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By L. G. Margolin

INTRODUCTION In this paper we derive an expression to predict the onset of growth of a crack in a quasibrittle material. We employ an energy criterion, which was first proposed by Griffith (1920), and is essentially equivalent to the first two laws of thermodynamics. The criterion is applied to the elastic-plastic crack of Olesiak and Wnuk (1968), which is a three-dimensional generalization of the Dugdale (1960) crack. Our expression for the onset of growth differs in several respects from a criterion based on a crack in a brittle material (i.e., using linear elastic fracture mechanics) . Furthermore, the new features are in qualitative agreement with the experimental data. Among these new features are 1) the dependence of the apparent surface energy, or critical strain energy release rate on crack size (the shape of the R-curve); 2) the effect of in-plane stresses (i.e., the stresses that do not lead to any traction on the crack faces) on crack growth; and 3) a brittle-ductile transition. The energy criterion, as a necessary condition for crack growth, rests on a firm theoretical basis. However, its role as a sufficient condition is less secure. Several alternate criteria have been proposed as necessary and sufficient conditions for the onset of crack growth. We will contrast several of these, including critical strain (Olesiak and Wnuk, 1968; Goodier and Field, 1963) and crack opening displacement ("COD", Burdekin and Stone, 1966) with the energy criterion. We will show that these alternate approaches are inconsistent with the energy criterion, in the sense of being necessary conditions, and so should be rejected as criteria for growth--at least for the elastic-plastic crack.

Jan 1, 1984

By ANDREW McVILLIAM, WILLIAM H. HATFIELD

AT the 1902 May meeting of the Iron and Steel Institute, the, authors presented a paper on " The Elimination of Silicon in The Acid Open-Hearth," wherein they recorded a few typical examples of certain Siemens charges out of a very large number specially watched for the purposes of that research. The main deductions drawn from those experiments have been accepted in all the intelligent criticism during or after the discussion on the paper. One opinion, however, was rigidly held by all who mentioned the matter, with the single exception, perhaps, of Mr. Lange, and that was the necessity for the attainment and the maintenance of an abnormally high temperature in order that the percentage of silicon in the metallic bath might increase, or that an unusually large proportion of silicon might be retained in the metal. The original decision was ar-rived at on the results of scores of trials, and has since been the subject of frequent experiment. The authors still retain their opinion that although, naturally, a higher temperature will accelerate the (probable) action between the carbon of the steel and the excess silica of the slag, they then fairly proved, and have now abundantly confirmed the fact, that around the temperatures occurring in Siemens steel-making practice the chemical composition of the slag, particularly with regard to its acidity, is the factor which determines whether the percentage of silicon in the molten steel shall increase or decrease. In the discussion in 1902 Mr. Saniter called attention to Mr. H. H. Campbell's work, and in the reply the authors also mentioned that of Messrs. Winder and Brunton of 1892, the two

Mar 1, 1905

By Marcus Grossmann

THIS paper offers for consideration certain somewhat radical modifications in the iron-carbon diagram, these modifications being the result of the presence of notable amounts of alloying elements. When only small amounts of alloys are present, 'the standard iron-carbon diagram (Fig. 1) can be used with but insignificant changes; when larger amounts of Chromium, Per Cent FIG. 1.-IRON-CARBON DIAGRAM. FIG. 2.-IRON-CHROMIUM DIAGRAM. alloys are present, however, it assumes a distinctly altered appearance. No comment is offered for the present except to call attention to the delta area, A4BM, which represents a region of mixtures of austenite and delta iron, just as area A3SP represents mixtures of austenite and alpha iron.

Jan 12, 1926

By Robert T. DeGavre

The $650 million financing for Into Ltd.'s Soroako nickel project is a story worth telling-not only because the project itself represents a significant achievement but also because there are certain important lessons that can be derived from our experience in financing the project. A critical appraisal of the methods and successes in the financing plan is presented in this article, in light of goals which Inco sought to achieve. A technical assessment of the project is not included, since Inco Ltd. has submitted a series of papers on this subject at the International Laterite Symposium as part of the 108th Annual Meeting of AIME in February 1979. Progress in developing and financing the project is encapsulated in the accompanying project factsheet.

Jan 3, 1979

By AIME AIME

THE Coal Division holds its fall meeting in the Pocahontas coal field, at the West Virginian Hotel, Bluefield, W. Va., Oct. 9 and 10. The first day will be a busy one-two sessions for the presentation of papers and a dinner in the evening. Hon. E. Fudge, Assistant Undersecretary, Mines Department, and R. V. Wheeler, head of the Mines Research Board of Great Britain, will be the guests of the Division. Mr. Wheeler will discuss the British Mining Act as relates to the coal industry. George S. Rice, Chief Mining Engineer, U. S. Bureau of Mines, will present an account of the recent meeting at Buxton in England, of representatives of England, Germany, France, Belgium and the United States to formulate a plan and to correlate research work now in progress in the various countries. The second day the members will be the guests of the operators on a trip through the Pocahontas field. The work of preparation for the meeting is being actively pushed by committees headed by T. H. Clagett, R. M. Lambie and H. D. Smith, and a good attendance, both local and from the general membership of the Division, is anticipated. Because many will make the trip by car the principal automobile as well as rail-road connections to Bluefield are given here. The program for Friday, Oct. 9, follows:

Jan 1, 1931

By S. M. Wu, R. L. Stone, T. D. Tiemann

The dissolution of silica from quartz in sodium hydroxide solutions was investigated by statistical methods. A second-order predicting equation was developed with 28 experiments expressing the dissolution of silica as a function of the variables quartz size, time, temperature and sodium hydroxide concentration. With this equation a comprehensive picture of the dissolution reaction was gained which included the effect on extraction of each variable and their interactions, fractional extractions, reaction rates and activation energies. A previous investigation of the extraction of silica from low grade siliceous iron ore by digestion in sodium hydroxide solutions presented the extraction as a function of time, temperature and sodium hydroxide concentration.' The present paper is an outgrowth of the previous work and develops by a mathematical analysis the functional relationship between the extraction of silica and time, temperature, sodium hydroxide concentration and particle size. Relatively pure quartz was used in this study in order that the basic quartz-sodium hydroxide reaction could be studied without the influence of other constituents that are commonly found in iron ores. The functional relationship between the dissolution

Jan 1, 1965

By W. B. Mather

Arkansas' nonmetalliferous deposits are of many different types. The principal types briefly described in this paper are: clays, shales and slates; silica deposits; limestone and dolomite; barite; gypsum; celestite; nepheline syenite; greensand; phosphate; vermiculite; fuller's earth; bentonite; diamonds; sand and gravel. The future development of these deposits is expected to effect profoundly the industrial development of the state.

Jan 5, 1950

By Verne D. Johnston

ALTHOUGH the stocks of Lake Superior iron ore on dock or at furnaces at the beginning of the year were about 6,000,000 tons less than at the beginning of 1938, the steel industry was operating at only 52 1/2 per cent of capacity and continued at approximately this rate to about Aug. 1. Consequently the iron mines in the Lake Superior district during the winter and spring period were almost all on a curtailed production basis, governed mostly by the needs of the communities rather than by anticipation of ore demands. Many of these properties gave extra employment by prosecuting heavy strip- ping programs, and the underground mines by shaft sinking and rock development. All underground mines re- turned to full operation in September, mostly two-shift, five days per week. A few operated the sixth day. The ship- ping schedules were increased so that the actual delivery for the year exceeded early expectations by about 20 per cent. Final Lake shipments were slightly in excess of 45,000,000 gross tons.

Jan 1, 1940

By Fred C. Bond

MOST investigators are aware of the present unsatisfactory investigatorsstate of information concerning the fundamentals of crushing and grinding. Considerable scattered empirical data exist, which andare useful for predicting machine performance and give acceptable accuracy when the installations and materials compared are quite similar. However, there is no widely accepted unifying principle or theory that can explain satisfactorily the actual energy input necessary canexplain commercial installations, or can greatly extend the range of empirical comparisons. Two mutually contradictory theories have long existed in the literature, the Rittinger and Kick. They were derived from different viewpoints and logically lead to different results. The Rittinger theory is the older and more widely accepted.'TheRittinger In its first form, as stated by P. R. Ritted.'tinger, it postulates that the useful work done in crushing and grinding is directly proportional to the new surface area produced and hence inversely proportional to the product diameter. In its second form it has been amplified and enlarged to include the concept of surface energy; in this form it was precisely stated by A. M. Gaudin' as follows: "The efficiency of a comminution operation is the ratio of the surface energy produced to the kinetic energy expended." According to the theory in its second form, measurements of the surface areas of the feed and product and determinations of the surface energy per unit of new surface area produced give the useful work accomplished. Computations using the best values of surface energy obtainable indicate that perhaps 99 pct of the work input in crushing and grinding is wasted. However, no method of comminution has yet been devised which results in a reasonably high mechanical efficiency under this definition. Laboratory tests have been reported- hat support the theory in its first form by indicating that the new surface produced in different grinds is proportional to the work input. However, most of these tests employ an unnatural feed consisting either of screened particles of one sieve size or a scalped feed which has had the fines removed. In these cases the proportion of work done on the finer product particles is greatly increased and distorted beyond that to be expected with a normal feed containing the natural fines. Tests on pure crystallized quartz are likely to be misleading, since it does not follow the regular breakage pattern of most materials but is regularrelativelybreakage harder to grind patternat the finer sizes, as will be shown later. This theory appears to be indefensible mathematically, since work is the product of force multiplied by distance, and the distance factor (particle deformation before breakage) is ignored. The Kick theory4 is based primarily upon the stress-strain diagram of cubes under compression, or the deformation factor. It states that the work required is proportional to the reduction in volume of the particles concerned. Where F represents the diameter of the feed particles and P is the diameter of the product particles, the reduction ratio Rr is F/P, and according to Kick the work input required for reduction to different sizes is proportional to log Rr /log 2." The Kick theory is mathematically more tenable than the Rittinger when cubes under compression are considered, but it obviously fails to assign a sufficient proportion of the total work in reduction to the production of fine particles. According to the Rittinger theory as demonstrated by the theoretical breakage of cubes the new surface produced, and consequently the useful work input, is proportional to Rr-l.V f a given reduction takes place in two or more stages, the overall reduction ratio is the product of the Rr values for each stage, and the sum of the work accomplished in all stages is proportional to the sum of each Rr-1 value multiplied by the relative surface area before each reduction stage. It appears that neither the Rittinger theory, which is concerned only with surface, nor the Kick theory, which is concerned only with volume, can be completely correct. Crushing and grinding are concerned both with surface and volume; the absorption of evenly applied stresses is proportional to the volume concerned, but breakage starts with a crack tip, usually on the surface, and the concentration of stresses on the surface motivates the formation of the crack tips. The evaluation of grinding results in terms of surface tons per kw-hr, based upon screen analysis, involves an assumption of the surface area of the subsieve product, which may cause important errors. The evaluation in terms of kw-hr per net ton of —200 mesh produced often leads to erroneous results when grinds of appreciably different fineness are compared, since the amount of —200 mesh material produced varies with the size distribution characteristics of the feed. This paper is concerned primarily with the development, proof, and application of a new Third Theory, which should eliminate the objections to the two old theories and serve as a practical unifying principle for comminution in all size ranges. Both of the old theories have been remarkably barren of practical results when applied to actual crushing and grinding installations. The need for a new satisfactory theory is more acute than those not directly concerned with crushing and grinding calculations can realize. In developing a new theory it is first necessary to re-examine critically the assumptions underlying

Jan 1, 1953

By Fred C. Bond

MOST investigators are aware of the present unsatisfactory investigatorsstate of information concerning the fundamentals of crushing and grinding. Considerable scattered empirical data exist, which andare useful for predicting machine performance and give acceptable accuracy when the installations and materials compared are quite similar. However, there is no widely accepted unifying principle or theory that can explain satisfactorily the actual energy input necessary canexplain commercial installations, or can greatly extend the range of empirical comparisons. Two mutually contradictory theories have long existed in the literature, the Rittinger and Kick. They were derived from different viewpoints and logically lead to different results. The Rittinger theory is the older and more widely accepted.'TheRittinger In its first form, as stated by P. R. Ritted.'tinger, it postulates that the useful work done in crushing and grinding is directly proportional to the new surface area produced and hence inversely proportional to the product diameter. In its second form it has been amplified and enlarged to include the concept of surface energy; in this form it was precisely stated by A. M. Gaudin' as follows: "The efficiency of a comminution operation is the ratio of the surface energy produced to the kinetic energy expended." According to the theory in its second form, measurements of the surface areas of the feed and product and determinations of the surface energy per unit of new surface area produced give the useful work accomplished. Computations using the best values of surface energy obtainable indicate that perhaps 99 pct of the work input in crushing and grinding is wasted. However, no method of comminution has yet been devised which results in a reasonably high mechanical efficiency under this definition. Laboratory tests have been reported- hat support the theory in its first form by indicating that the new surface produced in different grinds is proportional to the work input. However, most of these tests employ an unnatural feed consisting either of screened particles of one sieve size or a scalped feed which has had the fines removed. In these cases the proportion of work done on the finer product particles is greatly increased and distorted beyond that to be expected with a normal feed containing the natural fines. Tests on pure crystallized quartz are likely to be misleading, since it does not follow the regular breakage pattern of most materials but is regularrelativelybreakage harder to grind patternat the finer sizes, as will be shown later. This theory appears to be indefensible mathematically, since work is the product of force multiplied by distance, and the distance factor (particle deformation before breakage) is ignored. The Kick theory4 is based primarily upon the stress-strain diagram of cubes under compression, or the deformation factor. It states that the work required is proportional to the reduction in volume of the particles concerned. Where F represents the diameter of the feed particles and P is the diameter of the product particles, the reduction ratio Rr is F/P, and according to Kick the work input required for reduction to different sizes is proportional to log Rr /log 2." The Kick theory is mathematically more tenable than the Rittinger when cubes under compression are considered, but it obviously fails to assign a sufficient proportion of the total work in reduction to the production of fine particles. According to the Rittinger theory as demonstrated by the theoretical breakage of cubes the new surface produced, and consequently the useful work input, is proportional to Rr-l.V f a given reduction takes place in two or more stages, the overall reduction ratio is the product of the Rr values for each stage, and the sum of the work accomplished in all stages is proportional to the sum of each Rr-1 value multiplied by the relative surface area before each reduction stage. It appears that neither the Rittinger theory, which is concerned only with surface, nor the Kick theory, which is concerned only with volume, can be completely correct. Crushing and grinding are concerned both with surface and volume; the absorption of evenly applied stresses is proportional to the volume concerned, but breakage starts with a crack tip, usually on the surface, and the concentration of stresses on the surface motivates the formation of the crack tips. The evaluation of grinding results in terms of surface tons per kw-hr, based upon screen analysis, involves an assumption of the surface area of the subsieve product, which may cause important errors. The evaluation in terms of kw-hr per net ton of —200 mesh produced often leads to erroneous results when grinds of appreciably different fineness are compared, since the amount of —200 mesh material produced varies with the size distribution characteristics of the feed. This paper is concerned primarily with the development, proof, and application of a new Third Theory, which should eliminate the objections to the two old theories and serve as a practical unifying principle for comminution in all size ranges. Both of the old theories have been remarkably barren of practical results when applied to actual crushing and grinding installations. The need for a new satisfactory theory is more acute than those not directly concerned with crushing and grinding calculations can realize. In developing a new theory it is first necessary to re-examine critically the assumptions underlying

Jan 1, 1953

Jan 1, 1897

The Institute conducts jointly with the American Society of Civil Engineers, American Society of Mechanical Engineers and American Institute of Electrical Engineers, certain activities as listed below, and is joint owner with them of certain properties. United Engineering Trustees, Inc. When Mr. Carnegie made his gift which made possible a home for the engineering societies, a separate corporation was organized to act as a holding company and to manage the common property. This was long known as the United Engineering Society, but the name has now hen changed to one which more nearly reflects the real function of the corporation. It holds title to the Engineering Societies Building and to various funds placed in its charge and is managed by a Board of Trustees, of which three are chosen by each of the four societies, American Institute of Mining and Metallurgical

Jan 1, 1932

[ ]

Jan 12, 1959

ENGINEERS AVAILABLE (Under this heading will be published notes sent to the Secretary of the Institute of members or other persons introduced by members.) Member, Cornell M. E., graduate, aged 31, married. Will soon complete 2 years' engagement in the Russian oil fields. Eight years' practical experience in drilling for and producing oil. Can speak Russian fluently and some French and German. Open for engagement. Interview after August 15, in the United States. No. 299. Metallurgist, four years' experience in electric furnace operation on steel, ferro-alloys and smelting of ores, both practical and research, desires position as metallurgist or superintendent. No. 314. Member, technical mining graduate. 5 years' experience in coal and metal mines and construction work. Married. Aged 27. Employed at present. Interview in Salt Lake City or Denver. No. 316. Member, American, aged 39, married, desires position as superintendent or mine superintendent. 14 years' experience in opencut and underground work. 12 years' Spanish, Portugese, Cuban and Mexican labor. Fluent Spanish. Good training in first aid and safety first. Specialty of high explosives and steam-shovel work. Good costs. Go anywhere, but tropics preferred. References. Interview, New York or Philadelphia, No. 318.

Jan 10, 1916

By W. F. Boericke

THE recent completion by the United States Aluminum Company of a $4,000,000 addition to its plant at Massena, N. Y., consisting of a large blooming mill and structural mill, gives this organization, a subsidiary of the Aluminum Company of America, the distinction of possessing the largest aluminum rolling mill in the world, as well as the first mil1 in this country to roll aluminum exclusively. The plant is located near the international boundary line between Canada and the United States, about 3 miles from the St. Lawrence River, to take advantage of the development of cheap hydroelectric power which is needed not only for the manufacture of structural shapes from the ingots, but in the reduction of alumina to the metal by the well-known Hall process as well. A power canal from the St. Lawrence River to the power house on the Grasse River at the plant provides for the waterflow, which, coupled with a drop of 47 ft. in 2% miles, generates 80,000 hp. through vertical turbines. An additional 60,000 hp. is purchased.

Jan 1, 1930

By Howard S. Bryant

Kansas maintained its fourth position on the list of all oil-producing states, for the ninth consecutive year. Total crude-oil production during 1935, as reported by the Oil & Gas Journal, was 53,364,446 bbl. on 97 per rent tank table calculations. This represented an increase of 17 per cent over the production in 1934, which had been the all-time peak of production in Kansas up to that time. Many of the 51 new discoveries of the year, listed in Table 2, did not have a pipe line outlet until about January, 1936; therefore did not contribute to the 1935 production of the state. The potential of all wells in Kansas at the end of the year was 998,-000 bbl. per day, and the daily allowable was 143,000 bbl. per day, showing proration to the extent of 14 per cent of capacity, under the rules of the State Corporation Commission. Several important new pipe lines were built into western Kansas by extending older lines from east to northwest, providing additional outlets for new crude-oil production, and increasing the service facilities from the older oil fields. The crude-oil price level remained unchanged throughout 1935 as it did in 1934, the price of Kansas 36" gravity crude being quoted at $1 per barrel. However, on Jan. 9, 1936, the price of this gravity oil was raised to $1.10 per barrel. Following the trend of the past several years, drilling activity was largely in western Kansas, and showed a still farther westward push from last year. A relatively high percentage of successful wildcat wells at a relatively shallow drilling depth, combined with the expiration of leased acreage assembled before the depression, caused the rapid exploration and development campaign, begun in 1934, to continue. This has caused the opening of more new fields in 1935 than during any previous year in the history of oil production in Kansas. A summary of the results of drilling in western Kansas is given in Table 2. Eastern Kansas had considerable drilling, showed six new fields or extensions of oil fields, but in the limited space of this paper such developments cannot be described.

Jan 1, 1936

By Howard S. Bryant

Kansas maintained its fourth position on the list of all oil-producing states, for the ninth consecutive year. Total crude-oil production during 1935, as reported by the Oil & Gas Journal, was 53,364,446 bbl. on 97 per rent tank table calculations. This represented an increase of 17 per cent over the production in 1934, which had been the all-time peak of production in Kansas up to that time. Many of the 51 new discoveries of the year, listed in Table 2, did not have a pipe line outlet until about January, 1936; therefore did not contribute to the 1935 production of the state. The potential of all wells in Kansas at the end of the year was 998,-000 bbl. per day, and the daily allowable was 143,000 bbl. per day, showing proration to the extent of 14 per cent of capacity, under the rules of the State Corporation Commission. Several important new pipe lines were built into western Kansas by extending older lines from east to northwest, providing additional outlets for new crude-oil production, and increasing the service facilities from the older oil fields. The crude-oil price level remained unchanged throughout 1935 as it did in 1934, the price of Kansas 36" gravity crude being quoted at $1 per barrel. However, on Jan. 9, 1936, the price of this gravity oil was raised to $1.10 per barrel. Following the trend of the past several years, drilling activity was largely in western Kansas, and showed a still farther westward push from last year. A relatively high percentage of successful wildcat wells at a relatively shallow drilling depth, combined with the expiration of leased acreage assembled before the depression, caused the rapid exploration and development campaign, begun in 1934, to continue. This has caused the opening of more new fields in 1935 than during any previous year in the history of oil production in Kansas. A summary of the results of drilling in western Kansas is given in Table 2. Eastern Kansas had considerable drilling, showed six new fields or extensions of oil fields, but in the limited space of this paper such developments cannot be described.

Jan 1, 1936

By C. H. Li, R. J. Stokes, T. L. Johnston

Dislocation half-loops, artificially introduced by sprinkling with carborundum, were subjected to stress using three-point loading. The different stages of loop expansion and multiplication were then correlated with the macroscopic stress-deflection curve. Loop expansion started at approximately one-third of the "yield stress," defined here as the motivation stress. Above one-half of the "yield stress" simple multiplication commenced while about two-thirds of the yield stress gross multiplication developed short slip-line segments. These values were not affected by the age of surfaces exposed to both dry and wet air. Slip was not detected on unsprinkled crystals below two-thirds of the "yield stress." Thus the stress to activate intrinsic sources, defined here as the activation stress, was approximately twice the motivation stress. This relationship was independent of the strain rate used. It is concluded that lattice resistance takes the form of a viscous drag rather than a static type of force. THE importance of surface condition and environment as one of the more significant factors controlling the mechanical properties of ionic solids has recently received renewed attention.1-4 In some materials, notably the alkali halides, exposing freshly cleaved specimens to the atmosphere results in a progressive hardening and embrittlement of the crystals. This has been attributed to the surface layer becoming "aged," thereby restricting the motion of dislocations in such a way that pileup and eventually fracture results. It is necessary therefore in studying the mechanical properties of ionic crystals to inquire first into the density and distribution of dislocations in the normal cleaved surface and to understand the role these dislocations play in the onset of plastic flow. Knowledge of the effect of environment on this behavior will then assist in understanding the mechanism of embrittlement on aging. In the work reported here a method is described for studying the initiation of plastic flow from dislocation sources in the surface of magnesium oxide crystals. Preliminary results are described of the influence of surface age on this behavior. EXPERIMENTAL TECHNIQUES The magnesium oxide used in this investigation was obtained from the Norton Co. and had a nominal purity of 99.5.pct. Single-crystal specimens, having dimensions typically 1/4 by 1/8 in. cross section and 1 in. in length, were prepared by cleavage over (100) planes from the parent crystal. They were deformed under three-point loading with 3/4 in. spacing between the two end supports and a constant rate of deflection at the center of 0.001 in. per min. The maximum strain rate therefore was 1.5 X 10-5 sec-1. Reasons for choosing this particular form of loading will become apparent in a later section. In addition, a number of confirmatory type tests have been performed at higher loading rates where the maximum strain rate was increased to 1 x 10-3 sec -1. Following deformation the crystals were etched to reveal the dislocation distribution. In a previous paper5 we described a satisfactory etching solution consisting of 5 parts of saturated ammonium chloride, one part of sulfuric acid, and one part distilled water. Immersion of the crystals for 1/4 hr at room temperature developed reproducible conical etch pits at the points where dislocations emerged through the surface. It should be mentioned that dislocations freshly introduced by room temperature deformation gave sharply pointed etch pits which generally distinguished them from the almost flat-bottomed pits obtained on "grown-in" dislocations. The distinction is obvious in the photomicrograph included in Fig. 5(b). Annealing crystals at 1000°C for 12 hr on the other hand gave sharper etch pits on the grown-in dislocations and the distinction was no lower -possible; a similar observation has been reported for lithium fluoride. We have succeeded furthermore in chemically polishing magnesium-oxide crystals. Boiling in fresh 85 pct ortho-phosphoric acid for only 1 min resulted in a microscopically smooth surface which could again be etched to reexamine the dislocation distribution. This boiling time was sufficient to remove the surface damage introduced by cleavage (see next section). SURFACE DISLOCATION SOURCES There are a number of ways by which dislocations may be introduced into cleaved surfaces to act later

Jan 1, 1960

By M. Lonoff

Byproducts are more important to the copper mining companies than to the copper market. Copper ores frequently contain gold, silver, molybdenum, lead, zinc, and cobalt. With the increase in the prices of these metals copper mining has become more profitable. If byproduct prices remain high, additional firms will be attracted to the copper industry; the increased supply of copper will reduce the long-run copper price. However, this is unlikely to happen because the markets for the copper byproducts, especially molybdenum and cobalt, are small. Increased recovery from copper and other sources will depress the prices of these byproducts before the copper price is significantly affected. Should byproduct prices remain high, the copper market will both settle at a lower long-run price and be more unstable in the short run. Since changes in the copper price do not affect the entire earnings of a multi-metal mine, the copper price must fall further before such mines reduce output in the short run. Higher byproduct revenues will make copper supply less responsive to copper prices; shifts in copper demand will result in greater copper price fluctuations in the short run than they did before.

Jan 1, 1984

By H. J. Wasson

DEVELOPMENTS in Venezuela during the past few months have been obscured by the hap-penings in Seminole and, more recently, those in southwest Texas. The question has been asked whether or not the opening of these vast new, prolific areas in the United States may not have depressed prices to a point so low as to give the developments in the Caribbean countries a serious setback. Nothing of the kind, however, has taken place, and on the contrary, there has been demonstrated the fact that Venezuela can profitably produce great quantities of oil under existing market conditions, and at the same time finance the foundation for further large expan-sion in the future. The three big factors which contribute to place Venezuela in a unique position and tend to insure the steady expansion of its oil industry are, in the order of their importance: I. Reasonable oil laws backed by a sound govern-ment, which comprehends the all-important fact that the country's prosperity depends on the prosperity of its industries, in a word, perceiving that the goose which lays the golden egg merits considerate treatment. II. The low cost of placing Venezuela oil on our At-lantic seaboard; not over $0.60 per barrel. III. The uniformly high average production per well and the large area of some of the individual pools. Under these conditions Venezuelan producers may be expected to continue steady and profitable ex-pansion even in the face of further market slumps. Their position is analogous to that of the low-cost copper producers, and unless artificial barriers, such as tariffs, come into play, Venezuela will steadily grow in importance. Within less than five years it should be second only to the United States among the oil-producing countries of the world.

Jan 10, 1927