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By John H. Bassarear, A. A. Dor

INTRODUCTION Primary grinding mills as defined in this paper, are autogenous or semi-autogenous rotating, tumbling mills having a coarse feed with a top size usually varying from 150 to 300 mm (6 to 12 inches). Most frequently, the feed to these mills is the product of primary crushing plants but in some cases run of mine ore is used as feed such as at Benguet, McDermitt, L-Bar Sohio, Bear Creek and others. The size of the largest lumps in the mill feed is principally determined by limits set by the mill feed trunnion diameter and by the type and size of conveying equipment used for handling and of bins and stockpiles used for storage. The use of primary mills in mineral processing plants has expanded very significantly in the last twenty years, and they have been successfully applied to the treatment of a wide variety of ores in both wet and dry grinding applications. In the present state of technological development for primary grinding mills, there is a wide choice of acceptable options with respect to type and size, grinding flowsheet and grinding media. The choice of the optimum combination which would result in the most satisfactory condition of operation, from the standpoint of both metallurgical results and costs, depends on the nature of the ore, the required characteristics of the grinding products and on various geographic and economic circumstances. The effects of such factors and considerations on the choice and sizing of primary grinding mills and flowsheets are reviewed and discussed in the following pages. PRIMARY MILLS SELECTION Inherent Characteristics of Primary Grinding Primary grinding is complex because it involves several comminution mechanisms which occur simultaneously and to some degree interfere with one another. These mechanisms of impact, attrition and abrasion have been described earlier. The relative importance of these three main grinding actions and their mutual balance resulting in a continuous uniform operation of the mill depend to a very large extent on the nature of the ore and its physical properties. Homogenous, single mineral ores will behave quite differently from heterogenous ores consisting of different minerals bound together along defined

Jan 1, 1982

By George J. Young

(Cleveland Meeting, October, 1912.) I. GENERAL. THE recurrence of mine-fires in Nevada during the past decade is not only a matter of interest, but also one of considerable concern to engineers and mine-managers. The more important fires may he enumerated as follows: Forman Shaft fire., Gold Hill, April 21, 1903 ; shaft-house, machinery, and shaft, destroyed; loss estimated at $50,000.; Cause Unknown. Union Shaft fire, Virginia City, July 14, 1904; shaft-house, machinery, and shaft in part destroyed; loss estimated it $100,000; cause of fire stated as the careless throwing of a match in the rope-house. Sutro Tunnel fire, Virginia City, Jan. 27, 1909 ; 700 ft. of tunnel-timbering destroyed, and direct damage of $10,000; cause ' probably electric wires." Belcher Shaft fire, Gold Hill, Aug. 9, 1910; shaft-house destroyed, machinery ruined, and upper part of shaft damaged; damage, $25,000; no cause given. Belmont Mine fire, Tonopah, Feb. 23, 1911; fire started in winze ; 17 men killed. Giroux Mine fire, Kimberly, Aug. 23, 1911 ; fire originated iii shaft-station from unknown cause; 7 men killed, and $34,¬521 damage caused. (NOTE 1.-On June 11, 1912, some time after the present paper was written, a fire broke out in the pump-room on the 2475 station of the Ward shaft, Virginia City. This fire was caused by the short-circuiting and exploding of the starting-switch on No. 5 pump. The oil in the switch was scattered about and set fire to the timbers and laming of the pump-room. The pump-roan in charge notified the surface, and the * Professor of Mining and Metallurgy, Mackay School of Mines.

Oct 1, 1912

By AIME AIME

T HE Institute of Metals Division and the Iron and Steel Division will meet jointly at the Stevens Hotel, Chicago, during the week of the American Metals Congress, Sept. 22-26. The Iron and Steel Di- vision of the American Society of Mechanical Engineers, the American Society for Steel Treating and the American Welding Society meet at the same time. but the sessions have been arranged to conflict as little as possible. A rich program of papers and plant visits has been arranged for the members and guests of the two Institute Divisions. The annual dinner and a pro- gram of entertainment are being arranged by the Woman's Auxiliary of the Chicago Section. Members are urged to register immediately up011 arrival and to make dinner and plant visit reservations at the same time.

Jan 1, 1930

By John A. Church

Jan 1, 1903

By D. Argyriades, G. Derge, G. M. Pound

The electrical conductance of molten FeS was studied as a function of temperature and composition. It was found that stoi-chiometric FeS (36.5 pct S) shows a minimum specific conductance of 400 ohm-1 cm-1. For the Fe-rich melts the conductivity increases with increasing amount of iron to about 4850 ohm-1' cm-I at 26 pct sulfur. For the sulfur-rich melts the conductivity increases with increasing amount of sulfur until it reaches a maximum of 1300 ohm1 cm-1 for 37.4 pct S and decreases to 800 ohm-1 cm-1 for 38.3 pct sulfur. It is concluded that molten stoichiometric FeS is an intrinsic semiconductor in which the forbidden gap in the electron energy level diagram is quite narrow. Excess sulfur acts as an acceptor impurity in providing a component of positive hole conduction, while excess iron acts as a donor impurity to increase the n-type conduction. K. Bornemann and G. von Ftauschenplatl used a four-terminal, direct-current cell to study the electrical conductance of molten copper sulfide. Their measurements showed a high conductivity, of the order of 100 ohm-1 cm-" and a positive temperature coefficient. From electrolysis studies, Savelsberg2 concluded that molten Cu2S and molten FeS are electronic conductors. Further. he found that molten FeS has a high specific conductance, of the order of 1500 ohm-' cm-', and a small negative temperature coefficient. Pound, Derge, and Osuch,3 using an ac Kelvin circuit and a four-terminal cell, measured the specific conductance of molten Cu,S, molten FeS, and various mixtures. They found that the specific conductance of the solutions followed a roughly additive rule of mixtures. Yang, Pound, and Derge4 showed from electrolysis measurements that the mechanism of electrical conduction in molten Cu2S, FeS, and mattes is primarily electronic. Further, they observed that small additions of CuCl suppress the electronic conduction whereupon the system behaves ionically.

Jan 1, 1960

By T. Sterry Hunt

WET processes for the extraction of copper from its ores have of late attracted much attention, especially in Europe, where the use of oupriferous iron-pyrites as a' source of sulphur prevails. These processes present an additional interest, when, as is often the case, the copper-ore's to be treated contain one or both of the precious metals, since the complete separation of these from copper, either in the dry or the moist way, is, as is well known, one of the difficult problems of metallurgy. The principal wet processes hitherto in use for the extraction of copper from its ores, may be included under three classes : I. Those in which the copper in snlphuretted ores is rendered soluble in water by calcining them, after a preliminary roasting which removes the greater part of their sulphur, with a portion of common salt, by which the copper is converted into a chloride (Long-maid and Henderson), or with sulphate of soda, by which sulphate of copper is formed (Monnier). Allied to these is the method by which a portion of the copper is got as soluble sulphate by roasting without addition, a process which is sometimes modified and rendered more complete by re-roasting the lixiviated residues with the addition of a portion of raw sulphuretted ore (Bankart). II. Those methods in which free chlorhydric or sulphuric acid is used to dissolve the copper- from oxidized or roasted ores. These, while simple and efficient, are too costly, except in certain localities where chlorhydric acid is a waste product. Related to them is the plan which consists in exposing the oxidized and moistened ores to the slow action of sulphurous acid mixed with air, by which a soluble sulphate of copper is formed. It has been proposed to decompose the solutions of sulphate or chloride of copper by sulphuretted hydrogen, thus separating the copper as sulphide, and using the liberated acid to dissolve fresh portions of oxidized copper. It is, however, the almost universal practice to throw down the copper from its solutions, however obtained, in the metallic state by the use of iron, either scrap-iron or iron-sponge; although in some instances

Jan 1, 1882

By T. Sterry Hunt

Jan 1, 1882

Jan 1, 1916

[Aalde, Kaare, ('40) New Mexico School of Mines, Socorro, N. M. Abadesco, Enrique A., ('39) Univ. of the Philippines, Manila, P. I. Abdul-Ahad, A., ('39) Montana School of Mines, Residence Hall, Butte, Mont. Abreu, Ovidio M., ('38) Univ. of Nevada, Reno, Nev. Acker, Voscoe, . ('39) Agricultural & Mech. College of Texas, College Station, Tex. Acosta S., Gonzalo, ('40) Univ. of Texas, Univ. Sta., Box 1785, Austin, Tex. Adams, Albert, ('38) New Mexico School of Mines, Socorro, N. M. Adams, Charles W.,' ('39) Michigan College of Min. & Tech., Houghton, Mich. Adams, Hugh T., Jr., ('39) Univ. of Oklahoma, Norman, Okla. Adams, Jack L., ('39) Univ. of Oklahoma, Norman Okla.]

Jan 1, 1940

By John K. Gustafson

The title of my talk is "The Gold Miner and the Future of Gold." This title might just as accurately have been stated as "Gold and the Future of the Gold Miner." Since prehistoric times gold has been sought by mankind for its beauty and its unusual physical and chemical properties. Early in the dawn of civilization it became the ultimate unit of value and lubricated trade between peoples. For at least 6000 years, gold has been used to barter for other commodities. It has been prospected for, treasured, made into works of art and personal adornment, and from time to time has been the object of conquest. Because of its predominant role in recent centuries as a basis for money, economists began to think of it solely in these terms. Annoyed by the disciplinary pressure of gold on the money manager's desire to manipulate money, the famous economist, John Maynard Keynes, characterized it as a "barbaric relic of the past", a characterization repeated by William McChesney Martin, Jr., when he was head of the Federal Reserve Bank. Gold, however, has physical and chemical properties that make it one of the most useful metals in the modern world.' It is the most ductile metal known. An ounce of gold, for example, can be drawn into a continuous wire over 35 miles long. It also is so malleable that an ounce of gold can be beaten into films ten one-millionths of an inch thick sufficient to cover 68 sq ft of surface. It has a density of 19.3 and is so heavy that 1 cu ft of gold weighs more than half a ton. Gold is nonmagnetic and has a high electric conductivity, only slightly less than silver and copper. Gold is so inert to all the chemicals found in nature that gold coins and jewelry buried beneath the soil or at the bottom of the sea for thousands of years appear to be as bright and perfect as when they were first immersed. Finally, gold has an extremely high reflectivity both to light and infrared rays. Because of these qualities, in addition to its rare beauty, industrial and artistic uses of gold have been growing rapidly. On a world basis, a recent study estimated that in 1960 about 750 tons of gold were used for fabrication, and that the amount had grown to about 1296 tons in 1968. My objective in this talk is to discuss with you the present and future supply of and demand for gold on a worldwide basis and the effect these forces are likely to have on the price the miner can expect to receive for the gold he produces. This is a highly controversial and risky subject to discuss before any audience. Nevertheless, it is a subject that I live with constantly as Chairman of the

Jan 1, 1972

By Donald H. McLaughlin

THE activity and enthusiasm of pioneers still prevail among workers in applied geophysics1.- Within the year, new devices have .been tried out, instruments and technique have been improved and the methods of application to commercial problems have been increased in many ingenious ways. There is still great need for more skillful interpretation of results in terms of geology, but oil the whole geophysical prospecting is making encouraging progress toward finding its proper place and function in engineering and geological practice. Spectacular successes continue to be reported, particularly .from the Gulf Coast, where the race for salt domes has not slackened, and encouraging results have been giined elsewhere in the mapping of structures in the search for oil. In the mining field, however, it can hardly be claimed that the same measure of success has been obtained, for brilliant efforts worthy of wide recognition have been overshadowed to some eatent by the unfortunate outcome of surveys undertaken unwisely without recognition of the limitations of the work. Consequently, hopes were aroused that could not be fulfilled, and it must be admitted in an impartial survey that there are a few regions, chiefly in the far north, where the standing of geophysical prospecting is somewhat doubtful and where the course of public opinion regarding it shows a certain similarity to the history of the market during the past few months. Reliable work, however, is steadily going 011 and it can confidently be expected that the methods will eventually be regarded in many regions as an essential part of the technique of securing geologic data needed for intelligent exploration.

Jan 1, 1930

By Henry N. McCarl

[The Construction Materials section contains the following Chapters: Aggregates Cement and Cement Raw Materials Crushed Stone Dimension and Cut Stone Lightweight Aggregates Gypsum and Anhydrite Sand and Gravel Insulating Materials-Thermal and Sound Slag Roofing Granules] Mineral aggregates are those natural and manufactured industrial mineral and rock materials that provide bulk and strength in portland cement concrete, bituminous concrete mixes, and plaster or stucco surfaces. They may also provide special characteristics such as thermal and acoustical insulation, weight, surface textures, abrasion resistance, and impermeability to various concrete products and mixes. Most aggregates are relatively inexpensive materials, but despite their low unit value, the tonnages consumed each year in the United States and throughout the" world make mineral aggregates by far the leading industrial mineral and rock materials both in terms of volume (tonnage) produced and value consumed. The major use of mineral aggregates is in concrete. The low cost, high bulk aggregates tend to keep concrete construction costs at levels competitive with other building materials. Other major uses of aggregates include highway and railroad base or ballast materials, graded fill, and various industrial uses such as metallurgical and chemical fluxes and raw materials-these latter uses are often considered nonaggregate uses of mineral aggregate materials. The per-ton value of mineral aggregate materials at the production plant in 1980 and 1981 varied from $2 to $5 for most sand and gravel and crushed stone, $3 to $6 for air-cooled slag, $7 to $20 for expanded slag and expanded clay or shale aggregate, to as much as $165 to $320 for expanded perlite or vermiculite. The expanded lightweight aggregates have been dramatically affected by increasing fuel costs. It is ironic that the specialized aggregates used as insulating materials to conserve energy cost so much more to produce due to the high proportion of energy consumed in their production. The first four parts of "Construction Materials" deal with the utilization of four major mineral aggregate types: Crushed Stone, Lightweight Aggregates, Sand and Gravel, and Slag. While the focus will be on the use of these industrial minerals and rocks, there will also be some coverage of sources, mining and production, especially in those cases where they are not discussed in the Commodity section of this book.

Jan 1, 1983

By William G. Pariseau

Advances in numerical methods of analysis and computer technology during the past decade have brought many formerly intractable ground control problems within easy reach of present day graduate mining engineers. However, the new technology brings with it new problems. The identity of these problems are largely those arising from a lack of familiarity with the capabilities and limitations of the new technology. In this regard, the central problem in ground control planning is the calculation of ground motion associated with mining. The fundamentals of this problem leading to a form suitable for computer programming are therefore reviewed. Solution procedures in the broad sense including the gathering of input data and the interpretation of output are described. Computer program capabilities necessary for ground control analysis are discussed and the steps necessary to implement an analysis are outlined.

Jan 1, 1983

By K. P. Gupta

The Cb-rich boundary of the (Cb,Al) a phase field at 1250OC is near 41 pct Al. The Al atoms tend to occupy the C. N. 12 sites in this structure. A homologous (Ta,Al)a phase was identified. No a phase was found in the Mo-Al system at 1200°C. The first binary o-phase with a non-transition element as a major component was found1,2 in the Cb-Al system. The composition of this phase was reported2 as approximately 34 at. pct Al, based on X-ray diffraction patterns taken of alloys in the as-cast condition. Further study of the composition of this o-phase, therefore, appeared desirable. Since Si was previously found3,4 to occupy preferentially the lowest C.N. sites (I and IV) in the a phase, and preliminary resultsa indicated that Al may show similar ordering, one of the aims of the present work was to obtain more complete information on ordering in (Cb, Al) o. Among the binary systems of Al with Ti-, V-, and Cr-group elements, the Ti-Al, Zr-Al, V-Al, and Cr-Al systems are known to comprise no o-phase. In the present work a Ta-Al and a Mo-Al alloy were studied in an effort to find additional o phases with Al as a major component. EXPERIMENTAL PROCEDURES AND RESULTS An alloy with the intended composition of Ta + 40 at. pct Al was prepared by arc melting in He atmosphere. In both the as-cast condition and after annealing for 10 days at 1250°C and quenching in cold water this alloy consisted of two phases, as seen in the X-ray pattern and the microstructure. One of these phases was identified as the o-phase; the observed and calculated d-spacings are shown in Table I. The lattice parameters of this o-phase are a = 9.972 A, c = 5.214 A and c/a =0.5228, as determined from a Debye-Scherrer pattern using Fe K a radiation. The d-spacings for the unknown second phase are given in Table 11. The alloy contained approximately 25 pct of the unknown phase after annealing, as estimated on the basis of microscopic examination. A Mo-Al alloy was prepared by arc melting, with an intended Al-content of 35 at. pct. The alloy button was annealed for 7 days at 1200°C and water quenched. The X-ray pattern of the alloy in both the as-cast and the annealed state showed the reflections of Mo3Al (Cr30 type structure) and an unknown phase different from a. Six Cb-Al alloys were prepared in the composition range 30 to 50 pct Al. All alloys were arc melted in He atmosphere. After annealing for three days at 1175oC in evacuated silica capsules and quenching in water, the alloys with 30 to 40 pct Al contained three phases, namely the o-phase, Cb3Al (Cr3O-type structure) and an unknown phase. The alloys with more than 40 pct Al contained two phases, namely, what appeared metallographically, the o-phase and the same unknown phase. In the alloys containing less that 38 pct Al, the unknown phase was not present after annealing for 4 days at 1250°c,

Jan 1, 1962

By Arthur Notman

THE raw material men in all industries, and copper is no exception, are accustomed to think of them- selves as the whole show, and not without justice, for if there were no copper mines the world would have no copper. Nevertheless, many different things costing money and resulting in profits must be done to their product before it is ready for the world's use. In other words, they are making the frequent mistake of Chinking in terms of partial costs. Nobody really uses electrolytic copper. Possibly that is why nobody seems willing to pay anything for it. The manufacturers, being canny, do not buy any more electrolytic than they feel that they can work up and sell profitably, although they like to make the raw material men Chink that they will take all that can be produced. This is a state of affairs that has aroused my sympathy and curiosity, and has induced me to study the financial history of the copper wire and brass industry of the country or such portion of it as publishes any records readily available to the curious minded. About 60 per cent of the electrolytic copper used in this country is drawn into wire and consumed by the electrical industries. The remaining 40 per cent is

Jan 1, 1926

CONTENTS PAGE FOGLER, M. F., and QUINN, E. J.-Scratch and Brinell Hardness of Severely Cold-rolled Metals. Discussed by H. S. Rawdon, Carl Benedicks, M. F. Fogler, A. L.Davis 1 GREEN, C. H. Eutectic Patterns in Metallic Alloys. Discussed by Carl Benedicks, Carle R. Hayward, G. E. Dalbey, George F. Comstock, C. H. Green. 3 ARCHER, ROBERT S., and JEFFRIES, ZAY.-New Developments in High-strength Aluminum Alloys. - Discussed by F. B. Coyle, M. F. Fogler, Zay. Jeffries, D. J. McAdam, Jr., Horace C. Knerr, Ernest Schweizer 6 FLICK, FULTON B.-Etching Aluminum and Its Alloys for Macroscopic and Microscopic Examination. Discussed by Samuel Daniels 22. MERICA, PAUL D., and WALTENBERG, R. G.-The Malleability of Nickel. Discussed by H. W. Gillett, Ancel St. John. L. W. McKeehan, A. L. Feild, A. L. Davis 23 ANDERSON, ROBERT J., and NORTON, JOHN T.-X-ray Evidence Versus the Amorphous-metal Hypothesis. Discussed by Zay Jeffries, Chu Phay Yap, Francis B. Foley, H. H. Lester, Edgar C. Bain, Ancel St. John, L. W. McKeehan, Carle R. Hayward, R. P: Heuer, Jerome Alexander, Carl Benedicks 26 COOK, MAURICE, and EVANS, ULICK R.-Recrystallization and Grain Growth in Soft Metals. Discussed by M. F. Fogler 36 POLUSHKIN, E. P.-Determination of Structural Composition of Alloys by a . Metallographic Planimeter. Discussed by H. S. Rawdon 36 BASSETT, WILLIAM H., and DAVIS, C. H.-Corrosion of Copper Alloys in Sea Water. Discussed by W. B. Price, W.. R. Webster, George A. Orrok, A. E. White, William H. Bassett, D. K. Crampton 38, Scratch and Brinell Hardness of Severely Cold-rolled Metals Discussion of the paper of M. F. FOGLER and E. J. QUINN, presented at the New York Meeting, February, 1925, and issued as Paper No. 1395-E with MINING AND METALLURGY, January, 1925. H. S. RAWDON, * Washington, D. C.-We had the privilege of looking over the data just given before they were published and we were not able to suggest any convincing reason for the differences that were secured

Jan 6, 1925

By J. L. Tokich, A. R. Troiano

Since 1921, when Hull1 discovered that cobalt can exist in the face-centered cubic and hexagonal close-packed modifications, the transitions that occur in cobalt have been extensively studied. It is generally agreed that on heating the hexagonal lattice changes to the cubic structure at ternperatures ranging from 400° to 500°C although considerable doubt exists as to the exact temperature. Data concerning the temperature of the transformation on cooling are much less concordant and their interpretation has not been satisfactory. The study is further complicated by the fact that many investigators have reported the existence of a high temperature allo-tropic change in the range 850 to 1020°C, at which the cubic lattice reverts to the hexagonal modification. The transition on cooling, which has been reported as Occurring at various temperatures from approximately 400 to 100°C, is of particular interest. Troiano and Greninger2 have recently suggested and considered the possibility Of allotropic transformations occurring in pure metals by a shear-type, diffusionless (martensite) transformation. The case of cobalt was specifically discussed and certain observations of previous investigators evaluated in terms Of this type of Of Table 1 briefly outlines the methods and results Of previous investigators Of the transformation temperatures of cobalt. Materials and Methods The major portion of this investigatioll was performed with cobalt sheet containing a total of 0.2 pet impurities with carbon present to the extent of o,I pct. After melting in an induction furnace under an atmosphere of hydrogen, the carbon con. tent analyzed 0.03 pct. Some observations were repeated with hydrogen reduced cobalt compresses analyzing 99.9 pet pure. No significant variations in results were observed employing the as-received sheet, the remelted stock, or the cobalt compresses. Filings for X ray diffraction analysis were sealed in evacuated glass ampoules. Pyrex glass tubing was used for temperatures below (600°C and for higher temperatures clear fused quartz was satisfactory. After appropriate heat treatment at various ternperatures, the specimen ampoules were furnace cooled, air cooled or quenched by crushing under distilled water. This allowed a range of cooling velocities from less than one degree C per set to greater than 1,0oo°C per sec. X ray diffraction patterns were taken with a Debye camera and filtered characteristic cobalt K-alpha radiation. The of of the existing phases was roughly approximated by visual examina-

Jan 1, 1949

By AIME AIME

THE Federated American Engineering Societies through its Executive Board has endorsed House Bill 5230, introduced April 26, 1921, which provides for- the completion of the topographical survey of the United States. Before this bill can be reported out it will be necessary for the House Committee on -interstate and foreign commerce to hold hearings. This will not be done unless the engineers of the country show interest -and demand action which should be taken immediately after the recess ends and Congress reconvenes this fall. Surveys and maps have been made in this country ever since Captain John Smith mapped Chesapeake Bay about. 300 years ago, but it is only in comparatively recent years that the need for accurate maps has been keenly felt by those engaged in the industrial' and commercial development of the country.

Jan 1, 1921

By AIME AIME

ARRANGEMENTS for the Annual Meeting of the Institute were well advanced at the end of December as the following program will show. Heretofore this has been printed separately, but its inclusion in the Annual Review issue of MINING AND METALLURGY will, it is hoped, make it more easily available for reference until the final program is issued, which will be distributed at the meeting. Added details will appear in the February issue. Last year's meeting drew a record crowd of over 2300 which should be exceeded this year. Early reservations at the headquarters hotel, the Waldorf-Astoria, or any other convenient hotel are desirable, as are prompt reservations for the Annual Dinner. No one need worry about too much speechmaking this year, for the honors will be awarded and accepted in a few words instead of a few paragraphs, in seconds rather than minutes.

Jan 1, 1939

By L. C. Raymond

Valuations in the mineral industry differ from those of other enterprises because mines and oil wells have a definite life so cannot be considered a perpetuity. This requires that in any mineral-property evaluation the recovery of invested capital is necessary during the life of the property. Capital write-offs for nonextractive industries are assumed to be continuously plowed back to sustain the operation and produce yields on the capital invested. The extractive or mineral industry, however, generally attempts to return to the investor both interest and principal during the life of a property. Normally this is done currently and the dividend includes both items. Where the mineral property possesses large reserves and the life factor approximates a perpetuity, the return on investment is generally comparable to that of industrial stocks. The valuation of a mineral property, at best, is based on educated estimates and judgment factors. This is particularly true as it relates to estimating selling prices over a long term or assessing the quality of management. Also, it is possible to make various assumptions as to rapidity of working out the deposit, varying time for start-up of operations, varying earning rates, so as to obtain different results with the same basic facts. Thus it is not surprising that two engineers, irrespective of their abilities, may not agree exactly even when given the same facts, but their results should be close enough to be used in establishing a fair value for trading purposes. The valuation is no better than the source of basic data and the soundness of judgment factors. Fundamentally the basic principles of mineral valuation are similar for base metals, sulfur, oil, or any other mineral. Each mineral, however, requires an engineer to have a knowledge of such factors as its occurrence, distribution, mining and processing methods, and marketing problems in order to gather and analyze all the facts and data that have a bearing on the earning potential of the property. Present Value of a Mineral Property In essence the present value of a mineral property is a sum of money in today's dollars that future income from the property are worth. It differs from the total anticipated earnings by the amount of the interest that the unrecouped investment could be expected to earn during the period of recoupment. Thus, if one could accurately estimate what a mineral property will earn during its life, after deducting all operating, administrative, capital, interest, and tax charges, the determination of present value would be a relatively simple mathematical calculation. Normally, where the expected life of the mineral property extends beyond 20 or 25 years, the discounted value of earnings beyond this period is relatively small. The petroleum industry generally discounts the annual cash flow of an operation rather than earnings since, for tax-saving purposes, earnings are kept

Jan 1, 1976