Search Documents

COUNCIL OF ECONOMICS OF AIME Formerly Mineral Economics Division Established as a Division December 15, 1948 Established as a Council February 26, 1957 Douglas Donald, Chairman Sheldon Wimpfen, Vice-Chairman (Mining) A J Phillips, Vice-Chairman (Metals) E Connaughton, Vice-Chairman (Petroleum) J S Vanick, Contact AIME Director A H Lindley, Jr Secretary-Treasurer Lehman Brothers 1 William Street New York 4, N Y COUNCIL OF EDUCATION Formerly Mineral Industry Education Division Established as a Division January 15, 1932 Established as a Council February 26, 1957 L E Shaffer, Chairman J D Forrester, Vice-Chairman O Cutler Shepard, Past Chairman , Contact AIME Director

Jan 1, 1959

COUNCIL OF ECONOMICS, AIME Formerly Mineral Economics Division Established as a Division December 15, 1948 Established as a Council February 26, 1957 Sheldon P Wimpfen, Chairman John D Ridge, Vice-Chairman (Mining) A J Philips, Vice-Chairman (Metals) Warren B Davis, Vice-Chairman (Petroleum) COUNCIL OF EDUCATION, AIME Formerly Mineral Industry Education Division Established as a Division January 15, 1932 Established as a Council February 26, 1957 James D Forrester, Chairman Charles V Kirkpatrick, Vice Chairman (and Chairman-elect) Lysle E Shaffer, Past Chairman Truman H Kuhn, Secretary-Treasurer Colorado School of Mines Golden, Colorado John S Bell, Contact AIME Director

Jan 1, 1960

By F. G. Miller, E. B. Wilson

In 1972, coal mine productivity was in steady decline and labor and maintenance costs were spiralling upward. Yet, despite this sad state of affairs, nowhere in the US at that time was there a comprehensive and coordinated coal research and development plan in the offing. The Bureau of Mines had not yet been charged with such a responsibility, and industry was content to rely on machinery manufacturers for innovations. It was during this period that Bethlehem Steel Corp. determined that a new approach to coal mining research was needed for the industry as well as for the company itself. After studying Bethlehem's own mining practices, the state-of-the-art of mining research elsewhere, and development work by manufacturers, a comprehensive research package was presented to company management in late 1972. The ideas and experience of many operating and management personnel in the company contributed to the formulation of the final plan as approved.

Jan 10, 1976

By AIME AIME

THE following paragraphs, constituting the concluding portion of the Annual Report of the Council for 1903, have been withheld from publication until now, in order to make them as accurate and complete as possible. They will be published in Volume XXXV. of the Transactions in their proper place at the end of the said Annual Report. Franklin Ballou was born in Pittsburg, Pa., May 29, 1845. He was the son of an old resident, Arthur Ballou, a manufacturer and wholesale dealer in vinegar. In early youth Franklin attended the Western University of Pittsburg, but left school at the age of 16 to become book-keeper for his father, upon whose retirement from business, in 1868, he associated himself with Walter C. Childs, of Pittsburg, in the manufac¬ture of furnace-grates and asbestos-cement for blast-furnaces. This firm was known as W. C. Childs & Co., and did a success¬ful business for several years. In 1869 Mr. Ballou married Miss May S. Wilson, daughter of Judge Wilson, of Lewistown, Pa. In 1876 he spent several months traveling in the West and studying the mining industry, which greatly interested him. In consequence of this journey, he wound up his business in Pittsburg and removed in 1877 to Georgetown, Colo., where for several years he conducted a sampling-works, and built up an extensive business as an agent for the sale of ores, besides engaging to some extent in mining enterprises. , It is said that he controlled at one time about one-eighth of the output of the Leadville mines. In the early 80's, he became Vice-President and General Manager of the Bimetallic Smelter at Leadville, of which Mr. David H. Moflat was the principal owner. This was practically the first successful demonstration of pyritic smelting in Colorado. Upon the sale of the works in 1897 to the American Smelting and Refining Co., Mr. Ballou retired

Jan 1, 1905

By Leo Ranney

ANY years ago a prospector came to a Nevada town and built himself a shack. Day after day he searched the hills for gold -but he found none. He closed his shack and hurried north, where a strike had been made. Next he tried to trap the flour gold that floats down the Snake River. He panned the black sands along the Oregon coast. He ranged over the mountains and up the gulches of far-off Alaska. At last, broken in health, six years ago he came back to his old home in Nevada. There his shack still stood-nobody wanted it. One day he started a garden in the rocky soil that he owned. His spade turned up a chunk of quartz, and in that quartz were stringers of gold. He had found a rich gold vein, running right under his own house. You gas producers who have hurried to Oklahoma, Louisiana, East Texas, South Texas, West Texas, even to California to drill wildcat holes a mile or two miles deep-why not, like the old gold prospector, have a look in your own back yard? Some of your coal seams contain 20,000,000 cu. ft. of natural gas per acre.

Jan 1, 1943

By Sydney H. Ball

A QUARTER of a century ago, a pessimistic Belgian financier in conversation with the founder of the Belgian Congo, that great ruler, Leopold II, emphasized the danger to the colony should the synthesis of rubber be discovered. The king replied, "I do not worry. The Congo has had its ivory period; it now has its rubber period. Tomorrow it will have that of its mineral wealth; eventually that of agricultural products." That "tomorrow" arrived some twenty years ago. Through her mines the Belgian Congo has survived the present depression, and her mines for the next decade will safeguard her. The Congo, in turn. is the surest foundation industrially and financially of Belgium itself. In few, if any, political units is mining as dominant as in the Belgian Congo. In 1930, 1931 and 1932 mineral products represented respectively 67.9 per cent. 70.5 per cent and 59.3 per cent, of the total exports. In 1933 for each white person in the colony, there was produced about $1,675 worth of gold, diamonds, copper, tin ore and minor mineral products and in 1930 the per capita production, notwithstanding the larger population, was almost $2,000.

Jan 1, 1934

By Robert F. Mehl

Jan 1, 1944

By Robert F. Mehl

Jan 1, 1944

Prof. Henry S. Jacoby, Cornell University,Ithaca, N.Y. (communication to the Secretary): When a simple beam supports any given load, the lower fibers me in tension while the upper fibers are in compression, and if its cross-section is rectangular the neutral surface, where the stresses pass through zero from tension to compression, is at mid-depth, provided the elastic limit is not exceeded. In addition to the longitudinal stresses, there are horizontal shearing-stresses between the fibers which have their maximum value in the neutral surface, and which equal zero at the upper and lower surfaces, while there are also vertical shearing-stresses. Let another beam of the same dimensions be placed on top of this one, and the load be doubled, it then produces stresses in each beam of the same character, magnitude and distribution as in the preceding case, provided there be no friction between the adjacent surfaces of the beams. Next let these two beams be so firmly united that there will be no motion between them when the same load is again applied. All the fibers in the upper beam are now in compression, and those in the lower beam in tension, while the maximum stresses in the outer fibers are only one-half as large as before. The strength of the combined beams is therefore doubled. If, however, some motion occurs between the beams, then the stresses in some of the lower fibers of the upper beam pass from compression to tension, and those in some of the upper fibers of the lower beam from tension to compression, while the stresses in the outer fibers have a magnitude between the two values previously stated. These fundamental facts relating to the flexure of beams indicate the necessity of carefully designing the keys or brace-

Jan 1, 1898

By Randall L. Neal

This paper discusses the impact of taxes at the state and federal level on typical on-shore oil and gas exploration economics in the USA. Taxes considered are the windfall profits excise tax, state production (or severance) taxes, state income tax, and federal income tax. Also considered will be market prices for oil and gas in the USA. The effect of government take as a percent of revenue, on rate of return, discounted Payout, and discounted cumulative cash flow is shown on the attached tables. The conclusion drawn is that tax laws, while rarely the most important factor to be considered when drilling a well, can have significant impact on the profitability of oil and gas ventures, and should be considered when determining where to drill. Hypothetical exploration wells were analyzed for the impact of tax laws on project profitability. The results of this study show that when factors other than taxes are postulated to be the same (such as producing rate, capital, operating costs, and prices), cash flow can vary by as much as 68% due to the differences in the tax laws. Other significant findings for the cases studied include: (a) that discounted payout varied by as much as 1.8 years, (b) that rate of return differed by up to 67% and (c) the total tax rate as a percentage of revenue had a maximum variance of 33%.

Jan 1, 1982

By M. N. Short, I. A. Ettlinger

M. N. Short,? Washington, D. C., and I. A. Ettlinger, New York', N. Y. (New York Meeting. February, 1926) The Pioneer mining district, better known as the Superior district, from its principal town, is located in Pinal County in south-central Arizona about 80 miles east of Phoenix and 22 miles west of Miami. The region embraces a, confused series of mountain ranges of moderate height but precipitous slopes, between which lie irregular valleys filled with alluvial detritus. The average elevation is about 2800 ft. in the valleys and the summits of the ranges reach 2000 ft. above this. Superior is situated on the north bank of Queen Creek where it emerges from one of those ranges into a more or less basin-shaped valley. The drainage of Queen Creek is to the southwest and the flood waters spread out and lose themselves in the desert northeast of Florence, the county seat of Pinal County. The Magma copper mine (Fig. 1) is the only producer in the district. Although discovered in 1875, its production has been important only

Jan 1, 1927

The problems confronting the development of Latin America's mineral resources have hinged largely on the political and economic climates-in short, the investment climate--existing and often changing in each nation. .The attractions and risks confronting today's investors in such mineral developments have been described and debated to considerable length during the past two decades, the arguments pro and con colored by the previous experiences incurred by the would-be investor, whether company or individual. In an effort to shed light on the investment climates existing today throughout Central and South America, the Council of Economics brought four experts together at the AIME Annual Meeting last March to give their views on this subject.

Jan 7, 1966

By PERCY E. BARBOUR

SECONDARY copper1 has &come more or less of a bugbear generally. What is its influence is often the subject of heated argument. The inedapable fact usually quoted is that since in 1929 primary production of copper in the United States was 1,026,348 tons and secondary production was 626,550 tons, there- fore, 0.6 lb. of secondary is produced for every pound of primary, and "How can you get around that?" The matter seems very plain, now that I have reached my conclusions, but they are the result of much laborious study and research. I shall show that' the production of secondary copper is not 0.6 per lb. of primary, in spite of statistical appearances; that the production of secondary is a function of primary production rather than of price; that secondary production has 'only a sub-. ordinate influence on the price of copper and then only in abnormal times; that there is not an accumulating reservoir of secondary from which the country is some- time to be drowned in copper, as is believed by some, or a reservoir from which we are going to draw much needed and more or less inexhaustible stores in the future, as is believed by others; and finally, that the United States always produces more copper than it uses and exports the surplus. These are all controversial points, and for that reason and to anticipate argument I have set forth my reasoning in considerable detail.

Jan 1, 1931

By Richard J. Lund

Stock piling-and by that I mean well-organized stock piling on a substantial scale-is almost as old as the hills themselves. It was back in early Biblical times, as recounted in the Book of Genesis, that Joseph was charged by Pharaoh with the responsibility of stock piling food during the seven years of plenty to guard against the seven subsequent years of famine that were revealed by the Pharaoh's dream. And this same policy of storing up food or materials to provide for future anticipated emergencies can be traced repeatedly down through the ages. So our own efforts are anything but new. Our modern concept of stock piling-the purchase and storage of strategic materials to assure supplies needed in time of some future war- stems from our experience in World War I. In 1920, the War Department was charged by Congress with the responsibility of procuring all War Department supplies and mobilizing industry in the event of another war. During the two decades that followed there were many authoritative studies made of our deficient mineral problem, all of which pointed out the urgent necessity of stock piling certain strategic materials as a reserve against future war. One such study, made in 1925 through the combined efforts of the Mining and Metallurgical Society and the AIME, was done at the ex- press request of the War Department. Eight years later another more de-

Jan 1, 1949

By W. R. Ingalls

IF, in this study of the outlook for the copper industry of the United states, I find myself assuming to be prophetic in some respects I shall express myself with hesitation and with the foresight that after the end of the war with Germany the war with Japan may continue; anyway there is sure to be an uneasy period before copper and the other metals begin to flow smoothly through the natural channels of consumption. It is mainly my purpose to survey conditions and suggest some probabilities, or possibilities, rather than to prophesy. In interpreting them it will be necessary to make certain aasurnptions, among which will be (1) expectation of a rise in the general price level,, which so far has been one-sided; (2) continuance of the k. tariff on copper imports; and (3) lock-up of government-owned copper as a military re- serve. Of these assumptions the first is indicated by the lessons from economic history, and by current symptoms. The second and third depend upon political action by Congress.

Jan 1, 1944

By H. O. Hofman

WITH the exception of lead sulphate, all common metallic sulphates are completely decomposed upon heating into metallic oxide, sulphur trioxide, sulphur dioxide and oxygen. Some give up their trioxide readily at a low temperature, others require considerable heat and much time to be completely freed from sulphur. Kerl in 1881 arranged the principal metallic sulphates as they are decomposed by a rising temperature in the following order: silver, iron, copper, zinc, nickel, cobalt, manganese and lead, lead sulphate being decomposed only slightly at a white heat. The researches of Bradford, published in 1903, show, however, that ferrous sulphate is decom¬posed at 590° C., cupric sulphate at G53° C. and argentic sulphate at 1,095° C. By the present investigation it will be seen that zinc sulphate is decomposed at 739° C. As far then as our present knowledge goes, the order in which the decomposition of the leading metallic sulphates takes place is the one given in Table I.

Jan 1, 1905

By W. H. C. SIMMONDS

The mining, metallurgical, and petroleum industries can be viewed as financial or as social institutions or both. The differences between these two conceptions of their businesses will influence their environmental 'and social actions. During the next 10-20 years western industry will be subject to a drop in the growth of a more highly educated labour force and to the emergence of holistic economics, new national goals, and a new ecological perspective. The profitability of the mining industry may therefore be influenced by the human side of its business to a greater degree. The increasing human, social, and environmental responsibilities can be discharged by improving the miner's equipment; by learning to look at situations through the eyes of all those involved; by developing common 'languages' which governments and the public can understand; and by mediating where feasible on the international scene.

Jan 1, 1978

By Rossiter W. Raymond

(Canal Zone Meeting, November, 1910.) THE death of Professor Blake removes the oldest of American economic geologists and mining engineers, and deprives this Institute of one of its, earliest and most illustrious members. To many of us it brings a personal loss also, the loss of a friend. William Phipps Blake was born June 21, 1826, in New York City. -His father, Elihu Blake, was a surgeon-dentist of eminence, a direct descendant of William Blake, who settled in the Massachusetts Bay Colony about 1630. He was prepared for college at private schools in New York, and entered the Sheffield School of Yale, where he was graduated as Ph.B. in the chemical course, class of 1852, the first graduating-class of the institution. In the same year he became chemist and mineralogist of the New Jersey Zinc Co., and chemist of chemical works at Baltimore, Md. In 1853, lie started the Department of Mineralogy of the World's Fair at New York City. In 1854, 1855 and 1856, he was mineralogist and geologist of the United States Pacific Railroad Surveys of Williamson, Pope, and Whipple, and for the War Department at Washington. His writings, during this period comprise reports on the geology and mineralogy of California and other parts of the Southwest, and constitute well nigh the earliest scientific accounts of the regions described. One of them. was a translation of the Resume and Field Notes of Jules Marcou, of Whipple's expedition. From 1856 to 1859, he was engaged in explorations of the geology and mineral deposits of North Carolina, :and other parts of the country. In 1859, he became editor and proprietor of The Mining Magazine. This was a monthly periodical, founded in 1853 by W. J. Tenny, who conducted it until 1858, when it passed into the hands of Thomas McElrath, a New York publisher, and appeared in May of that year as The Mining and Statistic Magazine, with the name of

Sep 1, 1910

Jan 1, 1943

Jan 1, 1943