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By H. J. Fraser

LIKE a runner catching his second wind, the mining geologist in 1944 has had some opportunity to appraise the result of three years of active and intense search for the metallic sinews of war and peace. The war period has been one of physical activity and accumulation of new data but has not so far resulted in the announcement of any profound or revolutionary theoretical concepts or techniques. Most technical publications during the year have been either descriptive or statistical. A review of accomplishments during the war years, although affording some measure of satisfaction in individual cases or regarding production of certain metals or' ores, is far from justifying any feeling of complacency regarding the growth of the profession either in fundamental knowledge or in application. During 1944 an abundant supply of all metals and minerals flowed steadily to smelters and fabricating plants. Also, during this and preceding years, adequate stock piles for war needs, in view of the improved foreign and domestic supply situation, were accumulated in many metals in such quantities that the mining industry has become concerned not with the problem of supply but with the effect these accumulated stocks, if maintained, might have on the postwar market. These considerations culminated in the enactment by Congress of the Surplus Disposal Act, which, admittedly a tempo-

Jan 1, 1945

By Alfred H. Brooks

PetRoleUm seepages are known in Alaska at four localities, all on Pacific seaboard. These, named from east to west, are Yakataga, Katalla on Controller Bay, Iniskin Bay on Cook Inlet, and Cold Bay on the Alaska Peninsula. Besides these, a petroleum residue has been found near Smith Bay on the north Arctic coast of the Territory. At Katalla, Cold Bay, and Iniskin Bay there has been some drilling for oil, and in the first field several productive wells have been opened up. Alaskan petroleum, so far as its composition is known, is a refining oil, with paraffin base and low sulphur content. Most of what is known of the geology of Alaska oil fields is based on the investigations of Dr. George C. Martin, of the United States Geological Survey. A, G. Maddren, of the same service, has recently made a reconnaissance of the Yakataga oil field. The data to be here presented are chiefly taken from the following publications: G. C. Martin: The Petroleum Fields of the Pacific Coast of Alaska, with an account of the Bering River coal deposits, Bulletin No. 250, U. S. Geological Survey, pp. 9 to 27 (1905). G. C. Martin: Geology and Mineral Resources of the Controller Bay Region, Alaska, Bulletin No. 335, U. S. Geological Survey, pp. 112 to 130 (1908). G. C. Martin and F. J. Katz: A Geologic Reconnaissance of the Iliamna Region, Alaska, Bulletin No. 485, U. S. Geological Survey, pp. 126 to 130 (1912). A. G. Maddren: Mineral Deposits of the Yakataga District, Bulletin No. 592, U. S. Geological Survey, pp. 143 to 147 (1914). Katalla Field The Katalla field is marked by a series of seepages and gas springs occupying an east and west belt, about 25 miles in length and from 4 to 8 miles wide. (See Fig. 1.) This zone skirts the north shore of Con-

Jan 1, 1915

By F. J. Williams

BARITE, naturally occurring barium sulphate, is the chief barium mineral that is produced commercially. Barite is also called "barytes," "heavy spar," sometimes "baryta" and, locally in Missouri, "tiff." Pure barite is white, opaque to transparent. It crystallizes in the orthorhombic system, frequently with twinning. Impurities cause a wide variation in color, commonly buff, gray and white with irregular reddish iron stains. Less frequently found are shades of yellow, green, blue, brown, and black. The rock is brittle and breaks with an uneven fracture, although specimens from some of the residual deposits, particularly in Missouri, appear to have a cleavage due to the separation of the different layers of deposition. The hardness varies from 2.5 to 3.5 on Mohs' scale and different localities are said to produce either "hard" or "soft" barite. This generally refers to the ease of grinding of the product. The specific gravity of pure barite is 4.5 and this will vary downward, depending on the impurities present. The mineral has a white streak and a pearly to vitreous or sometimes stony luster. Pure barite contains 65.7 pct BaO and 34.3 pct SO3. Witherite, native barium carbonate, is not mined in the United States at the present time although a number of occurrences have been reported. A small quantity of witherite has been removed from a mine at El Portal, California, but the area high in witherite was small and soon depleted. The bulk of the deposit is predominantly barite. Great Britain is the world source of witherite and small quantities are imported into the United States. DISTRIBUTION OF DEPOSITS Occurrence of barite is widespread; it has been reported on all the continents and in all the major countries of the world. Deposits vary from those containing millions of tons down to scattered rock fragments

Jan 1, 1949

By George E. Roberts

THE gains of society from the state of primitive conditions in the past to the standard of living which prevails in the advanced countries today have been accomplished mainly by the increasing productive capacity of the population under the leadership and services of the engineer. Without improvements in the arts and industries the growth of population tends to place succeeding generations always at a disadvantage. In this country we have been exploiting with reckless prodigality a wealth of soil and minerals and timber that has been in preparation for thousands of years. We know that the prices of all national products have been advancing, and were on a rising scale even before the phenomenal increases resulting from the war. Over against this depletion of natural wealth we have the influence of improvements made in the methods of production and distribution-and the accumulation of wealth in the form of productive equipment. The net result of these opposing influences determines whether society moves forward or backward.

Jan 1, 1926

G. K. BURGESS,* Washington, D. C.-In the service tests, the Advisory Committee on Aeronautics considered it highly necessary, particularly for seaplanes, to find out whether or not it was necessary to paint exposed parts; reports have been obtained but have not been pub-lished at the present time. Investigations were carried on at three Navy Yards. On just a hurried examination, the inspection was made about two weeks ago and the results are now being digested an examination shows that the aluminum alloys, whether painted or unpainted, stand up very well. It apparently is not necessary to paint, which, of course, is a very important item in the question of the weight of seaplanes. We will be able to report on that, I expect, probably at the next meeting.

Jan 12, 1919

By N. J. Grant, K. M. Zwilsky, J. T. Blucher

DISPERSION strengthening has been studied in a number of metal-metal oxide systems. To date those pure metals available as fine particles (less than about 5 p) have received most of the attention whereas solid solution alloys, generally unavailable as fine powders, have not been examined in detail. The present work was undertaken as a preliminary study to evaluate combined effects of solid solution and dispersion strengthening. The technique used was that of dry mixing of elemental powders with the oxide, followed by a diffusion treatment to obtain the solid solution. The average particle size of the powders used was: Ni, 3.2 p (1nco B); Mo, 1.3 p (Fansteel Metallurgical Corp.); and y alumina, 0.027 \i (G. L. Cabot, Inc.). The particle size of the metal powders was determined by Fisher subsieve measurements while the size of the alumina was calculated from a surface area determination. Prior diffusion studies on small compacts pressed from mixtures of nickel and molybdenum powders with and without 7.5 vol pct A1203 indicated that diffusion was complete after sintering for 100 hr at 1800" , or 50 hr at 2250", or 20 hr at 2550° F. The progress of diffusion was followed by microstructural examination and micro-hardness measurements. Two observations made during the diffusion experiments were: 1) That diffusion proceeded faster in the presence of alumina, confirming similar findings by Seith and Loepman on "SAP'';4 2) That diffusion at temperatures above 1800°F resulted in coarsening of the alumina in agreement with results of other authors reporting on the growth of alumina in nickel above 1800"F. Similar experiments in the Ni-Cr system using 6 and 20 p Cr powders of 0.7 and 0.025 pct 0, respectively, did not result in significant solid solution formation even after long time exposures at 2550° F. It must be concluded that chromium oxide films around individual particles interfere with normal diffusion. A nickel alloy containing 5 wt pct Mo and 7.5 vol pct alumina was fabricated by dry mixing of powders, isostatically compacting at 30,000 psi, diffusing for 120 hr in dry hydrogen at 1800" F, and extruding at 1950"~ with a 30 to 1 reduction of area ratio. The resulting structure, presented in Fig. 1

Jan 1, 1963

By AIME AIME

THE non-ferrous 'metals industry of the Soviet Union found itself in a very low position at the beginning of the reconstruction period in 1922, due to the absence of modern smelters and the run-down condition of the existing ones. Up to. 1924 there was no great demand for newly smelted non-ferrous metals due to the considerable stocks' of copper, zinc, lead, tin and aluminum in the courtry and also to the undeveloped condition of Soviet industries. However, in 1925 it became necessary to obtain new stocks of non-ferrous metals and in that year 12,000 tons of zinc, 14,000 tons of lead and 2,000 tons of tin and aluminum were imported into the U. S. S. R.

Jan 1, 1929

(Members are urged to send in for this column any notes of interest concerning themselves or their fellow-members) Members and guests who called at Institute headquarters during the period Feb. 10, 1917 to Mar. 10, 1917: F. H. Armstrong, Vulcan, Mich. G. Komar, Staten Island, N. Y. Franklin Bache, Philadelphia, Pa. H. M. LaFollette, LaFollette, Tenn. R. A. Bingham, W. Orange, N. J. H. Mortimer-Lamb, Montreal, Canada. G. S. Blair, Pittsburgh, Pa. J. S. Lane, New York, N. Y. Graham Bright, Pittsburgh, Pa. D. H. McLaughlin, Cambridge, Mass. C. A. Burdick, New York, N. Y. F. J. McMahon, Wilkes-Barre, Pa. Frederick P. Burrall, Dawson, Y. T. F. Oskar Martin, San Francisco, Cal. William Campbell, New York, N. Y. C. Mentzel, New York, N. Y. G. L. Carlisle, Jr., New York, N. Y. T. C. Merriman, New Haven, Conn. J. Murray Clark, Toronto, Canada. K. -A. Pauly, Schenectady, N. Y. Wayne Darlington, Philadelphia, Pa. , Francis R. Pyne, Elizabeth, N. J. Ralph W. Deacon, Elizabeth, N. J. C. S. Robinson, Youngstown, O. P. St. Jon Dixon; So. Porcupine, Canada. W. A. Scheuch, New York, N. Y. A. E. Drucker, New York, N. Y. Jesse Scobey, New York, N. Y. Lucien Eaton, Ishpeming, Mich. Dunbar D. Scott, Rochester, N. Y. W. E. Goldsborough, New York, N. Y. W. C. Smith, Elizabeth, N. J. C. Marshall Gravatt, Port Royal, Va. Charles Spearman, Mt. St. Patrick, Can. C. N. Hickok, Cleveland, O. . - Harold C: E. Spence, Duncan, Ariz. C. Vey Holman, Rockland, Me. M. M. Thompson, Morsemere, N. J. W. F. Jahn, Kirkland Lake, Canada. Benjamin F. Tibby, Salt Lake City, Utah. F. E. Johnesse, Boise, Ida. J. S. Unger, Pittsburgh, Pa. E. C. Johnson, Chicago, Ill.

Jan 4, 1917

By Bruce A. Kennedy

The 1960's were an apparent turning point in the technological and social attitudes and awareness of the mining industry. From the late 19th century through to the early 20th century, one has always been presented with the picture of the rough and ready leaders of the mining industry who screamed for production and damned anything that got in the way of it. This attitude led to a certain alienation of the mining industry in the eyes of the general public. They saw an industry which was archaic in many of its practices and often heartless in its attitudes towards mankind. However, a gradual change spread through the industry and cracks began to appear in the hard facades of the mining companies. Resistance to change had almost become a standard operating procedure for many and consequently changes in technology had been slow in coming. The late 1950's and the 1960's saw a new awareness come into existence. As the mining company managements changed, there developed a realization that considerable efforts had to be made to bring the technology and social standing of the industry out of the dark ages and into the modern world. New advances were made in both metallurgical and mining technology. The 20th century technology of computers was accepted and became a standard tool of the industry.

Jan 1, 1971

ANNUAL MEETING OF THE NEW YORK SECTION - The annual meeting of the New York Section was held at the Machinery Club, May 7. While the dinner, at which fifty attended, was in progress, the names of the nominees for next year's officers were posted. The result of the election was as follows: Chairman, E. P. Mathewson; vice-chairmen, William Y. Westervelt, R. M. Atwater, Jr.; treasurer, Wilber Judson; executive committeemen, Lucius W. Mayer, Edwin S. Berry. The subject for the evening was "Organization and Campaign in France of the 27th Engineers." Colonel O. B. Perry described the many difficulties surmounted, for it was necessary to work with untrained men ALLEN H. ROGERS WALTER S. DICKSON CHAIRMAN OF NEW YORK SECTION SECRETARY OF NEW YORK SECTION and shortage in supplies. He described the unusually fine character and physique of his officers, which made it possible to make the untrained men most efficient. He described in some detail the work of building bridges over the Meuse River and the bringing up of supplies to the first army base, in particular at the Argonne-Meuse sector; General Pershing gave a personal commendation of the work undertaken by this regiment. The Colonel described the methods of operating the transportation of ammunition and supplies to the "army dumps," by which at the time of signing the armistice there had been brought up 600,000 tons of equipment for use in the projected campaigns. An interesting item was that 3,600,000 sand bags had been provided, in case the Germans should be able to turn the line of the American troops. Captain Edwin S. Berry described the methods of sending materials to the front lines and gave figures to indicate the huge quantities required, adding that the order of preference was troops, ammunition, food, and engineers' supplies. The speakers then answered several questions given by the members present. WALTER S. DICKSON, Secretary.

Jan 6, 1919

PHILIP D. BLOCK, JR., vice president of Inland Steel Co., visualizes a fine future for the Menominee Range of the Upper Peninsula of Michigan. He sees a future unclouded by threat from foreign ore imports or the development of low grade ore processing in Minnesota. The statement was made during the opening of Inland's new Cayia mine near Crystal Falls. Inland, according to the vice president, is planning to use an increased amount of the high phosphorous ores found on the Menominee Range. He said that other steel companies will probably do the same, because the steel industry has learned how to use ores of high phosphorous content. He said: "I do not mean to imply that we can use an unlimited amount of high phosphorous ores or that we can burden our blast, furnaces with 100 pct high phosphorous ores, but we have reached the point where we can absorb a much larger percentage of these ores without any detrimental effects. Foreign ores and lowgrade Minnesota ores cost too much to offer real competition, Block said. Transportation costs from the Menominee range to steel producing centers in Chicago and on Lake Erie are less than for any other range in this country. In the meantime, the American operators of the Bomi Hills iron ore mine in Liberia, have reportedly signed a new agreement with the Government. Several months ago, President Tubman of Liberia expressed a definite dissatisfaction with the original contract. Informants state that the agreement only needs the approval of the Export-Import Bank, which loaned Liberian Mining Co. $4 million to develop the iron ore properties. Majority stockholder of the Liberian Mining is Republic steel, with 61.57 pct of the stock. Under the new contract, the Liberian Government will start to share in the profits when the indebtedness is liquidated and the return of invested capital accomplished, or April 1, 1957, whichever is earlier. Under the old agreement the Liberian Government received a 5 cent per ton royalty and an additional sum based on the price of pig iron. The royalty rate reached more than 17 cents per ton this year. After debt liquidation the Liberian Government will receive 25 pct of net profits for the first five years; 35 pct for the next ten years; and 50 pct thereafter. Until the Government starts to share in profits it will receive a royalty of $1.50 per ton in U. S. currency, in addition to royalties provided for in the old agreement.

Jan 1, 1952

By Henry D. Hibbard

A NOTED ordnance engineer once said to a friend, in speaking of the production of great steel guns, "How is it? We design our guns with a factor of safety of eight, and the guns burst." The vague way in which internal stresses and strains in iron and steel are often considered and spoken of makes it worth-while to examine them, as to their nature, their causes and results, how they may, for useful purposes, be advantageously dealt with, and how, when detrimental or dangerous, they may be reduced or kept within harmless proportions. Rankine defines ?strain " as a change of form or dimensions of a solid or liquid mass produced by a stress. This definition seems not intended to cover strains due to internal stresses, and it will help us in the present inquiry to consider strain as a tendency to change as well as an actual change of form. Internal strains in iron and steel are the result of stresses within the mass of the piece, some parts pulling and others pushing in resistance to them; or, in other words, some parts are in tension and some in compression, each part striving to relieve itself from strain and make the piece assume a form in which all parts are at rest. Subdivision, so that each part could relieve its strain by motion relative to the other parts, would, if carried out far enough, practically obliterate strain. The internal strains we are now to consider are not those due to the stresses of the service which the piece is rendering, either alone or as, a part of a structure, which may be termed service-strains, but those which originate or at least are contained in the piece itself. Internal stresses in a piece of metal are, like action and reaction, always equal and in opposite directions. The stresses

Sep 1, 1906

By AIME AIME

AMONG the European nations Germany is the center of interest economically as well as politically, and of prime importance for Europe as a whole is Germany's capacity to produce mineral products for armament and for export in exchange for the import of the essential supplies to maintain its industries. So far as minerals are concerned, Germany is worse off than any other great power except Italy, and deficiencies are being met by attempts to increase output from local deposits and by greater use of substitutes derived from domestic raw materials to replace imported metals, petroleum products, and other minerals.

Jan 1, 1939

Apart from the general cooperation received in many quarters, the Unitization Committee desires to make specific acknowledgment to the following individuals for assistance rendered in the study to this time. California.—Committee members: Joseph Jensen, chairman, L. L. Brundred, E. M. Butterworth, H. Norton Johnson, D. B. Myers, W. R. Wardner; others who contributed: C. R. McCollom, F. C. Merritt, E. B. Noble, Ralph Arnold, J. R. Pemberton, Roy R. Morse, T. F. Stipp, John R. Roberts, R. D. Bush, Alexander Anderson, J. A. Taff, F. 0. Martin, J. E. Van Gundy, E. K. Parks, A. C. Rubel, Lew Suverkrop, W. L. McLaine, Gerard Henny, Walter Stalder, Lester C. Uren, Hoyt S. Gale, W. L. Walker. Rocky Mountain.—Fred E. Wood, chairman, J. G. Bartram, C. E. Dobbin, Wilson B. Emery, Charles E. Erdman, R. D. Hawley, E. W. Krampert, Foster Morrell, W. T. Nightingale, K. B. Nowels, C. M. Rath, Earl Shoenfelt, J. W. Steele, E. T. Wilson, J. J. Zorichak. Kansas-Oklahoma.—Committee members: C. E. Beecher, chairman, A. W. Ambrose, R. C. Hauber, Clyde Alexander, R. F. MacArthur, C. R. Swarts, M. M. Valerius, E. H. Griswold, G. 6. Rollin, L. Murray Newman, David L. Trax, Richard K. Huey, Marvin Lee, Harry Johnson; others who contributed: E. A. Carr, Paul S. Ache, K. C. Slater, R. S. McFarland, J. R. McWilliams, Joseph Chalmers, Henry A. Ley, Dorsey IIager, H. C. George, W. K. Whiteford, L. G. E. Bignell, L. E. Smith, George E. Burton. Texas, Louisiana, Arkansas, New Mexico.—Frederic H. Lahee, chairman, Donald C. Barton, C:. E. Beecher, Olin G. Bell, G. E. Campbell, Paul Wagner, John West, Robin Willis, J. M. Forgotson, E. J. Gorman, P. S. Haury, Marvin Lee, C. F. Lytle, L. H. McBee, T. F. Petty, C. C. Pope, F. S. Prout, J. C. Stewart, J. R. Suman, L. P. Teas, W. C. Thompson, A. F. Truex, R. B. Campbell, M. G. Cheney, P. C. Dean, F. W. DeWolf, Dugald Gordon, B. A. Hardey, F. E. Heath, J. F. Lucey, George C. Matson, W. H. Perot, T. W. Pew, W. A. Price, W. A. -Reiter, R. C. Stewart. Eastern United States and Foreign Fields.—H. H. Hill and E. L. Estabrook, chairmen; Dr. Richard Ambronn, Gottingen, Germany; Arthur R. Andrew,

Jan 1, 1930

By G. R. Leverant, M. Gell

The high- and low-cycle fatigue poperties of MAR-M200 directionally -solidified into columnar-grained and single crystal forms were determined at 1400" and 1700°F. These results were compared with the corresponding properties of conventionally -cast MAR-M200. The low-cycle fatigue lives of the columnar-grained and single crystal materials were similar at both temperatures and were one to two orders of magnitude greater than those of conventionally-cast material. The variations in the fatigue lives among the three forms of MAR-M200 were related to the more rapid rate of intergranular muck propagation compared to that of transgranular propagation. In conventionally-cast MAR-M200, cracks were initiated in grain boundaries and crack popagation occurred rapidly along an almost continuous grain boundary path. In the columnar-grained material, crack initiation occurred on short transverse segments of grain boundaries, but crack propagation was transgranular. The fatigue lives of columnar-grained and single crystal materials were approximately the same because most of the life in both materials was spent in trans-granular propagation. For the directionally -solidified materials, the number of cycles to failure, Nf, can be related to the total strain range, , by: heT = K where n and K are 0.16 and 0.044 at 1400'F and 0.29and 0.098 at 1700, respectively. In addition to intergranular crack initiation in the columnar-grained material, initiation also occurred at we-cracked MC carbides and micropores in both directionally-solidified materials. At 1400°F, fatigue life was reduced with increasing MC carbide size, but at 1700 there was no effect of carbide size. THE creep and stress-rupture properties of conventionally-cast nickel-base superalloys can be greatly improved by directional solidification into either single crystal or columnar-grained forms. The improvement in properties results from a reduction in intergranular cavitation and crack growth in the columnar-grained materials and the complete absence of this fracture mode in the single crystals. This paper describes the effect of grain boundaries on the elevated temperature fatigue properties of the nickel-base superalloy MAR-M200. The effect of cycling frequency on cracking arid fatigue life and the role of MC carbides and micropores on crack initiation are also emphasized. The fatigue properties of columnar-grained and single crystal MAR-M200 at room tem- perature,4,5 and the change in the mode of fatigue crack propagation with temperature6 have recently been described. I) EXPERIMENTAL PROCEDURE The material used in this study was the nickel-base superalloy MAR-M200, directionally-solidified into columnar-grained and single crystal forms. The columnar grains were approximately 0.5 mm in diam. The nominal composition of these materials in wt pct was 0.15C, 9Cr, 12.5W, loco, 5A1. 2Ti, lCb, 0.05Zr. 0.015B, bal Ni. They were solutionized for 1 to 4 hr at 2250°F followed by aging at 1600°F for 32 hr. which resulted in 0.2 pct offset yield stresses of 150,000? 144,000, and 95,000 psi at room temperature? 1400°, and 1700°F, respectively. The corresponding elastic moduli parallel to the testing direction were 19.2. 15.0, and 12.5 x 106 psi, respectively. Specimen design, testing procedures and alloy mi-crostructure have been described previously and will only be summarized here. Following the 1600°F aging treatment. MAR-M200 contains an ordered, cuboidal, y' precipitate 0.3 1 on edge, which is coherent with the 1 matrix. The y' precipitate is quite stable; even after testing at 1700°F. the precipitate is only slightly enlarged and its corners somewhat rounded. The alloy also contains a small volume fraction of micropores, and MC carbides. some of which contain preexisting cracks5 formed during casting. These cracks are always parallel to the long dimension of the carbide. Measurement of MC carbide size has been described previously.5 Axial fatigue tests were conducted in air over a wide range of strain amplitudes in both the high - and low-cycle fatigue regions, with specimen lives varying from about 10' to 10' cycles. Low-cycle fatigue (LCF) tests were strain-controlled with strain varied between zero and a maximum tensile value at a frequency of about 2 cpm. High-cycle fatigue (HCF) tests were stress-controlled with the stress varied between 5000 psi and a maximum tensile value less than the yield stress at a frequency of either 10 cps or 0.033 cps (2 cpm). The temperature in the gage section was controlled to 52°F. Specimen axes were within 5 deg of the [001] growth axis of the single crystals and the common [001 ] growth axis of the columnar-grained material. Specimen gage sections were electro polished prior to testing. After the standard heat treatment, three specimens were coated with a typical aluminide coating applied as a slurry. An additional specimen was given the coating heat treatment without actually being coated. In all cases: specimens were reaged at 1600°F for 32 hr after receiving the coating heat treatment at 1975'F for 4 hr.

Jan 1, 1970

By AIME AIME

THE annual meeting of the A.I.M.E. was fittingly closed with a joint meeting of the Metropolitan sections of the four National societies on Feb. 18, at which this subject was adequately discussed by leading engineers before an audience that completely filled the Engineering Auditorium. The large amount of publicity that has been given the Diesel electric loco- motive, and the often garbled reports of its performance and possibilities that have been circulated, makes it particularly fitting that the facts should be given the profession as determined by those who have aided in developing and operating this latest form of prime- mover in railroad operation. C. A. Stein, general manager of the Central R. R. of New Jersey, opened the meeting with a discussion of the problem of electrification, and the relation of the short haul, switching, and terminal service to heavy electrification. Referring directly to the problem of the Central R. R. of New Jersey, some subtitution for the steam locomotive is necessary within the city limits of New York because of local ordinances against the smoke nuisance. While the improvement in the design of the steam locomotive has been marked-the efiiency today is over fifty times that of the locomotive of 100 years ago-it has now probably reached the point of maximum perfection. If anything, it is open to the criticism of having Coo many appliances to get out of

Jan 1, 1926

By Tomek Ulatowski

This presentation discusses the necessary ingredients for the creation of an acceptable credit structure, i.e., the structure that enables the borrower to attract the funding from different groups of lenders. As the amount of debt in the capitalization of new projects increases, it becomes quite critical that the mining venture sponsors obtain funding in a manner which maximizes the project economics. Attention normally is focused on the inherent operating cost characteristics of a venture such as the cost of mining, milling, transportation, smelting, and refining. The projected costs are derived from lengthy feasibility studies often taking millions of dollars and years to prepare. For a variety of reasons as the amount of equity directly provided by the sponsors declines, the balance must be made up from external credit sources. As a result, once the project becomes operational, debt service requirements assume crucial importance. For most new ventures, in the early years of production, the total amount of periodic debt amortization charges together with the projected interest expenses equals or exceeds the total operating cost. Utmost care must be taken, therefore, to reducing these costs which will then increase the chances for the implementation of the project. Project sponsors must carefully evaluate different funding sources in terms of their potential economic impact and, concurrently, evaluate alternative credit structures in order to be able to attract the selected funding vehicles. In this presentation I will discuss credit sources in the order of their relative appeal; i.e., from the standpoint of maximizing rates of return to the project owners. The tenor of the credit, that is the period from signing a loan agreement to the time of last repayment under the loan agreement, is undoubtedly the most important variable in evaluating the attractiveness of debt sources. Therefore, I will begin by discussing debt sources with the longest maturities and will end with a description of credits with relatively shorter tenors. The availability of different funding possibilities will naturally depend on the geographic location of the proposed venture, the creditworthiness of the borrower and the sponsors, the project economics, and finally the actual liquidity conditions in the capital markets at the time that the funds are committed. U.S. LONG-TERM DEBT MARKET - PUBLIC OFFERINGS AND PRIVATE PLACEMENTS The long-lived nature of most mining projects dictates that the majority of the mine financing be raised from long-term sources. In today's world capital markets U.S. debt issues probably carry the longest maturities available. The maturities can range from 5 to 40 years. Various types of long-term corporate debt instruments can be differentiated from one another by their terms, seniority as to claims against the assets of the issuer, legal form, and whether issued privately or through a public offering. The terms of these debt issues vary widely. For example, the interest rate which is typically fixed at the time of issuance, is determined by the credit quality of the issuer, the maturity, the average life, the seniority of the debt, the quality of control covenants or type of assets pledged as security, and other exogenous factors such as: economic policy, general level of interest rates and cur-rent level of financing activity. The entire principal amount of the debt may be due and payable at maturity (known as a "bullet" maturity) or, more typically, through periodic repayments in equal or staggered amounts. Almost all such debt issues allow for prepayment at the option of the issuer, but require varying amounts of repayment penalties. Disbursements are made over a relatively short period after signing of the debt documentation which may not coincide with the actual funding needs of the project. Financial covenants can be quite stringent, covering areas such as the issuer's financial leverage, working capital, payment of dividends and other distributions, merger and acquisition activities, and limitations on the disposition of property. Long-term debt issues may also be distinguished by the seniority of their claims against

Jan 1, 1985

By N. Van Wingen

EFFective sand permeabilities can be ascertained from core analysis if the laboratory data are compensated to allow for the presence of connate or residual water. Such adjustments can be made by applying empirically derived correction factors. Effective sand permeabilities can be estimated also from analytical studies of field depth-pressure measurements. In one method the time rate of pressure build-up after a well is shut in from steady-state flow is required, and in the other the direct measurement of a steady-state rate of flow and the corresponding equilibrium pressure. The results of the investigation discussed in this paper demonstrate that these methods for determining mean effective sand permeabilities can be correlated. Introduction In recent years many investigators have demonstrated the practical value of an accurate knowledge of the physical and dynamical characteristics of reservoir sands containing oil and gas. Of these factors, which serve to completely define a porous medium as a container or carrier of fluids, the dynamical characteristics are of particular interest to the production engineer because they afford a direct measure of the rate at which the oil or gas content of a reservoir will become available. The constant that defines dynamically the porous medium as the carrier of a homogeneous fluid in viscous motion is the "permeability." Coke-analysis Method The generally accepted practice in com-piling permeability data has been to analyze in the laboratory core samples taken in the course of drilling through the productive horizon, and to obtain the mean measure of the productive ability or permeability for the interval open to production by graphical integration of the permeability profile. An average permeability ascertained in this manner, however, is useful to the production engineer only for comparisons of wells drilled in the same horizon, as permeabilities determined in the laboratory are measures of only the ability of a porous medium to transmit a single fluid. As a result of many investigations, it has been shown, however, that under actual reservoir conditions water is coexistent with the petroleum and that its presence greatly reduces the permeability of the sand to oil. Empirical relationships showing the effect of the presence of any immiscible fluid A (such as water) in a porous medium on the permeability of the medium to a fluid B (such as oil) have been established separately by Hassler,1 Dunlap,2 and the writer (Fig. I),3 so that the average specific or dry-core permeability as determined in the laboratory can be corrected to give the true measure of the ability of the horizon penetrated to transmit oil, provided the percentage of pore space occupied by connate water is known accurately.

Jan 1, 1942

By N. Van Wingen

EFFective sand permeabilities can be ascertained from core analysis if the laboratory data are compensated to allow for the presence of connate or residual water. Such adjustments can be made by applying empirically derived correction factors. Effective sand permeabilities can be estimated also from analytical studies of field depth-pressure measurements. In one method the time rate of pressure build-up after a well is shut in from steady-state flow is required, and in the other the direct measurement of a steady-state rate of flow and the corresponding equilibrium pressure. The results of the investigation discussed in this paper demonstrate that these methods for determining mean effective sand permeabilities can be correlated. Introduction In recent years many investigators have demonstrated the practical value of an accurate knowledge of the physical and dynamical characteristics of reservoir sands containing oil and gas. Of these factors, which serve to completely define a porous medium as a container or carrier of fluids, the dynamical characteristics are of particular interest to the production engineer because they afford a direct measure of the rate at which the oil or gas content of a reservoir will become available. The constant that defines dynamically the porous medium as the carrier of a homogeneous fluid in viscous motion is the "permeability." Coke-analysis Method The generally accepted practice in com-piling permeability data has been to analyze in the laboratory core samples taken in the course of drilling through the productive horizon, and to obtain the mean measure of the productive ability or permeability for the interval open to production by graphical integration of the permeability profile. An average permeability ascertained in this manner, however, is useful to the production engineer only for comparisons of wells drilled in the same horizon, as permeabilities determined in the laboratory are measures of only the ability of a porous medium to transmit a single fluid. As a result of many investigations, it has been shown, however, that under actual reservoir conditions water is coexistent with the petroleum and that its presence greatly reduces the permeability of the sand to oil. Empirical relationships showing the effect of the presence of any immiscible fluid A (such as water) in a porous medium on the permeability of the medium to a fluid B (such as oil) have been established separately by Hassler,1 Dunlap,2 and the writer (Fig. I),3 so that the average specific or dry-core permeability as determined in the laboratory can be corrected to give the true measure of the ability of the horizon penetrated to transmit oil, provided the percentage of pore space occupied by connate water is known accurately.

Jan 1, 1942

By S. C. Dhara

A process of solvent extraction and separation of platinum group metals (PGM) and gold using primary, secondary, tertiary, and quarternary organic amines has been briefly described. The effects of amine structures; the use of diluents; the principle of synergism and antisynergism in the mixed extractants; the oxidation states of metal ions are explained in the amine extraction process of precious metals.

Jan 1, 1984