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By W. Irwin Moyer

Two methods for the rapid valuation of oil properties are in common use. The one best known and most widely used is the "per barrel" value, based on the present daily production of the well, without regard to its past performance or the history of the sand or pool from which it produces. The second method is the "time to pay out," or the lengt of time required for a well to place itself upon the credit side of the ledger, from which time the returns from its production (less the operating expenses) will be clear profit. The time basis for valuation is also commonly used in the appraisal of an undeveloped lease. In most oil fields, it is not thought good business to invest in production that will not pay out in at least 4 to 5 years. Nearly all buyers (except in certain regions of very persistent production like the deep-sand territory of the Appalachian field) expect wells to pay out in considerably less time than this. Like the barrel-per-day price, the time necessary for a well to pay out has been determined for each field, so that one frequently hears a field or district referred to as having a certain time to pay out. This is considered the norm for that field or district and the buyer and seller base their value, to greater or less extent, on their belief in the accuracy of this time. The writer long ago became convinced of the inaccuracy of the barrel-per-day method, except when greatly modified for local conditions, such as the age of the wells, their economic limit, operating conditions in the field, the future price of oil, and the persistence of the sand as a producer. When so modified, this method becomes more of an analytic or predicted probable-yield valuation. While the appraiser may not go through each step in a valuation based on future returnable revenue, his knowledge of the field and the local conditions surrounding his leases make it possible for him to estimate a fair sales value that, in many cases, will be a close approximation to the truth. This is quite different from she commonly understood barrel-per-day value, in that the conditions turrounding the sale of one lease or property at a fair market value may

Jan 1, 1923

By W. Irwin Moyer

Two methods for the rapid valuation of oil properties are in common use. The one best known and most widely used is the "per barrel" value, based on the present daily production of the well, without regard to its past performance or the history of the sand or pool from which it produces. The second method is the "time to pay out," or the lengt of time required for a well to place itself upon the credit side of the ledger, from which time the returns from its production (less the operating expenses) will be clear profit. The time basis for valuation is also commonly used in the appraisal of an undeveloped lease. In most oil fields, it is not thought good business to invest in production that will not pay out in at least 4 to 5 years. Nearly all buyers (except in certain regions of very persistent production like the deep-sand territory of the Appalachian field) expect wells to pay out in considerably less time than this. Like the barrel-per-day price, the time necessary for a well to pay out has been determined for each field, so that one frequently hears a field or district referred to as having a certain time to pay out. This is considered the norm for that field or district and the buyer and seller base their value, to greater or less extent, on their belief in the accuracy of this time. The writer long ago became convinced of the inaccuracy of the barrel-per-day method, except when greatly modified for local conditions, such as the age of the wells, their economic limit, operating conditions in the field, the future price of oil, and the persistence of the sand as a producer. When so modified, this method becomes more of an analytic or predicted probable-yield valuation. While the appraiser may not go through each step in a valuation based on future returnable revenue, his knowledge of the field and the local conditions surrounding his leases make it possible for him to estimate a fair sales value that, in many cases, will be a close approximation to the truth. This is quite different from she commonly understood barrel-per-day value, in that the conditions turrounding the sale of one lease or property at a fair market value may

Jan 1, 1923

By T. R. Wright

IN few mining regions in the world are the ores so varied and complex as in the Andes of central Peru. Consequently, in few localities is one company engaged in so many and such diverse metallurgical operations as the Cerro de Pasco Copper Corp. Concurrent with the mining of complex lead-zinc ores in Peru, and the consequent expansion of the Corporation's metallurgical activities, a department of metallurgical research was established in 1927 at La Orova. Facilities were provided for research in ore dressing, hydronivtallurgy pyrometallurgy, electrometallurgy, and analytical chemistry. In addition to laboratories. various pilot plants were built, including a concentrator, leaching plant, "by-product" smelter, and electrolytic refineries. These pilot plants are not diminutive units; they are designed and equipped as semicommercial plants for operation on a continuous 24-hour basis thus assuring the duplication of pilot plant results in actual practice. In general, the sequence in the development of metallurgical operations hasbeen as follows: (1) investigations in the laboratory to determine the most effective and economical method of treatment; (2) continuation of the research project on a pilot-plant scale when the evaluation of the laboratory

Jan 1, 1945

By J. F. Enrietto

Internal friction measurements were used to determine the effect of manganese on the solubility and precipitation kinetics of nitrogen. Manganese, in concentrations up to 0.75 pct, has little effect on the solubility at temperatures above 250°C. On the other hand, at Concentrations as low as 0.15 pct, manganese inhibits the formation of iron nitrides, especially Fe4N, even though it may not form a precipitnte itself. The precipitation and solubility of carbides and nitrides have been extensively investigated in the pure Fe-C and Fe-N systems.1-3 In recent years, some effort has been ispent in studying the influence of substitutional alloying elements on the behavior of carbon and nitrogen in ferrite.4 -7 In particular Fast, Dijkstra, and Sladek have investigated the effect of 0.5 pct Mn on the internal friction and hardness during the quench aging of Fe-Mn-N alloys.', ' They found that at low temperatures (below 200°C) the presence of 0.5 pct Mn greatly retarded quench aging. For example, after 66 hr at 200°C very little precipitation had taken place in the iron alloyed with manganese, whereas precipitation was complete after a few minutes in a pure Fe-N alloy. The effect of varying the manganese content and the details of the precipitation process were not mentioned in these papers. Fast' postulated that manganese causes a local lowering of the free energy of the lattice with a resulting segregation of nitrogen atoms to these low energy sites. The segregated nitrogen atoms are bound so tightly to the manganese atoms that they cannot form a precipitate. The internal friction measurements of Dijkstra and Sladek tended to confirm the concept of segregation of nitrogen around manganese atoms, and the increase in free energy on transferring a mole of nitrogen atoms from a segregated to a "normal" lattice site was computed to be - 2800 cal. Dijkstra and Sladek9 distinguished between two types of precipitates: ortho, a nitride of appreciably different manganese content than that of the matrix, and para, a nitride with a manganese content essentially that of the matrix. With each type of precipitate a solubility, again designated ortho or para, can be associated. Since the internal friction maximum in alloys which were aged several hours at 600" C dropped almost to zero, Dijkstra and Sladek9 concluded that the ortho solubility must be very low. The effect of temperature on the ortho and para solubilities has no1: been investigated. There are obviously several gaps in our knowledge concerning the influence of manganese on the behavior of nitrogen in a-iron. It was the purpose of the experiments described in this paper to determine the following: 1) The ortho and para solubilities of nitrogen as a function of temperature. 2) The details of the precipitation process at elevated temperatures. 3) The effect of varying the manganese concentration on the above phenomena. EXPERIMENTAL PROCEDURE Internal friction is conveniently employed in studying the precipitation of nitrides and/or carbides from a -iron because it is one of the few parameters, perhaps the only one, which is not affected by the presence of the precipitate itself. For this reason, internal friction techniques were heavily relied upon in the present experiment. A) Preparat of -. All specimens were prepared from electrolytic iron and electrolytic manganese. Alloys containing 0.15, 0.33, 0.65, and 0.75 wt pct Mn were vacuum melted and cast into 25 lb ingots. After being hot rolled to 3/4 in. bars, the ingots were swaged and drawn to 0.030 in. wires. The wires wen? decarburized and denitrided by annealing at 750° C for 17 hr in flowing hydrogen saturated with warer vapor. To obtain a medium grain size, - 0.1 mm, the wires were then heated to 945oC, allowed to soak for 1 hr, furnace cooled to 750°C, and water quenched. Subsequent internal friction measurements showed that this procedure reduced the nitrogen and carbon concentrations of the alloys to less than 0.001 wt pct. The wires were nitrided by sealing them in pyrex capsules containing anhydrous ammonia and annealing them for 24 hr at 580°C, the nitrogen being retained in solid solution by quenching the capsule into water. Immediately after quenching, the wires were stored in liquid nitrogen to prevent any precipitation of nitrides. By varying the pressure of ammonia in the capsule, it was possible to produce any desired nitrogen concentration. B) Internal Friction. The internal Friction measurements were made on a torsional pendulum of the Ke type,'' a frequency OF 1. or 2 cps being used. For

Jan 1, 1962

By E. J. Kenaedy, E. H. Robie

THOUGH the fall meeting of the Coal Division was held in the heart of the anthracite section, at Hazleton, Pa., the bituminous industry was well represented also, and the two groups found much common ground for discussion. The' technical part of the program was confined to two sessions in the morning and afternoon of the first day, Friday, Oct. 14, the evening and the following day being reserved for field trips and social functions. The attendance more than met the expectations of those in charge of the arrangements; there seemed no hint of depression here.

Jan 1, 1932

THE Johnson award for 1926 was given to T. L. Joseph for his experimental work on blast-furnace operation. When the Bureau of Mines undertook its experimental blast-furnace investigation in 1919, a number of operators and metallurgists were doubtful as to the practicability of small-scale tests. Several pre-vious attempts, outside the Bureau, to operate small furnaces had been unsuccessful. However, pig iron was produced in three and four-ton furnaces during the first half of the nineteenth century. The operation of a small furnace did not therefore seem an impossible task. This point of view, together with a realization of the importance of problems connected with the pro-duction of pig iron, prompted the Bureau to undertake this work. Such problems as the feasibility of using charcoal briquets as a fuel, the application of oxygen enriched blast, and the use of new ores and raw ma-terials, in general, can be investigated only at consider-able cost on full sized furnaces, while with an experimental furnace they can be conducted at a com-paratively ;small, cost. The results of small-scale tests are sufficient to determine whether the problem. War-rants the expenditure required for a trial on a com-mercial scale. The accompanying photographs and chart show the various stages of the experimental furnace development. Some idea of the size and shape of furnaces which were tested can be had from the development chart. In oper-ating furnaces A to F, a series of changes were made to increase hearth temperature. Perhaps the most im-portant change was the position of the tuyeres with respect to the bottom of the hearth. The height of the tuyeres above the hearth was gradually increased and the hearth diameter decreased. It was shown by this series of furnaces that metal and slag are the chief source of heat supply to the crucible. For this reason there is a minimum rate at which these materials can be brought into the hearth of a small furnace if it is to function properly. The rate of slag "and metal fall are determined by the burden on the furnace and the rate of blowing. Due to lack of funds necessary to provide ample blowing equipment, hot blast stoves, essential mechani-cal features, and to meet operating expenses, it. was necessary to work with much smaller furnaces, such as G to K shown in the chart. The particular object of these tests was to study the extent to which reactions could be speeded up by decreasing the size of the stock. One decided change, noticed at the beginning of this series of tests, was the effect which coke size had on the production of a strongly reducing gas. Furnace G, 22 in. high, operating on coke crushed to pass 10 mesh, made a gas richer in carbon monoxide than did fur-naces A to F, operating on run-of-the-oven coke.

Jan 3, 1927

IN GATHERING material for this chapter on Yerington and the one to follow on Silver Bell, the A.S.& R. project near Tucson, Arizona, I was fascinated at the way the two stories paralleled each other. For example, here are a few instances: (1) The first copper mining in the Yerington district of Nevada was in the late 1860's; the first in the Silver Bell area in 1873. (2) Each district was served by a branch railroad about 25 miles long from a main line of the Southern Pacific (by quizzical coincidence); and, in each instance, the railroad was later abandoned and torn up. (3) Each district had a sizable blast-furnace smelter ten or fifteen miles from the principal mines, and in each instance the smelter was later dismantled for junk. (4) Up to 1954, the Yerington district was credited with a production of 100,000,000 lb of copper; the Silver Bell district with 80,000,000 lb. (5) In each district the entire production had come from deposits other than the low-grade ore bodies now being exploited. (6) In each instance, existence of the low-grade deposits of the Porphyry type was recognized in the period circa1910-1914 and a substantial amount of exploratory drilling had been done, on one deposit at Yerington and on two at Silver Bell. (7) In each instance, the properties containing the Porphyry ore were acquired by a strong company (Anaconda Copper Mining Company at Yerington and American Smelt-

Jan 1, 1957

By M. R. Geer, H. F. Yancey

Four coals were treated in the Humphreys spiral concentrator, and the products were examined by float-and-sink and screen-sizing tests to determine fundamental performance characteristics. The efficiency of the separation between coal and impurity was shown to be influenced greatly by particle size.

Jan 1, 1950

By R. I. Jaffee, C. M. Craighead, G. A. Lenning

THERE has been considerable discussion among A metallurgists and others interested in the development of titanium alloys as to the nature of the fine line markings which appear in the microstruc-tures of unalloyed titanium and a titanium alloys. These markings have been variously called x phase, etching pits, and twins. Figs. 1 to 3 show typical examples of the line markings as they appear, respectively, in high purity iodide titanium, commercial purity titanium rod, and a high purity a alloy containing 0.2 pct N. The commercial purity titanium sample, shown in Fig. 2, contains both line markings and some spheroidal retained-ß phase. The ß phase seen in this micrograph should not be confused with the line marking, since it originates from the iron present as an impurity in the sponge metal. It will be noted that the line markings seem to have a definite orientation pattern with respect to the grains and in titanium noticeably resemble the precipitation occurring in artificially aged high purity Al-Cu alloys. This similarity led to the hypothesis that the line markings observed in titanium and a titanium alloys resulted from precipitation of some unknown phase. With the work of Hägg1 and McQuillan2 as background, there was little reason to suspect hydrogen of being responsible for the line markings. Hagg reported that up to 33 atomic pct H was soluble in a titanium, and McQuillan reported an a solubility of up to 8 atomic pct. Furthermore, McQuillan examined metallographically a 5.1 atomic pct H alloy quenched from 300°C and stated that the structure appeared to be a single-phase a solid solution. Line markings have been observed frequently and were first noted by Jaffee and Campbell3 in 1949. They did not observe them in vacuum-annealed titanium and a Ti-O and Ti-N alloys, but did observe them in Ti-H alloys containing 0.25, 0.5, and 1 atomic pct H. They stated that it was doubtful that the markings were a second phase based on hydrogen, because 1 atomic pct was far from the accepted solid solubility of hydrogen in titanium. Finlay, Resketo, and Vordahl,4 in 1950, concluded that the markings were a true second phase as a result of observations on their etching characteristics. Anderson5 Commenting on these markings in titanium was inclined to associate them with hydrogen, but was loath to call them titanium hydride, because of the reported high solubility of hydrogen. Work at Battelle Memorial Institute for the Navy Bureau of Aeronautics," done concurrently with the work described in this paper, provided information on the experiment converse to that described by Jaffee and Campbell in 1949. This work showed that the amount of line markings in unalloyed titanium could be decreased by vacuum annealing at elevated temperature. It was suggested that this was the result of removal of hydrogen; previously, the data of Jaffee and Campbell9 howed that the markings appeared when hydrogen was added. Recent work at Battelle for the Ordnance Corps, Department of the Army, which is described here, now establishes the identity of the markings as a titanium hydride phase. A sample of high-purity titanium rod 1/4 in. diam, 0.009±0.001 wt pct H (0.43 atomic pct), Fig. 1, was resistance heated in a 0.05 micron vacuum for 41/2 hr at 1500°C. During the early states of heating, the pressure increased to 150 microns, indicating that gases were being evolved. After cooling in vacuum, the iodide titanium rod was analyzed for hydrogen. Vacuum-fusion analysis showed 0.0006 ±0.0003 wt pct H (0.03 atomic pct) to be present.* Metallographic examination of the vacuum-annealed rod showed only a transformed ß structure. There was no evidence of fine line markings, Fig. 4. A section of this vacuum-annealed rod was cold rolled to 0.040 in. thick sheet and annealed for 1 hr

Jan 1, 1953

By Regis M. N. Pelloux, N. J. Grant

Five or six alloys each in the systems Ni-C.v, Ni-Mo, and NL-W, spaced to cover the single phase areas as well as a part of the adjacent two-phase field, were prepared as uacuum-melted alloys. Tensile tests at room temperature and stress rupture tests at 1200° and 1500°F we.ve run for time periods to give fracture in 0.1 to 500 hr. Observations mere made of solid-solution and second-phase strengthening or uleakening, coupled with studies of ductility and the role of structure on the noted behavior patterns. THE development of stable creep-resistant alloys while broad and systematic is also highly empirical. A number of simple rules have been suggestedL-" but these are based on scant data. Whereas rules for low-temperature alloy strengthening can be applied with some success in more simple systems, the extension to behavior at high temperatures (greater than about 0.4 of the absolute melting temperature) is very poorly understood and has encountered important exceptions and deviations in terms of atom size or valency effects. In particular, the occurrence of both solid-solution weakening4,5 and second-phase weakening2 at high temperatures is of interest. MATERIALS AND PROCEDURE Nickel was chosen as the base material because of its important role in current high-temperature alloy applications, because of its freedom from a phase transformation, and because of wide solubilities for many elements of interest. The selected alloys were single- and two-phase structures in the Ni-Cr,6 Ni-Mo,7 and Ni-w 8 systems. The alloys were vacuum melted and cast, utilizing high-purity raw materials, in the form of 15 lb ingots. They were readily forged into 1/2-in. bar stock (except the two highest chromium alloys). The alloy compositions are shown in Table I. Typical impurity values are: Carbon: Max 0.03 pct (except for 30 and 35 pct Cr alloys which had 0.07) Nitrogen: Max 0.005 pct (except for two of the Cr alloys which had 0.05) Sulfur: Max 0.004 pct Silicon: Max 0.05 pct Each alloy was solution treated (air quenched) to produce comparable grain size. The two-phase alloys were then overaged in an effort to produce a stable structure for testing at 1200° and 1500°F, The results are summarized in Table 11. Following the heat treatments outlined in Table 11, the bars were machined to a gage section of 1.25-in. long by 0.250-in. diam. In addition to room-temperature tensile tests, stress-rupture tests were run at 1200" and 1500°F for time periods from 0.1 to about 500 hr. RESULTS Room-Temperature Mechanical Properties—The ultimate tensile strength, total elongation, and reduction of area values for all the alloys are plotted vs atomic percent of the solute element in Fig. 1. It can be seen that for the same amount of solute element the ultimate tensile strength increases in the order chromium, molybdenum, tungsten. Elongation increases (reduction of area decreases) with increasing amounts of solute for all the solid solution alloys, the values ranging from 50 to 70 pct. The ultimate tensile strength values for the two-

Jan 1, 1961

By Pierre R. Hines

The first progress in American ore dressing practice was made in the mills of the Mother Lode in Calif., the Comstock Lode in Nev., and Gilpin County in Colo., during the years 1861 to 1870, when the ancient wooden stamp battery, with square wooden stems, was converted into the 'California' stamp made of wrought and cast iron, with round stems which rotated. Eli Whitney Blake invented the jaw crusher in 1858 for stone crushing, and it was soon used for crushing ore. F. W. Gates' gyratory crusher followed twenty years later. S. R. Krom, Thomas A. Edison, and others improved the Cornish rolls by increasing their size and spring pressures; the Symons Brothers made horizontal and vertical disc crushers; W. Ball and E. T. Leavitt designed powerful steam stamps for Lake Superior native copper ores; and jigs were mechanized. William B. Frue, a mill superintendent in the Lake Superior copper district, invented the vanner in 1874. Arthur F. Wilfley built his riffled concentrating table in 1895, just after Dr. Robert H. Richards commenced his Ore Dressing. The Wilfley table so changed concentrator flow sheets that Dr. Richards was compelled to revise his text, and its publication was delayed until 1903. The value of sizing or classifying before concentration was recognized. Dr. Richards had persuaded the Anaconda Copper Mining Co. to install round tables with special surfaces to catch the 'extremely fine free mineral.'l Gravity concentration had achieved almost every refinement for recovering or separating minerals by the difference in their specific gravities. However, one serious problem remained unsolved, i.e., how to retrieve the enormous loss of the extremely fine mineral in the slime portion of the ore. Slime, then, as now, was not a precise term due to the variation in the mineral composition of the ores and the different requirements in crushing, grinding, sizing, and classifying. At that time, slime was considered to be fine sand and colloidal material passing 100 mesh.2 Most sulfide ore minerals are more friable than their associated gangue minerals, so that crushing and grinding increased the proportion of the extremely fine ore minerals in the slime. Sparkling specks of galena, chalcopyrite, argentite, or ruby silvers, according to the ore, floating away on the tailing stream from vanners and slime tables, were familiar sights in the old gravity concentrators. Gravity concentration practice was aimed at recovering the ore minerals at the coarsest possible size because the recovery was higher and unnecessary

Jan 1, 1962

By D. S. Choi, R. Stefanko

There are a number of complex factors that influence the effectiveness of anchorage to maintain tension in rock bolts. However, a plastic analysis of the anchorage site employing certain simplifying assumptions with application of the Mohr-Coulomb criterion appears to explain the observed phenomena. Such an analysis has been made and a correlation sought with field and laboratory tests. Field tests were made in an anthracite mine in eastern Pennsylvania and included pull tests and long-term tests of a variety of anchorage devices in two basic lengths, 30 and 42 in. in two widely differing seams. Performance is reviewed for wedge, expansion shell, and resin anchorage. Laboratory tests duplicated many of the field conditions but in addition compared the performance of shells with normal and reversed serrations. This performance was compared with the predicted results from the plastic analysis. One of the major problems in conducting long-term underground tests is the selection of suitable instrumentation. All installed bolts were fitted with spherical and hardened washers to insure the best possible torque wrench readings. In addition, commercially available load cells were used. Finally, the performance of a specially developed strain-gage-equipped ring cell is viewed. Rock bolting as a method of support continues to increase with applications in many other industries in addition to mining. Nevertheless, with nearly 55,000,000 roof bolts installed in coal mines alone last year, this remains as the single greatest use. While bolts have frequently supported ground where conventional timbering could not, there are relatively few design criteria; and trial-and-error procedures prevail. Furthermore, there has been a lag in development of suitable instrumentation that is simple to install and read out, sensitive, durable, reliable, safe, and economical in evaluating the effectiveness of a bolt over long periods of time. Therefore, the pull test continues to be the most popular method of evaluating the applicability of a certain type of roof bolt under specific installation conditions. At The Pennsylvania State University in the Dept. of Mining, research has been conducted for a number of years to measure bleed off in carefully controlled laboratory experiments as well as in underground investigations."-' Unfortunately, most of the instrumentation developed has been primarily suitable only for research purposes, not possessing all of the aforementioned characteristics desirable for routine underground use. Other groups also have met with restricted success. Therefore, while relatively crude, the torque wrench continues to remain as the most widely used load measuring device. While both field and laboratory tests continue to be con- ducted, analytical analyses are attempted to discover the more important design parameters in order that more efficient anchorage might be devised. Bolts are being used for a greater variety of purposes in mining. Suspending wire sideframe belt conveyors from roof bolts is a common application. The suspension of a monorail transportation system presents yet another. One such system has just been installed in a recently reopened anthracite mine and is presently being evaluated under production conditions. Preliminary studies revealed that a considerable cost reduction was possible by suspending the monorail on bolts anchored in the top. The monorail was to be installed under two widely differing conditions—a competent sandstone above the Buck Mountain seam and a softer shale top above the Skidmore. The type of anchorage device, length of bolt, and long-term performance, consistent with economy and safety, had to be established for the installation once the decision was made to suspend the system on rock bolts. This paper describes some of the testing procedures leading to a final selection. Theoretical Analysis of Expansion Shell Anchorage A detailed look at an expansion shell assembly might shed some light on the factors involved in the design of a suitable shell, Fig. 1. When a bolt is rotated, the tapered plug is forced downward, expanding the leaves laterally to grip the sides of the hole. Two friction surfaces are present: (1) the interface of the plug and leaf and (2) the interface between leaf and rock. The relationships of these friction planes, geometry of expansion shell, and properties of the rock are important in the design of an expansion shell. Therefore, an analysis assuming the rock to behave as a rigid plastic material with its yield governed by the Mohr-Coulomb criterion was made." Furthermore, the effect of friction between the leaf and rock produced by serrations was analyzed.

Jan 1, 1971

By B. H. Dunshee

This paper is not intended to be a technical discussion of square-set framing as used in mines, but merely a short description of the different kinds of framing that have been used in the Butte mines, and what has been decided upon, after years of practical experience, as being the best, taking into consideration the physical condition of the veins and country rock, and also the supply of timber available for mining purposes. Butte is, essentially, a square-set district. Virginia City, Nev., was the first mining camp to use this method of timbering, and to Philip Deidesheimer, who went to the Ophir mine in 1860, is given the credit of solving the problem of square-set framing, where large bodies of ore were stoped and the timbers were supposed to hold the ground from caving without any filling. That he did his work well is shown by the fact that the main features of his framing are in use to-day. In the Butte mines the conditions are such that this method of timbering is generally used. We do not, of course, depend upon the timbers any more than is necessary. The worked-out stopes are filled with waste rock as close behind the miners as possible and not interfere with mining operations. The waste rock is obtained from development work on the different levels or from the surface. In the earlier days of mining in Butte there were numerous independent companies and naturally there were different ideas as to the best way to frame the square sets, although the general features were the same. Timber was abundant for mining purposes and the common practice was to use sawed lumber, generally 10 by 10 in. or 12 by 12 in. square. Some of the mines used for girts 6 by 10 in. or 8 by 12 in. timber, depending upon whether they used 10-in. square or 12-in. square timber for posts and caps. This avoided the necessity of framiug the ends of the girts, and also required less timber for the

Jan 1, 1914

The primary purpose of the Institute is to advance the technologic and engineering arts embraced by it through interchange of knowledge This can best be done by the presentation and discussion of technical papers by its members Short practical papers are especially welcome An author should always satisfy himself that his material is of a quality that will be a credit to him and to the Institute The preparation of a good paper frequently leads to a reorientation of the author's thoughts, and publication contributes much to the professional standing of the author Members are urged to submit papers presenting the results of their work Attention to the following suggestions will greatly further the prompt and efficient handling of manuscripts

Jan 1, 1952

By Gilbert P. Moore

The production of petroleum in Argentina during 1932 was greater than in any preceding year. The total amount produced was 13,012,-756 bbl. This figure represents a decided increase in the production of oil in Argentina and can be attributed largely to the increased activities of the Royal Dutch operations at Kilometer 27 in the Comodoro Rivadavia district and those of the Standard Oil Co. of Argentina in the Salta region. Production from the Royal Dutch wells amounted to considerably more than 10,000 bbl. per day over quite a long period during the year. Of the 13,012,756 bbl. of oil produced during 1932, the Government Agency (Y. P. F.) was responsible for some 5,578,954 bbl., while 7,433,-802 bbl. were produced by private companies. Although in 1930 the Y. P. F. produced about 55 per cent of the total production and in 1930 50 per cent of the total, in 1932 its production had fallen to about 42 1/2 per cent of the total. This decrease in the proportion produced by the Y. P. F. was not due to a decrease in its production but to the decided increase in the production of private companies, particularly those two whose names are given above. One new discovery was recorded during the year. This was a well drilled by the Y. P. F. at Cacheuta in the province of Mendoza which came in pumping 80 bbl. of 15" gravity oil from a depth of 673 meters. This well was completed at approximately the same time that the provincial government of Mendoza granted a concession to the Y. P. F. and declared the whole province as a reserve in which no concessions may be granted for a period of 10 years. Under these conditions, the federally operated Y. P. F. will have no competition in the Cacheuta area from private companies such as they have in the other three fields of the republic. The Y. P. F. wildcat west of Comodoro Rivadavia at Pampa Maria Santissima on the Rio Senguerr was completed as a dry hole during 1932. This we11 was reported as a producer in 1930 by persons returning to this country from Argentina but it appears that they had been misinformed. The site of this test has been abandoned and a new location made north of the Rio Senguerr.

Jan 1, 1933

By J. E. Johnson

OF the many items of information necessary to the successful management of the blast-furnace, few are more important than knowledge of the location and movement of the stock: line:—whether the furnace is full and has been kept so; whether the stock is settling regularly or slipping; and, if slipping, how often it has slipped, at what times, and how far at each time. To obtain these data, a man is sometimes stationed at the top of a pair of mechanically-filled furnaces, sim-ply to watch and gauge them by hand in the old-fashioned way. A more recent practice is the suspension of test-rods from ropes leading over pulleys to the ground-level, where the ropes are mound on small drums with graduated peripheries and provided with crank-handles, whereby the skip-man or some other person can quickly and conveniently gauge the position of the stock-line in the furnace. I believe the credit for this great improvement belongs to Messrs. McClure $ Phillips of Sharon, Pa., who were, as far as I know, the first to apply it, and who have a patent for it. The valuable indications gained by application of the Uehling pyrometer to the down-comer are not to be ignorcd; but the information thus furnished is somewhat indirect, and there is no scale for the translation of " top-temperatures " into " feet down." Moreover, this apparatus, as a whole, is delicate, and the cost of installation and maintenance is high. If the record furnished by the Uehling pyrometer is not in the most desirable form, the test-rods, on the other hand, give no record at all, except through the memory or notes of a man who, to say the least, is not gauging continuously, and who may omit to report an improperly low stock-line, if it be due to a fault of his own.

Jan 1, 1906

By S. Stutz

Three years ago, at the Philadelphia meeting, in February, 1881, the author had the pleasure of presenting to the Institute a paper on coal-washing machinery.* Since that time many new machines, with important improvements and labor-saving apparatus, have been introduced, the construction and description of which may be of interest to some of the members of the Institute. By referring to the above-mentioned paper, and more especially to Plate IV., representing a vertical section of a coal-washer, it will be noticed that the bottom of the plunger-box B is made level or horizontal, and supports a spring-buffer F for the purpose of limiting the down-stroke of the plunger P and receiving the impacts of the latter. Althongh the construction of the box, in view of these impacts, received from the start the proper attention (the bottom of the chamber 3 being made of three thicknesses of 3-inch planks, resting on 6-inch sqnare columns), yet, through careless working of the machinery, without the necessary water in the box, it proved in several instances not strong enough, and had to be changed. To prevent such interruptions in future, it became necessary to devise some means for relieving the machine from the impacts of the plunger altogether. This has been accomplished by the arrangement shown upon Plate I. of this paper, representing a new waesher; and not only has the difficulty been overcome, but also sorne other advantages have been obtained, as will be seen further on. The compartments +, A' of the separator-box have been set upon heavy cast-iron brackets B, leaving sufficient space below the bottom for the buffer F and the sediment-valve K. By means of the plunger-rod 6 passing through the stuffing-box s to the outside, and provided at its lower end with a shoe a, the impacts of the plunger are now transmitted from the buffer F directly to the foundation. At the same time a better guide for the plunger P in its up and down movement has been obtained. The plunger of the former machine had only the guide I and the yoke Y, whereas the new machine has an additional guide in the stuffing-box s, thus preventing wear and friction of the plunger against the lining of the box. Further-

Jan 1, 1884

By John T. Crawford

Introduction Loading and hauling systems are evaluated in open pit mining for new properties, expanding existing operations, changing systems or equipment, and equipment replacement analysis. The objective of such evaluations is to determine the equipment needed to handle planned tonnages at the lowest cash flow cost. Cash flow costs are used to combine capital outlays with operating and maintenance costs. Leasing costs could be substituted for capital costs with appropriate modifications to calculation procedures. These modifications will not be covered. This chapter will describe methods of evaluating loading and hauling systems, concentrating on some of the more often raised questions concerning quantitative data. While the methods described are not the only ones in current use, they have a record of proven reliability. The shovel and haulage truck system is used In the examples because of its common use in open pit mines. In medium to large open pit mines, electric shovels and diesel-electric drive haulage trucks are normally used. The basic ideas presented in this chapter apply to all loading and hauling systems, with appropriate modifications. The process of performing a shovel and haulage truck evaluation can be time-consuming and tedious because of the quantity of data involved, but it is not particularly difficult. The examples used to Illustrate shovel and haulage truck evaluation are based on a hypothetical open pit mine operating 350 days per year producing 31 750- 000 t (35,000,000 st, 100,000 stpd) annually, of which 11 110 000 t ( 12,250,000 st, 35,000 stpd) are ore. Selection of the optimum shovel and haulage truck fleets will be shown. The principal sources of data for the examples or any other equipment evaluation are equipment manufacturers and actual operations. Whenever possible, actual operating experience should be used to verify estimates. The quantitative data presented herein are unrelated to a specific existing mining operation.

Jan 1, 1979

By Michael A. Gustafson, Fernando B. Sotelino

INTRODUCTION The degree of success of any new project will ultimately depend on two factors: (i) the underlying economic strength of the project; and (ii) how successfully the parties involved can coordinate their interests to establish a financing structure which indeed capitalizes on the project's inherent economic attractiveness. A project's underlying economic attractiveness is determined by its inherent comparative advantage in accessing the factors of production, combining these factors of production to create a product and marketing this product. Initially, the decision regarding whether to go ahead with the project - the go/no go decision - has to be based on its total ability to generate cash flow returns to project participants to compensate them for resources committed and risks undertaken. The extent to which project sponsors will actually benefit from the project's inherent economic attractiveness is fundamentally dependent on their ability to establish the long-term financing arrangement which best meets the objectives and constraints of each project participant and sources the most advantageous funding. The decision regarding the financing of the project, the "how-to-go" decision, is then an attempt to find the capital structure, consistent with market terms and conditions and sound financial management policies which will best: (i) match planned outflows with cash inflows; and (ii) maximize the return for project sponsors. This article makes use of a case study to illustrate the analytical process involved in dealing with the go/no go and the how-to-go decisions on a project. Though most commonly applied to project finance situations, the guideline described herein is equally applicable to other financing situations, such as leveraged buyouts and debt restructurings, where timely repayment of debt depends largely on the future cash flows to be generated by the entity being financed. Our case study is of a hypothetical expansion of an existing copper mining operation in Latin America. The company, Latin American Copper (LAC) currently has 147 million metric tons of proven sulphide ore reserves. The existing mine complex consists of an open pit mining operation and a conventional flotation plant with a processing capacity of 20,000 metric tons of ore per day. LAC sells copper concentrates primarily to Japanese custom smelters. The mine has been in operation for 5 years, fine copper production last year was 108,240 metric tons, and LAC currently has assets of $175 million and net worth of $135 million. Due to a recent increase in proven reserves, LAC is considering doubling the treatment capacity of its flotation plant to 40,000 tons per day, and expanding its mining capacity to meet the additional concentrator capacity (the "Project"). Project capital expenditures and incremental working capital have been estimated at approximately $210 million. The construction period is expected to cover one year, including a three-month start-up phase. The Project is to be funded by a combination of equity, senior debt, including both supplier credits and/or commercial bank term loans, and subordinated debt. LAC's shareholders are willing to commit a maximum of $50 million to the Project. A government development agency, which is also a minority shareholder, might be willing to lend approximately $40 million to LAC in the form of subordinated notes, depending on the ability of the Project to generate foreign exchange reserves. Commercial banks cannot be expected to offer loans with maturities longer than ten years. The Project is expected to increase the value of the firm because: (i) It will solidify the Company's position as a low-cost copper producer by taking advantage of economies of scale. As a result of the expansion, cash production costs are expected to decrease 7.0[c]/lb. and all-in costs 11.0[c]/lb; (ii) The potential earnings stream from the sulphide ore reserves will be realized

Jan 1, 1985

By AIME AIME

THE session* on Non-ferrous Metallurgy held Monday morning was conducted in a most satisfactory manner with F. F. Colcord, vice-president, U. S. Smelting Co., in the chair. In spite of the early hour and the fact that members desired to register first, the meeting started quite promptly, with almost every chair in the room occupied. About 65 men were present and during the morning many more came but, not being able to find room, drifted away to other fields of activity. The first paper presented, "Lead Refining Practice of the Bunker Hill Smelter of the Bunker Hill & Sullivan Mining & Concentrating Co.," by Alfred F. Beasley (T. P. 303), was read in abstract by Edward H. Robie, and an animated discussion followed in which Messrs. Johnson (written discussion), Brewer and Jones and Professor Hayward participated. The discussion hinged principally on the liquation of the zinc crusts, but Professor Hayward called attention to the fact that the practice of keeping the gold and silver crusts separate was not new and the present scheme illustrated the axiom that processes based on fundamental principles should not be considered as extinct; one can never tell when it may be found advantageous to make use of them again.

Jan 1, 1930