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By Fred D. Fox

INTRODUCTION Approximately two years have elapsed since the first summary of the Grizzly Gulch Tailings Disposal Project was presented (1). Since that time, various physical modifications and additions to the existing treatment system have transpired. Further, Homestake and the entire mining industry have been impacted severely by additional modifications and additions concerning regulatory reform aimed at total disciplinary permitting and hazardous waste management. The following paper summarizes the past accomplishments relating to the Grizzly Gulch Tailings Disposal Project, correlating these accomplishments with future plans that are being developed to comply with regulations and to continue Homestake's commitment to environmental protection. The famous Homestake Gold Mine, located in Lead, South Dakota, has been operating in the Black Hills region for over a century, approximately 12 years before the south half of Dakota Territory was admitted to the Union as the State of South Dakota (2). During the 104 years of operational development, Homestake's Gold Mine, as well as the entire mining industry, have been influenced by numerous governmental regulations dating back to the Refuse Act of 1899 which regulated the deposit of debris from mines and stamp works. The enactment of the National Environmental Policy Act of 1969 may be thought of as the beginning of a long line of unplanned steps to deal with the many concerns of matters pertaining to the environment. Environmental awareness continued into the 1970’s, in which the Clean Air Act, Federal Water Pollution Control Act, Safe Drinking Water Act, Toxic Substances Control Act, and the Resource Conservation and Recovery Act (RCRA), to name a few, surfaced.

Jan 1, 1983

By Edwin Ludlow

EDWIN LUDLOW, the 41st President of the A. I. M. E., died in Muskogee, Okla., on Feb. 10, 1924, after a brief illness of influenza followed by pneumonia. He was born in Oakdale, Long Island, N. Y., March 12, 1858, a son of William Handy and Louise (Nicoll) Ludlow, attended Flushing (L. I.) Institute 1868-75: and Columbia School of Mines (N. Y.) where he graduated with the degree of Engineer of Mines with the Class of 1879. After graduation his first employment was as assistant engineer in river and harbor work on the Delaware River near Philadelphia. In 1881 he went to Mexico as one of the engineers on the Mexican Central Railroad, then building from Laredo, Texas, to Mexico City. The road being in financial difficulties he returned to the United, [states, and shortly thereafter was made superintendent of the Union Coal Co.'s collieries located in the western middle anthracite field, between Shamokin and Mt. Carmel. Ludlow and Arthur H. Storrs, then superintendent of the Neilson Shaft Colliery, in Shamokin, were known throughout that section as the baby superintendents, both under 25 years of age. The appointments of such young men were at that time unique and set a record for youthful assumption of re-

Jan 1, 1924

By B. R. Coil

One executive writing on capital equipment re- placement stated: "We keep extremely close watch over repair costs and when we reach the point of uneconomical operation, we replace the machine." This, of course, is most elementary, but a very basic premise. However, it seems advisable to set forth several equally obvious principles, so that all discussion will start from the same point. The subject is intended to deal with the point of uneconomical operation due to high operating costs in general and high repair costs in particular. This is not concerned with a similar problem of high costs because of an insufficient number of machines, be they trucks, shovels, or dozers.

Oct 1, 1955

By E. A. Koester

Kansas produced approximately 35,434,000 bbl. of oil in 1932 compared to 37,018,000 bbl. in 1931, a decrease of 1,584,000 bbl. or 4.2 per cent. These figures do not indicate the amount of oil that could have been made available from the state for the year. Many of the fields discovered during the year and some discovered in previous years were entirely shut in. Practically all flush production discovered within the last two years has been prorated in some manner or other. Probation Kansas production is under regulation as specified in House Bill 387, passed by the legislature in 1931, which became effective when published May 28, 1931. The principal features of the law are the prohibition of waste, including gas energy, the regulation and prevention of discrimination of purchasers, the marketing of oil ratably from wells in each field when the daily production is above 15 bbl. per well. This act gives the enforcing powers to the Public Service Commission. The Commission, having many other regulatory duties, appointed an Oil Advisory Committee, which, with the aid of the State Umpire, keeps records and makes recommendation for orders as to specific regulation of fields and conditions in each field. At the time the Commission was given authority to regulate production and marketing in flush fields, several of these had already been under voluntary proration and marketing restrictions by agreement of the operators. These gradually came under the control of the Commission by mutual consent. It is the policy of the Public Service Commission to follow the will of the operators so long as they do not have ideas or plans in conflict with the law. The cost of administration of this law is assessed against the operators according to the amount of oil taken from the fields in which ratable taking is necessary. There is a feeling that the whole state should share this expense, which is small, since it is beneficial to the older fields by assuring them 100 per cent market for their output by restricting the flush fields.

Jan 1, 1933

It has been suggested that it would be a desirable feature in connection with the Chicago meeting of the, Institute in September to arrange for a return trip for the fuel men through the coal fields of Illinois, Ohio and Pennsylvania, stopping at various points and possibly touching also Kentucky. Perhaps the petroleum men would be interested in a similar trip and might join them stopping off at different points to visit these oil fields. If the members who would-be interested in such a trip will advise the Secretary before the first of June, indicating their desired stopping points, steps will be taken to perfect arrangements accordingly.

Jan 5, 1919

By M. H. Gaskell, D. M. Kehn, G. T. Pyndus

A correlation of the bubble point pressure for black oil systems is developed using the standard physical-chemical equations of soiutions. The correlation is based on 158 experimentally measured bubble point pressures of 137 independent systems and is expressed in terins of the usually measured field pnrameters— flash separation gm-oil ratio, rank oil gravity, total gas gravity, and reservoir temperature. The data were obtained on systems produced in Canada, Western and Mid-Continent01 United States, and South America. The average error (algebraic) in the representation is 3.8 per cent, and the maximum error encountered is 14.7 per cent. INTRODUCTION In the absence of experimentally measured properties of reservoir fluids, it is often necessary for the field engineer to make estimates regarding the fluid properties based on the usually measured producing parameters. To aid in these estimations, various correlations have appeared in the literature in recent years. Among the pertinent properties of interest is the bubble point pressure. A correlation for this parameter has been reported by Standing'. However, this correlation was based essentially on California produced crudes and this limitation was pointed out with its presentation. The correlation presented in this paper utilized data on crude oil systems from Canada, Wes- tern and Mid-Continental United States, and South America. CORRELATION DEVELOPMENT The basic assumption used in this development is the same as employed by Standing', There is a wide variety of ways to combine these parameters; however, in this instance the combination was made on the basis of Henry's law2. Accordingly, the relationship proposed is Although Eq. 2 defines an individual system, it is of limited value since H' is a function of gas-phase composition and the system temperature. It was observed that for the systems where the bubble point was measured at several temperatures that the ratio of the bubble point pressures and the ratio of the corresponding absolute temperatures (R) were practically identical. Thus, for correlation purposes the bubble point pressure may be taken as a direct function of the absolute temperature. This relation is valid only for those systems that are not near the critical point. Accordingly, this correlation will be inadequate for systems in the region of the critical point. The solubility of the various hydrocarbons found in the gas phase increases with the molecular weight. Thus, the saturation pressure should be inversely related to the gas gravity. Applying these principles to Eq. 2 and rearranging terms gives: The variables 02 the left side of Eq. 3 were designated as the "hubble point pressure factor". The number of mols of tank oil per barrel is a function of the "mclecular weight" of the tank oil. Although the tank oil is a complex mixture, it was assumed for the purposes of this correlation that a unique molecular weight could be assigned to a given oil. This was designated as the "effective molecular weight", and was related to the oil gravity, This empirical relationship was developed simultaneously with the correlation by assuming values of M,. and working to obtain a smooth curve for both the correlation and the effective molecular weight. The relationship between the oil gravity and the effective molecular weight used in this correlation is shown in Fig. 1. The effective molecular weight is somewhat higher than the molecular weight of the C fraction. The difference between these values is largest for the low-gravity systems. It is noted that this effective molecular

By E. I. Organick, B. H. Golding

A simple correlation is presented for the prediction of saturation pressures in condensate-gas and volatile-oil mixtures. Saturation pressure is related directly to the composition of the mixture with the aid of two generalized composition characteristics, B, the molal average boiling point, and W, the modified weight average equivalent molecular weight. The need for hydrocarbon equilibrium constants is entirely eliminated. Only the values of the two conlposition parameters need be obtained, and these are calculated in a simple and reproducible manner from the stream analysis of the mixture and the ASTM distillation for the heavy ends. The correlation is given .in the form of a set of 14 working charts in which saturation pressures, either retrograde dew points or bubble points, are plotted cs temperature, forming partial phase envelopes for mixtures having discrete values of the composition parameters, B and Wul. A locus of critical states on each chart intersects the partial phase envelopes, distinguishing retrograde dew point pressures from bubble pressures. A comparison Between experimental and predicted saturation pressures reveals that: the probable error of the predicted values, when considering the data as a whole (214 experimental points), is five per cent; for high gasjoil ratio condensate fluids (approximately 40.000 or more cu ft/bbl) the probable error is about 8 per cent. In either case, however, the probable error is comparable with the overall uncertainty of the data from which the correlation is derived. INTRODUCTION There is a present need for a simplified, yet reasonably accurate method for predicting upper phase boundaries of reservoir fluids. In the case of high gas/oil ratio fluids, namely the so-called highly volatile oils and the condensate gases, no simple method, accurate within 5 to 10 per cent, is now available by which bubble point and retrograde dew point pressures may be predicted. In order to calculate the upper phase boundary of a volatile reservoir fluid, using correlations now available, it is necessary to find and employ the proper K-values (equilibrium volatility ratios of the hydrocarbons in that fluid). This process of finding the Proper K-values usually involves a double trial and error computation. Since the K-values are in themselves dependent upon the composition of the fluid, their use in the calculation of a saturation pressure actually represents an unnecessary complication. The correlation described in this paper relates saturation pressure directly to the stream composition, entirely eliminating the need for K-values. The only data required to calculate the Stream composition are obtained from the customary low temperature fractional analyses of separator gas and liquidt and from the ASTM distillation of the c,+ fraction of the separator liquid. A considerable simplification in the procedure for predicting saturation pressures is thereby effected without significant loss in accuracy. BASIS FOR A CORRELATION Empirical relationships between the saturation pressure and the composition of the fluid in question have already been partially explored by one of the authors.V n particular, a relationship between the critical pressure for a hydrocarbon mixture and its composition was developed. The critical pressure is in reality a saturation pressure, as it repregents a limiting case either of a dew point or of a buhhle point pressure for any given mixture. It was found that the critical pressure may be correlated as a function of two generalized composition characteristics or variables. One characteristic expressed a molal average prop-erty, the other a weight average property of the mixture. Specifically, the molal average boiling point (MABP, or B as it

Jan 1, 1952

By J. C. Branner

(New York Meeting, February, 1012.) DURING the past two or three years I have seen statements regarding the first discovery of fullers' earth in this country that seem to require correction or modification. One appears again in the Mineral Resources of the United States for 1909, part II., p. 738, where it is said that ? fullers' earth was first discovered in the United States at Quincy, Fla., in 1893." In this connection the following bit of unpublished history concerning fullers' earth in the State of Arkansas is worthy of attention. In April, 1891, when I was State Geologist of Arkansas, a Swede named John Olsen, formerly a copper-miner in Michigan, but then living south of Little Rock, brought me a sample of what he thought was fullers' earth. He reported that it was from near the town of Alexander, the locality being 1 S. 13 W., section 8, SW. quarter of the SE. quarter. My chemist, Dr. R. N. Brackett, analyzed the material, and reported: Per Cent. Silica, . . SiO2., . 63.19 Alumina, . AL2O3, . 18.76 Iron, . Fe203 7.05 Lime, . Ca0 0.78 Magnesia, . . MgO 1.68 Potash, . K2O 0.21 Soda, . . Na2O 1.50 Loss on ignition, . 7.57 100.74 Water at 110° to 115° C. = 7.84. Another sample from about the same locality, also brought by John Olsen, on analysis by Dr. Brackett gave

Jul 1, 1912

By H. M. Warren, E. J. Powell, A. S. Biesecker

In the past, steam engines were used in practically all cases for driving the machinery in and about an anthracite breaker, and hence few or no accurate data were available as to the power requirements for starting and operating the individual machines, which make up the complete equipment. It was impossible to segregate the power necessary to drive each individual machine, first, because the equipment was driven in groups, and second, because it was impracticable to obtain graphic, integrated, or instantaneous records of the horsepower used. As a result of these conditions, it was found, when individual electric motors were applied to the various machines, that more accurate and complete data were needed in order to provide motors of the proper power and design for the particular services to be rendered. In order to obtain the desired information, the writers made and collected a number of tests, from time to time, on the individual motor drives in electrically operated breakers, and as these tests have been of great value, it occurred to them that a paper giving the results might be of service to other engineers interested in similar installations. Table I shows the results of these tests. All the motors tested were of the three-phase, 60-cycle, 440-volt, induction, squirrel-cage type, except a few, which, on account of size and starting conditions, were of the wound-rotor type. The instruments used in making these tests were: An integrating watt-hour meter, a graphic ammeter, and a graphic voltmeter. These instruments were connected in each motor circuit, and a record of a day's run of 9 hours was obtained from each machine. From these tests, the running light load, the average all-day load, and the instantaneous peak readings in amperes, volts, and kilowatt input, were obtained. By means of the characteristic curves obtained from these motors at the factory, the power factor, the efficiency, and the horsepower output were calculated for each particular test. Starting tests were made by the brake-arm method, in which the torque in pounds was measured directly on a spring balance.

Jan 1, 1916

By CHARLES HOPPER

In preparing the Steep Rock Lake iron ore body for mining, it was necessary to drain Steep Rock Lake. Using diamond drills, a cut 1800 ft long, 100 ft wide, and maximum depth of 95 ft amounting to 300,000 cu yd of material, was excavated in Greenstone to provide a drainage channel. This was done under the general contractor C. A. Pitts, of Toronto, who in turn employed a diamond drill contractor, Boyles Bros., to do the drilling. The method of excavation was selected be- cause a clean square cut and grade could be maintained in the bottom of the channel. Bootlegged holes would have left blocks of rock in the corners which would have created a situation which would have become progressively worse as the open cut advanced from one side of the ridge to the other.

Jan 1, 1949

By A. S. Richardson

The design of mine airways receives, in general, very little engineering treatment. To a large extent this is, of course, due to the fact that information upon which to base calculations is seldom available in definite form. In many rnines the extent of the workable deposits may not be known at the time an air course is planned, and the length of service is indeterminable. Volume of air required for ventilation rnay also increase with extension of the life of a property, and natural obstacles, such as heavy ground, often place limitations upon the size of opening that can be maintained. Perhaps most of the shafts used in the ventilation of metal mines were originally intended as hoisting shafts, and many of the tunnels and crosscuts similarly used, were also designed as haulage ways or for other operating purposes. Even when a shaft is sunk solely for ventilation, custom usually dictates a size and shape consistent with the type commonly used for ordinary operations, because experience has demonstrated it can be excavated and maintained. In fact, most ventilation openings were never made with any consideration as to economic design for such use. When an air course is required to pass air between different parts of mine workings under a fixed pressure, the size of opening required for a given volume of flow, is, of course, determined by the resistance factor of the air course. It is then impossible to proportion the opening with reference to economics of power consumption, and this paper is limited to the design of openings where ventilation pressure or power consumption may he varied for economic advantage. As the size of an air course is increased, the expense involved in excavation and support is, of course, also increased, but the charge for power is decreased. In the case of a mine that has only a short assured operating life, it would not be ecouomical to provide large openings in order to reduce power bills; but when operations are likely to continue for a long time, the power charge becomes a very important economic factor. Although lack of definite information on such factors as service life and costs of excavation and support affects the design of an air course, it appears, from a mathematical analysis of the problem, that considerable variations may be made in estimating these factors, without greatly

Jan 1, 1927

By M. Otogawa

TsunashiRo Wada, honorary member of the Institute, died at his residence, Ushigome, in Tokyo, on Dec. 20, 1920, at the age of sixty-four; he was born on March 15, 1856, at Obana in the province of Wakasa. An expert mineralogist, lithologist and geologist, he identified himself throughout his life with the development of the mining interest of this country. Perhaps the most noteworthy of his meritorious services in the public sense was the extension of the Imperial Steel Works at Yawata, anticipating the grim fate that hurled Japan. into a war with Russia in 1904. Educated in the Imperial University of Tokyo by foreign professors, he studied especially mineralogy, lithology and geology. In 1875 he was appointed assistant professor in the Imperial University of Tokyo, and in 1878 entered the service of the Home Department. From 1880 until 1893, Mr. Wada was Director of the Imperial Geological Survey of Japan, during which time he practically laid the foundation of the geological investigation work in Japan. In 1884, he made a trip to Europe by government order to attend the international Congress in Berlin, visiting en route several countries of Europe and America. While Director of the Survey, he was also, from 1880 to 1885, lecturer, and from 1885 to 1891, professor of mineralogy and lithology in the Imperial University, and, from 1889 to 1893, was Director of the Imperial Mining Bureau of Japan. In this capacity, he revised the mining laws of Japan, thus laying the foundation of Japan's mining administration. In 1894, he was again appointed lecturer in the Imperial University of Tokyo; in 1895, appointed Technical Adviser on Mines to the Imperial Household Department of Japan; and, in 1897, appointed President of the Imperial Steel Works, which was completed in 1900 with the expenditure of $10,000,000. In this capacity he did a great deal to promote the iron and. steel industry of this country. We owe him the ore-purchase contract with the Daiya iron mine in China, which remarkably facilitated the extension of the iron works in later days. The victory of the Russo-Japanese war must be said to be due to his merit in no small measure. He resigned the presidency of the Imperial Steel Works in 1901. In 1899, Mr. Wada visited America and several countries of Europe by government order; in 1902, he traveled through north and middle China doing exploration work and studying the geology of the country, accompanied by mining engineers and geologists. From 1896 to 1908, Mr. Wada was president and honorary member of

Jan 1, 1922

By M. Otogawa

TsunashiRo Wada, honorary member of the Institute, died at his residence, Ushigome, in Tokyo, on Dec. 20, 1920, at the age of sixty-four; he was born on March 15, 1856, at Obana in the province of Wakasa. An expert mineralogist, lithologist and geologist, he identified himself throughout his life with the development of the mining interest of this country. Perhaps the most noteworthy of his meritorious services in the public sense was the extension of the Imperial Steel Works at Yawata, anticipating the grim fate that hurled Japan. into a war with Russia in 1904. Educated in the Imperial University of Tokyo by foreign professors, he studied especially mineralogy, lithology and geology. In 1875 he was appointed assistant professor in the Imperial University of Tokyo, and in 1878 entered the service of the Home Department. From 1880 until 1893, Mr. Wada was Director of the Imperial Geological Survey of Japan, during which time he practically laid the foundation of the geological investigation work in Japan. In 1884, he made a trip to Europe by government order to attend the international Congress in Berlin, visiting en route several countries of Europe and America. While Director of the Survey, he was also, from 1880 to 1885, lecturer, and from 1885 to 1891, professor of mineralogy and lithology in the Imperial University, and, from 1889 to 1893, was Director of the Imperial Mining Bureau of Japan. In this capacity, he revised the mining laws of Japan, thus laying the foundation of Japan's mining administration. In 1894, he was again appointed lecturer in the Imperial University of Tokyo; in 1895, appointed Technical Adviser on Mines to the Imperial Household Department of Japan; and, in 1897, appointed President of the Imperial Steel Works, which was completed in 1900 with the expenditure of $10,000,000. In this capacity he did a great deal to promote the iron and. steel industry of this country. We owe him the ore-purchase contract with the Daiya iron mine in China, which remarkably facilitated the extension of the iron works in later days. The victory of the Russo-Japanese war must be said to be due to his merit in no small measure. He resigned the presidency of the Imperial Steel Works in 1901. In 1899, Mr. Wada visited America and several countries of Europe by government order; in 1902, he traveled through north and middle China doing exploration work and studying the geology of the country, accompanied by mining engineers and geologists. From 1896 to 1908, Mr. Wada was president and honorary member of

Jan 1, 1922

By J. B. Wagner, p. Hembree

The iron tracer diffusion coefficient of umstite has been measured at 110(fC across the phase field and at a single composition at 800°C. Assuming a simple cation vacancy model the tracer diffusion coefficient was found to be a linear function of the cation vacancy concentration at 1100°C. The equation is D = 3 x 20 29 where denotes the concentration of vacancies in numbers per cc. The tracer work at 800°C was carried out to investigate the reported "pinning" of tracer to the wustite surface at low temperatures. No evidence for the "pinning" of the tracer was found at 800°C in COz-CO gas mixtures. HIMMEL, Mehl, and Birchenall,&apos; Carter and Richardson,2 and Desmarescaux and La combe3 have measured the diffusion of iron tracer in wustite at several temperatures and compositions. The present work was undertaken to extend the measurements over a large composition range at 1100°C and to resolve certain apparent discrepancies in the data, expecially at lower temperatures. EXPERIMENTAL Wustite was prepared by oxidizing rectangular iron plates* in C02-CO mixtures. The samples were •The iron was supplied by the Battelle Memorial Institute courtesy of the American Iron and Steel Institute. The analysis is presented in Table I. quenched. Due to the inward flow of cation vacancies during oxidation, the center of the sample contained a thin void. The edges of the wustite slab were sanded until the sample could be split into two parts. Each part was then sanded on the front and back flat area until a smooth surface was obtained. The specimens were then replaced in the furnace and equilibrated at llOO°C in a predetermined COa-CO mixture by methods described elsewhere.4"6 The specimens were again quenched and the surfaces were lightly sanded to remove any roughness following the first equilibration. The specimens were then reequi lib rated in the same C02-CO mixture for thirty minutes in order to relieve any mechanical damage on the surface due to the polishing. The specimens were then quenched and the tracer was applied by an electroplating technique. The work of Carter and ~ichardson&apos; demonstrated that there was no systematic difference in the iron tracer diffusion coefficient in wustite if the tracer was plated, dried, or evaporated on the specimen. In the present study a piece of filter paper was saturated with an iron chloride solution of pH <* 3 that contained the tracer FeS5. The wustite was placed on the filter paper and made the cathode. A current density of 0.4 to 0.6 ma per sq cm was passed for about five to ten minutes. The thickness of the tracer layer was estimated to be about 7 x lom6 cm. This estimate was made by considering the area plated, the current flow, and time for plating and the activity of the iron in the plating solution. Different areas of the specimen were counted using a collimator to determine the uniformity of the tracer. Any specimen which exhibited a variation from the initial count rate (about 1500 cpm) by more than 15 pct was rejected. An estimate of the time necessary to convert the thin layer of iron tracer to wustite was made using the data of Pettit and wagner." he estimated time was 1 sec at 1100°C assuming linear oxidation kinetics. The shortest diffusion anneals were 1800 sec. The samples were suspended in the hot zone of a furnace by two platinum wires. Two separate specimens were run at the same time. Only the edges of each sample were in contact with the wires. The C02-CO gas of the same composition as that used in the pre-diffusion anneals flowed freely around the samples at a linear velocity of 0.9 cm per sec. To initiate a run, the specimens were lowered from the cold zone of a furnace to the hot zone by a magnetic lowering device." bout 60 sec were required for lowering. To terminate a run, the sample was withdrawn from the hot zone to the cold zone. Time zero for the beginning of the experiment was taken when the sample blended into the red glow of the furnace and conversely for the end of the experiment. The surface decrease method of measuring the tracer diffusion coefficient was used to collect the data. This method requires that counting geometry be reproducible because the specimen is counted before the diffusion anneal and after the anneal. A special jig was constructed for each specimen so the specimen could be removed from the jig and returned to the jig such that the well geometry was reproducible.

Jan 1, 1970

By AIME AIME

IN RESPONSE to a request from the president- elect of the Institution of Civil Engineers of Great Britain, Mr. Calvin W. Rice, secretary of the American Society of Mechanical Engineers, prepared a brief history of the joint activities of engineering societies in the United States, from which we have taken the following facts. National Societies Our first joint activities were in collection with the celebration of the eightieth birthday of "Uncle John" Fritz in 1902, and it is of interest to note that two of the members of the original celebration committee, Messrk. . Ambrose Swasey and Jesse Merrick Smith, will be members of the official deputation to England in June. Mr. Rice, also,&apos; was .a member, of the original committee.

Jan 1, 1921

By AIME AIME

OUR new Director from the 15th District is Robert W. Thomas; of Ray, Ariz., general manager of the Ray Mines division, Kennecott Copper Corp. In electing him to this office his fellow engineers pay tribute to his ability as an engineer and express appreciation for his service to the A.I.M.E. and its Arizona Section. ?Bob? Thomas was born April 1, 1886 at St. James Minn. received his early education in the public schools of Topeka Kans. and was graduted from Topeka High School in 1905. Already he had decided upon mining engineering as a profession. so he entered the mining school of the University of Kanas from which he was graduated with the degree of B.S. in hlining enginrering. While in college he became a Student Associate of the A.I.M.E. After graduation, lution and isolated mining camps wel-e not the most desirable places in w

Jan 1, 1944

The income of the Institute is derived from dues, subscriptions to Mining and Metallurgy and sale of publications. These sources are fortunately supplemented by the interest from invested funds now amounting to over $500,000, a considerable portion constituting endowments for especial purposes. Aside from the medal funds the principal endowments are the James Douglas Fund for support of the Library, the Rocky Mountain Fund and the Seeley W. Mudd Memorial Fund. The income from the two last named is available for the support of research and a variety of other purposes, It is allocated by the Board of Directors upon recommendation of standing committees in each case. An active effort is being made to increase the endowments of the Institute, it being felt that unusual opportunities exist for research and public and professional service through the organization and at a minimum of expense. J. V. W. Reynders is chairman of the Endowment Committee. Seeley W. Mudd Memorial Fund THE Seeley W. Mudd Memorial Fund, consisting of $100,000, was given the Institute in 1929 by the family of Colonel Mudd who had served the Institute as Director, Vice-president and on many important committees. His long career of distinguished professional and public service is fittingly commemorated by this fund. The income is available for support of research and other special purposes. In view of Colonel Mudd&apos;s life work with the nonferrous metals and his keen interest in the younger men of the profession it is purposed to apply the fund particularly to the benefit of these two. Control of income is exercised by the Board of Directors on recommendation of a Committee consisting of the President and Secretary, ex officiis, together with three others selected by the Board. The Committee consists at present of the following members: W. H. Bassett, President; H. Foster Bain, Secretary; Harvey S. Mudd serving until October, 1931; Edgar Rickard serving till October, 1932; George Otis Smith serving until October, 1933. On recommendation of this Committee the Board has authorized as a first project the preparation of a series of small books designed especially to be helpful to the Junior Members. These are now being written and it is hoped will be available for distribution in 1931. The list includes: A Brief History of American Mining, by T. A. Rickard; Mining Costs, Why and What, by Arthur Notman; Introduction to Mineral Economics, by H. Foster Bain and T. T. Read; Choice of Methods—A Record of Experience in Making Decisions, with chapters by W. H. Bassett, F. W. Bradley, E. DeGolyer, Howard N. Eavenson, A. B. Parsons, J. V. W. Reynders, L. D. Ricketts, Robert E. Tally, Pope Yeatman and others. One other book is projected but final selection has not been made. The purpose of these books is to afford the younger men who now come into a highly specialized profession some substitute for the broad

Jan 1, 1930

AS provided in Article VIII, Section 4 of the By- laws, the Papers and Publications Committee has formulated the following, rules of pro-cedure and submitted them to the Board of Directors for consideration and approval. In preparing these rules the committee, and an active subcommittee con-sisting of Messrs. Norris, Sharpless; Fohs and Wither-ell, have kept in mind the desirability of codifying the practice that has grown up through the now sev-eral years of experience of the committtee, without casting them in a mold so rigid as to be hampering. The problems of the Institute change from year to year and the methods of publication must change also to meet each new situation as it arises. "The estab-lishment of divisions and special volumes devoted to the papers. read before each required certain changes from former practice. These rules have been framed with this in view. The committee suggested, however, in its letter of transmittal, that the system will be made all the more workable if the Board will, as far as practicable, in making appointments to this committee, arrange for representation from each of the professional divisions and technical committees. It is understood that the chairman of the committee will be named by the Board. The rules regarding spe-cial volumes have been framed, keeping in mind the present policy of distribution, as already approved by the Directors under which the special volumes go only to the special. groups except on request. The committee has not attempted to provide rules governing consideration of any appeal made to the Board from one of its decisions, but its services and files will necessarily be at the full service of the Board in any such event. The rules which were ap-proved by the Board at its meeting on March 30, 1928, are as follows: Signed by C. S. Witherell, Chairman. (A) The authority of. the Committee on Papers and Pub-lications, hereinafter called the Committee, is defined in Art. VIII, Sec. 4 of the By-laws of the Institute, which reads as follows: "Papers and Publications: The Committee on Papers and Publications shall consist of the Secretary of the Institute, and at least twelve members of the Institute, to assist in passing on all papers offered for publication. They shall be appointed annually by the Board of Direc-tors, on recommendation of the President, and shall have authority, subject to appeal to the Board, to accept or reject papers for publication in the Transactions and Technical Publications of the Institute. The Commit-tee shall formulate a set of rules of procedure which, when approved by the Board, shall have the force of By-laws until revoked or amended." The policy of the Committee will be to uphold the ob-jects of -the Institute as set forth in the Constitution (Arti-cle 1, Sec. 2).

Jan 5, 1928

By John C. Robison

INTRODUCTION Sensitivity analysis is a means of gauging the impact of individual risks on a financing. Key risks can occur in three time periods: - Feasibility, engineering and construction phase; - Start up phase (usually through completion); - Operating phase (post completion). If a company has agreed to cover these risks prior to completion, then less attention will be paid to the sensitivity of the project in the first two time periods. Since the operating phase of the project generates cash for both operations and debt service and generally does not begin until two to six years after the loan is signed, it is wise to look at scenarios other than the projected "base-case" scenario in order to determine the project&apos;s capability to operate successfully under a broad range of probable future events. Lenders are compensated at a fixed spread over their borrowing base and generally are not compensated if the project is successful beyond expectation. They are also subject to the loss of principal plus funding costs if the project performs below expectation. Because of this, lenders establish sensitivities around the parameters of conservative projections developed in the project feasibility studies and the cash flows resulting from these projections. The initial cash flow projections should demonstrate the project&apos;s ability to meet cash costs, debt service requirements (principal and interest), and still have sufficient cushion to cover contingencies such as strikes, price fluctuations, force majeur situations, etc. (See Schreiber, Chapter 10). The selection of the level of sensitivity analysis to be performed is the result of both objective criteria, including probabilistic analysis applied to the technical parameters, and, of equal importance, subjective criteria applied by the analysts, especially with regard to the economic and financial parameters impacting the project cash flows. RISK SENSITIVITY Assumptions used in the cash flow projections should be realistic. Risks identified by the lenders should be identified and cash flows prepared to assess whether these project risks are acceptable. Typical project risks include the following (see also Chapter 9): - Sufficient reserves - quantity and quality - Product price - Production level - Operating costs - Availability of energy and supplies - Transportation and infrastructure requirements and costs - Interest rate - Completion risks - Tax level - Political risks - Cost over-run risks - Operator experience - Management - Technological risks - Environmental permits and risks - Foreign exchange risks - Insurance coverage - Equity of sponsors - Inflation rate - Capital expenditure during project life In order to see the effect on the cash flow projections, each risk should be analyzed for its impact on the cash flow generating capacity of the project. Sensitivities can be examined to see if the resultant cash flow projection will meet the lenders minimum credit standards. 1.Reserve Sensitivity In general, lenders will not assume the reserve risk. However, it should also be noted that lenders receive loan proposals in which reserves range anywhere from proven to possible. Sensitivities are not generally run for various reserve levels and reserve estimates are either considered acceptable or not acceptable by the lenders.

Jan 1, 1985

By G. B. SOUTHWARD

MECHANIZATION is being developed to some extent in every coal field in the United States and it is rather difficult to say which State or section of the country has made the greatest advancement. Statistics now being compiled for 1928 will show the tonnage mined, the amount of equipment used in each of the coal-producing States, and the comparative tonnages and percentages of total tonnage mined in each of these States, and will reveal which field is making the greatest advancement as far as quantity of production is concerned. However, while the tonnage figures are of great importance there-are other phases of coal-mine mechanization, such as the types of equipment, the mining methods and coal bed conditions, which are of equal interest. The change from hand-mining practices in all of the various operations from the face to the railroad cars is, perhaps, more indicative than any other one thing of the real progress being made.

Jan 1, 1929