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By J. Murray Riddell, George A. Morrison

This paper is a companion to the one by George A. Morrison on Mining a Deep Limestone Mine in Ohio.‡ Barberton is 8 miles west of Akron, Ohio, and 23 miles south of Cleveland. The underground mining of limestone at Bar-berton constitutes the world's deepest limestone mine. The stratigraphy is as follows: 0-20 ft. Loam, clay, sand and gravel. Water bearing. 2-40 ft. Fractured sandstone. Water bearing. 40-110 ft. Sandstone with interbedded shale, slightly fractured. Water bearing. 110-314 ft. Sandstone with interbedded shale, slightly fractured. Water carrying. 314-2197 ft. Shale with occasional seams of sandstone, which varies in thickness from a few inches to 4 feet. Dry. 2197-2247 ft. Limestone. Dry. 2247-2742 ft. Dolomitic limestone. Dry. 2742-2767 ft. Salt. Dry. 2767- Dolomitic limestone. Dry. All of the strata dip to the southeast, about 0.5 per cent from the horizontal. The top 110 ft. of the crust is water-bearing. The rock strata are naturally fractured to a depth of 314 ft., sufficient to allow the passage of water. In the shaft-sinking operations, a stra- turn of oil-bearing sandstone one foot thick was encountered at a depth of 520 ft., and flows of methane gas were pierced at depths of 1350 and 1952 feet. Specifications for the mine plant called for, in part, the sinking of two vertical shafts and a hoisting plant capable of producing at the rate of 300 tons per hour. No. I shaft is 550 ft. west of No. 2 shaft. Each shaft measures 8 by 17 ft. outside of steel. General features of the design (Fig. I) are: Principal set members, 6-in. H-section; connecting angles (studdles), ? by 4 by 4-in. angle irons; spacing of sets. 8 ft. centers; spacing of bearer sets, generally, 160 ft.; bearers, of 12-in. I-beams. Each bearing set featured a concrete ring about the periphery of the shaft, steel to rock, and 8 ft. in height; permanent guides, 6 by 10-in. long-leaf yellow pine, 85 per cent heart. The Shaft-sinking Operation The preliminary shaft-sinking work consisted of driving interlocked steel piling about the exterior of the shafts to depths of 35 and 32 ft., respectively, and of such horizontal dimensions as to ultimately permit the pouring of a concrete collar 2 ft. in horizontal thickness. Following the pouring of a shaft collar, a temporary wooden headframe for shaft-sinking purposes was erected. The head-frame, while ordinary, featured: (1) a storage pocket of 300 cu. ft, capacity with truck servicing facilities, and (2) pneu matically operated dump doors, which mere actuated by the hoistman, thus caring

Jan 1, 1946

In discussing Mr. Keller's paper, I quoted the results obtained by Mr. Allan Gibb, correctly crediting them to Mr. Gibb, with due reference to the report in which they were published. But in the table immediately following, and in my further remarks, following the table, I find that, by some clerical or other error which I cannot, after the lapse of time, explain, I spoke of Mr. Gibb as Mr. "Dean"—a metallurgist who had written on a related subject, but not on the point I was discussing. In short, my reference throughout was to the work of Mr. Gibb; and by reading a Gibb " for a Dean " in all places on pp. 832 and 835 where the latter name occurs, my remarks will be brought into accordance with my intention, and with the facts.

Jan 1, 1901

By George E. Roberts

The maintenance of the common gold standard is the most important cooperative undertaking in the world. The war broke up this relationship and brought about a state of great disorder in the currencies and exchanges. After the war the countries all began to grope their way back to the gold standard as the best means of establishing trade and financial relations with each other. With this movement began a general decline in commodity prices. The question has been raised whether the world's return to the gold standard was not forcing prices back to the prewar level. Also, the question is raised whether the world has not outgrown the supply of gold as the basis of credit. Because Europe readjusted its monetary units to conform to the higher level of prices there is no pressure on prices on this account. Furthermore, a large amount of gold formerly in hand-to-hand circulation passed out of circulation and has been added to the central bank reserves. The gold reserves of 36 countries increased approximately 100 per cent from the outbreak of the war to June 30,1930. The increase is much larger than the average increase of prices in any of the important countries, at any time since 192.5. As gold in the central banks of issue is far more effective for all business purposes than gold in circulation, the gold scarcity argument has little basis as applied to this time. The abnormal distribution due to the war was to the disadvantage of business everywhere. Credit was scarcer and dearer in some countries. The inflation in this country might have been greater had the production of gold been greater. The argument supporting the theory of a scarcity of gold assumes as fundamental that general price changes must be accounted for by changes in the price equation on the side of money. This is disproved in every period of business depression. A downward price movement is characteristic of every period of business recession. Important discoveries of gold must be made even to maintain present gold production, in the face of which the world's business is bound to continue increasing. It cannot be doubted that some way will be found

Jan 1, 1931

By Michel Dupuy, Daniel Calais

The study of self-diffusion of plutonium in E phase has been carried out by the welded couples method. The tracer used was puZ4O which is detected by its X-ray emission (conversion lines of uranium which are computed between 13 and 21 kev). Intensities were measured with a scintillation counter. Each layer was removed in a direction parallel to the original interface with a grinding machine and a thickness measured with a pneumatic comparator. The concentration-penetration curves obtained were corrected for the effect of heating time from room temperature to annealing temperature and for the expansion due to phase transformations of plutonium. They were analyzed by the generalized Gruzin method. Self-diffusion of plutonium in E Phase is very fast cm per sec between 500" and 620°C) and the diffusion zones are 2 to 3 mm wide for annealing times ranging from 30 min up to 10 hr. The Arrhenius law gives the temperature dependence in the form: From the point of view of self-dqfusion, PUE phase falls into the anomalous bcc metals category (Tip , Hfp, Zrp, Uy) with a low-frequency factor and an activation energy lower than those provided by standard correlations. No theory proposed hitherto to explain these anomalies (influence of dislocations, of extrinsic vacancies bonded to inlpurities, of bi-vacancies) can clearly explain the self-diffusion coeffzcients of plutonium. DIFFUSION in bcc metals is a present-day problem. A recent symposium (Gatlinburg, 1964), followed by a book,' has been devoted to it. A great many experiments seem to show that diffusion in certain bcc metals obeys unexpected laws. The activation energies measured are sometimes strangely low (B hafnium, y uranium). For certain metals (0 zirconium, p titanium) the curves of log D (D = diffusion coefficient) as a function of 1/T (T = absolute temperature) are not linear. The frequency factors Do, which are of the order of 1 sq cm sec-' in fcc metals, vary from 1 to 10~6 sq cm sec-'. Various theories have been put forward to explain these anomalies; none is yet satisfactory. We wished to introduce a new experimental result by studying the self-diffusion in c plutonium. This allotropic phase, stable from 475°C up to the melting point (640°C), is in fact bcc. Unfortunately, nothing is known of the characteristics of the point defects in this phase, which limits the scope of the hypothesis which can be made about the mechanism(s) of self-diffusion in plutonium. 1) EXPERIMENTAL METHODS 1) Principle. We used the welded couple method. The two pellets of the couple initially have different 240 isotope contents (X emitter). After diffusion, the concentration/penetration curves are drawn up by the generalized Gruzin method. 2) Gamma Spectrography. The metal used in our study is plutonium, either low in puZ4O (isotopic content 1 pct) or high in puZ4O (8 pct). The latter also contains plutonium 241 (-1 pct) and 300 ppm of ameri-cium produced by the reaction Pu2U-AmM1 + 8-. The emission spectra of these two plutoniums placed in leak-tight vinyl bags have been studied by y spectrograph~. The detector is a thin crystal of thallium-doped sodium iodide. The activity of the plutonium rich in 240 is about twice that of the plutonium low in 240 in the energy band of 17 kev (L conversion lines of uranium); this band was used in these measurements. 3) Preparation and Examination of the Diffusion Couples. Diffusion couples were made from plutonium with a high and low PU"' content. Pellets (6 6 mm. thickness 3 mm) mounted on a polishing disc with ground parallel faces were polished mechanically on both sides. In this way, pellets with two parallel faces were easily obtained. The polished pellets were joined by a 6 phase anneal (420°C, 1 hr) in a small screw press (pressure of 20 kg per sq mm cold); a centering ring enabled the two pellets to be pressed coaxially. The couples then were subjected to the diffusion treatment by annealing in the E phase in sealed silica ampules in argon at atmospheric pressure. The annealing temperatures and times are given in Table I. The couples were encased in a mild steel ring, the joint interface being thus parallel to the ground face of the ring. The diffusion couple/ring assembly underwent successive abrasions by means of a magnetic plate grinder. The thickness of the abraded layer was measured with a Solex pneumatic comparator when it was less than 0.1 mm (accuracy 0.2 p) or with a mechanical micrometer (accuracy 3 p) for passes of the order of 0.2 mm. All these operations were done in glove boxes, as plutonium is particularly toxic. After each abrasion we determined the emission spectrum of the ground face. The emissive surface is defined by means of a diaphragm 3 mm in diam. We noted more particularly the X activity in the 17-kev

Jan 1, 1969

By Michael A. Gustafson, Fernando B. Sotelino

INTRODUCTION The degree of success of any new project will ultimately depend on two factors: (i) the underlying economic strength of the project; and (ii) how successfully the parties involved can coordinate their interests to establish a financing structure which indeed capitalizes on the project's inherent economic attractiveness. A project's underlying economic attractiveness is determined by its inherent comparative advantage in accessing the factors of production, combining these factors of production to create a product and marketing this product. Initially, the decision regarding whether to go ahead with the project - the go/no go decision - has to be based on its total ability to generate cash flow returns to project participants to compensate them for resources committed and risks undertaken. The extent to which project sponsors will actually benefit from the project's inherent economic attractiveness is fundamentally dependent on their ability to establish the long-term financing arrangement which best meets the objectives and constraints of each project participant and sources the most advantageous funding. The decision regarding the financing of the project, the "how-to-go" decision, is then an attempt to find the capital structure, consistent with market terms and conditions and sound financial management policies which will best: (i) match planned outflows with cash inflows; and (ii) maximize the return for project sponsors. This article makes use of a case study to illustrate the analytical process involved in dealing with the go/no go and the how-to-go decisions on a project. Though most commonly applied to project finance situations, the guideline described herein is equally applicable to other financing situations, such as leveraged buyouts and debt restructurings, where timely repayment of debt depends largely on the future cash flows to be generated by the entity being financed. Our case study is of a hypothetical expansion of an existing copper mining operation in Latin America. The company, Latin American Copper (LAC) currently has 147 million metric tons of proven sulphide ore reserves. The existing mine complex consists of an open pit mining operation and a conventional flotation plant with a processing capacity of 20,000 metric tons of ore per day. LAC sells copper concentrates primarily to Japanese custom smelters. The mine has been in operation for 5 years, fine copper production last year was 108,240 metric tons, and LAC currently has assets of $175 million and net worth of $135 million. Due to a recent increase in proven reserves, LAC is considering doubling the treatment capacity of its flotation plant to 40,000 tons per day, and expanding its mining capacity to meet the additional concentrator capacity (the "Project"). Project capital expenditures and incremental working capital have been estimated at approximately $210 million. The construction period is expected to cover one year, including a three-month start-up phase. The Project is to be funded by a combination of equity, senior debt, including both supplier credits and/or commercial bank term loans, and subordinated debt. LAC's shareholders are willing to commit a maximum of $50 million to the Project. A government development agency, which is also a minority shareholder, might be willing to lend approximately $40 million to LAC in the form of subordinated notes, depending on the ability of the Project to generate foreign exchange reserves. Commercial banks cannot be expected to offer loans with maturities longer than ten years. The Project is expected to increase the value of the firm because: (i) It will solidify the Company's position as a low-cost copper producer by taking advantage of economies of scale. As a result of the expansion, cash production costs are expected to decrease 7.0[c]/lb. and all-in costs 11.0[c]/lb; (ii) The potential earnings stream from the sulphide ore reserves will be realized

Jan 1, 1985

By John A. Baker

S EVERAL FACTORS have brought about a vastly greater interest in the gold-mining industry in the last two or three years. Outstanding is the fact that there is an open market at a fixed price for all that can be produced. a condition that holds for no other commodity. Costs of production have decreased greatly, owing to lower prices of supplies and equipment and lower wages. Improved metallurgical processes and equipment are also available. To big new gold district is being opened up but virgin ground is being prospected with some success in many of the more remote parts of the world and right here in the United States many old properties are being reopened 111 the light of present condition<, tailing dumps are being re- worked, and profitable leases taken on abandoned property. Many of the men who are becoming interested in gold are mining engineers whose experience has all been with base metals heretofore: some are engineers with no mining experience; some are not engineers at all but men who cannot find profitable employment in their usual field of activity and are attracted by the age-old lore of the yellow metal. Some are business men with a little money and an idea that under present conditions gold mining offers a safer investment for it than most other kinds of business. It is to those more or less inexperienced new- comers in the gold-mining industry that this article i4 ad dressed. Those who are connected with the large gold mines or who have had rears of experience with the small ones will find in the following pages little or nothing of interest but it is hoped that the newer generation of small mine operators, on whom the healthy growth of the industry depends so much, may find here some helpful hints.

Jan 1, 1932

By Jan H. Hommen

TRENDS IN MINE FINANCE Reviewing historical trends may help in dealing with future funding strategies. The first trend is the increase in the use of debt to fund corporate America. Surprisingly, when comparing that with other corporates in the global marketplace, the U.S. does not look too poorly. Japanese, in particular, but also German companies, are much more leveraged than their U.S. counterparts. Note that in Japan and Germany the government and the consumer have shown substantial restraints when it comes to credit. Not so in the U.S. where the savings rate (4%) is much lower than that in Japan (20%) and in Germany (14%). As a result, the cost of leverage is substantially lower in Japan and in Germany than in the U.S. Lower debt costs in these countries allows one to obtain more of it for the same price. The close relationships between financial institutions, corporations and governments in Japan and Germany also make the risk of leverage more bearable and understandable. Also note that interest rate volatility in these countries is more subdued. The investor base in common stock is also changing. Private pension funds have been net sellers of equities during the last few years while public pension funds have been net buyers. Individuals are basically out of the market. It is estimated that over $330 billion of equity was retired in the U.S. through 1986-1988. The reasons are well known: restructurings, buy-backs, takeovers, mergers, and buy-outs. This de-equitization is likely to continue as the cost of equity capital is higher than the cost of debt capital, even on a before-tax basis. Because there has been no market for equity since October 19, 1987, junk bonds have replaced equity capital in the corporate finance structure. The non-investor-grade borrower has access to the public markets through high-yielding debt securities that often look like senior equity. Deregulation has also provided 24-hour markets; securitization can now liquify assets that before were rusting on balance sheets; information processing and communication tools give facts that are instantaneously available, creating the need for products to cover risk and exposures unknown before the start of the information and technology explosion. Thus we now have swaps, options, futures, options on futures, caps, as well as program trading, portfolio insurance, index funds, etc. Globalization will be unstoppable. Today&apos;s environment demands it. Corporations are now global competitors, even though they may have never shipped a product off-shore. Boundaries are disappearing and impediments have been removed. Stocks can be issued in a global offering with distribution in all major financial centers of the world. The high leverage of Japanese companies has made common stocks very scarce, which with the high savings rate, makes equity capital inexpensive in Japan. If markets were perfect everyone would issue stock in Tokyo and buy it back in New York. This would certainly stop the bleeding on the balance of payments. With the deficit balance of payments in America, it is no surprise that the cost of money is expensive here. The risk-return relationship on U.S. equity is not favorable enough to appeal to Japanese equity investors. The Tokyo-market, helped by a stronger yen, surpassed New York as the most important equity market in the world. The question is, will the Tokyo market hold up when Japanese domestic consumption increases at the expense of savings? In the U.S. debt markets, the plain vanilla debenture is making a comeback after a period of absence. Commercial paper has replaced short term bank borrowings for working capital funding by larger corporations. The banks have made an interesting comeback with loan sale programs that will continue to attract borrowers. There will be a continuing

Jan 1, 1990

By D. M. Davidson

THE drill sampling and evaluation of the Piney River ilmenite property was carried out during the early part of 1944 by E. J. Longyear Co., using the company&apos;s standard core-drill outfits to complete 44 holes to an average depth of 110 ft., from which were collected 1100 samples. The Piney River ilmenite-apatite lode is 25 miles north of Lynchburg, in Nelson and Amherst Counties, Virginia (Fig. I). Its elevation is about 900 ft. above sea level and it lies in the old pre-Cambrian complex of crystalline rocks that make up the Piedmont physiographic province lying east of the Blue Ridge Mountains. The terrain is gently rolling and well watered, and is drained by the Piney and Tye Rivers, which are tributary to the James. GEOLOGY The Piney River ore body comprises the upper, weathered part of a tabular basic rock, which occurs in a large area of granite-gneiss. The section containing profitable ore is about 3000 ft. long. It is separated naturally by thinning, into northeastern and southwestern segments with widths of 300 and 100 ft. respectively. The dip averages 45° southeast but steepens locally (Figs. 2 and 3). The unaltered rock is an even, granular mixture of feldspar, ilmenite, and apatite, to which Watson1 gave the name Nelsonite. The decomposed ore body, which is now being exploited by open cut, is a yellowish clay material in which black ilmenite and glassy apatite are the only conspicuous minerals. An economically important structural feature of the deposit is a banding of minerals coinciding with the dip and strike of the dike. This is more promounced in the footwall of the northeastern part of the intrusive, where there is also a higher than average concentration of ilmenite. According to Watson,1 the Ti02 content of the Nelsonites of this region ranges from 10 to 42 per cent, while P205 varies from 4 to 15 per cent. It is inexpedient at present to disclose exact metal content of the Piney River ore body; suffice it to say that the average tenor lies well within the extremes noted by Watson. SAMPLING METHODS AND PROCEDURE During a preliminary inspection of the ore body, Longyear engineers surmised that because of its soft, clayey character, drill sampling would yield little core, therefore they made all possible preparations to procure accurate samples of the drill cuttings, or sludge. The first requisite in obtaining representative drill cuttings is to secure their full recovery. Only under certain conditions, and by employing a most careful and rigid sampling technique, is this possible. There must be no loss of the water circulating in the hole, and the velocity

Jan 1, 1946

By H. Stigzelius

FINLAND&apos;S recent mining history is both dramatic and pitiful in its shifting fortunes, dominated as it has been, by the country&apos;s proximity to the border zone of opposing dictatorships and social traditions; Fascism to the south, Communism to the east, and Democracy to the west. After 108 years under Russia&apos;s more or less harsh rule, Finland gained its democratic independence during the 1917 revolutionary strife in Russia with the official help of Germany and spontaneous help of other neighbors. The young nation was attacked by Russia in 1939 and again in 1941. It is common knowledge how the Finns fought with everything they had and everything they could get against their overwhelming adversary, and how by force of circumstances they landed in the Axis camp in 1941. Finland has never been known as a mining country in the same way as near-by Sweden, whose abundant iron and copper smelters during long periods so greatly contributed to the nation&apos;s welfare. Its largely barren, Archaean-granite geology long seemed forbidding. Some mining was done, to be sure; copper and tin at Pitkaranta near the Russian border, and lead and copper at Orijarvi. But towards the end of the last century the absence of a single producing mine cast a pessimistic shadow of truth over the Finnish poet Runeberg&apos;s words, that

Jan 1, 1946

By R. B. Woodworth

Discussion of the paper of R. B. Woodworth, presented at the New York meeting, February, 1916, and printed in Bulletin No. 107, November, 1915, pp. 2247 to 2312. R. B. WOODWORTH, Pittsburgh, Pa.-This is a very long paper. It is a structural engineer&apos;s contribution to the art of mining and is written from his standpoint rather than from that of the mining engineer, and is, therefore, a study in the development of drilling structures by one who has made it his business to design structures rather than mechanism and machinery and rather than to utilize those structures in the actual exploitation of oil and gas. Drilling practice varies widely in different oil and gas fields. The , problems of western Pennsylvania are much simpler than the problems of the Mid-Continent and of the Gulf Coastal Plain and these again are simpler than problems of the Pacific Coast. The history of the commercial development of oil and gas is recorded in the annual publications of the U. S. Geological Survey and other bodies whose business it is to make record of statistics. The mechanical and structural features of the art of drilling have not yet received adequate treatment by the historian. Scattered references may be found on the subject in almost any work dealing at large with petroleum and its production. These references, however, are to those particular aspects of the matter that were contemporary with the publications themselves, but so far as I am aware there is no continuous and comprehensive account written of the development of drilling structures from their beginnings down to the present time, and certainly the more modern application of steel in the construction of such structures has not previously had an adequate discussion. With this latter phase of the subject I have been intimately associated, indeed, taking to myself the credit for having, in a way, been responsible more than any one else in the United States for the application of steel in the manufacture of drilling structures, and the purpose of the paper which is now before you is to record particularly the steps in that development while the subject is still fresh and the data available.

Jan 5, 1916

By S. E. Bretherton

(San Francisco Meeting, September, 1915) DURING the year 1878-79, Anton Eilers, who was then interested in the lead smelting and refining business near Salt Lake City, Utah, made a somewhat radical departure from the regular practice at that time, which was to use but little lime in the slag, with a high percentage of iron. Lime was not only a cheaper flux than iron, but it enabled the metallurgist to make a more siliceous slag, an economical advantage in smelting where the smelting companies had to purchase either iron or lime to neutralize the excess silica, and penalize the ore shippers accordingly. The larger amount of both lime and silica in the slag also made it of lighter specific gravity, and a better separation of the metals and mattes was secured. This change in the formation of slags for lead smelting was brought about by Anton Eilers, prior to the Leadville mining excitement of 1879. We must also give Mr. Eilers credit for the general introduction of the hollow water-cooled cast-iron jacket for the blast furnace. Again referring to the use of more lime and less iron in the formation of slags,. there is no doubt but that it prevents the formation of a great many so-called "sows" in the lead crucible, such as were made in the early history of lead smelting in the Rocky Mountains; these sows consisted of lead, iron, arsenic, sulphur, copper, and other metals, including gold and silver, mixed with unconsumed fuel, and often, after vain attempts to cut them up or melt them to a suitable size for handling, were buried in the slag clumps to get them out of-sight. Another advantage derived from the adoption of high-lime slags. when smelting ore containing arsenic is the production of less speiss (a by-product heavier than matte, resulting from careless operation of the furnace, the lead being driven out of the crucible and sows built up). This speiss, while usually not as rich in precious metals as matte made at the same time, is too valuable to be thrown away; but it is difficult to treat, and it was thrown away or piled on the slag clumps in the pioneer clays of lead smelting in this country.

Jan 8, 1915

By L. W. Blau

PERHAPS the most important event f or exploration geophysics in 1940 was the publication of three textbooks : "Geophysical Prospecting for Oil," by L. L. Nettleton ; "Exploration Geophysics," by John J. Jakosky; and "Geophysical Exploration," by C. A. Heiland. The literature had grown so bulky, and such a long time had elapsed since the publication of the texts by Ambronn and Eve, that treatises covering exploration geophysics comprehensively in all its branches and giving literature and patent references were sorely needed. This need has been satisfied admirably in these textbooks, and geophysicists owe the authors a debt of gratitude. In 1940, geophysics came of age. A conference on applied nuclear physics was held at Massachusetts Institute of Technology from Oct. 28 to Nov. 2. Several papers on geophysical subjects were presented at this meeting. Geophysical activity has decreased in all parts of the world except perhaps in Canada where, under the stimulus of the war&apos;s increased demands, prospecting for oil has increased. However, even there the war has had a seriously adverse effect on prospecting for ores and upon the promotion of new properties, although activity in producing and near-producing mines has been stimulated.

Jan 1, 1941

By Stanley C. Herold

TWENTY-FIVE years ago no distinction was made between water wells and oil wells except in the nature of the fluid produced. Water wells usually showed no decline in their rate of production; when oil wells showed decline something in the manner of handling them was considered wrong. Both water and oil were believed to be subject to the same physical laws in their underground movement toward the wells. Today a sharp distinction is made between them. Whereas water exists alone in the porous formations at depth, oil is usually accompanied by gas. This mixture does not behave as a liquid alone. It is a frothy, seething mass of foam which approaches and enters the wells. Different physical laws come into play. Twenty-five years ago attention was directed entirely to the well itself; today the well is accepted as a mere hole in the ground, a hole to be equipped properly for efficient service, yet without any value whatever unless it is backed up by a sufficiently prolific reservoir. Then, we were concerned with wells alone, 3000 ft. in depth; now commercial wells and their reservoirs are 10.000 ft. deep. Petroleum engineering concepts have necessarily therefore undergone a change in this last quarter century. What are they today?

Jan 1, 1937

By A. A. Jr. Smith, J. S. Smart

Numerous investigations of the effects of the various impurities common to commercial coppers have been published, and the data have found wide use in industry. Naturally, emphasis has been placed on the oxygen-bearing coppers of the tough-pitch variety, but need is now evident for data covering the oxygen-free condition as well. Furthermore, relatively few of the important reactions between oxygen and the various impurities are well understood, and often the data at hand are not applicable to the low concentrations encountered in commercial coppers. This paper presents the changes in conductivity and softening temperature derived from individual additions of the group VIII triad, iron, cobalt and nickel, to high-purity copper, and constitutes a portion of the copper-research program being conducted at the Central Research Laboratory of the American Smelting and Refining Co. The method of preparation of high-purity copper and its alloys in either the oxygen-free or oxygen-bearing form has been described previous1y.l The purity of this material, and the methods developed to produce it, provide the means for direct investigation of the very low concentration range in which the various impurities generally exist in commercial coppers. The usual necessity for extrapolation to this range using the results obtained from higher concentrations, and the interfering effects of extraneous impurities, are thus simultaneously circumvented. Since previously published data have adequately presented the effects of higher concentrations of iron, cobalt and nickel, the present investigation has been confined to the composition range o to 0.05 per cent. All alloys were initially prepared in the form of oxygen-free continuous cast rod, the weighed alloying additions in suitable form being charged with the pure copper to the continuous casting crucible. The best of the available high-purity alloying materials were used, and spectrographic analyses confirmed the absence of interfering elements from the alloys formed. Each series was compounded in the direction of increasing concentration, starting with pure copper in a new crucible and finishing with the 0.05 per cent alloy. Composition was closely controlled by adding the alloying element in the form of a carefully compounded and analyzed master alloy rendered uniform by continuous casting. The accuracy of this method of synihesis was proved by chemical analysis of the more concentrated alloys, and, accordingly, there is every reason to credit the stated composition of the very dilute alloys in the range where chemical analysis becomes highly uncertain. Oxygen-free samples for measurements of conductivity and softening temperature Were obtained by drawing the continuous cast rod to wire of 0.08I-in. diameter. employing a number of intermediate anneals to refine the grain structure. The

Jan 1, 1942

By A. A. Jr. Smith, J. S. Smart

Numerous investigations of the effects of the various impurities common to commercial coppers have been published, and the data have found wide use in industry. Naturally, emphasis has been placed on the oxygen-bearing coppers of the tough-pitch variety, but need is now evident for data covering the oxygen-free condition as well. Furthermore, relatively few of the important reactions between oxygen and the various impurities are well understood, and often the data at hand are not applicable to the low concentrations encountered in commercial coppers. This paper presents the changes in conductivity and softening temperature derived from individual additions of the group VIII triad, iron, cobalt and nickel, to high-purity copper, and constitutes a portion of the copper-research program being conducted at the Central Research Laboratory of the American Smelting and Refining Co. The method of preparation of high-purity copper and its alloys in either the oxygen-free or oxygen-bearing form has been described previous1y.l The purity of this material, and the methods developed to produce it, provide the means for direct investigation of the very low concentration range in which the various impurities generally exist in commercial coppers. The usual necessity for extrapolation to this range using the results obtained from higher concentrations, and the interfering effects of extraneous impurities, are thus simultaneously circumvented. Since previously published data have adequately presented the effects of higher concentrations of iron, cobalt and nickel, the present investigation has been confined to the composition range o to 0.05 per cent. All alloys were initially prepared in the form of oxygen-free continuous cast rod, the weighed alloying additions in suitable form being charged with the pure copper to the continuous casting crucible. The best of the available high-purity alloying materials were used, and spectrographic analyses confirmed the absence of interfering elements from the alloys formed. Each series was compounded in the direction of increasing concentration, starting with pure copper in a new crucible and finishing with the 0.05 per cent alloy. Composition was closely controlled by adding the alloying element in the form of a carefully compounded and analyzed master alloy rendered uniform by continuous casting. The accuracy of this method of synihesis was proved by chemical analysis of the more concentrated alloys, and, accordingly, there is every reason to credit the stated composition of the very dilute alloys in the range where chemical analysis becomes highly uncertain. Oxygen-free samples for measurements of conductivity and softening temperature Were obtained by drawing the continuous cast rod to wire of 0.08I-in. diameter. employing a number of intermediate anneals to refine the grain structure. The

Jan 1, 1942

By Christian F. Baiz

INTRODUCTION Industrial minerals can have similar financing requirements to those needs of metaliferrous and coal mining projects. One of the outstanding differences is the understanding of the many different markets that these industrial minerals represent. There are in excess of 30 principal industrial minerals ranging in terms of annual production from the largest quantity such as sand and gravel, to possibly the smallest quantity of production of a legitimate industrial mineral which may be defined as industrial and rough gem diamond. (See Tables 1 and 2) Project finance techniques, analytical methods, and information requirements are covered elsewhere in this Chapter and Chapter 10. Some comments on equity finance aspects follow. EQUITY AMOUNT The amount of equity in a financing transaction provides a cushion to the lender in case the project runs into trouble. Generally speaking, the greater the amount of risk in a project, the more equity a lender will require. The amount of cash equity in a project financing transaction is between 25 and 40 percent. The amount of leverage (debt/equity) is negotiable based on such factors as the strength and extent of the sponsor&apos;s undertakings, of the project&apos;s economics, and the term of a strong sales contract. Naturally, a borrower seeks to obtain d loan with as little equity required as can be negotiated. Zero percent equity is usually associated with a take-or-pay contract (a hell-or-high- water unconditional commitment under which the purchaser must pay for the commodity as though it were shipped regardless of whether it is actually mined or shipped) with a financially strong corporate entity i.e., the parent company or an end user. As a take-or-pay contract is tantamount to a guarantee of payment, the banker views the credit basis of the loan as being other than the borrower&apos;s mining operation and therefore will analyze the creditworthiness of the institution purchasing the commodity on the basis of its corporate balance sheet. Do not confuse a take-or-pay contract with a take-if- tendered or take-and-pay contract. Another means in the United States of obtaining zero percent equity is the carved out production payment financing, typical of coal mine financing. This involves the sale, or conveyance, by the owner of the mineral property of a production payment to a nominally capitalized company. The nominally capitalized company is formed solely to buy the production payment and usually borrows 100 percent of the purchase price from a lender. Equity amounts of 10 to 20 percent generally are found in transactions which employ techniques such as an advance sale or a subordinated lease/loan. These agreements are viewed as quasi equity by most banks for several reasons. First, the proceeds represent a cash infusion early in the project&apos;s life - usually prior to the bank lending any funds. Thus, the repayment schedule is "behind" that of the bank debt. In the case of an advance sale, repayment is in the form of a long-term supply contract with favorable terms, usually priced close to the mining operation&apos;s costs. There is also usually a requirement that all costs of the project be paid for by the loan or equity, often making the sponsors financially responsible for any cost overruns. Cost overruns are a major risk in any project, large or small, and are often due to unforeseen factors such as wildcat strikes, a piece of faulty equipment, or any event which delays completion, e.g., remote location, weather, etc.. . The question of how overruns are covered can be negotiated. For example, in addition to the original debt/equity ratio of the project, there can also be a cost overrun ratio that will

Jan 1, 1985

By AIME AIME

DESTRUCTION of the plants, machines, utilities, tools, materials, and other essentials for peacetime living penalizes not only the owners of the materials destroyed, but the world as a whole. Specifically, the fundamental fallacy of any proposal for the in- discriminate destruction of the German industrial system is that it fails to differentiate between the wartime and the peacetime economy of the Reich. We are for one simple, clear objective-an effective industrial means to keep Germany from starting another war. This objective should not be con- fused, especially before the war is even won, with the appropriate punishment of Germany or with the international arrangements for the long future to be made around the peace table by the representatives of the Allied Nations after victory is achieved. This paper, therefore, does not deal with broad, complex postwar questions of diplomacy and international policy. "Unconditional surrender" implies disarmament of the German armies, the surrender of all arms, munitions, air- planes, and other ordnance material in stock piles or in process. It also should include the elimination of all German war production facilities, such as ordnance plants, munitions plants, and submarine works, and the control of raw materials required by war industries.

Jan 1, 1944

By H. E. Criner, M. G. Driessen

Maurice Rey—The influence of cyclone diameter upon the fineness of separation is an important point which, however, cannot be discussed adequately if the injection pressure or the rate of flow are not specified. Perhaps some light can be thrown on the matter by using the formulas derived by Dahlstrom. Let us consider several geometrically similar cyclones where the apertures e and b are equal and proportional to the diameter D and which are operated with the same pressure drop. Eq 8 of Dahlstrom&apos;s paper can be written: Q Q = K D&apos;. " or. if F is constant: Q = K D18 K is a constant of proportionality. Introducing this value of Q in eq 13 gives elimination efficiency = K D ,41 Elimination efficiency, in the terminology of Dahl-strom, means the diameter of particles, in microns, which divide equally between the underflow and the overflow. This denomination is regrettable and it would be preferable to call it diameter of separation or characteristic size or any other name connoting a size rather than an efficiency. Whatever the name used, the above equation shows a slow increase in the fineness of separation when the diameter of the cyclone decreases. For example, if a 14-in. cyclone gives a 400-mesh separation (37 microns), geometrically similar cyclones, having the same pressure drop will give separations at the sizes shown below.

Jan 1, 1951

By M. G. Driessen, H. E. Criner

Maurice Rey—The influence of cyclone diameter upon the fineness of separation is an important point which, however, cannot be discussed adequately if the injection pressure or the rate of flow are not specified. Perhaps some light can be thrown on the matter by using the formulas derived by Dahlstrom. Let us consider several geometrically similar cyclones where the apertures e and b are equal and proportional to the diameter D and which are operated with the same pressure drop. Eq 8 of Dahlstrom&apos;s paper can be written: Q Q = K D&apos;. " or. if F is constant: Q = K D18 K is a constant of proportionality. Introducing this value of Q in eq 13 gives elimination efficiency = K D ,41 Elimination efficiency, in the terminology of Dahl-strom, means the diameter of particles, in microns, which divide equally between the underflow and the overflow. This denomination is regrettable and it would be preferable to call it diameter of separation or characteristic size or any other name connoting a size rather than an efficiency. Whatever the name used, the above equation shows a slow increase in the fineness of separation when the diameter of the cyclone decreases. For example, if a 14-in. cyclone gives a 400-mesh separation (37 microns), geometrically similar cyclones, having the same pressure drop will give separations at the sizes shown below.

Jan 1, 1951

By Daniel Bloomfield

ONE of the major problems of management is how to restore in some measure the personal relation-ship between employer and employed which, in the days of small concerns, meant better morale among employees. The complexity of industry today, the heterogeneous mass. of workers employed, many .of them new to this country and to its institutions, the inability of those whose task it is to get out production to spend much time on the problems of labor-all these and many other factors serve to make of great impor-tance the question of how to establish more satisfactory mutual good will. While there is no such thing as a sure cure for labor troubles, in spite of the fact that charlatans have been selling alleged cures to guileless employers, study and experience have brought to light methods of approach to the problems confronting management in its relation to labor that are well worth consideration. Labor problems must be approached with common sense and an open mind. Facts must be the basis of action. So it is with the question of morale in industry. What makes or breaks morale? What are the forces behind the actions of men? What is there in one man that makes him act differently from another man under similar circumstances? How are men affected by the actions of others in their own group or by the actions of those under whose supervision they work? These are questions that must be carefully studied if we are, to get at the bottom of industrial unrest. It is an easy thing to say that good will can be created by "treating men right." That involves so many things and points of view that it will hardly serve as a full answer to our problem; but it is a good starting point if we mean by right treatment the payment of wages consistent with the well being of the worker and his family as members of the community, and if we also mean the provision of sanitary, wholesome working conditions and a working schedule that does not overtax the worker physically, and mutuality-a give and take relationship. With this as a basis we can go a step farther and see what else can be done to promote better relations between management and the workers.

Jan 9, 1922