Search Documents

By Willis H. Carrier

Particular interest in the ventilation of deep mines, especially those in South Africa, has been created by a very complete system of cooling of the world's deepest mine, the Turf shaft of the Robinson Deep in Johannesburg. The writer visited this mine in January, 1936, and again in 1937. During these visits and subsequently, a considerable part of the theory involved in rock cooling in tunnels was developed and this has been checked by practical observations of the rates of rock cooling made within mines. The purpose of this paper is to set forth the method of attack of the mine problem. The cooling or air conditioning of mines by the use of mechanical refrigeration was not wholly newl-5 when the Robinson Deep installation was made. The first mine to be cooled was the Morro Velho mine, in Brazil. The first installation in this mine was put into operation in December 1920, the refrigerant being ammonia.5 The surface cooling gave considerable benefit but it proved inadequate as greater depths were reached, therefore in 1929 two centrifugal refrigerating machines were installed at the 6000-ft. level. These were used in conjunction with the surface cooling system to furnish additional cooling at the lower levels. This later installation used Carrene as a refrigerant. This nonflammable refrigerant, having a boiling point of 104" at sea level, insured reasonable safety, since all parts of the machine operated at subatmospheric pressure. Very favorable reports have been received on the effectiveness of this installation, but no recent data are available. An interesting feature of that plant is that the condenser water is cooled by spraying it into the exhaust air from the mine at the base of the ventilation upcast, which permits the water to be cooled within a few degrees of the wet-bulb temperature of the air entering the upcast, and the only water that has to be supplied for condensing purposes is that lost by evaporation, or about 0.5 per cent of the volume circulating through the condenser. This plan affords an ideal means for the removal of the heat load from the refrigerating system, and of course also from the mine itself. In many mines, however, especially those in South Africa, there is no

Jan 1, 1940

By Willis H. Carrier

Particular interest in the ventilation of deep mines, especially those in South Africa, has been created by a very complete system of cooling of the world's deepest mine, the Turf shaft of the Robinson Deep in Johannesburg. The writer visited this mine in January, 1936, and again in 1937. During these visits and subsequently, a considerable part of the theory involved in rock cooling in tunnels was developed and this has been checked by practical observations of the rates of rock cooling made within mines. The purpose of this paper is to set forth the method of attack of the mine problem. The cooling or air conditioning of mines by the use of mechanical refrigeration was not wholly newl-5 when the Robinson Deep installation was made. The first mine to be cooled was the Morro Velho mine, in Brazil. The first installation in this mine was put into operation in December 1920, the refrigerant being ammonia.5 The surface cooling gave considerable benefit but it proved inadequate as greater depths were reached, therefore in 1929 two centrifugal refrigerating machines were installed at the 6000-ft. level. These were used in conjunction with the surface cooling system to furnish additional cooling at the lower levels. This later installation used Carrene as a refrigerant. This nonflammable refrigerant, having a boiling point of 104" at sea level, insured reasonable safety, since all parts of the machine operated at subatmospheric pressure. Very favorable reports have been received on the effectiveness of this installation, but no recent data are available. An interesting feature of that plant is that the condenser water is cooled by spraying it into the exhaust air from the mine at the base of the ventilation upcast, which permits the water to be cooled within a few degrees of the wet-bulb temperature of the air entering the upcast, and the only water that has to be supplied for condensing purposes is that lost by evaporation, or about 0.5 per cent of the volume circulating through the condenser. This plan affords an ideal means for the removal of the heat load from the refrigerating system, and of course also from the mine itself. In many mines, however, especially those in South Africa, there is no

Jan 1, 1940

The following is an incomplete list of members and guests who called at Institute headquarters during the period June 10, 1919, to July 10, 1919. Anvil A. Anderson, Rapid City, S. D. Roy N. McBride, U. S. Army. R. Hay Anderson, Mexico City, Mex. R. S. McIntyre, Berkeley, Calif. W. A. Barnes, San Francisco, Calif. H. R. Maier, Brooklyn, N. Y. Bennett R. Bates, Denver, Colo. Wm. D. Mainwaring, Philadelphia, Pa. Harlan H. Bradt, Duluth, Minn. Wm. E. Milligan, Chrome, N. J. H. Brings, San Francisco, Calif. Willard S. Morse, Tacoma, Wash. Robert S. Burg, Ocean Park, Calif. Arthur Notman, Bisbee, Ariz. D. W. Butner, Congo Belge, Africa. P. Nugue, Chalon Sr. Saone, France. George A. Camphuis, El Paso, Tex. George A. Packard, Boston, Mass. Fred Canan, Denver, Colo. C. L. Petzel, New York City. Walter H. Coleman, Prescott, Ariz. V. Porreaud, Paris, France. Fred Crabtree, Pittsburgh, Pa. Fred S. Porter, Seattle, Wash. Ross E. Douglas, Rancagua, Chile. R. W. Prouty, Morenci, Ariz. F. A. Downes, Golden, Colo. Charles E. Prior, Brooklyn, N. Y. W. G. Eberhardt, Tucson, Ariz. Louis Ravicz, Minneapolis, Minn. Charles H. Fulton, Cleveland, Ohio. Wm. Reed, El Oro, Mexico. Wm. R. Grunow, New York City. E. J. Ristedt, Globe, Ariz. Orr R. Hamilton, Lansing, Mich. A. M. Rodgers, Middletown, N. Y. T. N. Havlin, St. Louis, Mo. J. C. Scoles, Salt Lake City, Utah. G. M. Henderson, Weston, Mass. C. E. Siebenthal, Washington, D. C.

Jan 8, 1919

By Gerald Sherman

MINE fires are always dangerous and are frequently accompanied by loss of life during the period of confusion which is apt to follow their discovery. In metal mines, fires may result from the accidental ignition of some combustible material, or they may be of spontaneous origin resulting from the rapid decomposition of sulphide. They occur frequently enough to demonstrate the need of some special equipment and a general plan for controlling them, in addition to measures for their prevention. Nearly all the large copper mines have had fires, and the methods of fighting them have been well described in recent papers, notably-by C. L. Berrien,1 R.. E. Tally,2 and others in discussion. The Copper Queen mine has many shafts, which are connected by underground workings. The deeper parts are ventilated by fans, but in the shallower portions natural ventilation through numerous connecting raises or shafts is sufficient. There have been several fires in the past few years, of which all are extinguished but one, and that is under control. These notes cover particularly the preparations that are being made-to check a new fire, partially or temporarily, and to facilitate the escape of workmen in the interval before a definite plan of fighting it can be established. A fire may occur in a shaft or station, or in some working father away. In case of fire in an upcast shaft, the gas would escape to the surface and the immediate result would probably not be dangerous to workmen, as they could escape by other shafts. In a downcast shaft, however, the gas would be distributed very rapidly throughout a large portion of the mine, and men might easily be trapped and asphyxiated. A fire in mine workings, drift, raise, or stope, would be dangerous in a degree, but the draft there is likely to be less strong than in a shaft and probably a smaller area would be invaded by the fire gases.

Jan 1, 1918

By C. Richard Tinsley

INTRODUCTION Documentary complications arise from the risk apportionment in project financing which generally means that once the project is up and running and has satisfied the lender's completion test, the loan agreement specifically limits the lender's recourse to the project and its assets. It is the purpose of this paper to describe the special considerations which apply to industrial minerals projects and explore the reasons why so few project financings are negotiated in this industry. SIZE Small projects do not warrant the relatively high costs of negotiating and documenting project financing. The extent of the documentation is directly proportionate to either (a) the degree of risk apportionment, or (b) the amount of control given to lawyers to negotiate the documents. Although one would like to believe that project-finance documentation could be off-the-shelf, it is almost always necessary to tailor the documents to the mine development itself and the individual desires of the borrower. Accordingly, the documentation costs and initial expenses are seldom less than $40,000, and for complex projects can reach $400,000. In addition, banks often charge an up-front fee to partly compensate them for their staff time and partly to increase their yield on what is deemed to be a "riskier" loan asset. Another factor is the generally lower debt:equity ratio when bankers are uncertain of the accuracy of the cash flow projections. The ratio of the amount of cash flow left over after debt service to debt service itself is a key tool for project finance (debt service coverage). Bankers will require a higher coverage ratio for industrial minerals projects because of the relatively higher uncertainties in the following categories: Prices Markets Geology/Quality Transportation Environmental This, in turn, means that lower debt:equity ratios are the norm for new industrial minerals projects. INDUSTRY STRUCTURE It is hardly worthwhile to generalise about a field as diverse as industrial minerals, but there are four other structural reasons why project financing has not been widely applied. 1. The most obvious example is the predominance of small-sized operations, largely a function of transportation economics. Geological conditions also contribute to their dispersion. 2. Often, the product is only a small part of a company's business in contrast to many petroleum, metals, or coal companies whose sole business is the production of the raw material. The construction industry is a good example here for cement, gypsum, crushed stone, sand and gravel, and the drilling-mud services business for barite and bentonite. A company is unlikely to jeopardise its main business through the failure of a project financing on one of its key inputs. The corrollary is that the mined input is often regarded as a cost centre and not run on the sort of economic basis suitable for project financing. 3. There may be a reluctance to reveal key aspects of an industrial minerals venture to an outsider for purely competitive reasons. Unlike the other minerals industries which readily share technical information at plant visits and

Jan 1, 1985

By AIME AIME

T HOUGH Ira B. Joraletnon has not had an eastern address since 1907, he is a New Yorker by birth, having been born at Antwerp, in the northern part of the state, on July 27, 1884. He got his scholastic training at Harvard, which gave him his A.B. degree in 1905 and an A.M. two years later. For the next fifteen years except for the war period, he was with the Calumet & Arizona Mining Co., with headquarters at Warren, Ariz., being assistant man- ager when he left that company in 1922. During the first World War he spent a year and a half in France, where he achieved the rank of major in the signal corps, air division.

Jan 1, 1941

By Robert McKay

THE practical study of corrosion requires consideration off its economic aspects. It must be based on sound scientific principles, but it should be borne in mind that probably the most important object of a corrosion test is to determine what metal in corrosion-resisting construction will produce the greatest operating profit. Thus the corrosion test must be directly connected with money values or it is not a practical corrosion test. This, perhaps unusual, connection between corrosion and economics is partially due to the fact that corrosion deals only with the time factor or duration of equipment, and it is almost the only test which deals with this feature. In these statements a departure is made from the academic definition of the word corrosion and it is done deliberately. The use of the term corrosion is unusual. It is as though we spoke of a tensile test as. a "breaking" test. We are not interested primarily in the break but in the strength of the metal. There is no English word which expresses our main interest in corrosion-testing, but let us have clearly in mind that we make corrosion tests to prevent corrosion. Our real interest is in this corrosion-prevention, not in the corrosion. Previous to 1922, it was common comment that "it is impossible to determine the course of corrosion by laboratory testing." This statement was true at that time in that the technique of laboratory testing for corrosion resistance was so vague that tests in the laboratory gave untrue results almost as often as true ones. This was so, even in the simple case of determining which one of two metals better resists a given solution. While this is no longer true the number of misleading "corrosion tests" still being ground out by laboratories is too large in the light of our present knowledge. There are two important features of corrosion testing whose neglect is a large contributing factor to misleading results: (1) The economic relations of the corrosion tests to other tests; (2) testing technique.

Jan 1, 1929

By David Keys

THE object of this investigation was to determine with a vertical magnetic variometer the extent of the titaniferous ore deposit that occurs not far from Ivry in Terrebonne County, Quebec, about 70 miles north of Montreal. The Ivry mine, on lots 37 and 38 of range V, Beres-ford township, Quebec, is one of the largest and most accessible to transportation of the deposits of ilmenite in Quebec. The ore consists of an aggregate of ilmenite anhedra serving as host for numerous fine plaques of hematite. No magnetite is known from any occurrence near this lot, and in this way the deposit differs from many others that contain a large percentage of magnetite with the ilmenite. The deposit at Ivry thus has much lower magnetic susceptibility than those containing abun-dant magnetite, and a sensitive magnetometer was necessary for the work, although a body of magnetite with ilmenite about a mile from the Ivry mine was successfully prospected with a dip needle. The principal orebody is exposed in a quarry known as the Ivry mine, from which about 16,000 tons of ore have been shipped. Small exposures of ilmenite isolated by drift serve to show the presence at the surface of some of the bodies indicated by the magnetometer,- but most of the hill is covered with glacial till and second growth hardwood. At the lower levels the till gives place to fluvioglacial sands and gravels from which the forest has been cleared. The increasing thickness of the sand and gravel as the hill descends makes the tracing outward of the deposits from the rocky knob of anorthosite a difficult matter. Within the orebodies too, some masses of anorthosite persist, which may account for some local irregularities. Fig. 1 is a photomicrograph, taken by reflected light, of a typical specimen of the ore. The dark patches are hematite and the light parts are ilmenite. No trace of magnetite was found. Fig. 2 is a photo-micrograph of a thin section of the country rock showing the texture of the anorthosite. The mean of four analyses quoted by Robinson1 is: titanium, 19.26 per cent; iron 45:41 per cent.

Jan 1, 1936

By W. A. Hooker

This portion of Mexico is quite beyond the ordinary routes .of travel, and is seldom visited. Its mines have not the record of enormous wealth which has recently attracted foreign capital to other parts of the republic; but for many centuries it has been a mining country, and at some periods evidently a productive one. In 1881 the writer visited the State and spent some time in the inspection of the mines. The absence of published information regarding its mining industry is his apology for presenting to the Institute these notes on the subject. Oaxaca is, with one exception (Chiapas), the most southerly of the Mexican States. It extends from latitude 18o 20' to 15' 45' N.— about 180 miles, by some 300 miles, in an east and west direction, and embraces a large part of the Isthmus of Tehuantepec. The coast-line is wholly on the Pacific. The State has an area of 27,470 square miles, nearly that of the State of Maine, and a population estimated at one million, or thirty-six to the square mile. The great continental Cordillera which farther north and west expands into broad table-lands, is here converged into narrower limits and occupies the greater portion of the country; the main

Jan 1, 1887

The Delegation of American Engineers constituted by the American Institute of Mining and Metallurgical Engineers, the American Society of Civil Engineers, the American Society of Mechanical Engineers, and the American Institute of Electrical Engineers, that visited France in December, 1918, in acceptance of the invitation extended by the Congrés General du Genie Civil consisted of the following: Representing the American Society of Civil Engineers, Major James F. Case, past president, Geo. F. Swain, vice-president, Nelson P. Lewis, treasurer, Geo. W. Tillson, past director, Geo. W. Fuller, director, A. M. Hunt. Representing the American Society of Mechanical Engineers, president, Chas. T. Main. Representing the American Institute of Electrical Engineers, past president, L. B. Stillwell. Representing the American Institute of Mining and Metallurgical Engineers past-president, E. C. Spilsbury. The delegation organized on the way over by the choice of Major James F. Case as chairman, and Geo F. Swain as secretary. On arriving at Bordeaux, the Delegation was met by Mr. S. D. Brown, associate member of the American Society of Civil Engineers; and on its arrival in Paris it was joined permanently by the following attaches: Captain P. Charton, of the French Engineers, Delegate of the Commissariat-General to accompany the Delegation and serve as liaison officer; Captain Carpenter of the American Army; and Mr. Geo. Herdt, representing the Society of Civil Engineers of France. The object of the visit was to discuss with the French engineers the large engineering, problems now facing France. Engineering problems in their restricted technical sense came up for discussion practically not at all, for the French do not need advice nor assistance along strictly scientific lines. It was in the -larger and economic aspects of engineering, to aid in building up the industries and commerce of France, that our French associates desired to learn from the experience of the American Delegation.

Jan 9, 1919

By A. Eilers

A MARKED peculiarity of most of the smelting-works of the Far West is the looseness with which accounts of the operations are kept. Indeed, probably over half of the works do not keep any detailed accounts at all, the yearly gross statement of profit or loss being considered sufficient for all purposes. The reasons for this must apparently be sought in the as yet unsettled state of all business relations, and in the deplorable fact that only in isolated cases educated metallurgists are in charge of the smelting-works. Continual and regular assays of the ores, by-products, and slags, are almost unknown, so that it is impracticable to ascertain, even approximately, the losses in the smelting processes. Of cases where regular accounts are kept of the quantities of ore smelted, of the composition of charges, and of the fuel consumed, I know only two or three. Under these circumstances it is extremely difficult to collect figures which cover the operations for a considerable length of time, and which are so valuable for the metallurgist, who wishes to get an insight into the economy of smelting operations, as shown by practice. Figures obtained by personal observation, which can of course cover only the brief space of the visit of the travelling metallurgist, must, therefore, be made to replace the more valuable data. The writer has had occasion, during the last and the preceding summer, to visit the larger number of the Western lead-smelting works, and offers, in the following pages, such data relating to the economy of lead-smelting in the blast furnace at various works, as he has been able to obtain. The only object in doing so is to place these figures on record, so that they may be from time to time supplemented with other data, which are now wanting. I. EUREKA CONSOLIDATED COMPANY'S SMELTING-WORKS. These works smelt the ores from the mines of the same company on Ruby Hill, Eureka, Nevada. The supply is almost unlimited,

By Henry Rawdon

THE RELATION between the course, or path, of the fracture of metals and alloys, produced in service or as a result of certain laboratory tests, and the crystalline units of which such materials are composed is of utmost importance. The fracture of normal material is, in general, intracrystalline, i.e., it consists of a break across the grains rather than of a separation between them. An intercrystalline fracture indicates either that the metal is of very inferior quality or that the break occurred under very unusual conditions, e.g., at a very high temperature. The usual mechanical tests, when applied to metals of the type that breaks with an intercrystalline fracture, merely measure the coherence of adjacent grains for one another and reveal little as to the real properties of the metal itself. Even such a soft plastic substance as lead, under suitable conditions, may be rendered so weak and brittle that the metal can be easily crumbled into powder by the fingers although the constituent grains have lost none of the intrinsic properties of lead. Various erroneous explanations of this behavior of lead have appeared in the scientific literature, the change being described usually as an allotropic one. The importance, in an industrial sense, of a proper explanation of this type of the corrosion of lead justifies the description of the type of metal deterioration that follows.

Jan 2, 1920

By Theodore Swann

DURING recent years, there has been a material increase in the use of ferrophosphorus in the steel industry. It has been observed, when rolling sheets, that those made of Southern iron did not have to be rolled at as high a temperature as the others and, consequently, did not stick together. The reason was found to be the phosphorus content of Southern iron. It was therefore thought that an addition of phosphorus to sheet steel of other than Southern origin would give the same result as the use of Southern iron. At first, this addition was made by intro¬ducing phosphate rock in the blast furnace and reducing it together with the iron ore; but, because of the necessity for only small quantities of this grade of iron, the process was not satisfactory. The manufacture of ferrophosphorus was then introduced, so that additions might be made to the open-hearth furnace or ladle. Ferrophosphorus was first manufactured in the blast furnace. This method, however, can only economically produce a grade of product up to about 20 per cent. To produce a higher grade, it would be necessary to charge a larger proportion of phosphate-bearing material; and as the rate of absorption by the iron is low, there would be an increased loss of phosphorus oxides. This feature makes the production of a higher grade ferrophosphorus in the blast furnace uneconomical. The use of high-grade ferrophosphorus in the steel requires a smaller addition and involves, besides the economies in handling, an additional economy in transportation. The alloy with a higher percentage than 20 per cent. can be made only in the electric furnace. In the ordinary operation of the electric furnace in the production of ferrophosphorus, an alloy may be produced containing 26 per cent. phosphorus; this is the limit, for it does not seem possible to produce a higher phosphorus alloy even if large excesses of phosphatic materials are used. The reasons for the difficulty in raising this percentage of phosphorus are not known. The compounds Fe3P, containing 15.6 per cent., and Fe2P, containing 21.7 per cent. phosphorus, have been studied and it appears as if the alloy produced, containing percentages of

Jan 10, 1924

Discussion of the paper of GEORGE S. RICE and H. H. CLARK, presented at the Pittsburgh meeting, October, 1914, and printed in Bulletin No. 94, October, 1914, pp. 2563 to 2571. NORMAN V. BRETH,* Pittsburgh, Pa.-It was my privilege to visit in the last two months on behalf of the U. S. Bureau of Mines 10 mines where electric shot-firing systems controlled from outside the mine are installed. I will describe briefly what I saw in some of these mines, which are located in Utah, New. Mexico, Oklahoma, Alabama, and Kansas. At a mine in Utah, 230-volt alternating current is used to fire the shots, which is taken from a small transformer in the substation. The shot-iring circuit is independent of all other wires and is tested for grounds every day. There are no lightning arresters on the firing circuit. Porcelain insulators are used inside of the mine, and glass outside. The switches are situated as follows: One in the substation, one in, the shot-firer's cabin, two at each cross entry; where the shot-firing circuit crosses the trolley wire a switch is placed on either side of the entry in series with the shot-firing circuit. The miners are checked in and out of the mine. The coal is undercut and is shot down with permissible explosive, the shots being connected in multiple. There are 75 to 110 shots fired each day. A great many times there are no missed shots. If not more than two or three are missed they are left until next day. The fan is kept running at full speed when the shots are fired. The shot-firing switch is closed only once and the whole mine is shot at once. At another mine in Utah, power wires are used for shot-firing circuits; 500-volt, direct current is used to fire the shots. The only sizes of wire used outside of the power wires are Nos. 8 and 14 B. & S. gauge. The return is connected to the pipe lines and track. Porcelain insulators are. used inside of the mine.

Jan 4, 1915

By Frank Robertson Van Horn

In June, 1911, the writer spent a few days in studying the economic geology of the vicinity of Park City. During this rather hurried visit a number of specimens of ore were collected, which have since been examind. The results of these investigations show that bournonite (PbCu-SbSa) is present in the ores in greater or less quantity. This fact has never before been reported, as far as can be learned. The failure to recognize this mineral is due to its similarity to tetrahedrite, with which it has probably been confused during a long period of years. Jamesonite (Pb2sb2s6) has been reported from the region in a rather doubtful manner, but the writer has seen it in notable amounts from several mines, and can offer the first analysis of this mineral from the district. Calamine (HzZn2SiO5) was found at one mine and has never been ecognized and reported from the district. Geogbaphy and Geology Park City, Utah, is located at an elevation of about 7,000 ft. above sea level on the eastern slope of the Wasatch mountains. It is situated approximately 25 miles southeast of Salt Lake City. ' The geology and ore deposits have been described in detail by Bout well and Woolsey.' The mines visited are situated south-southeast from the town. The Silver King Coalition mine is located in Woodside gulch about 1 mile southeast of Park City, at an altitude of about 8,100 ft. The other mines visited were the Daly West and Quincy, which are in Empire canyon about 2 miles sontheast of the town, at elevations of 8,300 to 8,500 ft. respectively. The Daly Judge tunnel goes into the mountain from Empire canyon about 1 mile south of the city, at an altitude of 7,700ft.

Jan 1, 1915

By Nicholas J. Grant, W. Michael Yim

The creep-rupture properties of nickel, in as-prestrained or prestrain-polygonized condition, were studied at 1300°F and 4000 psi, and also at 700°F and 26,000 psi. An improvement of strength was noted in both the as -prestrained and the prestrain-polygonized tests at each temperature. The as-prestrained tests, however, showed superior creep resistance to the prestrain-polygonized ones. From the results of X-ray and etch-pit studies, the strengthc gain was interpreted in terms of dislocation density and the stability of preformed substructures. COLD work is known to improve the strength properties of metals at low temperatures. At high temperatures, however, the strength improvement is often lost if gross structural changes, such as re-crystallization, take place prior to or during the test. Even in the absence of recrystallization, a prestrained metal may undergo structural changes— polygonization and the formation of well-defined subgrains—which importantly effect the resultant properties. The relationship between substructure and creep properties has received considerable attention in recent years. The work of wood1 indicated that the creep strength of aluminum and its alloys was closely related to the subgrain size. Hazlett and Hansen,2 and Ancker, Hazlett, and parker,3 working with nickel and nickel alloys, had shown that small amounts of prestrain at room temperature followed by a recovery anneal at 800°C (1470°F) improved the strength at both low and high temperatures. The strength gain was attributed to an increase in the number of subgrain boundaries as a result of the prestrain-polygonization treatment. More recently Coldren and Freeman4 studied the effect of substructures on the creep rate of nickel at 1550°F. Their conclusions indicated that the substructure size as measured by the number of boundaries was the factor that controlled the creep rate. In addition, the perfection of the subgrain boundary has been indicated to have an important role on the strength.' On the other hand, there are data which disagree with the above observations. Grant, Chaudhuri, Silver, and Ganow6 found no creep strength improvement by a prestraining treatment. In reviewing the role of subgrains on high-temperature creep, Shepard and Dorn7 concluded that the contribution of the subgrains to high-temperature creep strength was a minor one. Guard,8 in a recent study on poly-gonized nickel, has cast doubt on the validity of the postulate that subgrain size controls the creep rate. In the majority of the previous studies, the subgrain boundaries have been singled out as the most important factor in determining creep strength; however, there is no firm theoretical ground for the postulate that the subgrain boundaries act as effective barriers to dislocation motion.B910 Little effort has been directed toward the study of the relationship between creep strength and other structural variables, such as dislocation density, lattice strain,

Jan 1, 1963

By Carl L. Renzoni

INTRODUCTION This paper defines equity as the issuance of a permanent interest in the business on a broadly distributed basis. As such, it excludes the issuance of equity to either a merchant bank or to another corporation. Nearly twenty years ago the equity markets were very simple: The instruments used were primarily common shares, convertible debentures or convertible preferred shares. Another equity-type option often used, especially by junior companies, was the sale of joint venture interests. Issue sizes were generally in the order of $25 - $100 million and issues were syndicated primarily in North America and Europe by one or two investment dealers. Mining corporations today benefit from a market with much more depth. Issues are syndicated by dealers on a truly international basis, and issue sizes now often range up to $300 million. Moreover, dealers are now willing to take significant risk in buying the issues for redistribution. This discussion of trends in equity markets will encompass: 1) common shares 2) warrants to buy common shares 3) convertible debentures 4) commodity backed instruments A review follows of events that affect the mining industry and investment dealers as they have a bearing on the equity markets for the metal producers. FACTORS AFFECTING THE MINING INDUSTRY The current business cycle, up to October 1987, had been characterised by a buoyant stock market and depressed base metal prices. Mining companies entered this period with weak balance sheets and little prospect of cash flows meeting capital needs. The issuance of equity and the sale of assets were used extensively to reduce debt to manageable levels. During this period, the relative high price for gold, and more important, the very high earnings and cash flow multiples afforded to gold producers, caused companies to target gold as the only game in town. The need for capital to acquire and develop gold properties prompted an unprecedented volume of equity issues. (Burns Fry led or co-managed over $1 billion of mining equity issues per year during this period). This high demand for equity capital by the industry prompted an increase in the use of equity instruments, such as commodity backed instruments. In addition, government tax incentive programs in Canada, such as flow-through shares, allowed smaller companies to raise significantly more equity than would otherwise have been possible. Over $1 billion in flow-through equity was raised in 1987 alone. The abundance of flow-through capital in Canada made it easy to form a new company. One flow-through share fund developed a system of providing the working capital required for a company to be eligible to receive flow-through share capital so that an entrepreneur required only a mining property to get started. Many new companies were formed and several flourished in a buoyant stock market environment to the point that market capitalizations grew to $100 million or more. The current period is in stark contrast to that before October 1987. The equity markets are generally available to the resource industry only on a window basis and only for senior companies and for special situations. The industry is benefitting from buoyant metal prices, and bankers are anxious to provide debt capital. Investment dealers previously processing several equity issues

Jan 1, 1990

Discussion of the paper of E. G. Woodruff, presented at the Butte meeting, August, 1913, and printed in Bulletin No. 78, June, 1913, pp. 1001 to 1010. F. A. LINFORTH, Butte, Mont.:-I have not had an opportunity of reading this paper thoroughly, but I would like to call attention to the possible use of the contours on fault planes. It is obvious that if the contours of fault surfaces call be determined, we will be able to determine the axes of the hollows in the fault surface. It seems probable, and there are examples to point to the accuracy of, the assumption, that the axes of these hollows may be the direction of movements on the faults, and if that is true it will aid materially in locating faulted ore bodies or the shoots of ore on the opposite sides of faults. A few such contour maps of faults have been attempted on some of the faults of the Butte district, and those faults which are believed to have the nearly normal movement exhibit for the axes of these hollows a line nearly up and down in the plane of the fault, but in those cases where the throw is believed to bee nearly horizontal we find that the axes of the hollows are almost horizontal lines. In other words, the movements on faults, I believe, would be more nearly indicated by the larger grooves in the fault surfaces than by the small slickensides and minor hollows that are seen, so that contour maps might be valuable in geology in that way. C. W. GOODALE, Butte, Mont.:-I received a letter from Mr. Woodruff asking me to take part in the discussion of his paper, but I have not had time to give the paper any study. I can certainly add my opinion to that of all the engineers here that the topographic maps of the government are of great aid to the engineer. When I visit a new district, the first thing I do is to see if that district has been covered by the U. S. Geological Survey avid if topographic map has been issued. And I find that some of the younger engineers frequently come into my office to see if I have such maps. I know in some cases the reports made out by engineers contain copies of these topographic maps, or clippings from them. I am sure that. the topographic maps furnished by the government are of very great value to our engineers.

Jan 11, 1913

By D. C. DERINGER

METALLURGISTS and mill operators appreciate, in a general way, .the economic or commercial relationship between recovery and grade of product but few have correlated in detail fluctuating metal prices with the metallurgy. They know that many factors such as metal price, dedusiions for returning charge, transportation, percentage of metal in head ore, etc.; all affect the commercial relationship between recovery and grade of product. In practically every mill some one at some ' time has calculated the amount of recovery that can be sacrificed for each percentage increase in grade of concentrate and from this calculated ratio the commercial or ., economic tail has been established. Such a ratio finally becomes a well-entrenched rule by which the progress of the metallurgy is judged.. When once established, these-, ratios are but seldom corrected to changes of metal prices for each possible grade of concentrate that may be produced. The calculation is tedious when often repeated. Other methods have been suggested and used to correlate the commercial with the metallurgical phase. A factor .derived ,by multiplying the grade of concentrate by recovery is often used, but is of little importance because it does not possess a single commercial quantity. The percentage monetary recovery calculated by dividing the gross value of the ore into the net smelter return gives a good economic index and, is to be commended, but it is difficult to correlate exactly and quickly the work of each day on a commercial basis.

Jan 1, 1931

New York Holds monthly meetings, except June, July and August JOHN A CHURCH, JR, Chairman JOSEPH E POGUE, Vice-chairman SIDNEY ROLLF, Vice-chairman EDWARD C MEAGHER Secretary, Texas Gulf Sulphur Co, 41 E 42nd St, New York M H MERRISS, Treasurer, 42 Broadway, New York ARTHUR NOTMAN T T READ Boston Meets first Monday of each winter month EDWARD C GEITHER, Chairman WILLIAMS BLACK, Vice-chairman DONALD H MCLAUGHLIN, Secretary-treasurer, Rotch Bldg, Harvard Univ, Cambridge, Mass J L GILLSON A G WAITD

Jan 1, 1923