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By M. C. Dow

INTRODUCTION BELT conveyors generally are conceded to be the most economical method yet devised for the transportation of large quantities of bulk materials within plants. Belts are coming into greater use for transportation over long distances and are replacing other forms of long-haul conveyance. It is not the intent of the writer to comment on the design of belt conveyors, but to offer some suggestions for improvement in the operation of conveying belts, based on many years experience with belts in several stonecrushing plants. It is the contention of this writer that opportunities for improvement not fully realized by most operators exist in many plants and that a study of the individual conveyors can result in lower unit belt costs. GENERAL RELIABILITY It is the fool-proof nature and general reliability of the belt conveyor that is responsible for its neglect. Even when abused, a belt will carry large tonnages and last a long time, often outlasting the personnel responsible for its care. Some operators look upon the purchase of a new belt as an expensive outlay every so many years, rather than a constant and steady cost amounting in belt wear alone to several dollars every operating day. This belt wear for all conveyors in one stone-crushing plant known by the writer costs 1 1/2 cents per ton or $12 to $15 per hour, based on the present cost of belt replacements. The fact that these replacement costs are double those of prewar quality emphasizes the necessity of improving the conditions that make belts wear out. Some of those conditions are the responsibility of the conveyor designer, and if a serious original error has been made, this handicap cannot be overcome by the operator. If the belt is too narrow, too steep, or too fast for good loading, the operator finds that he has an inherently expensive belt. The other factors that decrease the life of a belt are more or less under his control. The two factors of most importance are the loading conditions and the alignment. Most of the cover wear and carcass cutting occurs at the loading point and if the alignment is not good under all conditions, edge wear or damage may result, Fig I. LOADING THE BELT It is difficult to load a belt in an ideal manner; that is, to flow the material on the moving belt at a steady rate, without impact, without turbulence, and with a velocity equal to and in the same direction as the belt. An inclined belt is especially difficult to load and particularly when its speed is over 300 or 350 fpm. Inclined conveyors require longer skirt plates to prevent spillage until the load settles. It does not seem reasonable to expect an inclined conveyor to carry the same load as a horizontal belt of the same width and speed, because of the difficulty in loading

Jan 1, 1947

By Ernest Lilley

WHILE American scientific literature contains much information upon geologic conditions controlling the production of oil in Rumania, copper in Chile, and other fuel and metallic resources in many foreign countries, it is singularly lacking in data about the nonmetallics outside of the United States. Thus, though the United States is the outstanding market for European high-quality refined kaolin, and for the chinaware, porcelain, and other products of the European ceramics industries, Amer-ican literature contains only the briefest references to the deposits from which the raw kaolin utilized is obtained. To the writer, to whom has come in the past year .the opportunity of visiting a number of these deposits personally, they have proved of extreme interest both com-mercially and geologically. It is the latter phase that is discussed in this paper. The older and now largely crystalline rock areas of France, Germany, ;end other parts of western Europe contain numerous pegmatite dikes of which the upper portions have been subjected to surface weathering and kaolinization in much the same way as those of the eastern portion of the United States. Like the latter, the European pegmatite kaolins have long been known for their freedom from iron and other impurities offensive to the china and porcelain manufacturer. Unfortunately, they are also, like the American deposits, individually of small size and noted for their high costs of production. Deposits of sedimentary clay similar in many respects to the high-quality sedimentary kaolins of Georgia and South Carolina are known and worked, notably in southern Germany and in the Newton Abbott district of Devon and Dorset. in England. In general, their relationship to the parent rock from which they were derived is more evident than in the United States and the individual deposits are of smaller areal extent and less regular in outline.

Jan 1, 1932

By E. P. Chartkoff, W. P. Sykes

In 1926 one of the authors published researches on the determination and description of the iron-tungsten and iron-molybdenum systems,' including the equilibrium diagrams. In 1929, further work was carried on, including the examination by X-rays, which is recorded here. Meas-urements were made of changes in lattice parameters in the solid solutions. Precipitation from the solid solution and the accompanying changes in hardness were studied as well as the formation of the intermetallic com-pound phases upon sintering a mixture of metal powders. Materials All the specimens were prepared from the same quality of metals and by the same methods as were described in the determination of the constitutional diagrams. The metal powders as mixed and pressed were sintered or fused in a hydrogen atmosphere and subsequently treated as indicated in the titles of the figures. The formation of the iron-rich solutlon in the solid was accomplished by sintering in hydrogen for a period of 20 to 30 hr. at a temperature 25' to 50' C. below the melting point of the eutectic. The tungsten-rich and molybdenum-rich solid solutions of iron were prepared by adding the iron as a solution of iron ammonium oxalate to the oxide of tungsten or molybdenum, followed by a hydrogen reduction. This method results in a homogeneous alloy after sintering the pressed metal powder for 20 to 30 hr. at a temperature slightly below that of the peritectic reaction in the system involved. For X-ray examination the specimens were variously prepared, depending on the nature of the sample and what it was desired to show. For example, the iron containing tungsten or molybdenum in solid solution was cut with a file, the chips were put through bolting cloth, and this powder of filings formed the specimens for comparative study. The

Jan 1, 1930

The General Committee met in the Treasury Building at Washington on Oct. 6 and 7. At the first meeting, Cornelius P. Kelley was appointed chairman, and Paul Armitage, secretary. Sub-committees were ap-pointed on Invested Capital, Mine Valuation, and Depletion and De-preciation. On Oct. 7, the reports of these committees were submitted to the General Committee and were referred to the Executive Committee. A motion was carried that the Executive Committee he constituted a permanent committee to continue the work of the Committee, with full power to acid to and increase its membership, that. as thus increased, it should constitute a permanent organization to act- and cooperate with the Treasury Department in matters of mining taxation under the Federal Income and Excess Profits Tax Laws. Thereafter the Executive Com-mittee met and formed a permanent committee as follows: Cornelius F. Kelley, chairman, 42 Broadway, New York City. J. L. Darnell, office of the Commissioner of Internal Revenue, Wash-ington, D. C. J. Parke Channing, 61 Broadway, New York City. Walter Douglas, 99 John St., New York City. R. V. Norris, 542 Second National Bank Bldg., Wilkes-Barre, Pa. J. E. Spurr, Engineering and Mining Journal, 10th Ave., and 36th St., New York City. W. G. Swart, 808 Selwood Bldg., Duluth, Minn. J. P. Finley, 45 Cedar St., New York City. W. A. Williams, Bartlesville, Okla. F. S. Peabody, Peabody Coal Co., McCormick Bldg., Chicago, Ill. Matthew C. Fleming, 71 Broadway, New York City. H. B. Fernald, 54 Wall St., New York City. William G. Mather, Cleveland, Ohio. Walter Fitch, Eureka, Utah. Arthur Thacher, 900 Security Bldg., St. Louis, Mo. John P. Gray, Coeur d'Alene, Idaho. Paul Armitage, secretary, 233 Broadway, New York City.

Jan 12, 1919

By A. A. Berk

LAGGING technology and the slow spread of information have been the chief obstacles to widespread participation in minimizing the industrial pollution load. These obstacles can be conquered by fact finding and applied research. There are three aspects to the problem of water-borne mineral waste: to minimize the amount being thrown away, to select a predisposal treatment, and to use the products or dispose of them. It is often possible to minimize the waste by making very minor changes in the process that produces it. For example, a manufacturer of automobile bumpers greatly reduced the dragout 'from a plating bath by modifying the design and position of two boltholes.' A plater of automobile hubcaps installed a drainage bar and decreased the loss of chrome-plating solution to the rinse water by about 80 pct.' The mill at a western mine found it possible to discard 60 to 70 pct of an ore with minimum treatment," so that the processing effort could be concentrated on a high-graded slime, with significant reduction in costs and improvement in recovery. The possibilities for waste reduction through process changes are limited only by the imagination. A recent patent points out the advantages of using No. 1 fuel oil instead of water in wet-process cement making;& the fuel oil presumably has better properties than water for this purpose and is said to be almost com'pletely recovered or utilized, so that there is no waterborne waste. Recycling to reduce wastes and improve process economy is very well illustrated in vanadium and uranium recoveries from relatively low grade ore. Ores containing 6 pct calcium carbonate were found to give poor vanadium recovery by the salt-roasting process because the vanadium was converted to water-insoluble calcium vanadate. Following the salt-roasting process, sulfuric acid was used to leach the uranium. Enough calcium sulfate was formed

Jan 1, 1958

By M. J. Humenick, K. Garwacka

A laboratory experimental research project was conducted to evaluate the use of chlorine for the oxidative destruction of residual ammonia that may remain in ground water after in-situ uranium solution mining operations. The work tested the idea of injecting high strength calcium hypochlorite solution into the mining zone to convert ammonia to nitrogen gas as a final cleanup process for ammonia removal from the ground water system. This paper details ammonia removal efficiency as a function of chlorine dose, reactant, and product material balances, and how the concept may be used as a final ground water restoration process.

Jan 1, 1985

Jan 1, 1940

By H. T. Van Ellis

(Butte Meeting, August, 1913.) THE following is a brief description of the cost accounts in effect at the. mines of the Anaconda Copper Mining Co. The accompanying chart, Table I., shows the distribution of labor, materials, and redistributable accounts to the various operating and repair accounts. OPERATING. Development. Owing to the fact that every mine has its peculiarities in formation and methods, the question of arriving at what charges should be included under the head of " Development " is one that has occasioned considerable thought and comment, and in the cost sheet of the Anaconda Copper Mining Co. this, account has been sub-divided to show the expenses of breaking ground, tramming, timbering, shaft sinking, up-raising, and cutting stations and skip chutes. It has always been the policy of the company to charge the entire cost of this work to operations monthly, whether the mines are producing or not, also the cost of the opening up of new mines; and only surface construction and additions are charged to capital, excepting original machinery installed for operating pumping plants. Explanations of the charges to the various sub-accounts follow: Breaking Ground-Work performed in driving cross-cuts from the station, or cross-cuts from the drifts, and diamond-drill work, for the purpose of discovering or developing ore bodies. Tramming.-Cost of tramming waste produced by cross-cuts mentioned above. When waste is hoisted to another level to be used for filling, the charge to this account stops at the station, and when hoisted to surface the charge includes tramming from the collar of the shaft to the dump. Timbering.-Cost of timbering the cross-cuts mentioned above includes the cost of handling and framing such timbers, but does not include the wages of station tenders and top carmen.

Jan 6, 1913

By T. A. Dungan

THE thermal processes for the production of metallic magnesium can be divided into two general classifications, the direct reduction of magnesia with carbon and the indirect reduction of compounds of magnesium by reducing agents that are themselves products of carbon reduction. The latter are so chosen as to cause reduction of magnesium compounds wherein only the magnesium is liberated in the vapor phase. Reducing agents used are: calcium carbide, silicon carbide, silicon, aluminum, various silicides or combinations of calcium, aluminum, silicon in iron. All of these are products of highly endothermic reactions and, with the exception of scrap aluminum, can be produced in an open, submerged arc furnace; that is, the arc is covered only by the charge itself. The more investment in energy required to prepare such a reducing agent, the less is the energy required in the subsequent step to reduce the magnesium compound to the metal. It is impossible, however, to avoid the laws of thermodynamics, no matter how much circumambulation is resorted to in the preparation of successively more powerful reducing agents. Since each such step carries forward its own inefficiencies, it appears evident that the ultimate status of such processes is dependent upon the development of by-products. EARLY EXPERIMENTS IN DIRECT REDUCTION The direct reduction of magnesium oxide by carbon has a decided appeal to both the scientist and the industrialist. The successful production of the carbothermic plant at Permanente is a significant fact in the substantiation of this concept. Like most developments, however, the history of carbon reduction of magnesia is not one of triumph after triumph, or immediate heady success to the investigators. It is understood that one of the early investigators conducted an experiment wherein he placed carbon and magnesia in one end of an evacuated tube and managed to heat this end to a temperature high enough that magnesia and carbon deposited at the other end of the tube. The charge, unreduced, appeared to have been completely transported from the hot to the cold end of the tube. This raised doubt for some time as to whether magnesia could be reduced at all with carbon. It was correctly suspected, however, that the magnesia was in fact reduced and the resultant magnesium vapor and carbon monoxide reacted upon one another upon reduction in temperature to reform the starting ingredients. Attempts were then made to dilute the two vapors by passing a considerable stream of hydrogen through an arc furnace charged with magnesia and carbon. Thus by dilution of the products it was expected to obtain metallic magnesium. The results were positive and metallic magnesium was

Jan 1, 1944

By Gerhard Derge

A SERIES of studies of the corrosion of tin is under way in the Metals Research Laboratory at the Carnegie Institute of Technology. The complete program includes examination of the corrosion properties of high-purity tin and the changes produced in these properties by the addition of varying amounts of alloying elements. Other studies of this subject have been made recently under the sponsorship of the Inter-national Tin Research and Development Council, but these researches have been confined largely to the weakly acid environments commonly encountered in the canning industry.1 There is little information avail-able regarding the corrosion of tin under alkaline conditions, but such data would be of value, for a large amount of the metal is used under such conditions. The potential measurements to be described were made because they seemed to offer the most rapid method for obtaining a general view of the conditions to be encountered in such service. These experiments will also serve to establish a technique that will be of value in further studies. It must be emphasized that the results reported are those of controlled laboratory experiments and that the conclusions drawn cannot yet be applied to service conditions; rather, they point to the directions in which, more exhaustive experimental work may be clone to best advantage.

Jan 1, 1938

New York, March 18, 1913. MR. CHARLES F. RA ND, President, New YORK, MARCH American Institute of Mining Engineers. Dear Sir: In connection with the official notice of Dr. Raymond's unanimous election by the Directors as Secretary Emeritus, we wish to place upon record certain statements concerning his services to the Institute which we think have not been published., and may not be generally known to the majority of our fellow-members. When the Institute was formed in 1871, Dr. Raymond acted as Secretary of the Founders' Meeting, and became the first Vice-President of the Institute, and, by request of the aged and beloved David Thomas, who was the first President of the Institute, Dr. Raymond discharged all the duties of the office of President, to which he was later formally elected in 1872, and which lip held for three years. During that time, he visited Europe, and through his acquaintance and reputation abroad, established those international relations of the Institute which proved so important in later years. He also enlisted the support of the mining engineers and metallurgists of the Pacific Slope, who would not otherwise have been disposed to join a society originating in the East. And for twelve years he attended; at his own expense, nearly every meeting of the Institute, wherever held, giving to it without remuneration his best service, and sacrificing for it many professional and private interests.

Jan 4, 1913

By Y. C. Liu, H. Margolin

Investigation of martensite habit plane in water-quenched Ti-Mn alloys was carried out in the range of manganese contents between 4.35 and 5.25 pct. On the basis of 22 measurements, the poles were observed to fall into two groups, indicating the existence of two habit planes. The Miller indices of the poles close to these two groups were found to be <334>ß and <344>ß. TITANIUM has an allotropic transformation at 882.1° ± 0.5C1 by which the high temperature ß (body-centered cubic) phase changes to a (hexagonal close-packed) phase. It is well known, as in the case of low carbon steel, that the unalloyed high temperature ß phase cannot be retained no matter how rapid the cooling rate. However, the addition of alloying elements usually lowers the transformation temperature continuously and stabilizes the ß phase to a temperature much lower than the allotropic transformation temperature in pure titanium. A typical example of this behavior is found with manganese-alloying of titanium. Fig. 1 shows the titanium-rich Ti-Mn equilibrium diagram as established by Battelle Memorial Institute.&apos; The addition of manganese lowers the ß transus line and the eutectoid reaction takes place at 550°C, the eutectoid composition being 20 wt pct Mn. However, upon quenching to room temperature from the ß field, the ß phase can be completely retained with much less manganese, see Fig. 2. If the composition is less than that required to stabilize the ß phase completely, a plate-like structure, similar to that of martensite in other alloy systems, appears as shown in Fig. 3. Much lower alloying content merely intensifies the amounts of these transformed structures, as shown in Fig. 4. This paper presents the results of an investigation of the habit plane of these martensitic structures in Ti-Mn alloys. Experimental Procedure Investigation of the pole of a given platelet was made using the two-surface method of analysis." In order that a given martensite trace on two surfaces be readily recognized both at low and high magnifications, it is desirable that only a small amount of martensite be present. From a review of the data obtained at Battelle Memorial Institute4 on quench hardening in Ti-Mn alloys and the results of Duwez" on transformation in Ti-MO alloys, it was decided that the most appropriate Ti-Mn composition for this study would be about 6 pct Mn. A group of alloys containing from 3 to 10 pct Mn was made to bracket this composition. The choice of the 6 pct alloy was apparently proper, since it was later learned that approximately 5.5 to 6 pct Mn is required to stabilize the ß phase on water quenching.

Jan 1, 1954

By E. A. G. Colls

IN all branches of the chemical industry, corrosion plays a very costly part unless it is suitably com-batted, and as a result it is probably correct that chemical and design engineers are more corrosion conscious in the field of chemical industry than in others. Most metals occur in nature in combination with other elements. The refined or reduced state to which man converts them for his use, by removing the combining elements, leaves them in an unstable condition. Therefore in most of the media to which the metals are exposed they are constantly combining with the constituents of their environment, or in other words they are continually being corroded. Similarly, nonmetallic materials are corroded by undergoing chemical change. The rate at which corrosion takes place varies widely from metal to metal and medium to medium. In practically all cases the corrosion of metals in solutions (electrolytes) is electrolytic in nature and the rate of corrosion is dependent on many factors such as temperature, pressure, internal stresses, galvanic action, metal-ion concentration, and so on. In the chemical industry substances must be handled which are particularly corrosive to materials of construction. At the chemical plants of The Consolidated Mining and Smelting Co. of Canada, Ltd. (otherwise known as Cominco), situated at Trail, B. C., Canada, the following are some of the materials that have to be handled: Gases. Sulphur dioxide, sulphur trioxide, carbon dioxide, carbon monoxide, oxygen, hydrogen fluoride, ammonia, hydrogen sulphide, and oxides of nitrogen. Liquids. Solutions of ammonium sulphate, ammonium sulphite, ammonium nitrate, caustic soda and potash, sulphuric acid, nitric acid, hydrofluo-silicic acid, hydrofluoric acid, phosphoric acid, aqua ammonia, and formic acid. Solids. Gypsum (containing phosphoric acid), ammonium sulphate, ammonium nitrate, phosphate rock, caustic soda, potash, and phosphate fertilizers.

Jan 1, 1951

By E. A. G. Colls

IN all branches of the chemical industry, corrosion plays a very costly part unless it is suitably com-batted, and as a result it is probably correct that chemical and design engineers are more corrosion conscious in the field of chemical industry than in others. Most metals occur in nature in combination with other elements. The refined or reduced state to which man converts them for his use, by removing the combining elements, leaves them in an unstable condition. Therefore in most of the media to which the metals are exposed they are constantly combining with the constituents of their environment, or in other words they are continually being corroded. Similarly, nonmetallic materials are corroded by undergoing chemical change. The rate at which corrosion takes place varies widely from metal to metal and medium to medium. In practically all cases the corrosion of metals in solutions (electrolytes) is electrolytic in nature and the rate of corrosion is dependent on many factors such as temperature, pressure, internal stresses, galvanic action, metal-ion concentration, and so on. In the chemical industry substances must be handled which are particularly corrosive to materials of construction. At the chemical plants of The Consolidated Mining and Smelting Co. of Canada, Ltd. (otherwise known as Cominco), situated at Trail, B. C., Canada, the following are some of the materials that have to be handled: Gases. Sulphur dioxide, sulphur trioxide, carbon dioxide, carbon monoxide, oxygen, hydrogen fluoride, ammonia, hydrogen sulphide, and oxides of nitrogen. Liquids. Solutions of ammonium sulphate, ammonium sulphite, ammonium nitrate, caustic soda and potash, sulphuric acid, nitric acid, hydrofluo-silicic acid, hydrofluoric acid, phosphoric acid, aqua ammonia, and formic acid. Solids. Gypsum (containing phosphoric acid), ammonium sulphate, ammonium nitrate, phosphate rock, caustic soda, potash, and phosphate fertilizers.

Jan 1, 1951

By D. Watson, T. J. N. Grainger-Allan

A technique for studying the mechanism of the froth flotation process in which continuous froth removal does not take place but, instead, an equilibrium is reached between froth and pulp is described. A flotation cell, specially designed to facilitate equilibration, and froth and pulp sampling procedures are described. The main advantage of the technique is that the ability to measure the steady-state froth height allows froth-stability effects to be separated from pulp-process effects. In the flotation of hematite front quartz, linear relationships are found between airflow rate and froth height and between airflow rate and the ratio at equilibrium of mass of values in froth to mass of values in the pulp. A simple mechanistic interpretation of these results is given. It is suggested that froth-stability effects may play a more important role than hitherto allowed. In particular, the way in which concentration and size distribution of gangue particles may affect overall flotation rate is shown.

Jan 1, 1975

By John McCaslin

ONE of the most common technical terms in the U. S. today is automation-a word not listed in the 1946 dictionary. The influence of automation on the national economy has been tremendous. It has even been the subject of congressional investigations. Automation, writes Aronson, substitutes mechanical, hydraulic, pneumatic, electric, and electronic devices for human effort and decision? Automatic devices and instruments are used extensively in some industries, but many others have yet to take full advantage of these great discoveries. The petroleum industry has been a leader in using automatic controls-some refineries are almost completely controlled by automatic devices. The field of geophysics is entirely dependent on instruments and has progressed at almost exactly the same rate as improvements in instrumentation. In metallurgy and mineral dressing use of instrumentation is increasing very rapidly. Mining engineers throughout the country are beginning to think in terms of instruments and controls.

Jan 3, 1958

By William L. Lennemann

Chemistry of uranium with respect to its hydrometallurgical recovery from carnotite ores was investigated and well defined during the radium boom period between 1900 and 1920. Since that time, methods used to extract uranium from its ores have remained basically either acid leaching or sodium carbonate leaching. Until about 1950, the only practical methods known for achieving a better than 75 pct U2O3 concentrate from the leach liquors involved fundamental chemical techniques for either purifying a solution prior to the uranium precipitation, or refining a crude uranium concentrate that was produced by neutralizing a pregnant mill liquor.

Jun 1, 1956

By K. E. Nelson

The effect of thorium and zinc variations on the strength and 100-hr creep characteristics of Mg-Th-Zn-Zr alloys was investigated. Optimum resistance to creep at 650° and 700°F are attainable within a certain range of thorium and zinc contents. This range does not conform to that which develops maximum tensile properties. RAPID advances have been made during the last few years in the development of magnesium alloys for elevated temperature applications demanding high resistance to creep. The beneficial effect of rare-earth metals on the creep resistance of magnesium alloys has been emphasized by a number of publications1-13 and such alloys are now in commercial production. The use of thorium as an alloying ingredient in magnesium was mentioned by McDonald and also in two Alien Property Custodian patent applications.10,17 The initial observation of Sauerwald that thorium contributes still higher creep resistance to magnesium than is attainable with rare-earth metals has recently been substantiated.&apos;" " In fact, it has been demonstrated that the useful temperature range of magnesium alloys is appreciably extended by the use of thorium. In all cases, it was observed that zirconium must be included in the alloys in order to render them fine grained and more readily castable. Several recent publications:2-27 indicate that a still further improvement in creep resistance and a further extension of the useful temperature range can be realized by the addition of zinc to alloys. The primary purpose of this paper is to present the results of a comprehensive study of the effect of zinc on the strength and creep characteristics of Mg-Th-Zr alloys. Compositions covering the range of thorium content from M to 6 pct and zinc content from 0 to 5 pct have been investigated. The creep characteristics at 650" and 700°F reported in this paper are based on results of tests of 100-hr duration. It is appreciated that creep tests of 100-hr duration might not yield adequate data for design purposes for parts with much longer expected life. However, for the purposes of the present discussion, it is felt that the combination of stresses and temperatures used in the 100-hr creep tests have yielded a clear representation of the compositional variation of creep resistance at the temperatures investigated. Creep tests of 1000-hr duration are now in progress on a few of the most promising alloys. Preparation and Testing of Alloys The alloys studied in this intensive investigation were prepared in 25 lb capacity mild steel crucibles. The thorium, zinc, and zirconium were alloyed and poured as described in earlier publications The thorium was introduced into the melt in the form of a Mg-Th hardener," the zinc added in the metallic form, and the zirconium alloyed in the form of the commercial hardener containing magnesium and 30 to 50 pct Zr.10, 26 Fluxing practices for melting and refining were the same as for magnesium-rare-earth metal-zirconium alloys. The melts were sampled for analytical determinations and poured into separately cast 1/2 in. diameter standard tensile bars. The test bars were given a precipitation treatment of 16 hr at 600°F in laboratory furnaces. It has been shown by other tests that a high temperature solution treatment followed by an aging treatment is unnecessary for the development of optimum properties in Mg-Th-Zn-Zr alloys. The selection of 600°F as the aging temperature was based on an attempt to achieve metallurgical stability without coalescence of the undissolved phases and the attendant loss in strength. The thorium, zinc, and zirconium contents of each melt were determined chemically. The zirconium contents are reported in two parts, "soluble" and "insoluble," referring, respectively, to the portions present in the alloy which are soluble and insoluble in dilute HCl acid. Distinction is being made between these two components of the zirconium content in the alloys because it has been found that only that portion of the zirconium content which is soluble in dilute inorganic acids affects the structure and properties of the alloys. The usual impurities consisting of copper, iron, manganese, and nickel were determined spectroscopically. The analysis for each melt is listed in Table I. A description of the methods of tension and creep testing has been detailed in earlier papers. The tests were performed with the cast skin re-

Jan 1, 1954

By Carl L. Renzoni

INTRODUCTION This paper defines equity as the issuance of a permanent interest in the business on a broadly distributed basis. As such, it excludes the issuance of equity to either a merchant bank or to another corporation. Nearly twenty years ago the equity markets were very simple: The instruments used were primarily common shares, convertible debentures or convertible preferred shares. Another equity-type option often used, especially by junior companies, was the sale of joint venture interests. Issue sizes were generally in the order of $25 - $100 million and issues were syndicated primarily in North America and Europe by one or two investment dealers. Mining corporations today benefit from a market with much more depth. Issues are syndicated by dealers on a truly international basis, and issue sizes now often range up to $300 million. Moreover, dealers are now willing to take significant risk in buying the issues for redistribution. This discussion of trends in equity markets will encompass: 1) common shares 2) warrants to buy common shares 3) convertible debentures 4) commodity backed instruments A review follows of events that affect the mining industry and investment dealers as they have a bearing on the equity markets for the metal producers. FACTORS AFFECTING THE MINING INDUSTRY The current business cycle, up to October 1987, had been characterised by a buoyant stock market and depressed base metal prices. Mining companies entered this period with weak balance sheets and little prospect of cash flows meeting capital needs. The issuance of equity and the sale of assets were used extensively to reduce debt to manageable levels. During this period, the relative high price for gold, and more important, the very high earnings and cash flow multiples afforded to gold producers, caused companies to target gold as the only game in town. The need for capital to acquire and develop gold properties prompted an unprecedented volume of equity issues. (Burns Fry led or co-managed over $1 billion of mining equity issues per year during this period). This high demand for equity capital by the industry prompted an increase in the use of equity instruments, such as commodity backed instruments. In addition, government tax incentive programs in Canada, such as flow-through shares, allowed smaller companies to raise significantly more equity than would otherwise have been possible. Over $1 billion in flow-through equity was raised in 1987 alone. The abundance of flow-through capital in Canada made it easy to form a new company. One flow-through share fund developed a system of providing the working capital required for a company to be eligible to receive flow-through share capital so that an entrepreneur required only a mining property to get started. Many new companies were formed and several flourished in a buoyant stock market environment to the point that market capitalizations grew to $100 million or more. The current period is in stark contrast to that before October 1987. The equity markets are generally available to the resource industry only on a window basis and only for senior companies and for special situations. The industry is benefitting from buoyant metal prices, and bankers are anxious to provide debt capital. Investment dealers previously processing several equity issues

Jan 1, 1990

By Clifford Frondel

THE aluminum oxide known as corundum has several varieties that have been used as gem materials since ancient times. These include the red variety called ruby, the blue variety sapphire, and the asteriated types of ruby and sapphire. Asteriated sapphire was known to the ancients under the name of astrios, and descriptions of this gem were given by Pliny and other early writers. The relation of these gem materials to each other as varieties of a single species, corundum, was first clearly established by Haüy in 1805 and J. M. Güthe1 in 1809. Natural gem corundum is obtained principally in Ceylon, Siam, Burma, India, and Australia. Star sapphires and rubies always have been highly prized and in recent years have become particularly popular in the United States. Natural star rubies of large size and fine quality are extremely rare and rank with large and fine emeralds and diamonds as the most valuable of gem stones. Interest thus attaches to the recent success in commercially synthesizing star sapphires and rubies of a size and perfection unmatched by nature.

Jan 1, 1954