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By W. P. Sykes

SINCE Honda and Murakami1 in 1918 proposed their constitutional diagram of the carbon-free iron-tungsten system, considerable effort has been expended by several investigators in attempts to define more positively the structural features of the alloys. The existence of an intermediate phase corresponding to the formula Fe3W2 (68.7 per cent W) was proposed from evidence of a purely metallographic nature by one of the present authors2 in 1926. Since that time the identity of this phase has been confirmed by Arnfelt3 and by Takeda,4 both of whom employed X-ray methods as well as the microscope and the chemical analysis of isolated microconstituents. According to Arnfelt, Fe3W2, as crystallized from the iron-rich melts at a temperature above 1450'C., contains by analysis 68.7 per cent W. The lattice of this phase is characterized by trigonal symmetry. Arnfelt, moreover, proposed a second intermediate phase formed at some temperature between 1450° and 1000° C. by a peritectoid reaction involving Fe3W2 and the iron-rich solid solution. A melt containing 25 per cent W was cooled to 1000° C. and heated for. 100 hr. The precipitated tungsten-rich constituent was separated and found by analysis to contain 62.6 per cent W. This composition agrees closely with that represented by the formula Fe2W (62.2 per cent W). Diffraction patterns from the concentrated precipitate showed a hexagonal unit cell. Takeda confirmed the data of Arnfelt regarding Fe3W2 but was unable to detect Arnfelt's second intermediate phase. While Takeda. failed to describe in detail the treatments employed, he stated that in alloys containing 40 per cent W which were quenched after heating at various temperatures between 1200° and 1450° C., no evidence of the second phase (Fe2W) was observed either in the microstructure or in the diffraction patterns of isolated residues. He therefore considered the existence of this low-temperature hexagonal compound as disproved.

Jan 1, 1932

R. L. Fleischer (Department of Metallurgy, Massachusetts Institute of Technology)— The authors have presented valuable observations of oehavior of aluminum at intermediate and high temperatures. I should like to consider their interpretation of the appearance of cross slip plane traces in sample B-3 as partly due to "bending of the crystal due to grip constraint." Because bending moments might be set

Jan 1, 1960

By James R. Jones

The concern for air pollution goes back centuries as will be seen from this quotation : "Strife and coal, it seems, have a hand-in-hand historical relationship. It was thought by some . . . in the Middle Ages that burning coal filled the air with dangerous poisons. So great was the concern that in 1306 King Edward I of England passed the first and unquestionably the harshest air pollution legislation edict that history will record. His proclamation declared the use of coal an act punishable by death." As related to coal mining, the air pollution problem is primarily that of its customer when using the fuel. Thus the major impact relates to markets for coal rather than the actual mining operation itself. In the vicinity of the coal mine the problem is principally related to fugitive dust from roads, transfer facilities, loading facilities, crushers, etc., and particulate matter (dust or fly ash) from thermal dryers and air cleaning tables. FUGITIVE DUST Most state air pollution regulatory agencies now have rules and regulations requiring control of fugitive dust. Fugitive dust has been defined by the courts as particulate matter other than that emanating from a specific point such as a stack or chimney. A typical air pollution control agency regulation reads as follows : “Fugitive Dust " "No person shall cause, suffer, allow, or permit any material to be handled, transported, or stored; or a building, its appurtenances, or a road to be used, constructed, altered, repaired or demolished without taking reasonable precautions to prevent particulate matter from be- coming airborne. Such reasonable precautions shall include, where applicable, but not be limited to the following:

Jan 1, 1981

Photographs of Officers

Jan 1, 1923

By B. H. Sage, R. T. Carter, W. N. Lacey

The phase behavior of a number of binary systems consisting of parafin hydro-carbons has been determined in recent years. In addition, the composition of the coexisting phases of mixtures of crude oil and natural gas has been investigated.~ However, the latter study did not include information concerning the influence of the concentration of a component upon its distribution between two coexisting phases. Owing to the paucity of such information it was considered desirable to investigate in some detail the composition of the coexisting phases in the methane-propane-n-pentane system throughout the greater part of the two-phase region at a tempera-ture of 100°F. Information of this nature also permits the establishment of the critical behavior of this ternary system. Method The compositions of the coexisting phases in this ternary system at 100°F. were deter-mined by withdrawing samples from a pres-sure vessel containing a heterogeneous mixture of the three components that had been brought 10 equilibrium by mechanical agitation at the desired pressure and tem-perature. The samples were withdrawn under such conditions that the equilibrium was not disturbed and the composition of each of the phases was ascertained by means of the conventional low-temperature fractionation procedure. The apparatus employed in this investi-gation was nearly the same as that utilized in an earlier study of the methane-pentane system.~ Several minor modifica-tions in the arrangement of the apparatus were made in the interest of simplifying the procedure and avoiding the possibility of condensation in the tubing connecting the equilibrium apparatus with the analyti-cal equipment. The pressures were meas-ured by means of a pressure balance with a precision of 0.5 lb. per sq. in. It is believed that the equilibrium pressure was ascer-tained with an uncertainty of not more than 2 lb. per sq. in., even though small varia-tions in pressure obtained during the withdrawal of the samples. The tempera-ture of the equilibrium equipment was maintained by use of an automatically controlled oil bath. The bath temperature was determined by means of a copper-constantan thermocouple, the electromo-tive force being determined by means of a potentiometric circuit of such a nature as to reduce the uncertainty of the tempera ture to less than O.I f. The fractionating column employed in the determination of the composition of the gas phase had a diameter of 0.12 in. and was approximately 4 ft. long, while the column employed in the analysis of the liquid phase was 0.18 in. in diameter and about 5 ft. long. Each column was equipped with the conventional constant-volume receivers, which were maintained at a constant temperature by means of an automatically controlled oil bath. In nearly every case the distillation in thr neighborhood of the transition between

Jan 1, 1941

By Kenneth B. Ray, George R. Gardner

The application of wet cleaning processes for the beneficiation of bituminous coal has created in some localities a problem in the recovery and disposal of fine solids in the washery water. The maximum allowable concentration of these solids in the washery circuit that is consistent with satisfactory operation of the cleaning units remains a controversial point. It has, however, been generally recognized for a number of years that some degree of control should be exerted over the concentration of such material. Early methods of control involved intermittent or continuous discharge of a portion of the plant slurry into near-by streams or settling ponds, and this persisted even after the adoption of settling tanks or cones. The practice is not always economical, for two reasons: first, because of the waste of coal, and, second, because it is sometimes difficult and expensive to obtain an adequate supply of water. The latter condition often is aggravated by chemical treatment of the make-up water that is necessary to prevent excessive corrosion of plant equipment. The modern approach to this problem has been the adoption of continuous thickening devices. However, because such equipment occupies considerable plant space and is somewhat expensive to construct, the practice of loading these thickeners beyond their rated capacity is widespread, therefore often the performance of such units is not altogether satisfactory. In recent years, European washeries have increased the rate of settling of the fine coal from the slurry by the addition of specially prepared starch solutions. These reagents cause flocculation of the solid particles and thereby increase the rate of sedimentation. The first important work on the flocculation and clarification of coal slurry was done by Henry, who developed the Henry process and used it successfully in Belgian preparation plants. Soon after the initiation in Belgium, the process was introduced into England, where subsequent investigation developed similar processes, which were successfully used in

Jan 1, 1940

By W. F. Holbrook, C. E. Wood, E. P. Barrett

The Blast Furnace Studies Section, Metallurgieal Division, Bureau of Mines, has been working for several years on the mechanism of desulphurization of iron and steel by slags. The usual assumption that desulphurization takes place by diffusion of FeS from metal into slag and subsequent reaction of this FeS with CaO to produce CaS has seemed to us inconsistent with a number of experimental results we have obtained. We undertook, for example, to determine the proportion of sulphur in a slag present as FeS. An entirely satisfactory method of doing this has not yet been evolved. The results of extraction with metallic antimony led to an interesting conclusion, however. FeS is readily soluble in metallic antimony, either physically or by chemical reaction. On the other hand, CaS was found to be insoluble. Hence it would appear that by rapid extraction of the slag with antimony we might expect to determine the distribution of sulphur between iron and calcium. The results showed that much of the sulphur was present as FeS. In some instances the extraction of sulphur as FeS was almost quantitative. For example, in a slag containing 3.8 grams Fe and 3.7 grams S, extraction removed 1.18 grams S and 2.12 grams Fe. If all the iron present in the antimony had been FeS, 1.21 grams S would have been extracted. In another slag with 8.6 grams Fe and 0.06 gram S present, 0.14 gram Fe and 0.08 gram S were extracted. This was obviously extraction of sulphur as FeS within the analytical error and showed that FeS was present either in solution or as a dispersion. Attempts to determine the solubility of FeS and CaS in slag by quenching and ultramicroscopic investigation have indicated that the solubility of FeS is very low, and that reactions in the slag are probably not to be considered as homogeneous. A more detailed report on these theoretical considerations will be made at a later date.

Jan 1, 1940

By E. G. Leonardon, D. C. McCann

The search for oil has required, and without a doubt supplies, a tremendous amount of information on the structure, composition, physical properties, and history of sedimentary rocks. The earliest and most complete source of knowledge is the sample or core of the rock itself, the uses of which are well known. The purpose of this paper is primarily to discuss a new method for obtaining these cores, and to illustrate its use in connection with electrical logs. Most cores have been obtained through a special adaptation of rotary drilling, and the results have been remarkably good, considering the mechanical problems involved. Unfortunately, because of the time and expense, this method cannot be used for the entire length of the drill hole. Even though ingenious contrivances have been evolved in order to reduce the time spent in round trips, such as wire-line coring equipment, mechanical coring still remains too expensive to be carried out continuously. In practice, therefore, one is finally compelled to estimate the probable depths of the more interesting horizons and, allowing a wide margin of safety, to core through those sections only. It is true also that interesting results have been obtained by examining the cuttings brought to the surface by the mud circulated in the well during the process of drilling. Be that as it may, the inescapable fact remains that key horizons may be passed inadvertently, for one reason or another, while the drilling operations are being performed. The only continuous record of the formations encountered is that furnished by electrical surveys. Obviously, it would be desirable to make the electrical survey first and to take the samples from the wall of the hole according to the indications on the electrical log. In this way, it would be possible to core only the exact sections desired, eliminating the otherwise inevitable estimates as to the point at which to start coring, and thereby reducing to a minimum this expensive operation. At the same time this method would provide a maximum of useful samples. A device for taking samples of the formation from the walls of a hole therefore offers the possibility of recovering cores from zones otherwise lost as a source of this type of information. Furthermore, by coring

Jan 1, 1939

By A. B. Kinzel

Precise knowledge regarding the effect of heat treatment on the properties of steel has made possible the detailed specifications and instructions covering optimum heat-treating temperatures and practices that are in current use. A distinct contrast is presented by the metallurgical treatment of steel adjacent to a fusion weld, as such steel is subjected to each temperature from room temperature to fusion temperature, and cooled at a rate that is not generally controllable but is predetermined by the nature of the assembly to be welded, the kind of welding used, and the surrounding conditions. This is true regardless of the type of fusion welding: oxyacetylene, electric arc, thermit or flash resistance. Therefore it seemed desirable to investigate the effect of this metallurgical treatment on the characteristics of carbon steels commonly used for welding, by a detailed study of metal subjected to each temperature range; i.e., each heat-affected zone. Oxyacetylene welding was chosen for the investigation because of the experimental facility of accurately segregating and studying each temperature zone. The nature of the zones produced by other types of welding is the same. The difference is primarily a matter of dimensions of each of the temperature zones involved. The advantages and disadvantages of the extent of the zone are of prime moment, and are discussed after the presentation of the detailed zone study. No mention is made of the fused metal proper, as this has been the subject of much published research and the nature of the solidified metal is fairly .ell known. General Method The scheme of procedure in the work herein reported involved the testing of the metal of each temperature zone adjacent to the weld in so

Jan 1, 1935

By H. T. Kennedy

The fact that intrusion of water into oil wells can be prevented by treating the sand adjacent to the well seems to have been only recently recognized. Swan1 mentions the process of solidifying naphthalene in strata. R. Van A. Mills2 recommends the use of materials such as sodium silicate and sodium carbonate, which react with oil-field water to form solid plugging agents. When a well is drilled in a new field the oil sands are found essentially devoid of water (Fig. 1). Unless a completely impermeable break exists over wide areas in the field, no water is found above the lower limit of the oil zone and no oil is found below the upper limit of the water zone. After considerable oil has been taken from the well, however, it is almost universal experience that water intrusion occurs. This intrusion may be of two kinds. The water may follow a path parallel to the bedding planes of the producing formation through loose streaks in the pay sand, as shown in Fig. 2, or the water level of the field may rise and enter the well by coning (Fig. 3). Water entering from the side is called "edge water," and that coming in from the bottom is called "bottom water.'' Effectiveness of any method for shutting off water depends not only on the effective treatment of the sand adjacent to the well but on

Jan 1, 1936

By Gloyd M. Wilkes

The eastern section of the Park City district is drained to an elevation of 6300 ft, by means of the Ontario drain tunnel owned and maintained by Park Utah Consolidated Mines Co. This elevation represents a depth of 920 ft, in Park City Consolidated Mines Company's property. When development below the 900-ft. level was commenced, sinking was attempted through an incline winze in the fissure. The intensely fractured quartzite forming the walls of the vein could not be held after water was encountered, so it was decided that further sinking should be done in a vertical winze far enough in the foot-wall to be in the more solid quartzite outside the fractured zone containing the vein. Progress was good until a depth of 200 ft. below water table was reached, where the flow of water became serious. Sinking progressed 300 ft., to the 1200-ft. level, and there approximately 750 gal. of water per minute was being pumped. The last 20 ft. of sinking cost more than $200 per foot direct charges, whereas the over-all cost for the 300 ft. was $100 per foot. This high last cost was caused by excessive lost time in pumping. Crosscutting to the vein disclosed the fact that the 1050-ft. level had been developed only after drainage had been effected from the 1200-ft. level, but that the 1200-ft. level could not be opened because of the great amount of water encountered when the fractured zone was intersected. The ground in the fractured zone is so finely crushed that it precludes any possibility of economic support when it is wet. Furthermore, mining costs were found to be prohibitive after caving of vein walls had taken place as a result of an attempt to drive drifts before complete drainage had been effected. More than 3000 gal. per minute was pumped from the 1200-ft. level and the water table remained 75 ft. above this plane even after five crosscuts were driven to the fractured zone at 50-ft. intervals along the strike of the fissure from a footwall drainage drift. It was evident, therefore, that complete drainage must be effected before the fractured zone could be opened in any future development. After extensive investigations in this connection, a well-drilling campaign was decided upon to effect drainage of the fissure in advance of sinking and level development, so that all mining operations would be carried on in dry ground. Drilling Procedure A crosscut was driven through the hanging wall of the fissure on the 1050-ft. level, which was the deepest dry level at the time, to a predetermined location from which a vertical hole should reach the fractured zone at about 400 ft. below this level. A drill station was made and a raise was driven over the location for the hole, to act in lieu of a derrick or drill tower. This raise

Jan 1, 1943

By S.S. Clarke

The sheet-ground deposits of the Tri-State district, because they are fairly uniform in thickness (7 to II ft.)—rather flat, with an easy dip to the west—and cover a large acreage, offered a problem of improved transportation. Heading advance in this kind of mine is very rapid and track haulage requires a larger crew of trackmen than do other mines, and a heavy investment in track. The use of some type of rubber-tired truck equipment for underground haulage was under consideration for some time by the Eagle-Picher Mining and Smelting Co. The nature of some ore bodies made them not adaptable to truck haulage and some mines that did offer possibilities were equipped with other types of haulage, and the expected savings by the use of trucks did not offset the loss of investment that would be incurred in discarding other equipment. The decision was made to sink a new shaft, designed for skip hoisting, on the Blue Goose ore body, and then develop truck equipment. Developing Tractors and Trailers A study was made of internal-combustion engines for power units in the tractors, but the extreme difficulty of controlling air circulation, and the heavy cost of drilling large churn drill holes for blower installations, led to the adoption of a tractor with a storage battery. The storage-battery tractor that was on the market for mine haulage was impossible to obtain because all were needed for defense work. Several standard electric-truck chassis were purchased and rebuilt in the Eagle-Picher shops. The steering wheel was shortened and set vertical, permitting the driver's seat to be moved forward, and the frame was shortened enough to take the battery box and the fifth wheel support that carried the gooseneck of the dump trailer. The fifth wheel, or turntable, is of the ball and socket type. Tig. I shows the ball fastened to the gooseneck. The socket is split to permit introduction of the ball and is held by through-bolts, and the socket is welded to a ½-in. plate, which in turn is attached to the tractor frame. Smaller wheels and tires were put on to reduce over-all height. If it had been necessary, the spring: could have been reversed, or taken off entirely, to gain additional clearance. The tractors are equipped with 48-cell, 23-plate, 400-A.H. batteries. With the initial tonnage and mileage, the batteries were about 50 per cent down at the end of a shift. Tractors have truck tires 7.50 by 20, 8-ply, front and rear, the rear being dud. After four months of use, the .tires are beginning to show signs of failure.* In

Jan 1, 1943

By C. E. Shoenfelt

The year 1939 witnessed the rapid development of several of the more important Rocky Mountain oil and gas areas and the discovery of new oil and gas fields. As a further result of an active year, many oil fields had their productive limits greatly extended or responded to deeper drilling with oil production in lower horizons. In Colorado there was a substantial increase in refinery capacity, with three new units constructed. Its contribution to the crude-oil supply was an important extension of the producing area of a Western Slope field and a deeper oil-producing horizon in an old field east of the Front Range. Occurrences of gas were reported in two wells in northwestern Colorado, but severe winter weather prevented tests and the value of these discoveries cannot be determined at this time. Montana's northern fields were extended and a number of record wells were completed. The North Cut Bank area gives promise of wide expansion in 1940. The gas-producing area of Wyoming's Elk Basin field was extended into Montana on the north plunge of the anticline. The most important developments in Wyoming oil fields in 1939 were extensions to the producing area of Lance Creek and the discovery of a deeper pay in the Tensleep formation at Wertz dome. A new gas field at Horn Valley in the south central part of the state was the only new field discovered, but wildcatting was at low ebb in Wyoming in 1939. Colorado In Colorado, the year 1939 saw the completion of several interesting tests, but largely with negative results. Oil was discovered, however, in a deeper sand in the old Fort Collins field and the productive area of the Wilson Creek field was extended. Gas had been noted in two Western Slope wells, at Yellowjacket-Buford and at Trull, but their volumes had not been determined at the end of the year. Of principal interest, however, were the failures, descriptions of which will be given presently. One of these established a new depth record for Colorado.

Jan 1, 1940

By H. A. Schwartz, W. Kenneth Bock

In this paper it is shown that when the tensile strength of a given steel in various states of heat-treatment is plotted against its elongation, a straight line results. The equation of this straight line can be computed with considerable accuracy from its chemical composition. The appropriate equations are given. The logarithm of the slope of the tensile-strength locus is shown to be proportional to the cumulative effect of the total alloy addition and the vosition of the line to be directly proportional to the cumulative effect of the alloy content. It is further pointed out that heat-treatment is more effective than composition in determining yield ratio. The latter enters mainly by its effect on hardenability, which is briefly discussed. Reduction of area and Brinell number are given some incidental attention. The data are applicable only to steels that have been normalized and/or quenched. The steels, if normalized, may or may not have been tempered. If quenched they must have been tempered at or above 4oo°C. (75o°F.). Introduction Cast steels vary in composition and frequently are used in various states of heat-treatment. It is obviously important to be able to predict the compositions that might accompany specific engineering properties by suitable selection of heat-treatments. For cast steels, which are of necessity produced heat by heat in accordance with the particular requirements of the castings to be poured, there has been, happily, much less tendency to standardization than for rolled products, whose destination is not necessarily known when particular ingots are made or rolled. It is of distinct advantage to the steel foundry-men to be able to make steel of given properties, using alloys that can be recovered from scrap, or most conveniently or cheaply bought, rather than a particular formula adopted in the interest of standardization. The heat-treatment appropriate to securing a given result in a given steel is well known to be closely related to composition. For example, molybdenum steels are not much softened by tempering except at rather high temperatures. Highly alloyed steels are "air-hardening," and on cooling in air behave like carbon steels that have been quenched. With these matters, we do not concern ourselves in this paper, although we recognize their importance. The entire picture evidently will be very complex and can be brought within accurate understanding only if our knowledge of test results can be coordinated in terms of general principles.

Jan 1, 1944

By G.A. Moore, C. E. Sims

In previous publications of the writers4-7 it has been shown that vacuum extraction of steel can be carried as close to quantitative completion as desired provided the steel is in the austenitic state and sufficiellt time is allowed. For precise work, the method claims preference because the equipmelit for holding and heating the sample can be made simple, and because crucibles, boats, and other unnecessary materials can be eliminated and the blanks thus made very small. It is well known that the evolution rate of hydrogen is smaller just above the trans. formation than immediately below, as would be expected from the increase in solubility when passing into the gamma state. Many attempts have been made to obtain analyses by extraction just below the transition, using times of approxi. mately 2 hr. while it is true that the rate of evolution drops nearly to zero under these conditions, it has repeatedly been shown that the process is incomplete since on raising the temperature into the austenitic range, evolution will be resumed, usually after a, considerable induction period. The low-temperature evolution process appears to be useful in some cases for comparative tests where the residual crror may be more or less constant between samples, For general use, however, there is no guarantee that the error caused by incomplete extraction is constant; hence, the more laborious but more reliable high-temPe'atu'e Process must be used. At high temperature, an original flash evolution, similar to that at lower temperature, is first observed. After not more than an hour, the flash subsides and cvolution settles down to a regular first-order reaction rate for which the half-life* is usually of the order of a few hours for the 5/8-in. diam cylinder at 1050°C. The regular evolution may be followed for whatever period appears justified, after which the residual gas may be estimated as equal to that which was evolved in the last observed half-life period. Tests have shown that the composition of the evolved gas does not vary greatly during the progress of evolution; therefore the residual gas may safely be taken to have the same composition as the portion col-

Jan 1, 1949

By H. R. Spedden, A. M. Gaudin, M. P. Corriveau

A preliminary study of silver ion adsorption by sphalerite in ion exchange column with influent electrolyte marked with radiosilver is described. Rapid ion exchange occurs at first followed by slow reaction controlled perhaps by solid state diffusion. One experiment with radiocopper instead of radiosilver is reported briefly. IT has been known for many years that sphalerite is floated after it has been activated by a metallic cation, particularly copper.' The activation of sphalerite by copper is known to be an exchange of an atom of copper for an atom of zinc at the surface of the sphalerite.2,3 It has been estimated from various guesses of the available mineral surface that the depth of the copper-bearing coating is of the order of thickness of one atom. However, the exact mechanism of the activation process is unknown. A number of metals other than copper act in the same general manner."' " In particular, it has been known that silver replaces zinc at the surface of sphalerite. As copper is usually divalent, whereas silver is monovalent, it may well be assumed that there are differences, perhaps major differences, in the detailed scheme of activation by these two cations. Furthermore, since silver has unusual photoelectric properties and may be a contributor to the fluorescence of sphalerite, a study of its activating mechanism might open up some interesting avenues for exploring these other phenomena. The choice of silver as an activator of sphalerite was suggested also by the fact that its radioactive tracer, silver 110, is particularly convenient in that it has a long half-life and is energetic enough to permit counting through a counter window. The experimental technique selected, therefore, included the preparation of solutions of silver nitrate con- taining a proportion of active silver nitrate sufficient to give convenient counting data. In further considering the method to be used, a desirable choice seemed the use of batch experimentation in which a given solution was allowed to act on a certain lot of mineral for a given length of time at a given temperature, this period of mutual reaction being followed by analyses of the separated solid and solution. But an alternative method seemed more attractive. This is the method now so familiar to the users of ion-exchange resins, which was first made famous by the Russian chromatographer, Tswett.6-8 It consists in forming the mineral into a porous column through which the solution is allowed to flow at a constant rate. The usual method of allowing a batch of solid to react with solution is the equivalent of a single plate distillation operation while the chromatographic or ion-exchange column is a multiple-plate method—the multiplicity of the plates being represented by the reciprocal of the rate of flow of solution through the column. It seemed to us that the chromatographic method had such

Jan 1, 1952

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 H. Conrad, E. Stofel

The fracture behavior of 60-deg-oriented sapphire crystals was investigated for both tension and compression. Plastic flow on the basal plane was found to be a factor in reducing the tensile stress required to produce fracture in the temperature RECENT experiments1-' have shown that single crystals of a alumina (sapphire) can deform plastically, particularly at temperatures greater than 1000°C. The effect of this plastic flow on the fracture behavior of sapphire was not established, but range 1100º to 1500ºC. Mechanical twins, both (0001) and (0111) types, were produced by compression in the temperature range 1100" to 1300°C. Cracks propagated more readily along the twin boundaries than in the nontwinned crystal. experiments with other ceramic crystals4'5 have shown that plastic flow can initiate cracks that lead to catastrophic failure. This suggests by analogy that plastic flow might also be an important factor in the fracture of sapphire crystals. A recent experimental investigationS undertaken to determine the mechanism of plastic flow in sapphire provided an opportunity to study the type of fracture produced after various amounts of plastic shear strain. The results of this study of fracture are reported in the present paper. During the course of

Jan 1, 1963

By Henning Nielsen

SIX weeks ahead of schedule, the International Nickel Co. of Canada Ltd. has brought a 30-mile rail line into the newly born town of Thompson, Manitoba. Its construction spurs the development of a rich new mining region slated to become the world's second largest nickel-producing area-exceeded only by Inco's Sudbury, Ont., workings. Two mines, the Thompson and the Moak Lake, will be opened to meet International Nickel's scheduled annual production goal of 385 million lb of refined nickel by 1961. Accomplishment of this aim will mean an additional 75 million lb of the metal available to consumers. In addition, stepped-up out- put of Inco's Sudbury holdings may increase this figure by another 25 million lb. (For an earlier report on these developments see MINING ENGINEERING News, January 1957).

Jan 12, 1957

By Thomas T. Read

The cost of labor turnover in industry is so large as to justify the adoption of almost any means to bring about its reduction. Intensive study has shown that faulty methods of hiring and discharging men is the most important factor in labor turnover. Complete control over hiring and discharging by the foreman is a relic of outgrown industrial conditions; centralized hiring permits this work to be put on a scientific basis and also does away with many serious evils that cannot, otherwise be reached. Centralized hiring does not impair the authority of the foreman; he hires his men from the employment office and discharges them back to it, instead of from and to the street. The employment manager, being a direct representative of the employer, tends to restore the former relation of direct intercourse between employee and employer that was helpful in avoiding friction between them. Being a specialist,, he is able to bring special knowledge and skill to bear upon the task of selling employment in his concern to desirable workmen; he is also able to give the foreign workman the special attention he requires. Employment managers have been used for the past few years by a number of large organizations, a few of which are engaged in the mining and rnetallurgical industries. They have invariably reduced labor turnover, in some cases to as little as one-tenth of what it had been. So great a reduction is due in part to other changes made in the light of the data made available by scientific study of the labor problem. In my former paper on personnel work' I advocated the more general use of the employment manager in mining and metallurgical enterprises as a means of reducing labor turnover. The form of organization recommended seems not be to understood by all, and I have requested the privilege of explaining it at greater length, since it is perhaps the most important factor of all in personnel work, and has a vital influence on the cost sheet of every industrial enterprise.

Jan 1, 1918