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Edward A. UehlinG, New York City (communication to the Secretary*):—Mr. Baker's paper is one that brings up a subject of great importance, and if full statistics could be collectecl of the number of furnace-linings ruined by reason of bad distribution by skip-hoists, it would be found an astonishing array. Unfortunately a universal remedy has not yet been found. The fact that Mr. Baker has apparently succeeded in overcoming the trouble at Sydney, is no guarantee that the same remedy applied at another plant, where very different or even slightly different conditions prevail, mould cure the trouble. That it requires but a slight continuous difference of penetrability in the column of the descending stock of one section, over another, to produce channeling, is clearly demonstrated by Mr. Baker's experiments, by which he reversed the channeling from front to rear instead of remedying the trouble. Every change in the physical make-up of the charge necessarily requires a specific adjustment; even supposing this feasible, the regular working of the furnace is by no means assured, because with the high pressures now customary, the tendency of the ascending gases to plow their way through in a direct course, prevails, and having once opened up a passage, they will persist and cause trouble. Homogeneous filling-, hard driving and regularity of working are incompatible. The higher the furnace, the greater the

Jan 1, 1905

By Jay A. Carpenter

THIS preliminary report from the Committee to Study Relations Between Students and the Institute is submitted to our member- ship for consideration and discussion before the general subject comes up for action at the Annual Meeting in February. At present, the A. I. M. E. has a dual relationship with mining students, each relationship in no may connected with the other. To the individual student the Institute offers for $2 a year a Student Associateship in the Institute which carries with it a subscription to MINING AND METAL- 'LURGY, a watch fob, and the privilege of becoming a Junior Member after graduation without payment of the -first year's dues, if one's application is accepted. To the student's college society it offers the privilege, upon application, of becoming 'an Affiliated 'Society, which brings with it no specific supervision or aid, and in turn requires no specific conditions as to membership, fees, or rules. This Affiliated Society is distinctly a school organization which Student Associateship in the Institute can he given special status or ignored, is the local .society sees fit.

Jan 1, 1934

By D. W. Fuerstenau

On page 1243, column 1, the first line of the author's reply should read "D. W. Fuerstenau (author's reply)---," rather than D. E., as printed. In the sentence immediately preceding the first equation (page 1243, column 2)' the word "none" was omitted. The sentence should read: "However, if enough ore is put into the mill [so] that none of the energy put into the mill is wasted on metal-to-metal impact, then the product should have size modulus determined by the relation: ..."

Jan 1, 1961

By W. A. Anderson, R. F. Mehl

RECRYSTALLIZATION of cold-worked metals has long been known to proceed by a process of nucleation and growth.1 When a cold-worked metal is heated to a temperature at which recrystallization will ensue, nuclei of new grains, essentially strain-free, appear and grow. As the process proceeds, nuclei continue to appear and to grow, until the cold-worked matrix has been entirely consumed and recrystallization has been completed (Fig. I). Conducted isothermally, a measurement of the fraction of the matrix recrystallized plotted against time, yields an isothermal recrystallization curve, showing the time course of the recrystallization process (Fig. 2).2 Evidently, then, the rate of recrystallization is determined by the rate at which nuclei form and the rate at which they grow. The rate of nucleation N is the number of nuclei that form in unit time in unit volume of the unrecrystallized matrix, and the rate of growth G is the increase in radius of the recrystallized grain per unit time. In recent years attempts have been made to determine N and G as these vary with the well-recognized variables affecting recrystallization: time, temperature, degree of deformation, etc.' Such studies yield information that is more fundamental than that conveyed by the conventional recrystallization diagram,' since the rate of recrystallization is thus analyzed into its two component rates.2 Methods are now available by which N and G can be measured, and analytical expressions have been developed for the interrelationships among N, G, the isothermal recrystallization curve, and the final grain size, which greatly facilitate analysis.2-4 The application of these methods has been demonstrated recently for the recrystallization of silicon ferrite.2 Data on N and G in dependence upon the recognized recrystallization variables are, however, very fragmentary;* values of N and G have been determined for some metals, but the effect of temperature, which would yield the fundamentally important activation energies, has been too little studied. Thus far there has been no detailed study of the recrystallization of any one metal in terms of N and G over appreciable ranges of the variables time, temperature, degree of deformation, and original grain size. It is the purpose of the present paper to provide such a study, employing aluminum.

Jan 1, 1945

By Paul M. Tyler

FOR the same reason that water is not missed until the well runs dry, the roles of many industrial minerals in wartime are often overlooked. In contrast to the growing shortages of many metals, our supplies of most nonmetallic minerals are limited only by our machinery for taking them from the ground and by our processing facilities. With few exceptions, the demand for increased supplies has been met without fanfare or delay. Only Brazilian quartz crystals, certain kinds of mica, and, latterly, industrial diamonds are on the so-called strategic list, although asbestos, beryl, corundum, cryolite, fluorspar, crucible-grade graphite, ilmenite, iodine, kyanite, monazite, nitrates, rutile, and zircon have caused more concern among those responsible for procurement and are included in our preclusive buying programs. Such specialties are needed urgently, but they are far less important in the over-all picture than the more abundant minerals.

Jan 1, 1942

By John T. Cumberlidge, Frederic M. Chace

Nickel-bearing saprolite developed during the early Tertiary over a northeast trending ultramafic body of Jurassic age near Riddle in southwestern Oregon. The principal nickel mineral is garnierite, but other complex nickel minerals may be present. There are two main ore bodies, an upper (older) one associated with the Klamath peneplain, and a lower (younger) one on the Sherwood peneplain. Saprolite constitutes the bulk of the ore and was probably derived from peridotite and dunite through chemical decomposition by downward percolating meteoric groundwater. Decomposition took place by net loss of MgO, SiO2, and Fe without a change in volume. Faults and joints provided permeable zones which localized saprolite development, and faulting may have helped preserve some ore from loss by erosion. Garnierite-chalcedony boxwork ore was deposited by meteoric groundwater along faults, joints, and at the level of former water tables. Boxwork ore is entirely supergene, the chemical constituents having been derived from higher in the soil profile. The saprolites show evidence of both supergene and residual enrichment in nickel. Red and yellow soil occurs as a capping over saprolite and boxwork, and was derived from them by chemical and mechanical decomposition. The present deposits are probably truncated remnants of a formerly thicker and much more extensive deposit which probably included laterite at the surface. The deposits started to form in the early Tertiary due to deep chemical weathering under sub-tropical to warmtemperature conditions. Early Tertiary ero~ion surfaces of low relief probably contributed to the predominance of chemical weathering over mechanical erosion. Alteration under present climatic conditions favors the formation of soil from saprolite rather than the formation of new saprolite from peridotite.

Jan 1, 1968

By Henry Newton

It may seem somewhat a work of supererogation to present to the American Institute of Mining Engineers, composed largely of gentlemen with whom the subject is so familiar, a paper on iron ores and their distribution. To many of them, however, it possibly will not be without interest, as there may be some, like myself, who hare nowhere found a connected account of the character of the deposits and the circumstances upon which are founded the great iron-producing centres of the world. This blank I have endeavored to fill,

By Henry Newton

IT may seem somewhat a work of supererogation to present to the American Institute of Mining Engineers, composed largely of gentle- men with whom the subject is so familiar, a paper on iron ores and their distribution. To many of them, however, it possibly will not be without interest, as there may be some, like myself, who hare nowhere found a connected account of the character of the deposits and the circumstances upon which are founded the great iron-producing centres of the world. This blank I have endeavored to fill,

Jan 1, 1875

By Max W. Ball

THE geologist or mining engineer, whose work takes him into the western United States, whether for the Government or private enterprises, is likely to be called upon to classify public lands as to their mineral character, or to review such classification already made, usually by a Government geologist or mineral inspector. The public-land law covering the matter is clear and logical, and a knowledge of its simpler principles is necessary to intelligent classification work. There are two classes of cases in which a classification of lands as mineral or non-mineral may be required: .first, cases in which lands classified as mineral will be retained by the Government and lands classified as non-mineral alienated; second, cases in which lands classified as mineral will be alienated and lands classified as non-mineral retained.

Jan 1, 1921

By Herman Dykstra, R. L. Parsons

A numerical method for solving partial differential equations in steady state fluid flow is described. This method, known as the "relaxation method," has two advantages over analytical methods: (1) practically any problem can be solved, and (2) a solution can be obtained quickly. A disadvautage is that the solution is not general. The method is applied to core analysis and relative permeability measurement to calculate constriction effects and to calculate the true pressure drop measured by a center tap in a Hassler type relative permeability apparatus. Further applications are suggested. INTRODUCTION Many problems in fluid flow cannot be solved analytically because of the nature of the boundary conditions. For many problems, however. an exact answer is not necessary because boundary conditions are not exactly defined or the parameters describing the porous medium are not accurately known. The relaxation method can be used to obtain an approximate answer easily and quickly for the flow of incompressible fluids in porous media. The method can also be used for other types of problems, such as determining the stress in a shaft under load. or the temperature distribution during steady state heat flow. In this discussion only calculations concerned with the flow of fluids in porous media will be considered. The method was introduced by R. V. Southwell in 1935.' THEORY The treatment given here follows that given by Enimons.2 Consider a porous medium to be replaced entirely by a net of tubes of equal length and uniform cross-sectional area as shown in part in Fig. 1. Assume that the net of tubes behaves exactly like the porous medium which it replaces; that is, the net can be made fine enough to reproduce exactly the porous medium. Assume also that Darcy's Law can be used to calculate the flow from one point to another point through these tubes. The flow from point 1 to point 0 is KA . ------ P-P) .......(11 where a is the distance between points: K is the "permeability" of a tube; A is the cross-sectional area of a tube; is the viscosity of the liquid in the porous medium; and (P1 — P0) is the pressure difference between point 1 and point 0. In like manner the flow can be calculated from points 2, 3, and 4 to point 0. The net flow into point 0 is Qo = KA/µa (P1 + P2 + P33 + P4-4P0) . . (2) MB For an incompressible fluid the net flow into point 0 will be zero or, Q. = 0. This says that at point 0 fluid is neither being accumulated nor depleted. 'Therefore. P1 + P2 + P3 + P4 - 4P0 = 0 .... (3) . If. now. with specified boundary conditions. the pressure i.; known at a finite number of points in a given region, as at the points shown in Fig. 1, Equation (3) will be satisfied at every point. If, on the other hand, the pressure is not known, the pressure can be guessed at these points. Then. unless the guess is perfect. Equation (3) will not be satisfied at all of the points. When Equatiol~ (3,) is not satisfietl. let d = P1 + I?, + P, + P, - If' .,....(4) where 6 is an apparent error and is called the residual at point 0. Equation (4) shows how much the pressure guess is in error at point 0 with respect to the surrounding points. A positive residual means that the pressure is too low, and a negative residual means that the pressure is too high. To bring the residual, 6. to zero in order to satisfy Equation (3). it is necessary to make changes in the pressure guesses. Equation (4) shows that a +1 change in Po will change the residual at point 0 by -4. A +1 change in the pressure at any of the four surrounding points will change the residual at point 0 by +l. Thus it can be seen that a change at any point will affect the residual at that point and the four surrounding points. By changing the pressure from point to point, all of the residuals can eventually be brought nearly to zero and the problem will be solved. This procedure is the essence of relaxation methods and is used to relax the residuals so that Equation (3) is satisfied at every point. The procedure can be most easily explained in detail by solving a simple problem. as Southwell says, "To explain every detail of a practical technique is to risk an appearance of complexity and difficulty which may repel the reader. A

Jan 1, 1951

By R. L. Parsons, Herman Dykstra

A numerical method for solving partial differential equations in steady state fluid flow is described. This method, known as the "relaxation method," has two advantages over analytical methods: (1) practically any problem can be solved, and (2) a solution can be obtained quickly. A disadvautage is that the solution is not general. The method is applied to core analysis and relative permeability measurement to calculate constriction effects and to calculate the true pressure drop measured by a center tap in a Hassler type relative permeability apparatus. Further applications are suggested. INTRODUCTION Many problems in fluid flow cannot be solved analytically because of the nature of the boundary conditions. For many problems, however. an exact answer is not necessary because boundary conditions are not exactly defined or the parameters describing the porous medium are not accurately known. The relaxation method can be used to obtain an approximate answer easily and quickly for the flow of incompressible fluids in porous media. The method can also be used for other types of problems, such as determining the stress in a shaft under load. or the temperature distribution during steady state heat flow. In this discussion only calculations concerned with the flow of fluids in porous media will be considered. The method was introduced by R. V. Southwell in 1935.' THEORY The treatment given here follows that given by Enimons.2 Consider a porous medium to be replaced entirely by a net of tubes of equal length and uniform cross-sectional area as shown in part in Fig. 1. Assume that the net of tubes behaves exactly like the porous medium which it replaces; that is, the net can be made fine enough to reproduce exactly the porous medium. Assume also that Darcy's Law can be used to calculate the flow from one point to another point through these tubes. The flow from point 1 to point 0 is KA . ------ P-P) .......(11 where a is the distance between points: K is the "permeability" of a tube; A is the cross-sectional area of a tube; is the viscosity of the liquid in the porous medium; and (P1 — P0) is the pressure difference between point 1 and point 0. In like manner the flow can be calculated from points 2, 3, and 4 to point 0. The net flow into point 0 is Qo = KA/µa (P1 + P2 + P33 + P4-4P0) . . (2) MB For an incompressible fluid the net flow into point 0 will be zero or, Q. = 0. This says that at point 0 fluid is neither being accumulated nor depleted. 'Therefore. P1 + P2 + P3 + P4 - 4P0 = 0 .... (3) . If. now. with specified boundary conditions. the pressure i.; known at a finite number of points in a given region, as at the points shown in Fig. 1, Equation (3) will be satisfied at every point. If, on the other hand, the pressure is not known, the pressure can be guessed at these points. Then. unless the guess is perfect. Equation (3) will not be satisfied at all of the points. When Equatiol~ (3,) is not satisfietl. let d = P1 + I?, + P, + P, - If' .,....(4) where 6 is an apparent error and is called the residual at point 0. Equation (4) shows how much the pressure guess is in error at point 0 with respect to the surrounding points. A positive residual means that the pressure is too low, and a negative residual means that the pressure is too high. To bring the residual, 6. to zero in order to satisfy Equation (3). it is necessary to make changes in the pressure guesses. Equation (4) shows that a +1 change in Po will change the residual at point 0 by -4. A +1 change in the pressure at any of the four surrounding points will change the residual at point 0 by +l. Thus it can be seen that a change at any point will affect the residual at that point and the four surrounding points. By changing the pressure from point to point, all of the residuals can eventually be brought nearly to zero and the problem will be solved. This procedure is the essence of relaxation methods and is used to relax the residuals so that Equation (3) is satisfied at every point. The procedure can be most easily explained in detail by solving a simple problem. as Southwell says, "To explain every detail of a practical technique is to risk an appearance of complexity and difficulty which may repel the reader. A

Jan 1, 1951

The Institute has prepared a list of Societies' publications, magazines, . etc., which were duplicates and were discarded at the time of the consolidation of the libraries of the three Founder Societies. These books will be disposed of about March 1, 1916 by the Board of Directors of the Institute through the Library Committee. If, meanwhile, members who have incomplete sets of these books, or for any other reason desire to secure some of them, they are asked to communicate immediately with the Secretary, as this is in unusual opportunity to secure books at a very low price. American Gas Light Journal, viols. 31 to 39. American Institute of Electrical Engineers, Transactions, vols. 5 to 26. American Machinist, vols. 3 to 20, 22 to 29. American Society of Civil Engineers, Transactions, vols. 2 to 10, 21 to 24, 26 to 33, 39 to 49, 52, 55, 58, 74. Index, viols. 1 to 21. American Society of Mechanical Engineers, Transactions, vols. 1 to 28. Index, vols. 1 to 20, vols. 1 to 25.

Jan 1, 1916

By Thomas T. Read

The purpose of the following research, as originally planned, was to investigate the influence of temperature upon the plate¬amalgamation process. In order to consider the amalgamation process intelligently, it was first necessary to learn the nature of an amalgam. In the performance of this task it was found necessary to consult a large volume of literature and to perform experimental investigations. The conceptions of the nature of amalgams thus obtained have so important a bearing on the amalgamation-process as a whole, as well as upon the possible influences of temperature, that it was advisable to include them in the treatment of the subject. The broader title is therefore used, even though some features of the amalgamation process have been treated very briefly and others entirely omitted, there being nothing new to present regarding them and their development not required for a clear presentation of the matter in hand. I. HISTORICAL INTRODUCTION. Gold was one of the earliest metals known to man. Occurring in the metallic state, it could be picked up in nuggets or washed, as gold dust, front the sand and gravel of streams. Interesting descriptions of the processes employed in early times for the recovery of gold may be found in Pliny's Natural History and in the treatise by Agricola on ores and minerals. But little progress in the treatment of the ores of gold was possible until efficient -crushing machines were devised. This want was supplied by the introduction, about the beginning of the sixteenth century, of the stamp mill to treat the ores of Saxony. Blanket strikes, or similar devices, were used to catch the

May 1, 1906

H. H. Hill.—I believe that as petroleum engineers you are all more or less interested in geophysical prospecting. A large number of the papers that have been written on that subject are too detailed or too much involved to be of much value to a person who is not familiar with the subject, so I suggested to Mr. Fohs that he might bring us something that we could all understand. As I take it, we are interested in learning something about the different methods, the places where they have been used, their limitations and in general whether they have given satisfaction in locating oil deposits. F. J. Fohs, New York, N. Y.—I will briefly summarize some of the results as I Bee them from my practical contacts with them and my discussion of the subject with some of the more important rnen both in this country and Europe. Geophysical Methods 1. Seismographs: A. 1. Sonic refracting seismographs of Karcher, McCullom and Reiber. For rapid reconnaissance and also for detail—perhaps, the best type of instrument. 2. Mechanical refracting seismographs of the Weichert-Mintrop type. B. I. Sonic seismographs using reflected sound from contacts of sufficiently unlike beds where latter are thick enough, being used for detail of both salt domes and ordinary structures where a good reflecting key bed occurs. 2. Torsion Balances: Made in three sizes with greater portability and loss of but 20 per cent. in medium size and loss of 40 per cent. efficiency in smallest size. A. Used to best advantage in detailing salt domes, in noting anomalies of deep-seated structures of the Edgerly, La., type (but not always certain here and dependent on interpretation which involves both experience and the human equation to a large degree). R. Used to advantage in mapping faults where a lime or other denser bed occurs upthrown, and the topographic irregularities are not too involved. C. Of use where buried granite plugs and buried-hill structures occur as in the Western Texas fields. D. Believed of little use for other types of structure. 3. Magnetometers or Variometers: Now built horizontal and vertical with declinometer combined in one instrument. A. Practical in mapping granite or basic igneous rock plugs and intrusions, or of detritus therefrom. Adams has recently demonstrated definite results in mapping the well known Panhandle arch.

Jan 1, 1928

(Under this heading will be published notes sent to the Secretary of, the Institute by members or other persons introduced by members.) Development and production. Member open for engagement. Past year in war mineral field work, operation and production. Ten years' thorough experience in both subordinate and executive positions, gold, silver and copper in the United States, Mexico, and South America. Age 37, married. Minimum salary $3600. Interview. South or East. A-577. Engineer and executive. Captain U. S. Army, age 36, expects discharge before July 1. Seven years' mining and metallurgical experience. Six years with large technical college as assistant professor of mining and directing extensive experimental work. Desires position as executive or research engineer with reliable company or as professor of mining with first-class college. A-909. Mining engineer. Twenty-five years' experience including mine and works operation, construction, plant installation, and mine examination. Speaks Spanish. A-1173. Metallurgical engineer. Twelve years' laboratory and operating experience, covering copper blast furnace, roasting, reverberatory smelting and latest Cottrell treater practice on copper dust and zinc dust. Technical graduate. 36 years of age, married. Highest recommendations. Open for immediate engagement. A-2354. Mining engineer. Junior Associate. At liberty about July 1. Captain Heavy Artillery. Single, age 24. Go anywhere. Best refer-ences. A-2843. Engineer. Age 26, single, graduate Missouri School of Mines, B. S. in Mis. Met. E. Desires position with oil or metal company in any capacity. Location immaterial. At present engaged, desires change. A-2844.

Jan 7, 1919

By NEWTON C. MARSHALL

AS every school boy knows, the Andes mountain range forms the backbone of South America, extending the full length of the continent along its western edge and fairly close to the Pacific coast. But in Colombia these mountains are divided into three distinct ranges known as the Western, Central and Eastern ranges of the Andes. United at the southern end, they spread out like three fingers in a northerly direction across the Republic of Colombia. These great natural barriers have only in recent years been tarried by railroads or wagon roads, and they have had their effect upon the history of the country, both political and ethnological. Each of the three ranges dies out and dwindles away before reaching the boundary of Colombia on the Caribbean Sea. When I studied my geography as a youngster 1 used to think that the

Jan 1, 1935

By N. Cabrera

IN a recent paper Kuczynski' studied the rate at which the crack between a metallic plane and a spherical particle of the same material is filled up gradually when heated at temperatures near the melting point. If x is the radius of contact between plane and sphere (fig. I), Kuczynski shows experimentally that x5 = At [1] where t is the time. Assuming that the mechanism of transport of matter is the volume diffusion of vacant lattice sites, he is also able to prove Eq 1 theoretically. The constant A contains as a factor the self-diffusion coefficient of the metal and he shows that the values for this coefficient deduced from his experiments yield the same activation energy as that calculated by other methods, which is a confirmation of this point of view. Kuczynski has also considered theoretically the law of growth of x which would be expected if surface diffusion were the important mechanism. He suggests that x should then obey a law of the form x7 = At, and claims to be able to decide the mechanism involved from the observed law of growth., The purpose of this note is to prove this incorrect. On the contrary, when the mechanism is surface diffusion Eq 1 is also obeyed, but with a different constant A. Following Kuczynski, we suppose the bottom of the crack (surface A A) to have an average radius of curvature p. As a result of this curvature the concentration of adsorbed atoms in this surface, n(p) per cm2, will be smaller, and the concentration of vacant lattice sites in the neighborhood, N(p) per cm3, will be larger than the corresponding concentrations, n(w) and N(w), for a flat surface. For all practical cases we can write Thomson's formula in the form n(co)— n(P) N(P)—N(cc) _ 2a-a" n(oo) JV(co) kTp [2] where u is the surface energy of the metal and a the interatomic distance. 1. Let us now consider the mechanism of surface diffusion. We suppose the concentration of ad-

Jan 1, 1951

By J. J. Friel, E. S. Erickson

Dolomite-fluxed pellets of various compositions were made from magnetite concentrate, hematite concentrate and a concentrate containing a natural mixture of both. Physical properties and reduction test results were used to ascertain proper compositions and firing temperatures. These pellets were subjected to physical tests and to reduction tests. Petrographic and electron microprobe examinations were made to evaluate the effect of composition and fining on the phase assemblage. We interpreted our test results in terms of chemistry and microstructure and related these to properties. This approach enabled w to determine the composition best suited to each of the three concentrates. Compared with acid pellets, dolomite- fluxed pellets of the optimum compositions had similar physical properties but swelled less, softened at a higher temperature, and reduced faster and more completely.

Jan 1, 1983

Henry LOUIS, London, England (communication to the Secretary) : Prof. Richards's paper has impressed me as highly valuable. Without entering upon any discussion of it as careful and thorough as it deserves, I venture to mention one or two points which a perusal of it has recalled to my mind in connection with my own study and practice of ore-dressing. I always mentally divide jigging into two phases: 1. A particle at rest on the jig-bed is lifted and carried upwards by the rising current of water, at an increasing velocity, which tends to a maximum. When the upward current is stopped, the particle continues to rise with rapidly diminishing velocity until it comes to rest. This completes the first phase. 2. In the second phase, the particle falls from its position of rest with an increasing velocity which tends again to a maximum, and continues to fall until the rising current of water has reduced its velocity to zero. This completes the second phase. The second phase will evidently be greatly modified by the effect of suction, as Prof. Richards shows; but I do not see that his experiments very clearly imitate the action of the second phase. And the brief intervals at the end of each phase, when the mineral particle, by reason of its acquired velocity, is still moving, though in opposition to the water-current, yet remain to be investigated. I feel especially, in Prof. Richards's paper, a difficulty which I have felt with regard to all similar previous investigations, namely, that the experiments deal with particles falling a long distance, when the velocity becomes uniform. I question whether this uniform maximum velocity is attained in actual jigging-practice. If so, it is certainly for a comparatively very small proportion only of each stroke. It seems to me that an investigation like that of Prof. Richards, but confined to the first 6 or 8 inches of fall only, and carried out with suitably delicate recording-apparatus, is what we

Jan 1, 1895

By Moshe Sheinkin, Burke O. Trafton

This paper describes the use of a computer in analyzing the expected return on a mining venture. The computer program is designed to incorporate all aspects of a mining project, including the mine, mill, smelter, and refinery. Data input may consist of the operating variables in each phase such as the mining rate, grades, reserves at the mine, and the technical operating characteristics of the mine, mill, smelter, and refinery. Detailed tax computations are shown for a domestic operating company, for a foreign company and for a foreign subsidiary. In addition, the use of the various options that are available such as expense write-offs or deferments to create tax credits during preproduction years are considered, and its effect on the DCF. The program is also constructed to accommodate changes in metal prices, and escalation of capital requirements and operating costs. Output consists of profit and loss statements for entire projects using different methods of depreciation, cash flows, discounted cash flows, net present value and returns on investment. Returns on investment are computed for equity investment, total investment, and total investment less tax credits. Allowances are made for bank and guaranteed loans. Additional financial statements can be made for the following: a) A mine-mill segment with a concentrate selling schedule b) A mine-mill-smelter complex with a smelter product selling schedule c) Profitability of the smelter separately d) Profitability of the refinery separately

Jan 1, 1969