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By Frank M. Stephens, Robert D. Macdonald

As processes for handling low-grade or complex ores become more complicated and as new methods are found, the need arises for more complete and detailed pilot-plant studies to protect the capital investment required for a full-scale plant. Occasionally a process is firm technically, but there is a need for a demonstration plant that will convince nontechnical men of the wisdom of investing in a full-scale operation.

Jan 5, 1959

By Erwin Zodrow, De Verle P. Harris

The Smallwood mine, owned and operated by the Iron Ore Co. of Canada, is one of the largest ore producers in Canada, producing about 15 million tons of crude ore per year. Located in the Labrador Trough near, Labrador City, Newfoundland, the open-pit operation has ore consisting chiefly of specular-hematite, with some magnetite. The magnetite content of the ore as a mineral percentage is small, but it is of considerable importance in ore grading because of its effect upon milling. Being harder than specular-hematite, magnetite increases grinding time and milling costs. Specifically, higher grade magnetite (greater than 15%) usually occurs as fine grains in a fine grained siliceous rock matrix (also as larger octahedra in carbonate bands). This tends to increase the overall breaking strength in the crude ore; consequently, the hourly mill rate and the weight recovery decrease. At the same time, because of its relatively high iron content, the magnetite does contribute to the amount of iron in a block of ore. Were the concentration of the magnetite relatively constant, its presence would be of less consequence, for appropriate adjustments could be made in the milling operations. However, the quantity of magnetite present for any run of ore varies considerably; it is the magnetite prediction for a block of ore that constitutes the greatest problem in grading. THE PRESENT ORE GRADING METHOD Ore for the Smallwood mine is graded by a computerized block grading routine (using 50 x 50 x 45-ft blocks) that applies simple weighted (inverse-distance) averaging to ore grades. The results of the block grading program are not reliable with respect to magnetite concentration. Factors responsible for this poor estimation are (1) the structural setting of the deposit, and (2) mineralogical relationships. Neither of these general factors are given adequate consideration by present methods.

Jan 8, 1967

By John D. Wiebmer

Kansas, with its thin seams and tough overburden, may not be anyone's first choice for a coal mining operation. But there are operators making it pay through careful attention to mining techniques and aggressive marketing in the local region. One of the few Kansas coal operators is Bill Patch, who has been in the business for 28 years. Beginning with a single dragline operation near his home in Welch, Okla., Bill's Coal Co. weathered some lean times during the "soft" coal market of the 1950's and 1960's. But his tenacity paid off when new markets began opening up, and the company has grown by leaps and bounds in recent years. In 1975, the Fort Scott mine opened in Bourbon County, Kansas; in 1976, the Porter mine began production in Wagoner County, Okla.; in 1977, the Fulton mine opened near Fulton, Kansas. In addition, the original Welch mine in Oklahoma is still a producer, and this year the company will open a new mine at Chetopa, Kansas.

Jan 9, 1978

The National Labor Board, on June 25, ended its activities preparatory to final, dissolution by the President. No new cases will be heard nor new applications received. Controversies, jointly submitted, that could not be concluded prior to June 30, were assigned to the joint chairmen or a section of the board for disposition. The conclusion of the board's activities marks the passing of. one of the governmental agencies created during the war to further production of war materials. The board was organized under a Presidential proclamation with former President Taft and Frank P. Walsh of Kansas City as joint Chairmen, and with five members representing labor, five employers' representatives, and two members acting for the public. Mr. Walsh resigned soon after the signing of the armistice and was succeeded by Basil M. Manly of Washington. During the year that ended May 31, the hoard received 1245 cases, made awards in 462 cases, dismissed 391 for various cases, referred 315 to specified agencies, and suspended one case. Fifty-three cases remained on the docket because the hoard could not agree, and 23 cases were pending.

Jan 8, 1919

By H. K. Work

The Bessemer process is one of the most interesting methods of making steel. At one time it was by far the most important. In recent years, however, it has steadily lost ground to the open-hearth process. The forces working against this method of stccl-making are partly economic and partly metallurgical.1 In this paper, dealing as it does with the control of the process, the metallurgical factors alone will be considered, although it is obvious that economic factors must play a part in determining the ultimate status of the Bessemer process. This discussion has been limited in another respect—it deals primarily with the acid Bessemer process in bottom-blown converters, although much of the information is applicable to basic and side-blown converters. The fact that open-hearth steel has superseded Ressemer steel to a large extent has tended to create an impression that Bessemer steel is inferior. As a matter of fact, Bessemer steel is actually superior to open-hearth for many applications.2 There are, however, definite metallurgical limitations to the use of Bessemer steel, resulting largely from two factors: (1) the physical properties conferred by nitrogen and phosphorus, and (2) the variability from blow to blow. These, of course, are not entirely independent, since some of the variability covered in the second item is undoubtedly due to nitrogen. But the variability is also caused by other factors. One of these is the relatively small size of the Bessemer heats. Because of this, a given shipment of Bessemer steel is more likely than a shipment of open-hearth steel to contain the product of several heats, each with its own distinctive and slightly different characteristics. Added to this is the fact that the refining of Bessemer steel proceeds so rapidly that the timing of the end point is limited to a matter of seconds, whereas the finishing period in the open hearth extends over a period of one or two hours and the timing of the end point may vary by several minutes without seriously affecting the product. There is no doubt that this has contributed to the variability of Bessemer steel and has led to the use of open-hearth steel in many optional applications. That Bessemer steel may vary is not necessarily objectionable, and it may even prove an advantage, providing a precise control is available to secure the desired qualities for any specific application. With this in mind, a comprehensive research program was undertaken, one phase of which was directed toward securing more accurate control of the blow. The results have been encouraging, and it is the purpose of this paper to describe a method in which modern scientific instruments, based on photocells, are currently being employed to assist the blower. The Control Problem In this day of scientific control of technical processes, where the operating

Jan 1, 1941

By H. K. Work

The Bessemer process is one of the most interesting methods of making steel. At one time it was by far the most important. In recent years, however, it has steadily lost ground to the open-hearth process. The forces working against this method of stccl-making are partly economic and partly metallurgical.1 In this paper, dealing as it does with the control of the process, the metallurgical factors alone will be considered, although it is obvious that economic factors must play a part in determining the ultimate status of the Bessemer process. This discussion has been limited in another respect—it deals primarily with the acid Bessemer process in bottom-blown converters, although much of the information is applicable to basic and side-blown converters. The fact that open-hearth steel has superseded Ressemer steel to a large extent has tended to create an impression that Bessemer steel is inferior. As a matter of fact, Bessemer steel is actually superior to open-hearth for many applications.2 There are, however, definite metallurgical limitations to the use of Bessemer steel, resulting largely from two factors: (1) the physical properties conferred by nitrogen and phosphorus, and (2) the variability from blow to blow. These, of course, are not entirely independent, since some of the variability covered in the second item is undoubtedly due to nitrogen. But the variability is also caused by other factors. One of these is the relatively small size of the Bessemer heats. Because of this, a given shipment of Bessemer steel is more likely than a shipment of open-hearth steel to contain the product of several heats, each with its own distinctive and slightly different characteristics. Added to this is the fact that the refining of Bessemer steel proceeds so rapidly that the timing of the end point is limited to a matter of seconds, whereas the finishing period in the open hearth extends over a period of one or two hours and the timing of the end point may vary by several minutes without seriously affecting the product. There is no doubt that this has contributed to the variability of Bessemer steel and has led to the use of open-hearth steel in many optional applications. That Bessemer steel may vary is not necessarily objectionable, and it may even prove an advantage, providing a precise control is available to secure the desired qualities for any specific application. With this in mind, a comprehensive research program was undertaken, one phase of which was directed toward securing more accurate control of the blow. The results have been encouraging, and it is the purpose of this paper to describe a method in which modern scientific instruments, based on photocells, are currently being employed to assist the blower. The Control Problem In this day of scientific control of technical processes, where the operating

Jan 1, 1941

By Andrew Corry

GEOPHYSICAL investigations based on radioactivity have been applied to the earth's crust for the purpose of discovering bodies rich in radioactive substances, or for the location of solutions with high emanation or radioactive-salt content, or for the detection of oil, which, in virtue of colloidal properties, has strong powers of radioactive absorption. RADIOACTIVE SUBSTANCES Radioactive substances are distributed in all rocks, waters, and gases in the earth's crust in small quantities. Granites and similar acidic rocks are richest in uranium and thorium, two chief radioactive substances; yet the quantities present in such rocks are of the order 10-12g., this concentration being expressed in grams per gram of the whole substance per cubic centimeter. In granites the uranium yields, according to Haddock, 3 X 10-12 g. of radium per gram of rock. In basalts the uranium yields 1.19 X 10-12 g. per gram per cubic centimeter. Of thorium the granites yield -2 X 10-5 g. per gram of rock; the basalts, 0.77 X 10-5 g. per gram. Certain series of alkalis of low atomic weight, like potassium and rubidium, show weak radioactivity; this property has no significance so far for geological research. The uranium is esti-mated indirectly from the electrical properties of one of its derivatives as a -gas (emanation) into which it is transformed. The thorium is expressed directly, though it is measured as a derivative, thorium emana-tion. There is a measure for the gaseous radium emanation, the curie, which is that quantity of radium emanation, or radon, which stands in equilibrium with 1 g. of radium. The concentration of the emanation is the Mache unit corresponding to 3.64 X 10-10 curie per liter. When gases become permeated by alpha, beta, and gamma rays, plus and minus ions are produced in them by the decomposition of neutral gas molecules, and under the influence of an electrical field these ions are given opposite motions. The measurement of the alpha rays and the bisection thicknesses of the beta and gamma rays is a means of analyzing unknown radioactive substances. These rays accompany the disintegration of radioactive substances and arise from "spontaneous internal changes

Jan 1, 1929

Fifty to 75 million years ago, hydrocarbon-bearing rocks were formed in the Green River formation of Colorado, Wyoming and Utah. The hydro- carbons can be extracted from these rocks, marl- stone but misnamed oil shale, after crushing and intense heating. At about 900°F the marlstone decomposes to produce liquid shale oil. A press release from the Colony Development Co. describes a process which may permit, for the first time, economically feasible access to shale oil. Shale oil has resisted economic extraction for almost three centuries. According to the USBM, a patent was issued as early as 1684 in England to produce "oyle from a kind of stone". France produced oil from marlstone in 1838 and a dozen years later, Scotland started an oil shale industry, producing kerosine, that lasted nearly 100 years. In both countries, the process involved crushing the stone and retorting it to decompose the kerogen-a long and costly process at that time. In 1859, Edwin L. Drake brought in the first oil well in Titusville, Pa., and shale oil faded into oblivion.

Jan 8, 1965

By John Carter Anderson

The theory of a zonal deposition of ores from ascending solutions which were differentiation products of a cooling magma, first propounded by Spurr,l in a measure explained by Lindgren,2 and recently re-emphasized by kemp,3 while perhaps accepted in principle by many mining geologists, so far has not been accepted as capable of practical application in the study and development of ore deposits. From his observations, the writer is convinced that there are laws governing the primary deposition of ores which, when properly worked out, will be of greatest economic value; and that the application of this knowledge to the development of new mines will mark an advance in the mining industry similar to that following the working out and application of the theory of secondary enriehiment. That there has been a tendency to a zonal distribution in the formation of ore deposits, by which the ores of one metal have been precipitated from tile mincralizing solutiolis at a greater distance from the source than those of another, cannot be disputed; and the nature of this zoning in a given deposit or district has been frequently described.4 But that a selection precipitation of the ores of two or more metals, other than lead and zinc, in successive zones may have taken place in a single deposit within limits economically possible of exploration is not generally recognized or admitted.

Jan 1, 1923

By John Carter Anderson

The theory of a zonal deposition of ores from ascending solutions which were differentiation products of a cooling magma, first propounded by Spurr,l in a measure explained by Lindgren,2 and recently re-emphasized by kemp,3 while perhaps accepted in principle by many mining geologists, so far has not been accepted as capable of practical application in the study and development of ore deposits. From his observations, the writer is convinced that there are laws governing the primary deposition of ores which, when properly worked out, will be of greatest economic value; and that the application of this knowledge to the development of new mines will mark an advance in the mining industry similar to that following the working out and application of the theory of secondary enriehiment. That there has been a tendency to a zonal distribution in the formation of ore deposits, by which the ores of one metal have been precipitated from tile mincralizing solutiolis at a greater distance from the source than those of another, cannot be disputed; and the nature of this zoning in a given deposit or district has been frequently described.4 But that a selection precipitation of the ores of two or more metals, other than lead and zinc, in successive zones may have taken place in a single deposit within limits economically possible of exploration is not generally recognized or admitted.

Jan 1, 1923

By Allen Johnson

WITH a realization of the rapidly increasing importance of automatic stokers as a medium for domestic heating, the Anthracite Institute Labo-ratory has conducted extensive investigations, over a period of several years, to determine the various outstanding characteristics of stoker design and performance. The purpose of this paper is to summarize these findings as a guide to current practices. STOKERS INVESTIGATED One or more models of the underfeed stokers listed below were included in the various phases of this investigation: Beckley Gilkoal Burnwell Iron Fireman Combustioneer Motor Stokor Electric Furnace Man Norristown Super-Stoker Erie Heat Generator Whitney Fire Ball (Tests Incomplete.) Fuel Saver Principles of Construction.-The operating principle of the leading makes of underfeed stokers is similar (Fig. 1). A plungers, or slowly revolving worm2, conveys the buckwheat or rice sizes of anthracite to the center of a specially constructed tuyere pot where air is admitted to the coal. through suitable ports of varying design. As the fuel burns, it is slowly forced to the outside circumference of the tuyere by the pressure of the incoming coal; eventually the ash falls over the edge of the pot, either entirely by gravity or aided by mechanical sweepers. In at least one model, the entire firepot revolves. While various special details have been included in the design of a number of stokers, they do not affect the ,general principles as described above, and therefore have not been included in this discussion.

Jan 1, 1935

By John Ryan

SIR HUMPHREY DAVY'S epoch-making treatise delivered on Nov. 9, 1815, before the Philosophical Society of London, first announced and demon¬strated a flame safety lamp for detecting methane in mine air. Coal mining was known in England as early as 1180, more than 600 years before the advent of a safe lighting and gas-detecting appliance. Mining, no doubt, took place first in outcrop coal, and danger from gas did not become apparent until the workings became deeper and more extensive. Davy's lamp did much to increase the safety of miners, and a modified Davy lamp is still widely used for detecting the presence and approximate amount of combustible gas in mine air. No factor in coal mining has improved more rapidly during the past 15 years than safety measures. This progress came about not only as a result of the work-men's compensation laws now in force in most of the states of the Union, but because the research work of the U. S. Bureau of Mines has demonstrated some dan¬gers incident to coal mining which were not considered to be serious matters prior to that time. Electric power and explosives are necessary but 1-potential hazards in American coal mines. A general mechanization program is now under way, while the mines are growing deeper and more extensive. Conse-quently ventilation problems are more complex and a demand has been created for positive detecting devices for carbon monoxide as well as methane. Scientists and manufacturers, working hand in hand during the past 10 years, have invented and developed appliances which make systematic and effective examination of mine air possible. The object of this paper is to describe briefly the approved testing devices in use today, with the hope that they may lead to the saving of life. Dangerous coal mine gases may be placed in two groups: (1) those that are dangerous because of their explosive properties, and (2) those that are dangerous because of their toxic properties. Methane (CHI) is the important gas of the first group, and in so-called gaseous mines constantly exudes from the coal and rock; it may accumulate and form an explosive mixture.

Jan 2, 1927

By John C. F. Randolph

(Read at the Amenia Meeting, October, 1877.) Tits establishment being now in full working order, it has seemed of considerable professional interest to collect together, in a concise form, the various points as to its plan, method of dressing, and equipment. The data contained in this paper have been largely drawn from the able paper of E. Kutscher, constructing engineer. of the works, contained in the Zeitschrift fur Berg-Hütten-und Salinenuesen im Preussischen Staate, 1873, supplemented by some personal memoranda made while the works were under construction and by memoranda on the works appearing in various German technical papers from their completion up to date. This is probably the largest dressing works in the world devoted to the beneficiation of argentiferous lead ores, and it is doubtful if any establishment for the concentration of mineral of any description can compare with it in size. As showing the final practice adopted in an old and very conservative mining region, in which the concentration of ores has been a matter of constant practice and experiment for a very long period, these works are of peculiar interest. The fact that the Clausthal ores strongly resemble a very large and abundant class of ores found in the United States has always attracted the attention of American mining engineers and mine owners to the methods employed in dressing and smelting them. The study of their methods of concentration of ores has, however, always been full of difficulty,

Jan 1, 1878

By W. C. PAGE

HARVEY S. MUDD has the unusual distinction of having virtually inherited a Directorship in the -A.I.M.E., for he was appointed to the Board to fill the unexpired term of his father in 1926. Since then he has served as a Director continuously until 1936, and now he is a candidate for Vice-President. One of the first words that young Harvey tried to say was "ore," for he was born in Leadville, Colorado, in the heyday of that camp, where Seeley W. Mudd for years ran the Small Hopes mine. Stanford and Columbia gave him his mining education, and the Shattuck-Arizona, at Bisbee, his first job. Afterwards he examined many

Jan 1, 1937

By J. D. Doherty

That America's great coal deposits eventually will be our principal source of liquid as well as solid fuels is generally accepted. Moreover, the day when synthetic oil from coal will begin to supplement our petroleum supplies does not appear to be far off. The American petroleum industry has not spared effort or expenditure in its attempt to keep pace with the demand for oil, and recent production has exceeded expectations. However, the rapidly rising demand for liquid fuels plus the increasing difficulty of finding and developing the new oil needed even to maintain present production rates make it highly unlikely that oil from domestic wells can fully meet future oil requirements. Therefore, it appears that one or more of the following courses must be followed: 1. Curtail oil consumption. 2. Incr ase imports. 3. Develop new sources such as synthetic liquid fuels. All three courses may well be needed, as it is doubtful that any one of the three alternatives alone can satisfactorily solve the problem indicated by the prevailing trend in demand for oil. Curtailment of oil consumption is not a constructive policy, except where oil is being wasted or coal can be readily substituted as in stationary steam plants. Reduced oil supplies for most uses will curb our economic advancement and, in addition to inconveniencing consumers, will have a pronounced adverse effect on American industry. The oil-burner-manufacturing industry already has been dealt a hard blow. Shipments in the first 5 months of 1948 decreased 70 pct from those in the same period in 1947.1 The effect of a similar cut in the automobile industry can be imagined. A severe prolonged shortage of gasoline could seriously disturb our present economic well-being. It might be pointed out also that even the prospect of a shortage or lack of assurance for the future can discourage buyers of equipment, as occurred in the case of oil burners. An increase in our imports of oil seems to be a necessary expedient for the immediate future. Its advantages are that it will require a minimum of manpower and steel in a time of critical shortages and will conserve domestic reserves. Any major dependence upon foreign sources for our oil supplies should be avoided, however. Other nations are increasing their oil consumption more rapidly percentagewise than the United States and eventually will compete with us for the not unlimited world supplies. In peacetime, foreign countries might restrict ship- ments of oil to this country or impose exhorbitant prices. In the event of war, there is serious danger that such sources would be cut off, and American-developed oil fields overseas might even be used against us. Although synthetic fuels cannot relieve any oil shortage that might develop within the next year or two, an immediate start toward a substantial synthetics industry to supplement petroleum not only could help relieve shortages several years hence but also would help establish the much needed "know-how" for large-scale production. By assuring ample future supplies, such a start would permit sound planning by industries dependent upon oil and maintain or restore the confidence of prospective customers for oil-con-suming equipment. If it is agreed that domestic production of crude oil cannot be expected to meet future domestic demands, that oil rationing in general is undesirable. and that too great dependence on foreign oil should be avoided—and the weight of the evidence supports such conclusions—it is inescapable that commercial synthetic fuel production should be developed to supplement domestic petroleum supplies, which, of course, will furnish the bulk of our requirements for yean to come. Sources of Synthetic Oil The three principal sources of synthetic oil are natural gas, oil shale, and coal. A commercial plant using natural gas is under construction, and expansion of this industry is expected.

Jan 1, 1950

By H. L. Overton, J. B. Lipson

The concept of sodium single-ion equivalent activity as developed by Gondouin, Tixier and Simard,' was used to determine the filtrate resistivity-activity relationships for 150 laboratory and 49 field drilling muds. With the exception of the native and phosphate high-resistivity muds and the calcium-treated muds, the filtrate resistivity-activity relationships were found to be within 20 per cent of that for pure sodium-chloride solutions. Gondouin, et al,* previously suggested a method of treating the high-resistivity muds in quantitative electrical log analysis. A new treatment is presented which uses the P-alkalinity of the filtrate as a correlating parameter in handling the calcium-treated muds in quantitative electrical log analysis. INTRODUCTION Gondouin, Tixier, and Simard in 1957 introduced new interpretive procedures for analyzing the self-potential curve of electric logging. They re-emphasized the previous work of the Schlumberger brothers, Wyllie and others, and re-defined the activity concept in terms of a number which they termed the effective resistivity. Their procedures are particuarly effective when the connate-water resistivities are less than 0.08 ohm-m or greater than 0.3 ohm-m. For gyp muds where the calcium content is known, a procedure was presented which allows calculation of the connate-water resistivity with improved accuracy. These procedures assume that one of the fluids in the system is a pure sodium-chloride solution, but they are not limited by the assumptions. For the fresh and saline connate waters, for instance, it is assumed that the drilling mud filtrate is a pure sodium-chloride solution. For the gyp mud interpretive procedure, it is assumed that the connate water is a pure sodium-chloride solution. Brown,' on the other hand, has suggested that it would be extremely fortuitous if drilling mud filtrates could all be treated electrochemically as sodium-chloride solutions, and he cites some examples where discrepancies exist. A study has been made of the deviations of sodium single-ion equivalent activities, an of drilling mud filtrates from that of pure sodium-chloride solutions. Drilling fluids in common use on the Texas and Louisiana Gulf Coast and laboratory-controlled muds were investigated. Using a cell patterned after Gondouin, et al, (Fig. I), the equivalent activities were measured. It should be remembered here that the activity measured is merely an index which uses numbers that represent the sodium single-ion equivalent activity a,., of the mud filtrate. The membrane potential developed across the cell was determined with a null-type potentiometer. The resistivities of the solutions were measured by the four-electrode method. The resistivity system was calibrated by using saturated KC1 solution as a standard. Chemical properties of the drilling fluids studied were measured with standard API-approved equipment for the particular property in question. For the activity measurements, two shale discs were chosen to serve as cationic membranes. These two discs were both 1 1/4 in. in diameter and, respectively, 1/4 and 1/8 in. in thickness. The membrane potential, Em, was determined using the shale discs as cationic selective membranes separating two standard sodium-chloride solutions of known mean activity. Then by comparing the constant Km in the following equation, with the theoretical value of — 59 mv at 75OF, the perfection of the membrane was determined. The variation of Km for the two membranes used in this experimental work, as well as one of the many unsuitable membranes, is shown in Fig. 2. The measurement of the activity of mud filtrate involves the balancing of its combined individual activities against a standard solution of known mean activity. At the point where there exists zero potential across the membrane cell, the activity effects may be assumed equal for all practical purposes. The mechanics of making a null reading of this sort requires having a large number of different mean activity solutions. A more practical method involves

By William L. Langdon

PRELIMINARY COMMENTS Recent years have been difficult for the mining industry, as reported in the most recently published Minerals Yearbook (Volume III), the estimated value of world crude mineral production has been generally declining since an historical peak in 1979 (16).* The costs of mineral extraction have, however, been rising rapidly. Individual project costs are, in general, exceeding the growth rate of mining companies, while operating and technical risks continue to increase (16). Risks resulting from currency flotation and political actions in the host country are also on the increase. Labor difficulties (such as those experienced by Phelps Dodge) and the Reagan Administration's recent rejection of a proposal by the International Trade Commission for higher tariffs and/or quotas on copper imports have also contributed to the mining industry's difficulties. The net result of these factors has been financial difficulties for mining companies with respect to paying for their current financial obligations as well as trouble finding new financing. It may be that one of the main factors in determining the future of the mining industry will be centered upon capital structure, i.e. how its assets are financed. Historical Perspective on Capital Structure In The Mining Industry As discussed by Isreal Borenstein in (4) and Thomas Navin in (7), mining firms typically have used a financial model based upon high financial leverage, i.e. large amounts of debt relative to equity. This has been especially true for American firms developing orebodies discovered overseas. Problems sometimes occurred for those who were forced to commit themselves to completion guarantees in order to obtain bank loans. Mines under these circumstances must be brought into operation regardless of market conditions. Politicians in overseas countries also may use the high profits required by these high risk ventures to argue for nationalization of mines. Coupled with the frequent use of high leverage, mining companies traditionally have paid out a higher percentage of earnings in the form of dividends than manufacturing firms. This is significant, in that such funds paid out in dividends are not available for other uses. Hence, a greater reliance upon debt and/or additional stock issues than would ordinarily be the case for manufacturing firms. Thomas Navin has stated in (7), that the theory behind the high dividend payout was that, "most mining investors thought of themselves as investing in a wasting asset, one that would gradually deplete over time until it ultimately became valueless." Investors, therefore, required a receipt, in the form of dividends, of a percentage of current earnings and a return on original capital. This view of reality, apparently, has not changed in some quarters, even though modern mine management ordinarily replaces depleted mines with new ones. It may be that this practice of high dividend payout coupled with relatively high financial leverage should be reexamined. Current capital structure theory could prove interesting and useful for those concerned with current conditions. Capital structure patterns and related practices in this industry are not, in many cases, congruent with those thought by some to be theoretically optimal. Prelude to Capital Structure Discussion With a few notable exceptions (such as the Guggenheims and Anaconda's chief operating,. officer in 1971) mining companies' chief executives and boards of directors have not been persons with financial backgrounds. This, one could conjecture, might have accounted for the relatively nonsophisticated nature of capital structures of mining companies. In order to appreciate the possibilities with respect to alternative influence on a firm's performance, one must be acquainted with the basics of financial theory. This paper is an attempt to familiarize the reader with (1) capital structure in general, (2) the usual components of this structure, (3) the general theory behind the use of financial leverage, and

Jan 1, 1985

By S. N. Sharma, William Davis

Because of diminishing energy resources and rising energy costs, every industry is forced to carefully examine its pattern of energy consumption. The copper industry is no exception; current smelting practice begs for technological innovations that would improve the efficiency of its energy utilization. The thermochemical simplicity of copper metal production, as shown in Fig. 1, is deceptive. Designed from the same basic principles, there are four major commercial processes either in use or under construction; and others, such as the Mitsubishi process, are being developed.

Jan 5, 1977

By H. E. Hostetter

GROSSMANN'S method1 for calculating the hardenability of steel from the composition and grain size has gained wide acceptance, and when properly used, has been well proved in practical application, both for estimating the hardenability of known compositions and for selecting compositions to meet known hardenability requirements. The Grossmann method uses as the criterion of hardenability the "ideal critical diameter," DI, which is the size round that will just harden to a structure of 50 per cent martensite at the center when given the theoretically fastest quench, or "ideal quench." The DI can be related to actual quenching practice if the severity of quench is known; or the DI can be correlated with hardenability as determined by the Jominy end-quench method.2 The effect on hardenability of each element present in a steel can be represented by a multiplying factor, the value of which depends on the amount of the element present and the degree of effectiveness of the particular element. (The value of the factor for a given carbon content varies with the grain size.) When the factors for all elements present in a steel have been determined from charts, they are multiplied, and the resultant product is the D, of the steel. The validity of Grossmann's scheme of multiplying factors has been confirmed in a number of other investigations.3 -6 It can be appreciated that a certain desired level of hardenability can be obtained by adding chromium, molybdenum, nickel and vanadium to a base composition containing carbon, manganese, silicon and the usual impurities. Many of the ranges of hardenability used commercially can be obtained by any of the foregoing alloying elements used singly in the base composition. The same hardenability levels also can be obtained through use of any of a great number of multiple element combinations of these alloying elements. In this report a method will be presented for determining what one combination is the most efficient (based on hardenability and cost of added alloy) for a given level of hardenability. It should not be assumed from the emphasis given to hardenability, that hardenability is the only criterion for the selection of an alloy composition. Such properties as the hot-working characteristics, machinability, carburizing characteristics, amount of distortion during quenching and the retention of austenite may be considerations of importance in many applications. However, hardenability is one of the most important properties of an alloy steel and one that must be considered in almost all cases involving heat-treatment by quenching. Therefore, a method for determining the lowest-cost alloy combination should be of considerable value. DETERMINATION OF MOST EFFICIENT COMBINATIONS For comparing the alloying elements on standards of cost and hardenability, it

Jan 1, 1945

By A. J. Naldrett, N. T. Arndt

In Archean greenstone belts, ultramafic lavas occur interbanded with basalts, commonly at the base of volcanic-sedimentary cycles. The lavas form part of a recently recognized extrusive rock series, the magnesian series, in which liquid compositions range from peridotitic (33 wt-% MgO) to basaltic (8 wt-% MgO). Rocks of this series occur as peridote, pyroxenite and magnesian basalt flows, and intrusive/extrusive bodies of dunite (49 wt-% MgO) grading outwards into a peridotitic marginal zone. The nickel sulfide deposits are of two main types: (1) basal accumulations of massive and disseminated pyrrhotite + pentlandite associated with some of the thickest and most magnesian (<40 wt-% MgO) of the peridotite flows, and (2) widespread zones of disseminated sulfides in the dunite lenses. Massive sulfide segregations may occasionally occur within the dunites.

Jan 1, 1977