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By William P. Lohden

INTRODUCTION It is recognized that, for a variety of reasons, some companies in the mineral industry today are by no means cash-rich and, in fact, are reporting a growing proportion of long-term debt in their capital structures. A review of recent balance sheets of small, medium-size, and some larger companies, indicates that a fair number still have substantial positions in cash equivalents such as U.S. government issues and other short-term money market instruments. In part, this paper concerns itself with companies which have sufficient cash and equivalents and/or cash generation to internally finance mining projects or expansions but which, for some reason, choose to borrow funds. Misconceptions which appear to frequently underlie so-called "leveraging" decisions are explored in this paper. Also considered are those circumstances under which any company, including one that is cash-rich, should consider borrowing for a project in an amount beyond what would otherwise be necessary based upon its internal financing ability. I do not 'attempt to cover the raising of equity capital in public markets in this paper. OVERALL RETURN ON TOTAL POOL OF INVESTABLE CASH SHOULD INFLUENCE FINANCING DECISIONS If you approach an individual with an investment which can be financed from his savings, or by borrowing at a rate higher than he is earning on his savings, he will quickly tell you that to pay interest at a rate higher than he is earning would reduce his overall income. Assuming he is not currently considering any additional investment

Jan 1, 1977

By Noel Stearn

WHEN the Age of Machinery was suddenly thrust upon civilization about the beginning of the 19th century, an unprecedented demand for mineral resources sprang up. This demand brought about the rapid development of the known ore deposits and the discovery of such other deposits as could be encountered by energetic and canny prospectors. Thus in the countries now reasonably accessible nearly all orebodies have been located except those which are totally concealed even from the eyes and "senses" of experienced and expert prospectors. The high rate of exhaustion of known ore deposits and the necessity of looking farther and farther ahead for raw materials as a matter of insurance on the stupendous capital outlays involved in mining, development, and conversion operations, have resulted in exceptional activity in three different fields of effort. The first is purely geographic. Prospectors are now penetrating the few hitherto inaccessible regions in the hope of stumbling upon exposed ore deposits or locating visible indications of their presence. The second is chemical. Industrial chemists and metallurgists are seeking to facilitate the exploitation of lower grade ores or to find methods of recovering valuable metals from common substances. In the third field of effort lie the activities of the economic geologist and the mining engineer, who endeavor to locate concealed ore deposits which would remain hidden from the prospector no matter how expert or conscientious he might be. Obviously the task which such a man must face is both exacting and indefinite, and the tools which he has heretofore been permitted to bring to it are, for the most part, abstract-a knowledge of certain fundamental principles and processes involved in the origin, occurrence, structure, and distribution of deposits of natural resources and of the rocks which form the environments of those deposits; and a process. of reasoning by analogy supplemented by the use of the diamond drill, or such artificial exposure as -the test pit, trench, shaft, or tunnel.

Jan 1, 1928

By Karl J. Benecke

Though the first patent on a bucket wheel excavator (BWE) was granted in 1881 in the US, this technology was developed in Germany to the high standards of today. However, this development was only possible in parallel with development of shiftable belt conveyors and boom stackers. The combination of these three types of equipment in the open pits of the Federal Republic of Germany has made lignite the cheapest energy source for power generation, despite the low heating value of German lignite on the order of 8500 kJ/kg (3600 Btu/lb) only. Comparing the costs for fuels used in power generating on the basis of their heating value, the relation between lignite, high quality black coal, and imported crude oil is on the order of 1 to 1.5 to 2.5, hence highly in favour of lignite.

Jan 8, 1979

By A. C. Dorenfeld

CHANGES in circuits are often made in milling operations. At the same time that these changes are being evaluated the ores are changing. Even from the same mine, the ore is usually variable as to amount and type of mineral content, degree of association of valuable and gangue minerals, amount and types of soluble salts, hardness, etc. The question then arises whether any small differences in results, after changes have been made in the various circuits, are really due to these changes or whether the variability of the ore can account for those differences. Statistical evaluation provides one method of answering the question that arises so often in beneficiation studies: Did changed results come about because of changed process, or did ore variation cause the change? In this case, data were available for statistical analysis from an operating period of 42 months, representing treatment of approximately 1 million tons of ore. During this period there had been two flowsheet changes: 1) regrind of the zinc circuit middlings was introduced, and 2) alcohol- pine oil frother mixture was substituted for cresylic acid-pine oil frother mixture. Findings are in Table I.

Jan 10, 1954

J. S. UNGER,* Pittsburg, Pa, . (written discussion?).-The author of the paper has given an excellent description of the appliances used to cool parts of an open-hearth furnace, and some of the reasons why the refractories fail in service. Personally, I favor water-cooling, but to a limited degree. At one time I advocated more universal cooling than is now practised, but believe I must change my mind. Water-cooled, thin-lined blast furnaces have not proved as satisfactory as anticipated. While this may retard the building of many such furnaces, it will not prevent the use of regular tuyere- and bosh-cooling appliances. Water-cooling any furnace may be easily carried to the extreme. In an open-hearth furnace, excessive port or roof cooling, or cooling the working floors may preserve the lines of the furnace, lower the cost of refractories, acid to the comfort of the workmen, and necessitate fewer shutdowns for repairs, but it may not be good economy on account of the high first cost, the cost of cooling water, maintenance of cooling appliances, and the immediate reflection in a higher fuel cost. The question becomes a financial one, and is answered by using water-cooling devices up to the point at which they cease to show true economies. Open-hearth furnace bulkheads, roofs, and ports fail rapidly in about the order named. If they could be made to last indefinitely by water-cooling, the furnace would still have to be shut clown periodically for cleaning the slag pockets, regenerator chambers, and flues. Extra, or spare, pockets and regenerator chambers have been advocated to permit of continuous operation, but the space required, the cost of installation, and the fuel required to initially heat such cold chambers will largely prevent their adoption. Some particular fuels, as high-ash powdered coal, require frequent stoppages for cleaning, but for this particular fuel a special provision can' be made.

Jan 5, 1919

By J. Birkinbine

Extended discussions, by inviting attention to problems affecting the conservation of natural resources, have encouraged investigations as to their sufficiency, with the general result that the more thorough the examination, the less cause appears for anxiety as to the exhaustion or serious depletion of these resources.

Jan 1, 1915

By Chas. A. Ashburnea

THE appliances which have been proposed, and the modifications in the construction of boiler-furnaces which have been made for the prevention of smoke, and the utilization of what are ordinarily called the waste products of combustion, have been innumerable.† †There is now open in London an exhibition "of apparatus of all kinds devised to prevent smoke."

Jan 1, 1882

By H. W. McCue

In 1945 the number of oil wells drilled was less than in 1944 but the number of gas wells was greater. The oil wells numbered 176, completed for an initial production of 25,214 bbl., an average of 143 bbl. per well as against a total in 1944 of 245 drilled for 32,886 bbl., or 134 bbl. per well. All of these wells were in proven areas and no new discoveries

Jan 1, 1946

By J. E. Lawver

On the basis of both laboratory and pilot-scale tests, a newly developed high-tension electrostatic process is technically and economically feasible for the production of iron ore superconcentrates containing 0.02 to 0.20% silica at iron recoveries of 85 to 90%. The process can be used to recover both a superconcentrate and a pellet-grade concentrate, from a feed containing middlings, and the system is not unduly upset from changes in feed structure and composition. The adverse affect of excess quantities of material finer than 30 microns, i.e., above 10% in quantity can be avoided by a desliming step. Finally, because of the cost of drying, the best feed for the process appears to be dry-ground ores as well as spiral, flotation, or magnetic concentrates.

Jan 1, 1970

By A. C. Backeberg

There is no South African code for the design of reinforced concrete headframes, and all those erected have been designed on a uniform basis which, up to the present, has tended to be conservative. With certain exceptions designs have generally conformed with British Standard Code of Practice C.P. 114. In the design of reinforced concrete headframes the following loads are taken into account:

Jan 11, 1961

By Noel Stearn

WHEN the Age of Machinery was suddenly thrust upon civilization about the beginning of the nineteenth century, an unprecedented demand for mineral resources sprang up. This demand brought about the rapid development of the known ore deposits and the discovery of such other deposits as could be encountered by energetic and canny pros-pectors. Thus in the countries now reasonably ac-cessible nearly all orebodies have been located except those which are totally concealed even from the eyes and "senses" of experienced and expert prospectors. The high rate of exhaustion of known ore deposits and the necessity of looking farther and farther ahead for raw materials as a matter of insurance on the stu-pendous capital outlays involved in mining, develop-ment, and conversion operations, have resulted in excep-tional activity in three different fields of effort. The first is purely geographic. Prospectors are now pene-trating the few hitherto inaccessible regions in the hope of stumbling upon exposed ore deposits or locating visible indications of their presence. The second is chemical. Industrial chemists and metallurgists are seeking to facilitate the exploitation of lower grade ores to find methods of recovering valuable metals from common substances. In the third field of effort. lie the activities of the economic geologist and the mining engineer, who en-deavor to locate concealed ore deposits, which would remain hidden from the prospector, no matter. how expert or conscientious he might be. Obviously the task which such a man must face is both exacting and indefinite, and the tools which he has heretofore been permitted to bring to it are, for the most part, abstract-a knowledge of certain fundamental princi-ples and processes involved in the origin, occurrence, structure, and distribution of deposits. of natural re-sources and of the rocks which form the environments of those deposits, and a process-of reasoning by analogy supplemented by the .use of the diamond drill, or such artificial exposure as the test pit, trench, shaft or tunnel. His primary efforts are usually bent on acquiring a knowledge of the distribution of the rocks-as accurate -is possible-which is a natural prerequisite to any conclusion as to how they became so distributed. Over very extensive areas, however, he meets. the extreme difficulty of being unable to see the rocks, except at rare intervals, since .they have been concealed by an overburden of glacial material, of alluvium, of soil, or of other rocks.

Jan 9, 1928

By D. H. Yardley

Diversion of the American Falls of Niagara to permit investigation of ways and means to stabilize the falls while retaining or improving its natrual attractiveness is the geoengineering work that has received greatest public attention this year. The falls are re- treating slowly as rock falls occur while talus de- posits at the base have increased in size. One of the noteworthy questions is whether the talus should be removed-i.e. is it providing support to the base, and so what will happen if it is removed? Certainly the appearance would be improved if the talus were taken away. Geoengineering studies involve mapping of joints, stress measurements, core work and rock sampling and testing, Present work will provide data and interpretation for design of a long term stabilization system, Once basic information is obtained, water will be returned to the normal channel until such time as the detailed design is decided upon. The falls will then be diverted a second time while necessary work is performed. A number of site-environmental studies were carried out for the location of nuclear power plants. These projects involve geology, foundation engineering, hydrology, seismology, meteorlogy, marine geology (in some cases), rock mechanics and occasionally blast monitoring. In one case (investigated by Dames & Moore) the site area was underlain by caverns in limestones at shallow depths but with no surface expression. The geotechnical problems consisted of determining proper spacing of drill holes to locate caverns. Spacing was dependent on the smallest size of cavity that could constitute a support-stability problem for the plant. The finite element method of analysis was used to determine stress conditions around cavities of various size and depths, to assist in determining critical parameters.

Jan 1, 1970

By LeRoy Scharon, P. Uhley

TEST gravity surveys were made in the Washington County barite district of Missouri on properly owned by the Baroid Sales Division of the National Lead Co. This property is located just northeast of Richwoods in the northeastern corner of Washington County, Fig. 1. The area to which the surveys were confined comprised approximately 5000 acres, of which some 525 acres were surveyed gravitationally. Gravity observations were made at 2600 points within the area, observations being confined to relatively clear and gently sloping ground. Part of the area was heavily wooded, and the terrain too rugged for either the occurrence of a commercial barite deposit or a feasible gravity survey. The relief along the central drainage, Ditch Creek, was about 140 ft, the maximum difference in elevation being 400 ft in a distance of 3½ miles. The purpose of the test gravity survey was to determine whether the gravity method of geophysical prospecting might be applied in the exploration for barite deposits in the Washington County barite district, since a satisfactory systematic procedure had not been devised to explore and ultimately determine barite ore reserves with desired accuracy. No previous geophysical work with respect to barite is known to have been done in this area. Stratigraphy: The formations over which the barite deposits occur' are Paleozoic in age, representing rocks involving sandstones and dolomites unconformably underlain by pre-Cambrain granites and rhyolite porphyries. The areas covered by the granite survey were directly underlain by almost

Jan 1, 1955

By J. F. Myers, F. M. Lewis

IN the mining and handling of sulphide ores, some degree of oxidation takes place on the sulphide surfaces, which are exposed to the atmosphere. It is, moreover, well known that the oxidation compounds formed are a factor when such ores are subsequently treated by flotation. Modern operating technique and reagents are capable of contending with this condition to a major degree, provided that the proportions of the reagents used are varied correctly. This is particularly true at the Tennessee Copper Co., where the ore treated contains pyrrhotite in addition to other sulphides. A number of soluble salts, some of which are unstable, can be formed during the oxidation of the sulphide ores. Those unstable salts, whose oxygen requirements are unsatisfied, are constantly changing to more stable forms because oxygen reacts with them during the crushing, grinding and other operations of ore preparation. We add no chemicals of any kind to the ore pulp in its preparation for flotation feed. Consequently the only compounds that are present in the flotation feed are those produced by the natural oxidation of the ore in the presence of air and water. The Tennessee Copper Co. ore is composed of from 60 to 70 per cent sulphides and from 40 to 30 per cent nonsulphide material. It is not the purpose of this paper to discuss the nature of these various oxygensulphur compounds nor their effect on flotation, but to describe a method for [ ] correcting the effect. Suffice it to say that we have found that the reducing sulphur and oxygen salts have a depressing action on our bulk flotation process.1 From long experience we find that the best means of correcting for this variation in our work is to increase or decrease the quantity of xanthate, the promoting agent, as the quantity of the reducing salts increases or decreases. It was, therefore, very desirable to provide the operators with some quick and

Jan 1, 1946

By R. A. Stauffer

THE chief ore of lithium is spodumene, a lithium-aluminum silicate containing up to 3 pct lithium. The preparation of lithium salts from spodumene is costly because of the low concentration of the metal and the difficulty of separating it from the other alkali metals present. Dr. Kroll's and Dr. Schlecten's recent paper' has reviewed various methods proposed for preparation of lithium. It will be seen from this paper that the methods proposed to date have required one or another of the lithium salts as a raw material. The high cost of these salts has been the chief item of expense in the lithium metal produced. This situation has made it interesting to investigate the possibility of producing the metal directly from spodumene. When spodumene is calcined at 1000°C in the presence of lime, lithium oxide is replaced in the ore as is evidenced by the fact that it may be leached from the reaction mixture with water.2 Free energy calculations suggested that lithium oxide might be reduced with aluminum or silicon and the lithium produced distilled from the reaction mixture by heating to about 1000°C in a vacuum. These facts taken together suggested that it might be possible to prepare lithium metal directly from spodumene by heating a mixture of the ore, lime, and a suitable reducing agent in vacuum and distilling off the lithium metal as formed. THE REPLACEMENT OF Li20 IN SPODUMENE A series of experiments were undertaken to determine the ratio of lime to spodumene necessary to free substantially all the lithium oxide present in the ore. The spodumene used in these experiments was supplied by Foote Mineral Co. in the form of powder of about 200 mesh. Analysis of the spodumene was as follows: [ ] Lime (cp -200 mesh) was added in various ratios to spodumene and thoroughly mixed in a ball mill. Two hundred gram samples of spodumene-lime mixtures were charged loosely in fireclay crucibles and held at 1000°C in a gas-fired furnace for 5 hrs. The product in each case was ground to pass 140 mesh and then placed in a thimble in a soxhlet extractor. Extraction with water was carried on for 6 hrs. After this period the extract was reduced in volume by evaporation in order to precipitate dissolved lime and was then filtered and titrated with 1/4 normal hydrochloric acid. After correcting for residual calcium oxide in solution, the alkali present was calculated as lithium oxide. The results of these experiments are shown in Table I and Fig I. At lime-spodumene ratios less than 1.5, the products were invariably fused. At the ratio of 1.5 and above, the product was loosely sintered with little evidence of fusion. When the ratio of lime to spodumene was three, replacement of alkali oxides in the

Jan 1, 1947

By A. H. Taitt

The original basis for the search for oil in Great Britain was described last year.t During 1937 the exploratory drilling by the D'Arcy Exploration Company, Ltd. has been continued. Three wells have been completed in the south of England and a fourth is nearing completion. In addition, test wells are now being drilled in Scotland and East Yorkshire. Southern England The test well on the Portsdown structure, which at the end of 1936 was drilling in the Lower Lias at 5792 ft., entered the Triassic at 6540 ft. and was completed in that formation at a depth of 6556 ft., without encountering further indications of petroleum. The Henfield well encountered the Lias at a depth of approximately 4090 ft., and after drilling 800 ft. of an argillaceous development of that formation entered a series of marls, breccias and conglomeratic limestones of the Carboniferous. Drilling was suspended at a depth of 5105 ft., in the latter formation. The consistently impermeable nature of the strata encountered in the Portsdown and Henfield test wells focused attention on the desirability of obtaining shore-line conditions of the Jurassic. With this end in view the Kingsclere anticline, a few miles south of Newbury in Berkshire, was selected for a next test. The Kingsclere well has now reached a depth of 5032 ft. in the Lower Lias and has encountered a full development of the Jurassic. With the exception of the Portland sand, which has a slightly greater porosity, and the Corallian, in which relatively great thicknesses of impervious limestone were met, conditions of sedimentation have been found to be comparable with those of the earlier wells. Small traces of petroleum have been found in cuttings and cores, but formation tests carried out at frequent intervals have yielded no flow of oil. In order to test the Corallian, from which series an outcropping oil sand had been found, a test well was drilled in a near-by anticline at Poxwell in Dorset. The Poxwell well started in the Portland beds and entered the Corallian at 995 ft. The sands at the horizon of the out-

Jan 1, 1938

By H. L. Sauder, J. L. Newman, C. Waddell

An instrument capable of measuring subsurface flow rates is described. The instrument is self-contained and may be run on piano wire line. It detects flow by means of an impeller suspended between two torsion wires. The force of the well fluid striking the impeller causes the impeller to rotate, exerting a torsional force to the wires. This force is determined by recording the angle of rotation of the impeller on film using a battery-driven, clock-controlled camera. The impeller is sensitive to flow in either direction and the same instrument can be used to measure injection as well as production rates. Changes in direction of flow, such as might be caused by thief zones, are measurable and are indicated by a reversal of the direction of rotation of the impeller. Adjustment of the sensitivity of the instrument to measure a wide range of flow rates is accomplished by the use of different size torsion wires. An umbrella-type fluid trap, which contacts the casing or wellbore, diverts the flow through the flow tube. The fluid trap remains closed while rurrning in the hole and can be opened at any point in the well. The instrument with the trap closed is 1 3/4 in. OD and may be run through 2 in. tubing. Successful flow profiles have been made on wells with flow rates ranging from 60 BID to 4,000 B/D at surface pressure up to 4,500 psi. The instrument is designed for high-pressure and high-temperature operations. INTRODUCTION The need for an instrument that will measure flow rates in a wellbore is as old as reservoir engineering itself. A number of such devices have been designed within the past few years. Some of these have been described in the literature1,2,3,4,5,6 One of these devices1. a hot-wire anemometer type, made many successful jobs in dry gas producing areas. Difficulty was encountered when this flowmeter was used in wells producing liquids and development work was initiated to overcome this difficulty. The present flowmeter is the result of this work and provides an instrument with a wider range of application in the industry. Consider- able development work has been done on the tool involving many changes in the mechanics of recording the flow readings, however, the basic principle of flow detection has remained the same since its inception. PRINCIPLE OF OPERATION The basic principle of operation of the flowmeter is the utilization of a portion of the kinetic energy of flowing well fluid to impart a rotational force to an impeller suspended between two torsion wires. This impeller, Fig. 1, is a screw-type propeller with the blades having a pitch angle of 40. As the well fluid passes through the instrument it strikes the impeller. The resulting force rotates the impeller and twist\ the torsion wires to a balance point at which the torque imparted to the wires balances the force required for the impeller to deflect the well fluid. The impeller is symmetrical and a change in direction of the flow results in a reversal of the direction in which the impeller is deflected. Thus the direction of the flow as well as its velocity is indicated. A dial is attached to the impeller by means of a hollow tube through which the upper torsion wire extends. The angular position of the impeller is recorded by photographing the dial at frequent intervals. In any given set of torsion wires the modulus of shear and polar moment of inertia remain constant and the deflection varies directly with the applied torque. The deflection imparted to the torsion wires also varies as the square of the fluid velocity. Further, the velocities represented by any two given deflections hear the following relationships: and Where V = velocity of flow stream and O ;= deflection. This is the basic relationship which is used to calculate the relative velocities represented by a given set of deflections where the velocity represented by any one of the deflection readings is a known quantity. For a given torque, the deflection of the torsion wire varies inversely as the fourth power of the wire diameter. Wire sizes ranging from ,005 in. in diameter to .022 in. in diameter can be used. The range of

Jan 1, 1957

By F. G. Miller, J. M. Podgursky

Laboratory and pilot plant work on tabling of 14-mesh X 0 hydrocyclone under flow are summarized. Included are: operating principles of hydrocyclones and tables; performance of these two devices, separately as well as in combination; comparison of the combination hydrocyclone-table system with other fine-coal processing systems; and application of the hydrocyclone-table system in fine-coal circuits. The data show that the table actually compensates for the shortcomings of hydrocyclone and makes a combination table-hydrocyclone system attractive, particularly in those cases where fine pyrite is one of the major contaminants.

Jan 1, 1973

By Theodore Nagel

Fuel-oil, natural gas and coke oven gas, producing the higher temperatures of open-hearth current practice, have been gradually displacing producer gas the lowest cost fuel for open hearth operations. The lower temperatures of combustion products from producer gas is caused by nitrogen dilution. Practical Application of Combustion Thermochemistry One pound of carbon burned to CO produces 3,960 B.T.U. and one pound of carbon burned to C02 produces 14,140 B.T.U. The second unit of oxygen uniting-with gasified car-bon (-CO) produces (14,140 - 3,960) 10,180 B.T.U. which is;(10,180 - 3,960) 6,220 B.T.U. more heat than produced by the first, unit of oxygen forming CO by uniting with solid carbon. A review of the relative combustion heating values of commercial gaseous fuels reveals CO requires a minimum of air for combustion, and because of minimum nitrogen dilution and the high thermal release from CO higher temperature combustion products are produced from CO than from natural gas or from coke-oven gas under similar combustion conditions. Inert nitrogen diluent lowers the calorific value of fuel gas and its diluting effect is cumulative in lowering the temperature of the products of total, combustion. It is not only logical but, practical in partial combustion, converting bituminous coal to gas, to generate the gas, with reduced nitrogen dilution.

Jan 1, 1936

By Theodore Nagel

Fuel-oil, natural gas and coke oven gas, producing the higher temperatures of open-hearth current practice, have been gradually displacing producer gas the lowest cost fuel for open hearth operations. The lower temperatures of combusts on products from producer gas is caused by nitrogen dilution. Practical Application of Combustion Thermochemistry One pound of carbon burned to CO produces 3,960 B.T.U. and one pound of carbon burned to C02 produces 14,140 B.T.U. The second unit of oxygen uniting with gasified carbon (CO) produces (14,140 - 3,960) 10,180 B.T.U. which is (10,180 - 3,960) 6,220 B.T.U. more heat than produced by the first unit of oxygen forming CO by uniting with solid carbon. A review of the relative combustion heating values of commercial gaseous fuels reveals CO requires a minimum of air for combustion and because of minimum nitrogen dilution and the high thermal release from CO higher temperature combustion products are produced from CO than from natural gas or from coke-oven gas under similar combustion conditions. Inert nitrogen diluent lowers the calorific value of fuel gas and its diluting effect is cumulative in lowering the temperature of the products of total combustion. It is not only logical but practical in partial combustion, converting bituminous coal to gas, to generate the gas with reduced nitrogen dilution.

Jan 1, 1936