were optimized to obtain high content of TiO2 in the products. The experimental data suggest that an optimum leaching can be realized with 30% acid, a solid/liquid ratio of 1/4 at 95°C for 4h, and ore ground for -400 mesh size. After the acid leaching, an additional alkaline leaching process using hot NaOH solution was performed, and then the products was in grain form followed by heat treated at 900°C for 2h in order to extract Si and increase the particle size of synthetic rutile. The final product has a high content of TiO2 (about 95%), a low content of chlorine consuming elements (total CaO+MgO =0.07%) and a suitable particle size distribution for chlorination process.

Jan 1, 2008

By Takafumi Kondo, Satoshi Yamashita, Noboru Masuko

"Aqueous oxidation of phosphite ions to phosphate ions with dissolved oxygen was examined at 80° C and pH 4.5 mainly from the stichiometric point of view. Dissolved oxygen alone can not oxidize sodilim phosphite in aqueous solution, but when sulfur dioxide is coexistent, cooperative oxidation for both sulfite and phosphite can occur in aqueous solution. Sulfur dioxide itself is well known as a reducing agent, but it also reacts as an oxidation-promoting agent for other species under a certain condition. So sulfur dioxide is· a promising cheap reagent for waste phosphite processing.IntroductionIn a liquid-phase oxidation reaction using the dissolved oxygen gas, the eoexistence of a copper salt is required generally. Recently, it was reported that the oxidation reaction progressed by using mixed gas of sulfur dioxide and oxygen without the copper catalysis, and the attention has been collected1·3). The present authors also noticed the phenomenon since the early time and have been studying on the reaction mechanism of sulfur dioxide in liquid phase oxidation 4l. It was found that; by using the SO2-O2 mixed gas, the oxidation of phosphite ions to phosphate ions proceeded efficiently in sulfuric acid solutions. In the present report, the applicability of SO2-O2 mixed gas as a cheap oxidizing agent to the industrial processing of the waste solution of electroless nickel· plating is investigated. It is well known that the sulfur oxide dissolved in aqueous solution is oxidized ·by the oxygen in the air to sulfuric acid according to the following equation"

Jan 1, 2000

By Terry A. Ring

Sand bed filters are used to remove large and small particles from liquid streams. The large particles are removed by the straining action of the filter bed and the small particles are removed by particle deposition on the surface of the bed particles. Particle deposition, while being essential for the filtering action of colloidal particles, is not the only process that occurs in the filter bed. Other processes that occur are (1) the substrate becomes filled with particles limiting further deposition, and (2) some deposited particles are resuspended. The sum total of all these processes determine the performance of a filter bed.

Jan 1, 1982

By A. Sainato, E. Baker, J. Cervik

In Europe, water infusion is used widely to reduce generation of respirable dust during mining. Its use in the US is limited to a few plow operations in the deeper parts of the Pocahontas No. 3 Coalbed. The technology for infusing water into retreating longwalls is described and results of a recent Bureau test in the Lower Sunnyside Coalbed demonstrated dust reductions ranging from 47% to 64%. Because water infusion increases moisture content of the coalbed, face air velocities in excess of 2.5 m/s (500 fpm) are possible, further diluting dust levels before dust entrainment occurs. An economic analysis shows a 23% reduction in operating costs when coal production is increased by changing from unidirectional to bidirectional mining with water infusion.

Jan 1, 1986

By H. H. Murray

Tactical R & D is research and development for a specific application or applications. The mineral scientist has to define and understand the physical and chemical parameters required for a specific or potential application. Then the researcher must know the structure and composition of the mineral and its physical and chemical properties. Can these properties be changed by processing particle size and shape modification, and surface chemical treatment? Examples of tactical R & D in the industrial minerals area will be described.

Jan 1, 2003