Search Documents

By John J. Dran

The elaborate analytical techniques for risk analysis used by the large mining companies in conjunction with the valuation of mineral reserve sites are totally inappropriate for the small miner. The small miner does not possess the financial and technical resources which are available to the large companies for such risk analysis. Even if these resources were available to him, the relatively small size of his investment would not justify a huge expenditure for risk analysis. What is required by the small miner is an improvement over the single point estimates provided by the valuation techniques that he currently uses. Such improvement should provide an indication of the extent to which the true value (known only after the fact) might differ from his estimated value of the mineral reserve site. In addition, a rough indication of the chance of occurrence of various differences between the true and estimated values would be helpful to him. These improvements must be obtained at low cost to be useful to the small miner. Such improvements would have to be based on a simple system requiring very few additional estimates by the miner. The small miner is not accustomed to dealing with sophisticated risk analysis techniques. Hence, any complex, time-consuming approach would be doomed to disuse or possible misuse. A simple, uncomplicated approach requiring a minimum of additional estimates by the miner can be based on a system devised by Frederick S. Hillier Although Hillier's method can be applied to various mineral reserve valuation methods used by the small miner, this note is specifically oriented to the discounted cash flow model. The basic discounted cash flow (DCF) approach provides a single point estimate of value and introduces the concept of risk (i.e. the possibility that the annual cash flows may differ from their estimated values and thus lead to an incorrect investment value) through the use of a risk-adjusted discount rate. This approach simply lowers the present value estimate with increases in the discount rate (i.e. increases in the risk assessment). The single point estimate still remains. Although the lower value estimate makes it less likely that the risky investment will be deemed profitable and undertaken, it provides no indication of risk that is suitable for examination and analysis. In addition to the "best guess" estimate of annual net cash flows required in the DCF model, application of the Hillier risk analysis model requires that the miner

Jan 1, 1976

By B. B. Kunkle

The history of this refinery has been one of expansion. It now has the capacity to produce 240,000 tons of cathodes annually. A general flowsheet and descriptions of the plant layout, operations involved, and equipment used at one of the world's largest and most modern electrolytic copper refineries are presented. THE El Paso copper refinery of Phelps Dodge Refining Corp. was originally constructed by the Nichols Copper Co., in association with Phelps Dodge Corp. and the Calumet & Arizona Mining Co., in order to refine anode copper produced at the smelters of the two latter companies. Initial production was obtained from the plant in January 1930 and its annual refining capacity was 100,000 tons of anodes. In order to keep pace with Phelps Dodge Corp.'s increasing copper production in the Southwest, it became necessary in 1937 to increase the El Paso plant's refining capacity to 160,000 tons of cathodes annually. This was accomplished by adding two sections to the electrolytic tank house, increasing the number of anodes placed in each commercial electrolytic tank from 33 to 37, and making changes in the dc circuits which made it possible to put three generators on each of the two circuits instead of two, thus increasing the amperage on each circuit from 10,000 to 14,800 amp. The capacity of the two furnaces from which refined shapes were cast was increased by raising the sidedoor bays on the furnaces 6 in. An increase of 70 pct in the productive capacity of Phelps Dodge Corp.s Morenci Branch in 1942 again made it necessary to expand refining capacity. In order to accomplish this, Defense Plant Corp. set up a project to increase the capacity of the El Paso plant to 240,000 tons of cathodes annually. This project consisted of enlarging the tank house approximately 50 pct, the construction of another wire- bar furnace, and corresponding increases in other departments where necessary. The engineering work on this expansion was begun in March 1942. Actual construction was under way by August 1942, and the work was completed by March 1944. These additional facilities were purchased from Defense Plant Corp. by Phelps Dodge Refining Corp. in August 1949. The plant is in El Paso about eight miies east of the center of the city and near Highway 80 and the main lines of the Southern Pacific and Texas & New Orleans railroads. The plant site covers approximately 494 acres of company-owned land that is ideally adapted for its use, being well-drained sandy soil and having enough slope so that a minimum amount of excavation was required when the plant was constructed. There is still ample room on the plant site for any future plant expansion. The plant is constructed on four different ground levels and so arranged that the unrefined copper is unloaded on the highest level at the north side of the plant and the refined copper is shipped out from the lowest level on the south side of the plant. The receiving or unloading platform, weighing and sampling rooms, main floor of the tank house, acid and condensate storage tanks, and the slimes and copper sulphate plants are on the first or highest level. The tank house basement, yard scales, charging and furnace bays, balloon flue and stack, brick-storage building, substation and power house, boiler feedwater treating plant and pump house, water storage tanks, and change houses are on the second level. This second level also contains ample yard area for setting-up furnace charges, and for storage of custom scrap, cathodes, scrap anodes, blister, coke, and poles. The casting wheels, inspection conveyors, cathode shears, wire-bar scalping machine, slag

Jan 1, 1952

By Clyde E. Williams

MUCH has been said recently concerning the depletion of the Lake Superior iron ore re- serves. Estimates given indicate a total life of the present known reserves of twenty to thirty years. Some argue that there is no need to concern ourselves about the possible depletion of the Lake Superior iron ore supply because foreign ores can be brought in to this country at a lower price than rich agglomerated ore can be produced from the lean domestic ores. Some fear, as a result of this, a displacement of the steel business from present districts to the Atlantic seaboard. Others show that foreign ores will be brought to interior points via the projected Great Lakes-St. Lawrence waterway. Others believe that the South, given better freight rates, will extend its iron and steel market into northern territory.

Jan 1, 1931

By MARSHALL D. DRAPER

THERE are said to be about 150 operating companies in Kotchiu, most of these being small, corresponding in degree to lessees in western mines in the United States. Of the total number there are probably forty large companies having their own smelting plants equipped with one or two furnaces, slag crushing plant and other accessory equipment. A few plants, not more than ten, do custom smelting. There are in all about fifty smelting plants in Kotchiu. With little variation, the equipment and methods are the same. The plant usually consists of two furnaces, one being in operation while the other is being relined 01- re- paired. An adjoining house contains one or more of the large buffalo-drawn Chilean mills for crushing slag. A few houses for the working coolies, with more pretentious ones for the owners, complete the establishment, the whole being surrounded by a compound wall 8 ft. high.

Jan 1, 1931

By Thomas T. Read

THE benefits derived from stabilization of industry that might possibly be attained through some scheme of centralized economic planning have been much discussed of recent months, and opinions on the subject range from those who believe that some agency like the War Industries Board would be practicable to create and wholly beneficial in effects, to those who are equally convinced that none of the suggestions so far advanced are at all practicable, or likely to be productive of more of good than of evil. The discussion has been on the general topic, but-many of those who have written or spoken on it have introduced economic problems of the pinera1 industry; for example, Newton D. Baker, who referred to the coal industry in his address on economic planning at the Williamstown Institute of Politics on July 31, and then went on to say, "Industrial progress is made by the development of new things, but new things upset the equilibrium of any plan. Who could have planned the industrial effects of the development of the railroads, or the economic changes which you have seen attend the development of the internal combustion engine. Obviously, unless we are prepared to put world economics in a strait-jacket and, like the encyclopedists, write its full history on the theory that further progress is impossible, no such plan could be made for nations which are forging ahead as is entirely rational for nations which are still catching up."

Jan 1, 1931

By H. C. Fowler, G. B. Shea

MODERN industry's incessant demands for increased operating efficiency and lower costs require that hazards attending all occupations be reduced to a minimum. Reduction of the inevitable losses that result from accidents and injury to the worker is one of the important economic problems confronting industry today and is the basis for the widespread safety movement. Dr. Charles E. Munroe, chief explosive chemist of the U. S. Bureau of Mines, is father of the statement, "The existence of a nuisance is evidence of an economic waste." This pointed expression of the internationally recognized scholar and explosives engineer has a direct relation to the prevention of accidents. Every injury and death in industry is a waste in human endeavor and a lessening of productive gain. Dr. Munroe has aptly paraphrased his previous summation with reference to wastes as follows: "A lost-time accident is evidence of an economic waste." That the economic waste entailed by occupational accidents is chargeable to industry is well substantiated by the fact that all but four states (Mississippi, South Carolina, Florida and Arkansas) now have workingmen's liability and compensation laws.

Jan 1, 1933

By James Gayley

(Wilkes-Barre Meeting, June, 1911.) THE paper presented to the Institute in 1910, by H. 0. Hofman, on Recent Progress in Blast Roasting,1 has called the attention of the iron industry to the adaptability of these processes to the reclamation of by-products such as flue-dust and blue billy, and the better preparation of concentrates and fine ores for use in blast-furnaces. The waste of valuable iron-ore through the production of flue-dust has increased at an enormous rate, and much of it has in reality been wasted as far as future recovery is concerned. Only in recent years has a possible future value been recognized, and the material stored. The increased use of Mesabi ores, which carry considerable fine ore, is principally responsible for the great increase in the production of flue-dust. The amount of fine material that is carried over depends on the fineness of the material and the velocity of the gases, and also to a very great extent on the regularity or irregularity of the working of the furnace. Attempts to recover a part of this loss have been made by recharging a portion of the production into the furnace, but as this material has been once carried out from the furnace, it is naturally in good shape to be carried out again. A recent practice at some works, is to soak the flue-dust thoroughly with water to give it more cohesiveness, but by many this is considered of doubtful advantage in the furnace, and the gases are in consequence heavily laden with moisture. There are vast deposits of magnetic iron-ores in the United States and Canada that are too low in iron for use at the present time, but which can be economically concentrated into very rich material ; in many cases the fineness of crushing necessary to secure proper concentration has prevented their

Aug 1, 1911

By Simon D. Strauss

The world appetite for minerals in the, third quarter of this century grew at a higher rate than had been anticipated. To illustrate, consider the experience of four, commodities. Excluding the Communist bloc, sometimes referred to as the centrally planned economies, demand for aluminum increased at a compound rate of 8.6% between 1950 and 1975,; copper rose by 4.4%; iron ore by 5.5%; and tin, the laggard in the group, by 2%. Except for tin, the figures are substantially greater than growth rates anticipated in 1950 in the Paley Commission report and other studies. The growth rate was not evenly distributed in geographical areas. Professor Wilfred Malenbaum of the University of Pennsylvania did an interesting study breaking these figures down as among three principal sources of demand -- the United States, other industrialized nations (which he referred to as the "rich lands"), and the developing world (which he referred to as the "poor lands").

Jan 1, 1982

By WILLARD HAYES

(Glen Summit Meeting, June, 1911.) THE determination of the question whether the Mayari and Moa mining-claims of the Spanish-American Iron Co. have been rightly denounced under the third section of the law of bases rests on the findings in the following questions of fact: 1. Is the mineral an iron-ore? 2. Is the iron-ore a bog iron-ore? 3. Is the iron-ore ocher? 4. If ocher is present, can it be mined separately and independently of the iron-ore ? 1. IS THE MINERAL AN IRON-ORE? Since the material is shown by a large number of analyses to contain from 41. to 50 per cent. of metallic iron and less than 0.02 per cent. of phosphorus, and since it has been and is being actually used on a commercial scale for the production of iron and steel, it must be classed as an iron-ore. 2. IS THE IRON-ORE A BOG IRON-ORE? Bog iron-ore has certain invariable characteristics of chemical composition, physical appearance, geological relations, and origin by which it can always be recognized with certainty. In chemical composition, it is the hydrated sesquioxide of iron, limonite, or a mixture of limonite and other closely-related iron hydrates. It never contains the anhydrous oxides-hematite or magnetite; is never magnetic, and never contains either nickel, chromium, or cobalt oxides. On the other hand, it is invariably high in phosphorus-content. In physical appearance and texture it is a yellow or reddish-brown amorphous spongy material, and always contains water-worn sand-grains, silt, clay, and plant-remains. In its geological relations it is wholly independent of the rock

Mar 1, 1911

By G. D. TRANT

HOT metal is commonly transported from the blast furnace to the open hearth by one or the other of two general methods: (1) by hot-metal ladles, usually in conjunction with a stationary mixer, or; (2) by means of mixer-type ladle cars, taking the place of both the hot-metal ladles and the stationary mixer. In both cases, the use of transfer ladles for charging the metal into the open-hearth furnaces is necessary. The American Rolling Mill Co. at its Middletown division, adopted hot metal practice on. June 2, 1928. The pig iron is produced' in a .blast furnace about 11 miles from the open-hearth furnaces, and is trans- ported in Pugh-type mixer cars having a capacity of 150 gross tons each. Three cars are in service and handle the delivery of hot metal to the pig machine and the open-hearth furnaces. The capacity of the blast furnace is 550 tons and casts are made every four hours.

Jan 1, 1929

By Sidney Fischler

Large striation-free single crystals of bismuth have been grown from the melt by rapid freezing. Zone-refined bismuth, together with doping impurities if desired, is placed in a shallow flat-bottomed graphite boat and melted in air with a propane hand torch. The torch is then withdrawn in a manner which causes the melt to freeze direction-ally. Crystallization, which resuires only a few minutes, usually results in the formation of a single crystal even when a seed crystal is not used. Crys -tals of any desired orientation may be grown by using oriented seeds. Undoped crystals grown by this method have residual resistivity ratios greater than 200. THE growth of large single crystals of bismuth by either the Czochralski or horizontal zoning technique is not entirely satisfactory. Specifically, difficulties are encountered in producing single crystals of the required dimensions in all desired orientations, and striations caused by low-angle polysynthetic twins are frequently present in the crystals. In addition, both methods are time-consuming and require special apparatus of some complexity. A simpler method has now been developed for growing large striation-free bismuth single crystals of desired orientation in a short time. Fig. 1 shows a typical setup consisting of a rectangular graphite boat which contains zone-refined bismuth, a 1/8-in.-thick flat quartz plate which covers the entire inner bottom of the boat, and three additional quartz plates about 1/4 in. thick which are used to separate the bismuth from the graphite everywhere except at a small area at the left of the boat. The graphite boat is 1 in. high, and its sides and bottom are about 1/8 in. thick. The quartz plates should be smooth and clean. The graphite boat is heated from the right with a propane torch, as shown in Fig. 1, until the bismuth is completely melted. The melt has the shape of a triangle with a narrow neck at the apex farthest from the torch. The melt is frozen direc-tionally by gradually moving the torch toward the right, away from the boat. The bismuth in contact with the graphite, at the left end of the neck, freezes first. The freezing interface then moves down the neck into the main bulk of material, where it develops a convex shape ideal for the continuation of single-crystal growth. The interface continues to move through the melt until the entire bulk is solid. The entire procedure may be completed, in air, in a matter of minutes. The technique described almost always yields a single crystal whose basal plane is nearly perpendi,cular to the bottom of the graphite boat. In earlier experiments, in which the bottom of the melt was in direct contact with the graphite boat, single crystals were grown with basal planes parallel, perpendicular, or at some intermediate angle to the bottom of the boat. At times the orientation of the bulk of the material differed from the orientation of the material in the narrow neck. In these cases, a nucleation site initiated the growth of a differently oriented crystal, and the thermal conditions favored the new orientation over the initial one. The thermal conditions depend on a number of factors, including the heating technique, the placement, shape, and thickness of the quartz plates, the thickness of the walls and bottom of the graphite boat, and the quantity of bulk bismuth employed. All of these factors, plus the initial orientation and the presence and effectiveness of nucleation sites, will determine the orientation of the final large single-crystal slab. When a crystal of specific orientation is desired, an oriented section of a rapid-freeze crystal is shaped by spark cutting and grinding for use as a seed. To grow a doped crystal, the desired impurity is placed in the graphite boat together with the bismuth chunks and seed. Crystals doped with mercury, cadmium, lead, and selenium have been grown. The rate of freezing is so great that the distribution coefficient of any impurity approximates unity. On a gross scale, therefore, impurities should be more homogeneously distributed in rapid-freeze crystals than in Czochralski or zoned crystals. Because of the possibility of constitutional supercooling, however, it is quite possible that impurities are not homogeneously distributed on a microscopic scale in the rapid-freeze crystals. Generally the single crystal slabs which have been prepared are initially 5 to 7 mm thick. Thicker crystals may be obtained by using one of these slabs as a seed. The slab is placed in a graphite boat resting on a large aluminum block, either air- or

Jan 1, 1964

By William H. Waggaman

CURTAILMENT of the mineral industry as a whole undoubtedly will follow world peace, but the output of certain minerals should pursue a course well above the average on any curve of probable output projected beyond the trends exhibited through 1939. Without speculating on industrial conditions in the pending recomversion period, demand for fluorspar should be greater than before the war because of these factors, introduced by or resulting directly from military necessity: (1) Discovery and development of new deposits. (2) Improved technology in benefication. (3) New and expanded uses for fluorspar and its derivatives. The steel industry has been and continues to be the greatest consumer of fluorspar, and it wag largely to meet the wartime needs for steel that the domestic fluorspar industry has been expanded so greatly. Not only were the search for and development of new deposits of this mineral considered esstinal but the marginal nature of some of the,c- domestic deposits made it necessary to improve mineral dressinc and processing techniques to utilize them

Jan 1, 1945

By J. B. STEWART

T HE position of each hole of any series of holes was carefully located by the surveyor, plotted in plan and elevation, and numbers assigned to them. The second series was staggered halfway between the first and so on for each succeeding series. Two and a, half to three months was frequently required to grout a series of holes calculated to insure safety for sinking a distance of 10 meters or say 33 ft. Naturally the initial operation called for drilling and grouting two series of holes but thereafter each sinking campaign required only one series of holes as shown in Fig. 8. The pump handling about 75 gal. per minute corresponds to 46 tons of grout or 6 tons cement delivered as a fair over-all average for the 24 hours. Thus 600 to 800 tons of cement was used for a single section of 33 ft. depth of shaft. One campaign used nearly 1100 tons of cement. Some holes were effectually sealed with as low as 30 tons, while many required 60, and some 80 to 90 tons.

Jan 1, 1926

By AIME AIME

THE 122d meeting of the Institute was held in the Lake. Superior Copper and Iron Country Aug. 20 to Sept. 3, 1920 with an approximate registration of 1100 members and guests. This is the 'first visit of, the Institute to this vicinity since 1904 although previously it held meetings there every six or, seven years. 'The eastern party assembled at Buffalo and sailed on the S. S. "Tionesta ". on Friday morning, Aug. 20, arriving at Houghton, Mich., Monday, Aug. 23. En route stops were made at Detroit, where sightseeing auto trips were taken, and at Mackinac Island, where a short stop permitted a visit to the picturesque and historic Fort Mackinac.

Jan 1, 1920

By E. E. AGGER, Arthur Notman

THE proposal has been made in a bill introduced into Congress at the last session by Representative Jones of Michigan that an import duty of 6 c. per lb. shall be placed on copper. This action is urged after eighty years of prosperity for the industry in this country; during most of which copper has been on the free list, and during all of which a tariff would have been without real effect. To comprehend the general situation upon which this action would be imposed, we must refer to the past history of the industry and its trends at the present time. The following table supplies us with a picture of the physical growth of the industry in this country and its relation to that of the world as a whole down to Jan. 1, 1921:

Jan 1, 1925

By F. C. NINNIS

AT THE Belmont mill, the pregnant solution is de¬livered to a 30 by 10-ft. tank, from which it is pumped to three Merrill clarifying presses of the sluice-bar type, whence it flows through the meter to the precipitation supply tank. ?The solution for precipitation is pumped by a 10 by 10-in. Aldrich triplex pump and delivered through a 6-in. line to the forty-eight triangular frame Merrill presses at the head of the mill. Zinc dust is fed in at the pump suction and the solution precipitated to 0.01 to 0.02 oz. silver. The solution flowing from the presses is tested at 1-hr. intervals with sodium sulfide. All solution is precipitated to the same value; 4J tons of solution are precipitated for each ton of ore treated and the presses are cleaned every 15 days. The product from the presses' is dumped into steel cars having steam-jacketed bottoms, in which they are dried until the moisture content is between 15 and 17 per cent. when 8. per cent. of soda and .3 per cent. of borax are added and the contents thoroughly mixed. In the case of special clean-ups, the precipitate is tested and the flux is added to meet the requirements.

Jan 1, 1921

By Robert E. Sorenson

EXPLORATION for deep-seated orebodies in the Silver Belt area of the Coeur d'Alene mining district is complicated by meager surface expressions of diagnostic criteria, lack of knowledge of the significance of specific alteration phenomena, and the great expense involved in the exploration for ore shoots, the tops of which often occur near sea level elevation or below and as much as 4000 ft or more below the surface. Except for the early studies of Ransome and Calkins in 1903 and 1904,[1] little geological work was done in the Coeur d'Alene district for many years, and it is only during the last 15 to 20 years that complete and careful geological mapping has been applied to most of the mines in the area. Much early information, which now would prove invaluable, is lost in hundreds of miles of caved and inaccessible mine openings not mapped by mining geologists. In more recent years mining geology has become a tool of greater use in the district, and some measurable progress is being made in the accumulation of observations that are adding gradually to the knowledge of ore deposits in the district.

Jan 7, 1951

By H. D. Hagen, George W. Abbott

2.2-1. Need for Acquisition Operating Plan. In planning a trip by automobile, a road map is procured and studied. Travel by plane suggests detailed examination of route maps, weather charts, and navigation charts. Planning for construction of a factory, office building, shopping center, or housing subdivision envisages working out a complete development plan. Household needs arc generally jotted clown on a shopping list, with each item checked off as it is purchased. In turn, forwarding of any surface mining project should be undertaken only after an acquisition operating plan has been set out, by checklist, under three general headings: 1. Public relations-a check list setting out applicable Federal, State, and local laws and regulations, and the office, board, commission, and individuals having responsibility for licensing, administration, and enforcement of each such law or regulation. 2. Land requirements-a complete check list encompassing all aspects of land acquisition, ownership, management, control, and disposition, with applicable laws. 3. Water requirements-a full check list embracing all aspects of water development and control, acquisition of rights to use, manner of use, and manner of disposition, with applicable laws and regulations. 2.2-2. Public Relations Aspects of Operating Plan. NEED TO DETERMINE APPLICABLE LAWS. The laws and regulations governing acquisition of land and mineral rights, water and water rights, and the use and control of those rights, vary so much from state to state that one cardinal rule must govern all preplanning: determine applicable Federal, State, and local law at the outset. Changing conditions in the past century have resulted in a multiplication at all levels of governmental agencies interested in, and having responsibility for, acquisition, use, control, and disposition of minerals and mineral lands. The same is true of waters and water rights found in, brought to, or discharged from, the operating site.

Jan 1, 1968

By GEORGE ROBERT DE BEQUE

WHAT is wrong with oil shale? The answer is of interest to the public, to the oil refiner, and to the engineer. Many people have invested in shale land or shale securities, and others would invest if early development of the industry were certain. In the face of increasing demands for oil products, oil refiners are threatened with inability to maintain present output unless the supply of domestic petroleum is supplemented. Development of the oil shale industry would open a new field for engineering services. The object of this paper is to suggest reasons why there is but one shale plant in operation in the United States, and to discuss the probable time when the business will be firmly established in Colorado. As the Colorado deposits are the richest and largest in the world, ample supply of material is assured, consequently, this discussion will be confined principally to technical problems and economic problems affecting shale development.

Jan 1, 1924

By HERBERT G. MOULTON

FROM prehistoric times to our own day man has struggled against extremes of climate. Human life, originating in semi-tropical or temperate areas, was unable to progress into the northern latitudes until fire was discovered and some form of clothing provided. It was found possible to maintain life even in the hottest parts of the tropics, but only at a great sacrifice of comfort and efficiency compared with the more temperate zones, or in cooler areas with the protection of clothing and artificial heat. It was no accident, but the natural result of climatic conditions, that efficiency became the greatest and civilization the most advanced in areas where the natural climate was favorable, or in cooler zones where protection against severe cold could be se-cured by relatively simple methods of conserving or producing heat.

Jan 1, 1933