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By AIME AIME

AT the seventeenth National Metal Congress, held at Chicago, Oct. 1-3, the Iron and Steel Division and Institute of Metals Division participated with the American Society for Metals, American Welding Society, and the Wire Association in one of the most successful meetings ever held. The total attendance at the technical sessions and the scope of and interest shown in the exhibits at the Exposition were greater than at any of the "Metal Weeks" since the depression began. The Iron and Steel Division held two all-day symposia and one general session. The latter, at the International Amphitheatre, Wednesday afternoon, was the only one poorly attended. This was attributable, at least partly, to the location of the meeting roan.

Jan 1, 1935

By Elmer W. Pehrson

OPINION seems widely divergent as to where we stand with respect to future mineral supply. From some quarters we hear that the United States is about to become a "have-not" nation and about to experience the evil consequences such a situation would entail. Others claim that we are still a treasure house of stored-up mineral wealth, the surface of which barely has been scratched. The data to be presented here support the conclusion that neither of these viewpoints is correct and that we are far from exhaustion of those mineral resources that are basic to our industrial economy. However, exhaustion is well advanced in a number of important subsidiary minerals so that we can no longer drift along with the easy-going philosophy that the earth will provide. The time has come when we must recognize the true situation and do something about it.

Jan 1, 1945

By Allen V. Heyl

This old district is a major zinc and lead source and minor copper and barite source. Ores are chiefly in the Galena Dolomite and in limestones and dolomites of the Decorah and Platteville Formations, all of Middle Ordovician age. Locally, deposits have been mined from Lower Ordovician dolomites and Upper Cambrian sandstones. Small deposits of lead, zinc, and iron sulfides have been found in Upper Ordovician Maquoketa Shale and in Lower and Middle Silurian Edgewood, Kankakee, and Hopkinton Formations. No post-Precambrian igneous rocks are known in the region, and the granitic and metasedimentary Precambrian basement rocks unconformably underlie the district at depths of 1500 to 2000 feet. The strata are gently flexed and faulted, probably largely the result of gentle compressive and rotational adjustments in the underlying crystalline basement, especially along lineaments between basement blocks. Folds of three orders ·of magnitude are recognized, and many related reverse, strike-slip, and normal faults of small to moderate displacements are present. Zinc-lead deposits are commonly linear, arcuate, or elliptical in plan. Most ore occurs as vein fillings in fractures and as breccia fillings and lining vugs, but some is in bedded replacements and impregnations of wall rocks. The ore is in shears, small reverse and bedding- plant faults, joints, and solution-slump structures related to intermediate and small folds. The main primary minerals in their general sequence of deposition are quartz, illite, dolomite, pyrite, marcasite, cobaltite(?), sphalerite, galena, chalcopyrite, millerite, barite, and calcite. Wall-rock alterations include solution of the carbonate rocks, silicification, dolomitization, clay alteration, and sanded dolomite. Oxygenisotope, trace-element, lead-isotope, and sphalerite- stratigraphy studies are in progress. Fluid inclusions in sulfide and gangue minerals are filled with concentrated brines at 120° to 40°C. Sulfides are directly replaced by supergene minerals above the water table at 50 to 100 feet in depth. In this relatively cool climate and limestone environment, smithsonite is in pseudomorphs after sphalerite; solution transport and redeposition of supergene minerals are rare. Ore genesis is postulated by rising hot-water solutions-a mixture of heated connate, magmatic, and meteoric waters.

Jan 1, 1968

By R. J. Stoehr, F. Howell

Since the ore mined in the Grants-Ambrosia Lake uranium area is taken from a water-saturated sandstone formation, part of the milling operation includes a drying process. The authors discuss the merits and disadvantages of two methods: natural drying and mechanical gas-fired drying; operating and cost data are included. In the Grants-Ambrosia Lake uranium area, approximately 7000 tons of ore are mined each day from a water-saturated sandstone formation. This ore is sampled and treated at four separate milling operations. Prior to the design and initial construction of the milling facilities, very little was known as to the physical properties of the ore which would be handled in the sampling and crushing facilities at the mills. All four mills initially were constructed without ore-drying facilities. As mining proceeded, it was determined that, even after drying the ore in place by use of drainage development underground, the moisture content of the ore as hoisted averaged approximately 18 pct. Actually, some of the mines produced ores which resembled cream-of-wheat in character and had a moisture content in excess of 24 pct. Each of the four mills had a differently designed sampling and crushing plant; therefore, the moisture content of the ores had varying adverse effects upon the operation of the plants. It was determined after some experience that most of the sampling and crushing facilities could not economically handle ore if the moisture content was greater than 10 pct—one operator considers 12 pct moisture as a maximum. In all of the plants, moisture content over 8 pct increases costs to some extent. In addition to the added sampling and crushing costs, some of the mills were located 15 to 20 miles from the mines and the high moisture content of the ores increased the haulage costs from the mine to the mill. It was generally conceded that it was necessary to employ some method to reduce the moisture content of the ore prior to sampling. Several methods were considered: 1) natural drying at the mine site, 2) mechanical gas-fired drying at the mill site, 3) mechanical gas-fired drying at the mine site, 4) radiant heating on concrete clabs, and 5) infrared shed drying. After preliminary investigation all possibilities but natural drying and mechanical gas-fired drying at the mill site were eliminated. NATURAL DRYING A cooperative feasibility study was conducted on the natural drying method. This study indicated the following: 1) During summer months May through September, ore piled 4-ft deep would dry from +20 to +10 pct HzO in 30 days with no mechanical turning. 2) In the first four days after piling a reduction of 5 to 7 pct total moisture content was accomplished by drainage and absorption of the water into the underlying ground on which the ore was piled, providing the ground surface absorption rates approached 10 gal per sq ft per day. After the first four days the decrease of moisture caused by drainage was practically nonexistent. 3) In the summer months drying by evaporation amounted to approximately 0.1 pct decrease in total moisture per day and mechanical turning of the ore could increase this as much as three times. 4) Climatic conditions of the area indicated that: a) Air temperatures averaged 64' May, June, July, August, September; 41" October, November, December, March, April; 31" January, February. b) Average rain fall was 10 in. with 40 pct of this occurring during July and August. c) Only on very rare occasions were there over five consecutive days with below freezing temperatures. d) The annual evaporation rate was approximately 75 in. On the basis of this study, two of the mill operations decided to attempt to meet the moisture specifications by natural drying supplemented by mechanical turning. The other two operations decided upon rotary gas-fired drying at the mill site. The natural drying method has been quite successful in practice. The ore running approximately 18 pct moisture is trucked from the head frame and piled in rows about 6 ft wide, 3 1/2 ft deep, 5 feet apart during the months of May through September. In approximately 30 days this ore will

Jan 1, 1961

By Oliver M. W. Sprague

THIS gold problem is full of complications and can hardly be handled adequately or comprehensively in any short period of time. Perhaps I might begin by mentioning a few aspects of the subject about which I suppose there will be no disagreement. The first of these is that we already have a stock of monetary gold in the United States far in excess of what is needed to support any desirable increase in the present volume of currency and credit. The second is that this already superabundant gold stock is certain to be considerably enlarged during the course of the war, and presumably during the months of readjustment following its conclusion. Some billions of additional gold, we may reasonably presume, will come into the country during these next few years, thus increasing the aggregate monetary gold stock from the present eighteen billions to perhaps twenty- two or even twenty-five billion dollars.

Jan 1, 1940

By J. D. Raulerson, J. M. Williams

This paper presents a comparative evaluation of several system currently being used or proposed for the transport of matrix from an open-pit mine to a large fixed plant. The matrix is a sticky, wet clay to be carried from 8-16 km (3-10 miles) at 910 t/h to 1.8 kt /h (1,008-2,000 stph). The system is complicated by frequent moves of the open-pit mine site and other factors, such as use of the clay component in land reclamation.

Jan 1, 1984

By B. M. Larsen

AN increasing amount of attention is being paid to the possible influence of oxygen, in its several modes of occurrence in steel, upon some of the properties of the metal; but clearly investigations along this line are unlikely to yield significant results until reliable analytical methods for the determination of oxygen have been established. This paper presents some results of a study of an improved Ledebur method which aims to determine a definite portion of the oxygen; namely; that which presumably is present in diffusible form in the. solid steel. These more or less preliminary results lead us to believe that the oxygen so determined has some significance; their presentation at this time will, we hope, stimulate discussion of, and focus attention upon, certain rather neglected aspects of the problem. Considerable work has been done recently on methods of estimating inclusions and on the vacuum-fusion method for oxygen; with results which, however, are of somewhat questionable significance. It is commonly presumed that the oxygen in a bath of molten steel in a furnace is present partly as a separate phase consisting of suspended particles of oxides or silicates, partly in solution, the latter being probably the more important. Upon addition of a deoxidizer, it reacts with some portion of the dissolved oxygen and precipitates it as additional suspended particles; the oxygen not eliminated in this way, which remains in solution in the liquid steel, may be regarded indifferently either as dissolved oxygen or as dissolved FeO. When the steel is poured, some of the suspended particles rise towards the surface, others remain trapped in the finished steel, appearing as nonmetallic inclusions in amounts corresponding usually to about 0.01 to 0.03 per cent 02 in the steel. The dissolved oxygen may be partly eliminated as CO during freezing of the ingot, but some remains either in solution or in part precipitated as FeO. Finished steels may thus contain oxygen in several forms: (1) In non-metallic inclusions which are probably quite insoluble in the solid metal at all temperatures; (2) in solid solution which at lower temperatures may be supersaturated; (3) in FeO particles produced by relief of this

Jan 1, 1932

By Evan Evans

IT is appropriate to evaluate 1947 in review as a year of a peacetime record production of about 676,000,000 tons of coal (anthracite and bituminous), closely approaching the extraordinary wartime output in 1944. Considering the general price-wage inflation, it is in point to note that the coal industry sustained the highest wages paid to workers in any major industry, but that coal prices at wholesale levels have risen much less percentage wise than the average for all commodities. The sellers' market continues to prevail. In addition to serving our own country's enormous needs, our coal industry is exporting extraordinary tonnages overseas. This unusual export demand is likely to continue for a while. Moreover, the demand in Europe for American coal mining machinery is a real tribute to the management efficiency of our modern mechanized coal industry. Competitively, the petroleum industry is concerned over its long-term supply, and already a synthetic fuels industry is being publicly advocated. In due time coal and lignite are bound to be

Jan 1, 1948

By N. A. Gokcen, M. N. Dastur

In metallurgical process industries a knowledge of true melting and casting temperatures is very essential for increasing the operating efficiency as well as improving the quality of the finished product. Optical pyrometers are widely used for the purpose because of their cheapness and ease of operation. It is an unfortunate fact, however, that this mode of measuring temperature entails a source of severe error inasmuch as with all non-black bodies, the temperature observed is always below the true temperature owing to deficient emissive power. Hence, the need for emissivity correction arises. In 1913 Bidwell1 obtained emissivity values of 0.36-0.48 for a temperature range of 1520-1800°C. He measured the true temperature of molten iron by sighting into a carbon cavity immersed in the iron under an atmosphere of hydrogen. In 1914 Burgess2 determined the emissivity of a smooth surface of liquid iron free from oxide to be 0.37 under an atmosphere of hydrogen. He claimed to have attained an accuracy of within 5°C at 1500°C with an optical pyrometer using monochromatic light. He reported that no difference appeared to exist between the emissivities of pure iron and of steels containing considerable percentages of carbon, nickel or manganese; nor was there any appreciable variation of emissivity with temperature from 1530 to 1571°C. Wensel and Roeser3 found an elnissivity value of 0.4 for temperatures above 1375°C for cast iron. The average emissivity value for carbon steels reported by Leiber,4 odd,5 Hase6 and Umino7 range from 0.4 to 0.45. Knowles and Sarjant8 made an extensive study of emissivity of molten iron and steel over a wide range of workshop and laboratory conditions. Observations of true temperature were made with immersion thermocouples, and correlated with apparent temperatures indicated by optical pyrorneter readings taken on the pouring stream as it passed over the lip of the crucible. The emissivity of Armco iron was shown to be of the order of 0.4, rising slightly with increasing temperature. But for plain carbon steels containing up to 1.0 pct carbon the emissivity was shown to fall slightly with increasing temperatures. The results of their investigation are in agreement with those of Guthmann.9 Naeser,10 Spencer," Todd5 and Hase6 in regard to the relation between emissivity and temperature for plain carbon steels. However, Goller12 has found a rise of emissivity with increasing temperature for the same steels. Results of several investigations are given in Fig 1. Measurement of True and Apparent Temperatures The necessity for an accurate optical temperature scale for liquid iron in studies of gas-metal equilibria led to this investigation. Experimental measurements were carried out in the induction furnace used by Dastur and Chipman13 in their studies of the reaction of hydrogen with oxygen in liquid iron. The furnace as modified for this work is shown in Fig 2. The atmosphere of the furnace was a mixture of purified argon with hydrogen containing a small controlled amount of water vapor. Gases were preheated by means of a platinum-10 pct rhodium resistance coil. The stream of hydrogen sweeping across the surface of niolten iron vir-

Jan 1, 1950

By Günter Petzow, Siegfried Steeb

DURING an investigation of the U-Co-A1, U-Ir-A1, and U-Ni-A1 ternary systems, three previously unknown phases have been identified which correspond to the phases UCoA1, UIrA1, and UNiA1, and which be- long to the C22 (Fe2P) type (P 6 2m). In the following the structure determination of the new ternary phases is reported. The alloys have been prepared in an arc furnace under purified argon from 99.97 wt pct U, 99.83 wt pct Co, 99.99 wt pct Al, 99.95 wt pct Ni, and 99.97 wt pct Ir. The pellets obtained were bright and brittle; chemical analyses agreed with the nominal compositions. To obtain equilibrium, the samples were annealed in evacuated quartz capsules at 950°C for 30 hr and then quenched in water. Guinier photographs were processed and evaluated according to a method already described previously.1,2 The hkl's, measured and calculated sin2 6 values, and in the case of UCoAl only calculated and estimated intensities, are given in Tables I to 111. Lattice parameters refined according to the least-squares method and the respective mean-square variations are presented in Table IV. Lattice parameters, especially the c/a ratio, lead to the assumption that the three phases are crystallizing in the C22-type structure. For the calculation of the intensities given in Table I, the atomic positions recently reported by wyckoff3 have been accepted for the C22 (Fe2P) type. The uranium atoms were assumed to be in phosphorus sites; furthermore the scattering amplitudes of the boron atoms have been averaged in the stoichiometric formula UB2 according to atomic percentages; i.e., for these atoms a statistical distribution on the iron sites was assumed. The two smallest distances between a uranium and

Jan 1, 1967

By I. Cadoff, J. P. Nielsen

The Ti-C phase diagram exhibits a peritectic point at 1750°C and 0.8 pct C, and a peritectoid point at 920°C and 0.48 pct C. The maximum solubility of carbon in a titanium is 0.48 pct. The 6 region containing the Tic compound (20 pct C) extends to 11 pct C at the peritectic temperature. THE interest in the Ti-C alloy system stems from the fact that carbon occurs as an impurity in titanium alloys when graphite electrodes or graphite crucibles are used in their melting. Since titanium-base alloys are still in the development stage, some virtue may be found in carbon addition to titanium. The Tic compound is currently emerging as an important powder metallurgy base constituent similar to the WC compound. Ehrlich' identified the phases and structures present in the Ti-C system. The peritectoid region of the phase diagram was investigated by Jaffee et al." A preliminary diagram based on theoretical considerations was proposed at the outset of this research." The Tic compound has been investigated extensively and has been reported on in a large number of papers. Experimental Procedure Arc-melted alloys of 24 compositions in the range 0 to 20 wt pct C were investigated using metallography, X-ray diffraction, and, for the liquidus and solidus regions, incipient and complete melting. All alloys were prepared from iodide titanium (New Jersey Zinc Co., 99.95 pct Ti minimum) and spectroscopic grade carbon (National Carbon Co.). To prevent carbon spattering during arc melting the carbon was encapsulated in titanium. For alloys containing less than 1 pct C the powder was inserted into a capsule formed by drilling a hole in the as-received rod. For higher compositions, capsules were formed from titanium sheet. Arc Melting: The charges were melted in the copper-hearth cold electrode furnace shown in Fig. 1. This furnace is similar in principle to the all-metal unit adapted for titanium melting at Battelle Memorial Institute.' The transparent pyrex walls giving unlimited visibility during operation and the multiple-

Jan 1, 1954

By C. C. Herrick

The vapor pressure of indium has been measured by the torque-effusion technique, as a function of temperature between 1102o and 1422oK. For liquid indium, the vapor pressure (in atmospheres) can be represented by the equation -R In P = 5.782 x104/T - 25.29from 1000o to 1422oK. Extrapolation yields a calculated normal boiling point of 2329°K and a heat of vaporization at 298 oK of 58.09 kcal per mole by the third-law method and of 58.39 kcal per mole by the second-law method. Calculations indicate that the free-energy functions of Hultgren are to be preferred to those of Guruich. BECAUSE of the potential uses of liquid metals, it is important that convenient experimental methods be developed which will lead to a sufficient body of thermodynamic data so that reasonable estimates of properties of liquid metals can be made. Indium is particularly well-suited to investigation, since it remains liquid over a long temperature interval, it alloys readily, suitable containers for it are easily procured, and relatively few investigations of its thermodynamic properties in the region above 1000°K have been made. PREVIOUS RESEARCH The first determination of the vapor pressure of indium was made by Anderson,' using the Knudsen method and silica-lines stainless-steel cells. Kohlmeyer and spandau2 determined the normal boiling point, and a mass-spectroscopic investigation has been made by Lyubimov and Lyubitov.3 (Unfortunately, only an equation representing the data of the latter investigators has been available to us.) Hultgren et al.4 and Gurvich5 have published discordant tables of the free-energy functions for indium. EXPERIMENTAL METHOD The torsion-effusion principle has been described amply in the literature.8,7 With this method, one observes the angular deflection induced by effusion of vapor from a multihole effusion cell which is suspended from a filament producing a small rotational restoring force. The pressure within the effusion cell can be computed from the relation ziaifiai where k is the torsion constant of the filament, 6 is the observed angular deflection, and ai, fi, and qi are the area, force factor, and moment arm of the ith effusion orifice. The force factor f is analogous to the Clausing factor,' and corrects for the reduction in effusive force attributable to the finite geometry of the effusion orifice. Schultz and Searcy' have tabulated the force factors for various tube geometries. EXPERIMENTAL APPARATUS The physical arrangement employed in this study is shown in Fig. 1. The furnace elements are six Globar heat rods with 15-in. hot zones. Temperature is maintained to * 1°K by a Beck mechanism driving two 26-amp Powerstats in parallel. A Pt (Pt, Rh 10 pct) thermocouple serves as the sensing element. Four inner tubes act as vibration isolators; the air pressure required for maximum isolation was determined empirically, and is maintained by a solenoid valve. The tungsten fiber, 9 by 0.002 in., is joined to an 0.008-in. tungsten wire or graphite rod via a machined lightweight chuck.

Jan 1, 1964

By Robert J. Linney

IN the latter part of the year 1943, it was decided to experiment with diamond-drill blast holes in the Old Bed magnetite mine at the Mineville mines of the Republic Steel Corporation, in sections of the ore body where vertical dimensions were large and where development for sublevel bench stopes had already been done. Other possibilities of application for this drilling method were in the reclamation of old floors and pillars in the pitching folds of the Lower Old Bed ore body and in the reclamation of large vertical pillars in the " 21 " Bonanza-Joker ore body. The cross sections and views of the two ore bodies will show the conditions to which the diamond-drill method has been applied. The Lower Old Bed magnetite ore body is lenticular and dips approximately 30° toward the southwest and strikes generally southeast and northwest. An intensely folded structure, which pitches generally on an axis approximately at right angles to the strike, is continuous from the uppermost old workings down to the present bottom of the mine, and probably continues with depth. On successively lower levels this folded structure becomes greater in vertical dimensions and the two folds are closer together in a horizontal dimension. As shown in Fig. 1, this folded structure gives to parts of the ore body considerable vertical dimensions, which provide areas that were developed for sublevel bench stoping above a slushing drift, as shown in Fig. 2. It was in one of these previously developed sublevel bench stopes, No. 26 on the 1185-ft. level, that the diamond-drill blast-hole method was applied for mining the upper sublevel. The lower sublevel was underhand-bench-drilled to the finger raises of the scram drift below. The roof of this stoping area began to break and spall on the lower sublevel, causing the roof to become inclined. Along the hanging wall of the stope this reached an elevation about half way between the two sublevels. A smooth schistose seam in the hanging wall causes the ore to break away freely. Therefore, if bench mining had been carried on in the upper sublevel, a dangerous condition of poorly supported benches would have resulted. When the drillers were slashing across the sublevel to footwall and hanging wall to make a bench, spalling roof of the opening below would probably have carried away part of the bench, and would have left a dangerous place in which to continue underhand benching. A 6 by 8-ft. raise had been driven between the lower stope and the upper sublevel about 200 ft. from a manway. It was decided to use this raise for a starting cut and to arrange holes as shown in Fig. 3, so that a slot would be opened across the ore body between the footwall and hanging wall. This slot would then be used for the purpose of breaking into the ore; by blasting vertical rings of holes drilled at right angles to the axis of the pitching folds as nearly as possible. Layouts of this slot drilling and the rings adjacent are

Jan 1, 1945

By J. A. Botin, K. H. Singh

INTRODUCTION The Alfredo underground mine is one of the three mining operations of Rio Tinto Minera, S.A., all near the community of Rio Tinto in Huelva province of southwest Spain. The other two operations are Corta Atalaya open pit (Pyrite ore) and Cerro Colorado open pit (Copper ore 1. Underground mining of Alfredo Mine for pyrites started in the nineteenth century and continued without interruption until 1979 when it was discontinued due to economical reasons. In 1972, a new project was started for the mining of copper bearing ores on the footwall of the pyrite deposit. This copper ore is locally named “Cloritas” and it forms a nearly vertical and tabular shaped orebody which forms an envelope at the footwall of the San Dionisio pyrite orebody. Mining of the Cloritas commenced in 1975 using cut and fill stoping. In 1977, the original project was completely revised which led to the introduction of a bulk mining system to achieve a planned production of 3,000 tonnes of ore per day. This paper covers the economic and planning aspects of the mine and discusses the evolution of the mining method for the Cloritas orebody. A GENERAL DESCRIPTION OF THE CLORITAS OREBODY The “Masa San Dionisio” (figure 1 ) is a massive sulphide orebody located in the town of Rio Tinto, about 90 kilometres west of Sevilla, Spain. Extensive vein-type sulphide mineralization exists in the volcanic host rocks of the Masa San Dionisio. Within this area of stockwork veins, there is a higher concentration of copper in the form of chalcopyrite in a zone adjacent to and paralleling the contact with the massive sulphides. This copper envelope is locally referred to as the "Cloritas Orebody” and the ore within it is called "Cloritas”. The main zone of the Cloritas orebody, (figure 11, is tabular and nearly vertical having a length of 375-400 m east-west, a thickness of 20-50 m north-south, and a vertical extension of 500 m from the surface. In addition to this area, there is a second less important low grade area called zone 2A located to the north of the main zone below 26 Level which, in some sections, is not fully separated from the main zone. MINING METHODS Mining in Rio Tinto area can be traced back to the Phoenecians and the Romans. Modern day mining started with the demand for sulphuric acid during the last half of the nineteenth century. By 1971, more than 33 million tonnes of pyrite had been mined out of Alfredo Mine, (San Dionisio Orebody), using labor intensive drift and fill methods and also by open pit method. During the last decade, underground mining of the pyrite had become uneconomic due to lower prices and a slackening demand for pyrite, and the underground mining operations for pyrite were finally stopped in 1979. In 1971, a major change in the long range mining plans for Masa San Dionisio was established. Between 1971 and 1975, underground mining of pyrites was progressively reduced while open pit extraction was increased in

Jan 1, 1981

By Robert Gillham, Victoria Yablonsky, Grover R. Castle

INTRODUCTION The commercial paper market, unique to the United States, is a direct exchange of funds between high-grade borrowers and large lenders; because it eliminates both the bank's role as middleman and also some significant transaction costs, commercial paper is the lowest cost short term instrument in the world. For this reason, virtually all borrowers would like to enter the market, but only issuers with the highest rating from Moody's and Standard & Poor can attract purchasers at the best rates. COMMERCIAL PAPER The commercial paper market, in existence for over 100 years, has traditionally been used for short-term financings, with most paper maturing within 30-45 days. Under the U. S. Securities Act of 1933, (section 3(a)3) industrial paper can avoid registration only if it matures within 270 days and is used for current transactions. It was first used to finance the short-term seasonal working capital needs of manufacturing companies. Since World War II, commercial paper use has grown steadily, serving in the 1950's as the market in which finance companies financed the explosion in consumer credit purchases of heavy consumer durables. LETTER OF CREDIT BACKING As far as is known, the use of letters of credit to support energy-related commercial paper began about 13 years ago with an arrangement to finance the nuclear fuel for Con Edison's Indian Point 3 Plant. Goldman, Sachs was the architect of this financing and Chemical Bank provided the letter of credit support. After an early burst of interest, this type of financing wobbled severely in the difficult credit markets of the mid-seventies before regaining serious momentum in 1976 and 1977. A mining project would not normally qualify as a borrower in the commercial paper market because of its credit standing and because its large capital needs require long term financing. However, lately, commercial paper has begun to take the place of a bank term loan in limited recourse project financings. L/C backed commercial paper took this new and startling turn in 1982 when it was used as part of the $700 million financing for the development of the Newlands-Collinsville coal mines of Mount Isa Mines Ltd. in Australia. This was the first use of L/C backed commercial paper in a long-term limited recourse project financing. First Boston acted as financial advisor and, again, Chemical Bank provided sole letter of credit support of $155 million. The $785 million BHP financing for the acquisition of the Queensland (Australia) coal assets of Utah International from General Electric Company followed the next year; there we acted with two other Front Banks to provide $270 million of L/C support. These two important transactions indicate that not only has commercial paper become an integral part of a long-term financing package, but also that it is no longer the exclusive domain of the best known U. S. companies. Lesser-rated companies and a multitude of foreign borrowers have gained access to this "exclusive club." How has this become possible? OPERATION OF AN L/C An instrument of the commercial banks, the "direct pay" letter of credit, has enabled lesser-rated companies to issue commercial paper in their own names. The letter of credit allows the issuer to substitute the credit rating of the supporting bank for its own. The L/C in effect allows a lesser-rated company to rent the bank's credit rating. This upgrading is possible because the bank is unconditionally obliged to pay the note-holders at maturity and then turn to the Issuer for reimbursement. The Issuer commonly "rolls over" a new short-term issue and reimburses the supporting bank from the sale of the new issue until cash flows from the project allow the borrower to reduce the level of paper outstanding. The commitment for an L/C facility, up to 12 years in the case of the Broken Hill transaction, governs the life of the commercial paper tranche of the financing. The term of the L/C commitment thus has the power to extend the ordinary 30-45

Jan 1, 1985

By Alfred H. Bell, George V. Cohee

Illinois produced 146,788,000 bbl. of oil in 1940, or nearly 11.0 per cent of the total for the United States, and ranked fourth among the oil-producing states. Its production was only slightly less than that of Oklahoma, which produced 11.5 per cent of the national total. Illinois' production in 1940 represents an increase of 55 per cent over the previous year, when it amounted to 94,912,000 barrels. The development of the Devonian limestone in the Salem and Centralia fields is largely responsible for the increase in production during 1940 Production from the Devonian limestone in these two fields was estimated to be 36,698,000 bbl., or 25 per cent of the state's total production (Table I). The increase in production during June, when the state's daily average production attained a peak of 518,200 bbl. for the week ending June 29, was due to the Devonian production at Centralia (Fig. I). The initial production of the best Devonian wells in the Centralia field was as high as 12,000 bbl. in 24 hr. Daily average production in IIIinois for 1940 was 400,000 bbl. of oil, but actually daily production fluctuated widely during the year. At the beginning of 1940 daily production was approximately 330,000 bbl. During the first hali of the year it in-creased irregularly to the peak in June mentioned above and as the prolific Devonian producing areas were drilled up, the state's daily production declined rapidly during July and continued to decline, although more slowly, until the end of the year, when the daily production was approximately 325,000 bbl. The daily average production per well in the new fields at the end of the year was approximately 40 bbl. (Fig. I). Oil from the Devonian was also produced in the Bartelso field, Clinton County, the Sandoval field, Marion County, and the Irvington field, Washington County, bringing the estimated total production from the Devonian limestone to about 26 per cent of the state's total production, The remainder was obtained largely from the Mississippian system. About 2 per cent of the total was from Pennsylvanian and Ordovician strata. The decline in the Devonian limestone production has been so rapid that the 1941 output from this system will probably be only a small fraction of that of 1940 unless large new reserves are discovered. The "Trenton" (Ordovician) limestone has been tested in two wells in the Centralia field and both were small oil producers at a depth of about 4000 it. The "Trenton" also was found productive in the Salem field at a depth of 4500 ft. (Table 5). The initial production of the discovery well, which was completed shortly after the end of the year, was 130 bbl. on pump. Other wells drilled early in 1941 had initial productions averaging 172 barrels. The outlook for 1941 is for a continuation of drilling activity in Illinois, but at a declining rate (Fig. I, upper curve). The most active area at the end of 1940 was in the deep basin area in Wabash, Edwards, White, and Hamilton Counties.

Jan 1, 1941

By Alfred H. Bell, George V. Cohee

Illinois produced 146,788,000 bbl. of oil in 1940, or nearly 11.0 per cent of the total for the United States, and ranked fourth among the oil-producing states. Its production was only slightly less than that of Oklahoma, which produced 11.5 per cent of the national total. Illinois' production in 1940 represents an increase of 55 per cent over the previous year, when it amounted to 94,912,000 barrels. The development of the Devonian limestone in the Salem and Centralia fields is largely responsible for the increase in production during 1940 Production from the Devonian limestone in these two fields was estimated to be 36,698,000 bbl., or 25 per cent of the state's total production (Table I). The increase in production during June, when the state's daily average production attained a peak of 518,200 bbl. for the week ending June 29, was due to the Devonian production at Centralia (Fig. I). The initial production of the best Devonian wells in the Centralia field was as high as 12,000 bbl. in 24 hr. Daily average production in IIIinois for 1940 was 400,000 bbl. of oil, but actually daily production fluctuated widely during the year. At the beginning of 1940 daily production was approximately 330,000 bbl. During the first hali of the year it in-creased irregularly to the peak in June mentioned above and as the prolific Devonian producing areas were drilled up, the state's daily production declined rapidly during July and continued to decline, although more slowly, until the end of the year, when the daily production was approximately 325,000 bbl. The daily average production per well in the new fields at the end of the year was approximately 40 bbl. (Fig. I). Oil from the Devonian was also produced in the Bartelso field, Clinton County, the Sandoval field, Marion County, and the Irvington field, Washington County, bringing the estimated total production from the Devonian limestone to about 26 per cent of the state's total production, The remainder was obtained largely from the Mississippian system. About 2 per cent of the total was from Pennsylvanian and Ordovician strata. The decline in the Devonian limestone production has been so rapid that the 1941 output from this system will probably be only a small fraction of that of 1940 unless large new reserves are discovered. The "Trenton" (Ordovician) limestone has been tested in two wells in the Centralia field and both were small oil producers at a depth of about 4000 it. The "Trenton" also was found productive in the Salem field at a depth of 4500 ft. (Table 5). The initial production of the discovery well, which was completed shortly after the end of the year, was 130 bbl. on pump. Other wells drilled early in 1941 had initial productions averaging 172 barrels. The outlook for 1941 is for a continuation of drilling activity in Illinois, but at a declining rate (Fig. I, upper curve). The most active area at the end of 1940 was in the deep basin area in Wabash, Edwards, White, and Hamilton Counties.

Jan 1, 1941

By Robert S. Dewey

More wells were drilled in West Texas† during 1944 than in any year since 1941. As compared with 1943, there was an 82.5 per cent increase in the total number of completed wells. The 1646 wells required an estimated 140,715 days to complete for a total of 7,632,249 ft. An average of 85 completion days was required to drill to an average of 4630 ft. This depth is approximately 100 ft. greater than that of the previous year. It is estimated that $100,000,000 was invested in drilled wells. As of Dec. 31, 1944, there were 270 field and 91 wildcat wells being drilled. While an identical number of wells were drilling Dec. 31, 1943, the proportion of wildcats increased in 1944 from 19.7 to 25.2 per cent. During 1944, oil wells were completed in 103 of the 164 fields in West Texas. Of the 1361 oil wells, 385 were in Slaughter, 116 in Fullerton, 63 in North Cowden, 62 in Fuhrman-Mascho, 59 in Wasson, 52 in Westbrook and 47 in North Ward. Approximately 22 per cent of the wildcat drilling was to pre-Permian formations. Despite the increasing proportion of wildcat wells drilled, the wildcat discovery rate has declined since the year 1942. AS compared with 1943, the number of wildcat wells drilled increased from 11.7 to 12.7 per cent and the footage in wildcat exploration increased from 13.3 to 13.8 per cent of the total. The monthly production of crude continued to increase to a peak of 15,336,000 bbl. in October 1944. As compared with a similar peak production in October 1943, there was a 37.3 per cent increase. The yearly production increased from 98,165,-ooo bbl. in 1943 to 159,943,000 bbl. in 1944, an increase of 62.8 per cent. Based upon an assumed average price of $1.00 per barrel and less 1/8 royalty, the gross return to the producer amounts to $140, 000,000. From 1943 to 1944, the average number of producing wells increased 6 per cent while the average daily production per well increased 53.1 per cent. The average daily production per well increased from 17.5 bbl. in 1943 to 26.8 bbl. in 1944. The proportion of flowing wells decreased from 50.5 per cent in January to 49.1 per cent in December 1944. Drilling With the continued shortage of labor and materials, drilling costs have risen sharply. Just how much is difficult to ascertain. Owing to competition for available drilling rigs, contractors are reluctant to assume drilling risks. In consequence, some contracts are let on a cost plus basis, or day work below some specified depth with the operator furnishing part of the consumable materials, such as mud and drilling bits. Contractors are having difficulty in maintaining full and effective drilling crews with insufficient and inexperienced labor. Service companies have inadequate labor and equipment to meet their appointments promptly. Pipe Lines The Gulf Pipe Line Co. increased the capacity of its 10-in. main line by filling in gaps amounting to 75 miles on the loops between Judkins and Weatherford, Texas.

Jan 1, 1945

By R. B. Walker, R. Palmer, L. C. Bryner

The purpose of this investigation was to further study some of the factors affecting the air oxidation of sulfide minerals. Data obtained from laboratory studies on the effect of temperature, concentration of iron salts, pH, and other catalysts on the biological and nonbiological oxidation of sulfide minerals are presented. The oxidation of copper sulfide minerals and subsequent leaching of the soluble copper has long been a profitable operation. The chief oxidizing agent is oxygen from the air. This reaction is influenced by a number of different factors such as temperature, light, hydrogen ion concentration, oxidizing agents, and various catalysts. Sullivan1 found that copper sulfide minerals are slowly oxidized by the air and that dilute sulfuric acid and iron (111) increased their solubility. At that time it was not known that bacteria were involved in the oxidation of the sulfide minerals. It has been shown that pyrite, molybdenite, free sulfur, and the copper sulfide minerals found in the waste rock dumps in Bingham Canyon, Utah, are largely oxidized by chemosynthetic autotrophic microorganisms found in the leaching streams.2-6 Similar organisms have been isolated in other mining areas7,8 and from the effluents from coal rnines.9 The following are some of the questions that have arisen regarding the mechanisms of the reactions involved in the leaching process. How dependent is the leaching operation upon the biological reactions? How does the temperature effect the biological and non-biological reactions? How does the concentration of iron (II) and (111) effect the rate of oxidation of copper (II) sulfide? Does the iron act as a catalyst? Does activated carbon act as a catalyst on the oxidation of sulfide minerals? What effect does the hydrogen ion concentration (pH) have on the above reactions? The purpose of this paper is to report the results of laboratory studies on these problems. EXPERIMENTAL The apparatus used in this investigation was an air lift percolator described in our earlier work.' The percolator consisted essentially of an air lift which enabled the leaching solution and microorganisms to pass freely through a suspension of mineral (substrate) in Ottawa sand. The air lift served the additional purpose of maintaining an ample concentration of oxygen and carbon dioxide in the nutrient (leaching) solution. (See Fig. 1.) The percolators were so constructed that they could be immersed in liquid constant temperature baths for temperature studies. The thermostats were controlled to +0.5°C. The reactions were all run in the dark. The percolators were charged with one to three g of mineral, dispersed in 100 g of Ottawa sand and 100 ml of nutrient or leaching solution. The sand was purified to remove traces of iron by digesting with concentrated hydrochloric acid and washng with distilled water until free from chloride. After drying, the sand was ready for use. The compressed air supply was regulated to 5 psi and bubbled through an aerator containing distilled water, which was maintained at the same temperature as the bath used. The air was filtered through cotton plugs to maintain sterile conditions. The tops of the

Jan 1, 1968

By E. J. Whittenberger

OVER the past two decades, the Cr-Ni stainless steels, popularly termed 18-8 steels, have been used in ever increasing amounts in the aircraft, automotive, chemical, transportation, and building industries.' The contribution of nickel to these steels is associated with its strong austenite forming tendencies which assure good hot and cold forming characteristics, and with its beneficial influence upon corrosion resistance, especially in oxidizing acids. The adjustment of the chromium and nickel contents has been used advantageously in controlling the rollability and the response of the mechanical properties of these steels to cold reduction. With the advent of the jet age and the government stockpiling of nickel, considerable emphasis has been placed upon the development of satisfactory low nickel or nickel-free substitute austenitic stainless steels, especially for nonmilitary applications.2 Fer-ritic 17 pct Cr (AISI Type 430) stainless steel has been effectively substituted for the austenitic grades in applications with mildly corrosive exposure. However, the limited formability and ferromagnetic behavior of this grade do not permit its satisfactory use for many applications. To achieve better formability in a nenmagnetic steel and conserve nickel, a number of low nickel substitute austenitic grades of stainless steel have been developed in recent years. In most of these steels, manganese and nitrogen have been substituted for a portion of the nickel content, for example, 17 pct Cr-4 pct Ni-6 pct Mn (AISI Type 201), 18 pct Cr-5 pct Ni-8 pct Mn (AISI Type 202), and 16 pct Cr-1 pct Ni-17 pct Mn, all of which contain approximately 0.15 pct N.1 The precipitation of ferrite when large ingots of these Cr-Ni-Mn-N steels are heated to temperatures high enough for conversion to slabs on conventional universal slabbing mills has seriously affected the hot workability of these steels. This has been especially true in the case of the 16 pct Cr-1 pct Ni-17 pct Mn (sometimes referred to as 15 pct Cr-1 pct Ni-15 pct Mn) composition." Because it is possible that little, if any, nickel will be available for nonmilitary stainless steel applications in the event of a national emergency, a need has existed for a nickel-free austenitic stainless steel containing hot and cold forming characteristics similar to 18-8 steels and corrosion resistance at least comparable to the 17 pct Cr ferritic steel. The aforementioned deleterious effect of ferrite upon the hot working characteristics of the 16 pct Cr-1 pct Ni-17 pct Mn, steel indicates the importance of establishing the austenite-austenite plus ferrite phase boundaries as the first step in the development of nickel-free or low nickel substitute steels. This paper presents the data collected in an elevated temperature constitutional study of the Cr-Ni-Mn-N system at the South Works of the United States Steel Corp. Experimental Procedure The 300 compositions used in the investigation were melted in a 26 Ib induction furnace and cast in 3 14 in. diam by 18 in tall hot-tcpped ingot mo1ds.

Jan 1, 1958