Search Documents

For the year ending February, 1919 PRESIDENT SIDNEY J. JENNINGS, NEW YORK, N. Y. PAST PRESIDENTS L. D. RICKETTS, NEW. YORK, N. Y. PHILIP N. MOORE, ST. Louis, Mo. FIRST VICE-PRESIDENT C. W. GOODALE BUTTE, MONT. TREASURER GEORGE D. BARRON, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 2, 1919

For the year ending February, 1920 PRESIDENT HORACE V. WINCHELL,. MINNEAPOLIS, MINN. PAST PRESIDENTS PHILIP N. MOORE ST. Louis, Mo. SIDNEY J., JENNINGS NEW YORK, N. Y. FIRST VICE-PRESIDENT A. R. LEDOUX, NEW YORK, N. Y. TREASURER GEORGE D. BARRON NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 3, 1919

For the year ending February, 1920 PRESIDENT HORACE V. WINCHELL MINNEAPOLIS, MINN. PAST PRESIDENTS PHILIP N. MOORE ST. LOUIS, Mo. SIDNEY J. JENNINGS NEW YORK, N. Y. FIRST VICE-PRESIDENT A. R. LEDOUX NEW YORK, N. Y. TREASURER GEORGE D. BARRON. . . . ' NEW YORK, N. Y SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y

Jan 6, 1919

For the year ending February, 1920 PRESIDENT HORACE V. WINCHELL MINNEAPOLIS, MINN. PAST PRESIDENTS PHILIP N. MOORE ST. Louis, Mo. SIDNEY J. JENNINGS NEW YORK, N. Y. FIRST VICE-PRESIDENT A. R. LEDOUX, NEW YORK, N. Y. TREASURER GEORGE D. BARRON NEW YORK, N. Y SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y

Jan 7, 1919

By George C. Stone

AS most of you probably know, Australia has had many strikes. The two places that had the worst reputation were the Broken Hill mines and Port Pirie, where the smelter was located. About four or five years ago, the smelter changed hands. The new proprietors - immediately endeavored to get on better terms with the men and made such progress in that respect that, the men came to them and said, "There is no use giving us any more money. You have just raised our pay one- bob a day, but the store-keeper and the boarding-house keeper have raised their prices. The boarding housekeeper raised our board three bob a week and the storekeeper took the rest of it and we are no better off." Learning that what the men needed most was firewood wood the company bought the wood on a tract of ground across Spencer's Gulf and- sent men over to cut it. The wood was brought to the works and given to a man to cut up. He thought he had an easy job and loafed, but when the committee representing the men discovered that his loafing added to the cost of 'the wood, it promptly disciplined him and made -him work as he had never worked before. The next question that arose was the distribution of the wood. The committee got bids from several cartmen whose prices varied from about two to five shillings. It gave the work to the next to the lowest bidder. The fact that if delivering the wood cost more, the user would have to pay for it, was an entirely new idea to the men.

Jan 1, 1920

By F. G. Jones, R. D. Pehlke, H. E. Gardner

The solubility of nitrogen in liquid Fe-18 pct Cr-8 pct Ni-0. 7 to 2.3 pct A1 alloys has been measured up to the solubility limit for the formation of aluminum nitride in the temperature range 1600° to 1700°C uszng the Sieverts' method. The solubility of nitrogen in 18-8 stainless steel increases with increasing aluminum content. Based on a nitride composition, AlN, the standard free energy of formation of aluminum nitride from the elements dissolved in liquid 18-8 stainless-steel alloys has been determined to be: ?G° = -42,500 + 20. IT in the range from 1600° to 1700° C. EVANS and pehlke1 have measured the equilibrium conditions for the formation of aluminum nitride, AlN, in liquid Fe-A1 alloys. The present study extends that work to the more complex solvent, liquid 18 pct Cr-8 pct Ni (18-8) stainless steel. Recent work by Small and pehlke2 has dealt with the effect of fourth-element additions on the solubility of nitrogen in 18-8 base alloys. They found the effect of aluminum additions, up to 0.74 pct, on the solubility of nitrogen to be small. The present study covered the range from 0.74 to 2.28 pct aluminum, and by extending the composition range may be used to better define the effect of aluminum on the nitrogen solubility in these alloys. EXPERIMENTAL PROCEDURE The Sieverts' method was used to measure the equilibrium solubility of nitrogen gas in liquid 18-8 stainless steel alloys containing 0.74, 1.49, 1.93, and 2.28 pct Al. The solubility was measured as a function of the nitrogen gas pressure at temperatures of 1600°, 1650°, and 1700°C. The apparatus used is the same as described by Small and Pehlke.2 The 100-g melts were made from Ferrovac-E high-purity iron, Crucible Steel Co.; 99.95 pct Cr, Union Carbide Corp.; 99.9 pct Ni, International Nickel Co.; and 99.99+ pct Al, Aluminum Co. of America. The aluminum was charged at the bottom of the crucible, surrounded by nickel and iron. The chromium was packed into the interstices to minimize vapor transport of the aluminum during initial melting. The hot volume of the system, measured for each melt with argon, ranged from 45 to 55 standard cu cm with a temperature coefficient of —8 x 10-3 cu cm per °C. The melt temperature was measured with a Leeds and Northrup disappearing-filament type optical pyrometer sighted vertically downward on the center of the melt surface. The temperature calibration of the system by Small and pehlke2 was assumed. Two problems are involved in determining the solubility product of a solid, metal nitride phase in liquid iron alloys. These are: 1) establishing the point of departure from Henrian behavior at the solubility limit of the metal nitride phase; and 2) determining the composition of the solid nitride which is precipitated. Determination of the solubility product of AlN was made by admitting small amounts of nitrogen into the reaction bulb until the deviation from Sieverts' law was clearly evident in the form of a pressure halt. To obtain the solubility product at several temperatures during one run the following procedure was used: 1) add increments of nitrogen to determine the Sieverts' law line at the lowest desired temperature; 2) continue to add nitrogen to precipitate a small amount of the nitride phase; 3) increase the melt temperature 50°C to dissolve the precipitated nitride; 4) repeat step 2 until either a nitride formed or the system reached ambient pressure; if a nitride formed at 1650°C, the sequence was repeated at 1700°C. The composition of the precipitated phase was checked by an X-ray diffraction pattern obtained from powder scraped from the surface of the solidified 1.93 pct A1 melt. RESULTS AND DISCUSSlON Solubility Measurements. Fig. 1 is a typical nitrogen-absorption curve obtained from measurements on a 1.93 pct A1 alloy. Since the initial absorption of nitrogen follows Sieverts' law the nitrogen solubility is plotted as a function of the square root of the pressure of nitrogen gas in the reaction bulb. The results of the solubility measurements for all alloys studied are summarized in Table I. The slope of the Sieverts' law line for each alloy was determined. Since this is also the solubility of nitrogen at 1 atm pressure of nitrogen gas, the latter designation is used for the data. It should be noted. however, that in most cases the value lies above the solubility limit for AlN. Fig. 2 shows the effect of aluminum on the solubility of nitrogen at this reference pressure and as a function of melt temperature. The solid portions of the lines represent attainable solutions; the dashed regions lie above the limit for precipitation of AlN.

Jan 1, 1969

By W. L. Saunders

THE world's greatest producing area is, geographically, in the midland region of North America about the Great Lakes. This area, with but one- third of the nation's population, produces, with the exception of tobacco and cotton, three-quarters of the principal staples. It provides the surplus or export grain, meats, dairy products, steel and leading minerals. The social and political condition of a nation is determined by its industrial efficiency, and the share of the commerce of the world obtained by a nation is fixed more by the economy of its transportation than by any other factor. It is an economic maxim that: The total cost is the cost of production plus transportation cost. The cost of carrying 1000 tons by water or 100 tons by rail is equal, over the same distance

Jan 1, 1921

For the year ending February, 1919 PRESIDENT SIDNEY J. JENNINGS NEW YORK, N. Y. PAST PRESIDENTS L. D. RICKETTS, NEW YORK, N. Y. PHILIP N. MOORE ST -Louis, Mo FIRST VICE-PRESIDENT C. W. GOODALE, BUTTE, MONT.. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y.

Jan 6, 1918

By W. L. Remick

THE hydrotator coal-cleaning process was developed as an economic necessity to meet the ever-increasing demand for an inexpensive method of cleaning coal down to the sizes ordinarily referred to as "dust." As the most urgent demand seemed to be in the anthracite field, all experimental work has been conducted in that territory during the past 2 years, with the exception of a few months during the strike of 1925-26, when some experiments were performed in the Alabama bituminous fields. The first commercial plant was constructed at the Middle Creek Colliery of the Philadelphia & Reading Coal & Iron Co., Pottsville, Pa. This plant is now operating. APPLICATION The field of application of the process is: 1. Cleaning anthracite fines, ordinarily described as "slush" or "silt." Slush contains all sizes from %2 in. down to and including "dust." (Anthracite passing a 32-in. mesh is also referred to as No. 2 Barley and No. 4 Buckwheat.) 2. Cleaning sizes too fine for recovery by other methods. 3. Removal of coal from sand circulated in the Chance sand-flotation process. 4. Cleaning of bituminous sizes. from 3/8 in. down to "dust. 5. As equipment for the performance of the froth flotation process. 6. Other separating, extraction and _washing. processes which may be considered outside the realm of coal cleaning. PRINCIPLE OF OPERATION Fig. 1 shows the method of classification practised under the Hydrotator patent:1 In coal cleaning the machines are operated as "hindered settling" classifiers, the flow of solids and liquids being so controlled that the units may be combined in series.

Jan 1, 1927

By WALTER S.

(New York Meeting, February, 1912,) THE earliest example of attempting to form finely-divided materials into larger masses for better adaptation to commercial use was probably the briquetting of peat and lignite-waste at Paris by the use of a clay binder. It was from this attempt that our word briquette has arisen (Fr. la brique), the formed masses being shaped similar to ordinary bricks. This term does not, however, lend itself to the many shapes of such formed material as are now being produced, as few of them aside from some of the European brown-coal products bear any resemblance to the shape of that well-known article. The term "agglomeration " has therefore been chosen as more accurately descriptive of the products now being manufactured, this term including the molding as well as the sintering. With the increasing prices of fuel and ores and the greater demand for economy in the operation of industrial plants, more ,attention has been paid in recent years to the utilization of waste products and low-grade ores and fuels. Much of the waste has been occasioned by the inability to utilize finely ,divided ores and fuels in the furnaces because they could not be kept there, or else because they clogged up the furnace-shaft so that gases could not be forced through under ordinary conditions of operation. As a result, all such fines were thrown on the dump. Again, with the exhaustion of the richer deposits of ores, concentration of lower-grade ores becomes a necessity, and most concentrates are produced in a finely-divided condition. Aside from these considerations, there is also the economy in the cost of operating the plant; a furnace running on agglomerated material will have a much greater output than one working on fines. In one instance the charge of an iron blast-furnace was changed from fine concentrates to briquettes and the output was increased four-fold; better results could have been obtained had facilities been at hand for taking care of the increased output.

May 1, 1912

By D. H. Baldwin, R. E. Reed-Hill

WITH the polarized-light microscope, the basal-plane trace may be located on hcp crystal surfaces to an accuracy of approximately 1 deg. This determination can also be made on very small crystalline areas, approaching a micron in width. Measured basal-plane trace distributions on selected specimen surfaces can yield1,2 valuable texture information. However, the polarized-light microscope is probably best suited to orienting

Jan 1, 1965

By A. R. Krause, C. Laird

In order to establish whether or not there is a real temperature effect in fatigue (independent of environment) , poly crystalline copper and Cu- 7.9 A1 alloy have been cycled at 298° and 7° K in vacuo and the fatigue lives compared with those in air and in liquid nitrogen. The lives of both copper and the alloy were found to be highly temperature-dependent in the absence of environment. This result casts serious doubt on the validity of the cell structure hypothesis for stage I crack propagation as presently formulated, because it predicts that there should be no such tempevnture dependence. On the other hand, the plastic blunling process is consistent with the result. Effects of environment aside, the homogenization of slip which accompanies testing at low temperature, and at low strains, seems to be the main cause for increased fatigue life. At high strain amplitudes, the fatigue lives of wavy slip materials, typically copper, are independent of temperature.' It is well-known, however, that low-strain lives greatly as as the temperature of testing is decreased. By contrast, the lives of planar slip materials, such as Cu-7.9 pct A1 alloy, increase to an even greater extent with decreasing temperature throughout both the high and low strain ranges.1'2'5 The mechanism of this temperature effect is associated with the earliest stages of fatigue failure,'" crack nucleation, and stage I growth,"' which is slow propagation along slip bands to the depth of a few grain diameters. Such life behavior has been interpreted on at least two different bases. On the one hand, those interested in the temperature effect at high strain amplitudes1 believe that stage I growth occurs by the plastic blunting process of crack propagation.7'9 They explain the effect in planar slip materials by the homogenization of slip* which accompanies fatigue testing at low temper- atures and serves both to delay crack nucleation and to decrease the rate of stage I propagation. On the other hand, Holt and Backofen,2 who have studied the effect in low strain fatigue, believe that stage I growth can be interpreted by a cell structure hypothesis.10-12 They have challenged2 the conclusion that there is a real temperature effect in this regime of fatigue testing and have interpreted the increased fatigue lives almost entirely in terms of the "environmental-protective'' effect of the liquid nitrogen and helium baths used to obtain low temperatures. This interpretation by Holt and Backofen2 may offer a means of discriminating between these two mechanisms as currently formulated and used to explain stage I growth. On the basis of the plastic blunting process applied to stage I crack propagation,7* the low strain fatigue lives of both wavy and planar slip materials should be increased with decreasing temperature. This follows because both materials show increased slip homogenization in this strain regime."13 Consequently, crack nucleation in intensified bands will be delayed and the linking of such small cracks into larger stage I cracks will be difficult. In addition, the blunting process required to lengthen a stage I crack from the order of 2 to 10 (where the strain concentration of the crack begins to overcome the slip homogenization property of the material) will also be retarded. These delays will give rise to longer lives in both kinds of material. In contrast to the blunting hypothesis, no temperature dependence has been predicted on the basis of the cell structure hypothesis, because it is well-known that materials cycled at low temperature show no differences in type of dislocation structure for a given strain amplitude.18"20 If the lives of wavy and planar slip materials do show a temperature dependence when the environment is eliminated as a variable, then it is questionable whether cell structures per se have a fundamental role in fatigue fracture. Accordingly, specimens of copper and Cu-7.9 wt pct A1 have been cycled at 298° and 77°K in vacuo and the fatigue lives compared with those in air and in liquid nitrogen, in order to establish whether or not there is a real temperature effect in low strain fatigue. Since it is difficult to measure the strains in specimens when cycled in vacuo, S-N curves have been used as the basis of comparison. In studying the influence of temperature on fatigue life in ordinary environment, Holt and Backofen2 used the superior basis of E-N curves. However, they also published S-N curves and thus established the relationship between E-N and S-N curves. This relationship is used to support the S-N comparison reported in the present investigation. EXPERIMENTAL Materials. The copper employed in this investigation was of 99.99 pct purity and the cu-7.9 pct A1 was prepared from metals of the same purity. The stock, of 3 in. initial diam, was reduced in size by rolling

Jan 1, 1969

By AIME AIME

THOUGH the Annual Meeting of the Institute-officially numbered 158 on the records was delayed a bit at the start by low steam pressure on the locomotives bringing members to New York, the crowd that finally arrived more than lived up to expectations, and the technical program had few difficulties because of absent authors or lack of competent discussers. The transportation difficulties were occasioned by the fact that Monday, Feb. 15, was the third coldest day in the 72 year history of the New York Weather Bureau, the official temperature being 8 below zero. The New York Central's premier train, the 20th Century, due at 9:30 a.m., arrived about 6:30 p.m., and the Commodore, another crack train from Chicago, was about equally late.

Jan 1, 1943

By H. N. Lawrie

Introduction. THIS study was undertaken on account of the lack of definite knowledge concerning the influence of bismuth on wire-bar copper, and the small elimination of bismuth from copper-matte during the smelting-operations. The early workers who studied the influence of bismuth on copper confined their investigations to malleability and ductility-two physical properties which are related to the others so intimately that their determination is of primary importance. Karsten ' and Levol,2 using bending- and mealleability-tests, seem to have been the first to take up the subject, and while their results are incomplete, they agree in the main with the later work of Hampe.3 The bending-tests used by the first investigators consisted in bending the specimen until it failed. The malleabilitytests were made by beating the material to a knife-edge with a hammer. Hampe not only determined the percentage of bismuth which would cause red-shortness and cold-shortness of the alloy, together with other influences of bismuth on the malleability and ductility of copper, but also took up the influence of the bismuth protoxide, BiO, on copper, and of bismuth sesquioxide, Bi2O3, on the copper protoxide, CuO. Hampe's conclusions of the influences of these two latter compounds of bismuth on copper are as follows "If the protoxide of bismuth be alloyed with metallic copper, it is not changed to metallic bismuth, but remains mechanically distributed throughout the copper.

Sep 1, 1909

By E. A. Anderson

THIS seems to be the year for superlatives in A.I.M.E. meetings. The programs of the various Divisions and Institute committees offered an abundance of interesting and valuable information in the form of technical papers, symposia. and lectures to large and interested audiences. The Institute of Metals Division may hold up its head with pride for its own program. With six technical sessions, three full-day symposia, and the annual I.M.D. dinner, four meeting days were not enough and many simultaneous sessions were required. The quantity and quality of the paper were equaled by the numbers and interest of those attending.

Jan 1, 1944

By L. C. Graton

[CONTENTS PAGE INTRODUCTION AND ACKNOWLEDGMENTS. By George M. Fowler2 Question 1-Is Structural Deformation of Some Character Always Necessary for the Migration of Mineralizing Solutions, Especially in Limestone or Other Dense Rock? DISCUSSION by: A. M. Bateman 10 S. F. Kelly 15 C. H. Behre, Jr 8, 13 G. B. Langford 13 T. M. Broderick11 H. E. McKinstry6 R. H. Clarke 13 D. H. McLaughlin8 J. D. Forrester for M. H. Gidel . . . 4 W. H. Newhouse13 G. M. Fowler 2, 6, 11 R. H. Sales 6 L. C. Graton 11 Edward Sampson 12 R. D. Hoffman 10 J. S. Stevenson 7 I. B. Joralemon11 L. B. Wright 2 Question 2-What Are Some of the Chemical and Physical Characteristics in Certain Beds within a Limestone Formation that Determine Their Favorable or Unfavorable Aspects as Reservoirs for Ore and Other Introduced Minerals? DISCUSSION by: G. W. Bain 17G. M. Fowler 21 C. H. Behre, Jr21L. C. Graton18 J. S. Brown 16G. F. Loughlin18 E. L. Bruce 19R. H. Sales 19 R. H. Clarke 20A. K. Snelgrove 20 Question 3-Are There Any Criteria by Which One Can Determine When Mining Operations Have Reached the Roots of an Ore Deposit? DISCUSSION by: J. M. Boutwell29G. B. Langford 29 T. M. Broderick28G. F. Loughlin25 E. Y. Dougherty27R. H. Sales 24 G. M. Fowler 22F. A. Thomson 26 I. B. Joralemon 22Edward Wisser 30 General S. F. Kelly35 References36

Jan 1, 1940

(Members are, urged to send in for this column any notes of interest concerning themselves or their fellow-members.) Members and guests who registered at Institute headquarters during the period April 10 to May 10; I. N. Knapp, Ardmore, Pa. E. P. Mathewson, Anaconda, Mont. Herbert B. Cox, New York, N. Y. H. B. Barling, New York, N. Y. A. McLintock, Brooklyn, N. Y. M. M. Thompson, Morsemere, N. J. Heinrich Ries, Ithaca, N. Y. Howland Bancroft, Denver, Colo. R. M. Catlin, Franklin Furnace, N. J. John H. Adams, Birmingham, Ala. Percy E. Barbour, Candor, N. C. Henry D. Boddington, London, England. A. D. R. Galloway, Qruro, Bolivia. William J. Cox, Denver, Colo. M. K. Rodgers, Westgate, Cal. W. J. Morrison, Toronto, Canada. W. J. Richards has been elected President of the Reading. Coal & Iron Co., succeeding the late George F. Baer.

Jan 6, 1914

By Spencer S. Shannon

This chapter is concerned with the uses, geology, exploration, evaluation, preparation for markets, and future of 90thorium and 39yttrium, along with 14 rare-earth elements. The rare-earth metals or lanthanides were divided into three categories by Berzelius. The cerium subgroup is comprised of 57lanthanum, 58cerium, 59praseodymium, 60neodymium, and 62samarium. 61Promethium does not occur naturally. The terbium subgroup includes 63europium, 64gadolinium, and 65terbium. The remaining lanthanides are placed in the yttrium subgroup. Strictly speaking, yttrium is not a rare earth. Because the properties of yttrium resemble those of heavy rare earths, its name has been used as a designating adjective. The yttrium subgroup includes 66dysprosium, 67holmium, 68erbium, 69thulium, 70ytterbium, and 67lutetium. Rare-earth elements, especially those of the same subgroup, tend to occur together rather than in discrete minerals.

Jan 1, 1975

By T. R. Wright

THE Corporation operates concentrators in four camps: Casapalca. Morococha, Cerro de Pa-co, and Mahr. The present concentrator at Cerro de Pasco is the newest having been completed in 1943. and that at Casapalca the oldest, having been built originally as a gravity concentrator, in 1889. Prior to 1925 the Corporation's milling operations were confined to the beneficiation of silver-bearing copper ores, and treatment of these ore: by flotation was started in 1918. Although fairly large deposits of complex, fine-grained lead-zinc ores existed, little progress had been made in the treatment of such ores--in Peru or elsewhere-until the early 'twentics. The Casapalca concentrator began the selettive concentration of complex leadzinc ores by all-flotation methods in 1925, or contemporaneously with the commercial development of selective lead-zinc flotation in the United State:.

Jan 1, 1945

By Edgar F. Cruft

INTRODUCTION It is sometimes said that "mines are made, and not found." I rather doubt that the exploration geologist would be overly sympathetic to that statement, and, of course, like most one-liners it is only partly true. Access to different financial markets are important at the mineral prospect stage. The modern mine financier has a much more complex, and interesting, job than the financiers of an earlier era, for example, the Canadian financiers of the 40's and 50's who had one simple set of options; i.e. float a company, promote it, and sell an equity stock issue, and then promote it some more. QUALITIES OF A FINANCIER Because technical people are seldom taught financing in their basic training, and because they are usually not involved in it until at quite a senior level in their careers, the whole field often acquires a certain mystique. The engineering professions have too often believed financing is the province of the accountant or financial executive and just as we in the technical world are often too quick to bristle if the latter try to tread on our domain, the opposite can just as easily be true. Unfortunately, this is another example of a compartmentalized individual, and that is one thing the successful financier cannot be. However, to be a successful financier one does not need extensive training or experience in accounting or finance. In fact it can sometimes be a disadvantage to get too buried in working only from the standpoint of discounted cash-flow analyses, ROI's, etc. It must be stressed, however, that one had better know how these analyses are made, and be knowledgeable in understanding a balance sheet, and have a good understanding of financial terminology. The difference between a simple project-type debt financing with a commercial bank and a more inventive and creative financial package comes from an intuition and an experience relating to risk-reward factors. The most important element is "common-sense", based on knowledge and experience. The goal is structure a financial package that fits the project, and in so doing it is important to recognize that it must fit within the limitations of the group supplying the money. I find insensitivity to recognize these constraints the most common mistake made in the field. Put yourself in the other person's place and understand his sources of funds and financing limitations. The engineer has an advantage in financing, as he or she has (or should have) a better idea than anyone of the value of the product, be it the mine, prospect, or company i.e. the intangible or potential worth which cannot be put on a pro-forma. He also knows, or should know, the risks involved. Two projects might look the same on paper, but a good financier must have a sense of when to take whatever deal he can get, and when to hold out based on his evaluation of future developments. It is essential to have a good sense of commodity values and trends, trends affecting the general economy (money supply, interest rates, effects of energy costs, etc.), and political considerations. He must also have a good understanding of the science and art of taxation as deals can often be financed using the government as a silent and unwitting partner by proper use of the tax laws. WHEN TO SEEK FINANCE The first critical decision to make in financing a mineral prospect is "when". At the exploration level, when it is only a dream in the geologist's eye, the alternatives are more limited than when it is a fully-engineered project. The "when" decision depends on how much in internal funds the company has to play with, and how desirable it is to invite financial participation to spread the risk. Assuming that decision is not taken out of lack of money, no one can categorically say when to do it. There is

Jan 1, 1985