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By Frederic Benard

This paper constitutes a preliminary report on experimental work done to date on the anode-furnace treatment of blister copper containing relatively high percentages of nickel. The investigation has not been completed but results obtained to date are considered of sufficient interest to warrant publication. Blister copper treated by the Ontario Refining Co. originates from the Copper Cliff smelter of The International Nickel Company of Canada, of which the former is a wholly-owned subsidiary. The blister as received contains from 0.50 to 1.50 per cent Ni, and in this respect differs from that treated by other refineries on this continent. During the anode-furnace treatment, only a portion of the nickel content is removed, and of the amount remaining in the anodes a varying percentage is found in the anode slimes. This necessitates a more extensive treatment than ordinary nickel-free material. Sometimes it is necessary to repeat roasting and leaching operations several times before the nickel content is low enough to permit the slimes to proceed to the dore furnace. This, besides increasing treatment charges, causes greater selenium stack losses and involves a longer tie-up of precious-metal values. Therefore this investigation was undertaken with the aim of determining the factors influencing the diversion of nickel into the anode sludge. From experience it was known that by keeping the nickel content of anodes at 0.55 to 0.60 per cent maximum a relatively satisfactory slime resulted. One avenue of attack therefork was developing improved elimination in the anode-furnace treatment so that the anode content mentioned above was not exceeded. Another angle was to improve the solubility, during electrolysis, of the nickel constituent in the anodes, thus decreasing the percentage diverted to slimes. It may be mentioned here that nickel dissolving electrochemically and entering the electolyte presents no difficulty from a treatment standpoint. Both of these approaches were studied and are discussed separately below.

Jan 1, 1944

By M. E. Nicholson

The solubility of carbon in Ni-Cu alloys was determined at 1000°C. The factors which limit solid solubility are discussed with particular reference to the influence of electronic factors. The results indicate the extent of solid solubility is a function of the density of states at the Fermi surface. THE solid solubility of an interstitial element is primarily limited according to Seybolt and Fullman1 and Speiser and Spretnak2 by (a) the strain energy produced when the solute atom takes its interstitial position, and (b) the partial molal free energies of the solid solution and the coexisting phases. In several binary systems of a transition and a noble metal, where there are no abrupt changes in strain energy or free energies of coexisting phases, the solid solubility of an interstitial third element drops abruptly to a negligible value at a composition corresponding to a complete filling of the "d-band." Such a decrease occurs in the case of hydrogen in the Pd-Ag system at 60 pct Ag.3,4 The solubility of carbon in Ni-Cu alloys seems to vary in a similar manner as indicated by the embrittling effect of carbon on these alloys. These al- loys are embrittled by slow cooling due to the precipitation of graphite. This embrittlement can be removed by heat treatment if the carbon content is less than the solid solubility limit at the heat-treating temperature. If the carbon content of the alloy exceeds the solid solubility at the heat-treating given temperxture, the embrittlement cannot be eliminated by solution heat treatment.' Since pure nickel has a carbon solubility of 0.25 wt pct6 at 1000°C, embrittlement is easily removed from commercial nickel and nickel-rich alloys, which may contain of the order of 0.10 wt pct C. Embrittlement due to carbon cannot be removed from Ni-Cu alloys containing 70 to 80 wt pct Cu by annealing unless: the carbon content is of the order of 0.04 wt pct CL or less."' Thus, it appears that the

Jan 1, 1962

By R. L. Orr, O. D. Sherby, J. E. Dorn

Creep data for pure metals at temperatures above those at which rapid recovery occurs (above about 0.45 the melting temperature) are correlatable by means of the equations and These correlations were applied successfully to data for aluminum, iron, nickel, copper, zinc, platinum, gold, and lead as well as for simple alloys. For a given metal, AH is a constant about equal to the activation energy for self-diffusion. THE early recognition that creep is stimulated by thermal activation prompted numerous investigators', ' to apply the same laws that are valid for the viscous behavior of liquids to analyses of creep data. To a good first approximation these laws are summarized by the equation were i is the creep rate; T, the absolute temperature; R, the gas constant in cal per degree per mol; T, the applied stress; AH, the activation energy in cal per mol; S', a constant dependent on the entropy of activation, the frequency of activation, and the contribution of each activation to the strain; and B', a constant dependent upon the size of the flow unit that is activated. Although Eq. 1 describes the flow of viscous fluids very accurately, its application to the creep of solids has been disappointing. Two reasons for the failure of Eq. 1 for creep are now known: First, the decelerating creep rates during primary creep demand that the internal structures of the metals are changing and that these changes might be reflected by changes in one or more of the three creep parameters S', AH, and B'. Consequently when the conventional methods of evaluating these parameters are employed by comparing the secondary creep rates at a series of temperatures and at a series of stresses, the true effects of temperature and stress are masked because of simultaneous changes in one or more of the creep parameters. Second, as will be illustrated more fully later, three distinctly different types of investigations have shown that the stress term for high temperature creep enters the analysis as and not as t/T. This rather unexpected result points sharply to a significant fundamental difference between the mechanisms for the viscous behavior of fluids and the high temperature creep of metals. More recent extensive investigations",'4 on the creep of high purity aluminum and several of its dilute a solid solutions have shown that where E is the total creep strain; temperature compensated time = for a constant temperature test; t, is the initial stress in a constant load test or the constant true stress in a constant stress test;" and t is the duration of test. • Eq. 2 is valid for either constant stress or constant load tests; but the total creep curve is difierent (i.e. the function, f, is differentl for each test. The fundamental origin of the validity of Eq. 2 is thought to arise from some equivalence of substructures in constant load creep tests at equal values of 0 or E. Both X-ray and metallographic examination revealed that practically identical lattice distortions and subgrain sizes are obtained for the same creep strain under the same load over wide ranges of test temperature.' Furthermore the room temperature tensile properties following equal creep strains at different temperatures under constant loads were also identical, illustrating that identical substructures were indeed obtained.' " A second type of correlation was obtained by differentiating Eq. 2 with respect to time, giving For the secondary creep rate, denoted by i,, But Eq. 2 reveals that 0, is a function of a, alone because the secondary creep rate in a given constant load test is always reached at a fixed value E,". Therefore where is the function that was introduced a number of years ago by Zener and Hollomon." Eq. 4 is not only valid for creep but will permit correlations between constant load creep and tensile data where e, is the rate of tensile straining and (TC is the engineering ultimate tensile strength.

Jan 1, 1955

By G. Derge, R. E. Grace

Diffusivity of bismuth in liquid Pb-Bi alloys has been measured by the capillary reservoir method as a function of temperature and composition. Fair agreement between theory and experiment is found for the measured diffusion coefficients and activation energies of diffusivity and viscosity in dilute lead alloys. The measured diffusion coefficients in the high bismuth alloys describe mass transport in special concentration gradients. THE study of diffusion in liquid metals has been restricted largely to the amalgams over small ranges of temperature and composition. In contrast to this, diffusion and transport of ions and molecules in aqueous and organic solvents have been studied extensively for the past 50 years. The general difficulty of measuring diffusion coefficients in both gases and liquids at high temperatures has been that of eliminating convection currents. Measuring techniques based on freezing and sectioning after the diffusion period1 are not particularly satisfactory because of the volume changes and segregation which occur during freezing. The most promising technique which is currently being developed for liquid metals is the capillary reservoir method. This eliminates convection currents from the diffusion zone and requires measurements only of the length and initial and final compositions of the alloy within the capillary. Anderson and Saddington' have measured the diffusion coefficient of tungstate anions in aqueous Na,W04; Wane4' and Hoffman- ave studied structure and self-diffusion in water and self-diffusion in mercury, respectively, by similar techniques. Selection of the Pb-Bi system for initial study was made for several reasons: I—It afforded a low temperature system for development of techniques which would be suitable for high temperature measurements in liquid iron. This research on diffusion in liquid iron is now in progress as a part of a general program on the rates and mechanisms of slag-metal reactions. 2—Activity data on liquid Pb-Bi alloys of all compositions are available from the emf meas- urements of Strickler and Seltz.9 3—Some data are available on the diffusion of bismuth into solid lead. The measurements on solid alloys were made by von Hevesy and Seith7 for the concentration range of 0 to 2 pct Bi. An appropriate solution to Fick's law (unsteady state) for the capillary reservoir has been found by considering the mass flow which passes through a unit area of surface on a slab of infinite thickness as a function of time. This is the first application of this solution to diffusion measurements, although a similar solution is available for identical boundary conditions.' By analogy with heat conduction, the problem reduces to a perfectly insulated infinite slab at temperature C,, one surface of which is quenched to C, for all times, t. Heat is permitted to flow from quenched surface of the slab to an infinite supply of coolant at C.' (see Appendix). For the corresponding solution for diffusion in liquids, these terms become Where Cu is the initial concentration of component A" in entire capillary at t - 0, C, is the final con- In this case. component A is bismuth, and C, = 0. centration of component A in entire capillary at t = t, C, is the concentration of component A in bath for all t, 1 is the length of the capillary in centimeters, t is the time of diffusion period in seconds, and D is the diffusion coefficient in square centimeters per second. By comparison with solutions to Fick's law used in the solid state, this solution for liquids is similar to the Grube solution for solids, where the change in D with chemical composition is not taken into consideration. Difficulty is to be expected if large concentration gradients are employed and if the concentration gradients extend over an appreciable length of the capillary.

Jan 1, 1956

By L. L. Davis

The rapid increase in the use of pulvcrulent adsorptive materials in the so-called "contact filtration" process for decolorizing lubricating oils makes it desirable to consider some of the basic principles involved. The commercial methods and types of equipment now used arc fairly well known, having been extensively described in the trade journals. In spite of this very little has been published concerning the factors which must be considered in the selection of a process or of a decolorizing ing material. It is commonly understood that contact filtration more or less closely follows the laws of adsorption. These principles have been thoroughly drscribed by Gurwitsch.' The contacting of neutral mineral oils seems to be adsorptive in character and apparently follows Freundlich's law of adsorption which may be expressed by the formula: X = Color material adsorbed hy the clay. M = Amount of clay used. C = Concentration of color material after equilibrium. A and P = Constants for a given oil and clay. Fig. 1 shows the decolorization curve for a natural, dark colored cylin-der stock when contacted with various quantities of clay, curve R being made with natural Riverside Texas fuller's earth and T being made with an acid-treated clay from Texas. As the Tag-Robinson color is inversely proportional to the depth of color, the reciprocal of these colors ran be assumed to be a funct ion of the concentratlion of coloring matter. The values of and C' can, therefore., br calculated by using the reciprocal Tag-Robinson colors, and when these

Jan 1, 1928

By W. N. Poundstone, P. C. Thakur

Introduction Horizontal drilling in coal mines is a relatively new technology. The earliest recorded drilling in the United States was done in 1958 at the Humphrey mine of Consolidation Coal Co. for degasification of coal seams. Spindler and Poundstone experimented with vertical and horizontal holes for several years. They concluded in 1960 that horizontal drilling in advance of underground mining appeared to offer the most promising prospect (for degasification) but effective and extensive application would be dependent upon the ability to drill long holes, possibly 300 to 600 m, with reasonably precise directional control and within practical cost limits (Spindler and Poundstone, 1960). Mining Research Division of Conoco Inc., the parent company of Consolidation Coal Co., began a research program in the early 1970s to achieve the above objective. The technology needed to drill nearly 300 m in advance of working faces was developed by 1975 and experiments on advance degasification with such deep holes began in 1976. Preliminary results of this research have already been published (Thakur and Davis, 1977). To date nearly 4.5 km of horizontal holes have been drilled for advance degasification and earlier results were reconfirmed. In summary, these are: • The greatest impact of these boreholes was felt in the face area where methane concentrations were reduced to nearly 0.3% in course of two to three months from original values of nearly 0.95%. • The methane concentration in the section return reduced to 50% of its original value immediately after the boreholes were completed, indicating a capture ratio of 50%. • The total methane emission in the section (rib and face emission plus the borehole production) did not increase but rather gradually declined with time. • Initial production from 300 m deep boreholes in the Pittsburgh seam varied from 3 m3/min to 6 m3/min but then slowly declined as workings advanced inby of the drill site (well head) exposing a larger surface area parallel to the borehole. Encouraged by these results, it was decided to design a horizontal drilling system that would be mobile and compatible with other face equipment. A mobile horizontal drill can be divided into three subsystems: the drill rig, the drill bit guidance system, and borehole surveying instruments. The drill rig provides the thrust and torque necessary to drill 75- to 100-mm diam holes up to 600 m deep and contains the mud circulation and gas cuttings separation systems. The drill bit guidance system guides the bit up, down, left, or right as desired. Borehole surveying instruments measure the pitch, roll, and azimuth of the borehole assembly. Additionally, it also indicates the thickness of coal between the borehole and the roof or floor of the coal seam. Thus, it becomes a powerful tool for locating the presence of faults, clay veins, sand channels, and the thickness of coal seam in advance of mining. In recent years, many other potential uses of horizontal boreholes have come to light, such as in situ gasification, longwall blasting, improved auger mining, and oil and gas production from shallow deposits. The purpose of this paper is to describe the hardware and procedure for drilling deep horizontal holes. The Drilling Rig [Figures 1 and 2] show the two components of the mobile drilling rig: the drill unit and the auxiliary unit. The equipment (except for the chassis) was designed by Conoco Inc. and fabricated by J. H. Fletcher and Co. of Huntington, WV. The drill unit. It is mounted on a four-wheel drive chassis driven by two Staffa hydraulic motors with chains. The tires are 369 X 457 mm in size and provide a ground clearance of 305 mm. The prime mover is a 30-kw explosion-proof electric motor which is used only for tramming. Once the unit is Crammed to the drill site, electric power is disconnected and hydraulic power from the auxiliary unit is turned on. Four floor jacks are used to level the machine and raise the drill head to the desired level. Two 5-t telescopic hydraulic props, one on each side, anchor the drill unit to the roof. The drill unit houses the feed carriage, the drilling console, 300 m of 3-m-long NQ, drill rods, and the electric cable reel for instruments. The feed carriage is mounted more or less centrally, has a feed of 3.3 m, and can swing laterally by ± 17°. It can also sump forward by 1.2 m. The drill head has a "through" chuck such that drill pipes can be fed from the side or back end. General specifications of the feed carriage are: [ ] The auxiliary unit. The chassis for the auxiliary unit is identical to the drill unit but the prime movers are two 30-kW explosion proof electric motors. It is equipped with a methane detector- activated switch so that power will be cut off at a preset methane concentration in the air. No anchoring props are needed for this unit. The auxiliary unit houses the hydraulic power pack, the water (mud) circulating pump, control boxes for electric motors, a trailing cable spool, and a steel tank which serves for water storage and closed-loop separation of drill cuttings and gas.

Jan 1, 1981

By John F. Elliott, David L. Schroeder

SURFACE depletion can be a significant source of error in the use of the effusion method for determining the thermodynamic properties of alloys, particularly in the case of solid alloys.' However, as yet this problem has not been treated quantitatively by experimentalists in the field.1-3 The method necessitates diffusive transport of material out of the source alloy to obtain a relevant measurement. The general character of the system is shown in Fig. 1. The diffusive flux (nD) at the alloy surface is equal to the effusive flux (nE): where D is the diffusion coefficient of the diffusing substance, C is its concentration, X is the distance from the surface into the source alloy, p is the density of the alloy, and AS is the actual available surface of the alloy. The concentration of the diffusing substance at the surface is CS, and Here fE is the Clausing factor, AE is the area (sq cm) of the orifice, y is the activity coefficient of the substance in the alloy, PO is the vapor pressure (Torr) of the pure substance, M is the molecular weight of the effusing species, and T is the absolute temperature. The differential equation for diffusive transport in the source alloy is Fick's second law. Its solution is dependent on the geometry of the source alloy. Two boundary conditions must be established to obtain the proper solution, the first being Eq. [1], or its equivalent. The solutions for several important forms of the source alloy are considered below.

Jan 1, 1967

By Josef Westesson

No question in the metallurgical chemistry of the present day seems to be so difficult to agree upon as the determination of phosphorus in iron and steel. To my knowledge, there are at present at least three different methods in use in the iron laboratories of the United States, viz.: The citric acid method, the molybdate-magnesia method, and the direct molybdate method,—the last-named method having been lately adopted. Each of these methods has its advocates, who take every pains to prove its advantages, and the incorrectness of the others; and much has been written for the purpose of securing the use of a standard method—as yet, however, without any result. There is no doubt, or ought to be none, that each of these methods gives correct results, when it is carefully conducted and every precaution is taken. But it is not only correct results that we want nowa-days. The demand is great, also, for getting results in the shortest possible time. I think it has been sufficiently proved that the direct molybdate method, the weighing of the precipitate, answers well in both respects. Being a pupil of Prof. Eggertz, I have myself used his method for years until quite recently, as it is described by Mr. Troilius in our Transactions, vol. x., p. 166 (but with some slight modifications), and I can safely say that the results of this method agree well with those of the molybdate-magnesia method. I have, moreover, been checked, in a few instances, by some of the

Jan 1, 1885

By F. W. Bremmer

THE drilling of constantly deeper oil wells has made it imperative that the manufacturer of casing be ever searching for new methods and new materials to meet the increased demands. One phase of this search constitutes the subject matter of the present paper. Starting from the original Drake well in 1859, the depth of wells has advanced by leaps and bounds, until today depths of 6000 to 8000 ft. are common. Conditions point to the necessity for drilling to greater depths, and it is not at all improbable that much of the future oil produc- FIG. 1.-TREND IN DEPTH OF OIL WELLS. tion will be from, wells around 10,000 ft. deep. The trend to deeper wells is nicely illustrated by the curve in Fig. 1.1 The points plotted are the maximum depths attained in the various pools which were at their peak for the years given. It may be of some interest to observe the change that has taken place in the tensile and collapsing stresses over the last 25 years. The pressure at the bottom of a 900-ft. hole, equivalent to the pressure caused by an equal column of water, is only 450 lb. per sq. in. The equivalent

Jan 1, 1930

Full details of the program for the New York meeting .were given in the January Bulletin and the announcement mailed to members. The following brief synopsis is offered simply as a reminder of the principal events of this meeting which Chairman Browne says is going to be "different." Time.-Monday, Feb. 14, to Thursday, Feb. 17, 1916, inclusive. Place.-Engineering-Societies' Building, 29 West 39th St., New York. Events.-Monday, Tuesday and Wednesday (Morning and Afternoon) Technical Sessions. Tuesday, 10 a. m.: Annual Business Meeting, Luncheon served in the-Engineering Societies Building between sessions each day.

Jan 2, 1916

NEW MEMBERS. The following list comprises the names of those persons who became members during the month of flay, 1913: Members. BASTIN, EDSON S., Geol U. S. Geological Survey, Washington, D. C BUCHERER, Louis, Cons. Engr Apartado 1471, Mexico City, Mexico. BURDICK, CHARLES A., Min. Engr 74 Broadway, New York, N. Y. CARR, HOMER L., Min. Engr 109 W. 88th St., New York, N. Y. CARTER, RUSSELL S., Mech. Engr. & Asst. Gent Mgr., Ingersoll-Rand Co., 11 Broadway, New York, N. Y.

Jan 6, 1913

By Paul Billingsley

WHEN I was an undergraduate at the Columbia School of Mines, the mining curriculum was subdivided into two major branches's known respectively as the Metallurgical and the Geological Options, which diverged rather widely as the course progressed. When I duly elected the Geological Option, I believed, I am sure, that this divergence would continue throughout the years. The facts have proved otherwise. The mining industry is a closely knit entity in which the search for its raw materials, called mining geology, cannot be separated from the conversion of these raw materials into marketable form, called metallurgy. The mining geologist searches for materials which the metallurgist can utilize, and only such; and whenever an advance in metallurgy opens the gates for new materials, the geologist's problem is correspondingly modified. No better instance of this relationship can be given than that seen in the Salt Lake region in recent years. Our mineral industry here is of long standing. The three principal tributary districts, Bingham, Park City and Tintic, were discovered in the 1860's and have been vigorously and intelligently developed for many decades. Their production has made the Salt Lake valley one of the world's great smelting centers. The maintenance of this industry has for years depended upon the continual development of new orebodies to take the place of those being extracted. Intensive exploration in the old districts has been supplemented by prospecting in outlying districts of lesser prominence. . Many new orebodies have been discovered, such as those of the Daly West, Silver King, and Judge mines in Park City, the Utah Apex in Bingham, and the Sioux, Colorado Chief Consolidated and Tintic Standard in Tintic. New mines in other districts have been discovered also, but without affecting the dominance of the three major districts. In all cases discoveries, to be of value, had to be of ore amenable to treatment in the available metallurgical plants. This meant that, for the most part, zincy ores, both oxide and sulfide, must remain untouched, and also that ores high in iron and ores high in silica had a fictitious value, either high or low, set by the balance of these

Jan 1, 1928

By Paul Billingsley

When I was an undergraduate at the Columbia School of Mines, the mining curriculum was subdivided into two major branches's known respectively as the Metallurgical and the Geological Options, which diverged rather widely as the course progressed. When I duly elected the Geological Option, I believed, I am sure, that this divergence would continue throughout the years. The facts have proved otherwise. The mining industry is a closely knit entity in which the search for its raw matcrials, called mining geology, cannot be separated from the conversion of these raw materials into marketable form, called metallurgy. The mining geologist searches for materials which the metallurgist can utilize, and only such; and whenever an advance in metallurgy opens the gates for new matcrials, the geologist's problem is correspondingly modified. No better instance of this relationship can be given than that seen in the Salt Lake region in recent years. Our mineral industry here is of long standing. The three principal tributary districts, Bingham, Park City and Tintic, were discovered in the 1860's and have been vigorously and intelligently developed for many decades. Their production has made the Salt Lake valley one of the world's great smelting centers. The maintenance of this industry has for years depended upon the continual development of new orebodies to take the place of those being extracted. Intensive exploration in the old districts has been supplemented by prospecting in outlying districts of lesser prominence. Many new orebodies have been discovered, such as those of the Daly West, Silver King, and Judge mines in Park City, the Utah Apex in Bingham, and the Sioux, Colorado Chief Consolidated and Tintic Standard in Tintic. New mines in other districts have been discovered also, but without affecting the dominánce of the three major districts. In all cases discoveries, to be of value, had to be of ore amenable to treatment in the available metallurgical plants. This meant that, for the most part, zincy ores, both oxide and sulfide, must remain untouched, and also that ores high in iron and ores high in silica had a fictitious value, either high or low, set by the balance of these

Jan 1, 1928

By Kenneth L. Clifford, Thomas G. White

Many changes have occurred in lead-zinc milling in the U.S. since the 1970 Lead and Zinc Symposium. New mills have been built, novel flowsheets devised, and the use of process control techniques is increasing. The Missouri concentrators produced in 1976 more lead and zinc concentrate than those in any other state. The Tennessee mills produced nearly as much zinc concentrate in 1976 as Missouri and with some very highly developed flowsheets. Progress in the Western U.S. is centered around new operations in Colorado and Utah. New mills in New York and Missouri incorporate many of the newer control concepts. Most of the older concentrators have undergone flowsheet changes to accomodate different ore types or because of the availability of new and better equipment.

Jan 1, 1977

By C. H. Stein

THE Pennsylvania Legislature, on March 13, 1837, passed an act authorizing the Lehigh Coal & Navigation Co. to construct a railway to connect the North Branch Division of the Pennsylvania Canal with the slack water navigation f the Lehigh River; the navigation company accepted this act on May 10, 1837. Edwin A. Douglas, chief engineer for the navigation company, located the route for this railway from White Haven to Wilkes-Barre, which was called the Lehigh & Susquehanna Railroad. The object was to transport coal from the Wyoming Valley, of Pennsylvania, to the Atlantic seaboard. This railway was considered a marvelous piece of engineering, as it included a tunnel nearly 13 mi. long, and a series of inclines, or planes, up which the cars laden with coal were raised from the vicinity of Ashley to the summit f the mountain near Solomon's Gap, whence they were taken to White Haven by rail. There the coal was transferred to canal boats. In June, 1862, floods almost completely destroyed the upper division of the canal, so on March 4, 1863, the Pennsylvania Legislature passed an act prohibiting its restoration, but granted a charter for the construction of a railway from White Haven to Mauch Chunk to connect with the line from White Haven to Wilkes-Barre, previously built. On March 16, 1864, a supplementary act was passed extending the Lehigh & Susquehanna Railroad to Easton, Pa. This completed a direct all-rail route from Wilkes-Barre to the New York harbor (by way of the Central Railroad of New Jersey). Up to this time, all freight and passenger traffic passed over the planes, but in 1866 and 1867 there was constructed what was known as the "back track" down the mountain side between Solomon's Gap and Ashley over which all the passenger traffic and empty cars thereafter passed; it is now known as part of the main line. For the handling of the heavy coal traffic, however, this would have involved a continuous climb from Ashley, 170.27 mi., from New York, to Solomon's Gap, 157.8 mi. from New York, or a distance of 12.47 mi., and a total ascent of 1,013.75

Jan 9, 1921

By C. M. Marquardt

The minerals industry in general should bow in homage to the uranium milling industry. Those in the uranium milling industry have "spark- plugged" more progress in the application of instrumentation and control in the last 5 years than has been made in 50 years by the industry in general. Part of this real progress in the application of instrumentation and control has been born of necessity because milling processes are more complex. A lot of the impetus for instrumentation and control has come from the fact that the industry is new, the processes are new, and there are no hide-bound conventions to overcome. Part of it comes from the fact that much of processing is more chemical than metallurgical and the thinking of the process chemist has carried over into the plants. One need not elaborate on what instrumentation has done for the process chemical industries. Each new mill that is constructed, if of appreciable size, seems to employ more instrumentation than the previously completed plant. Plant A makes a break-through in the application of instrumentation to a particular part of the process and Plant B accepts this and goes one step farther, while Plant C, anticipating Plant B, makes two or three more steps before Plant B is entirely leveled out.

Jan 9, 1958

By AIME AIME

A COMMITTEE of the American Railroad Association, consisting of Samuel Rea, president of the Pennsylvania System, Chairman; F. D. Underwood, president of the Erie Railroad; A. T. Dice, president of the Philadelphia & Reading Railroad; E. J. Pearson, president of the New York, New Haven & Hartford Railroad; and C. H. Markham, president of the Illinois Railroad (who was represented at the meeting by J. F. Porterfield of his system), met at the headquarters of the American Institute of Mining and Metallurgical Engineers, New York, on April 6 to assist in the Coal and Coke Committee's attempt to solve the bituminous coal problem. There was a full discussion of the questions of seasonal freight rates and the purchase by the railroads during the slack months of their winter's supply of coal. As the question of fuel supply for the railroads is in the hands of the Railroad Association, as well as the coal operators, it was vital that it should be represented at this important conference. The situation from the point of view of the mine operators was presented very thoroughly. No seasonal rates were considered necessary for the year 1920, and, as this matter requires considerable thought, it will be given thorough study and worked out in detail at a subsequent meeting.

Jan 1, 1920

By Dr. O’Neil Thomas J., Donald W. Gentry

"October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February." -Mark Twain Although the preceding chapters describe the type of preliminary evaluation frequently performed in the mining industry, it has been assumed that input data are known with certainty-clearly an enormous simplification. In reality, estimates of ore grade, mining cost, metal price, etc., are subject to varying degrees of uncertainty due to the inability to predict the future with much precision. Management would probably not, for example, be equally attracted to two projects each offering a 20% DCFROI-one for a new gold venture in Nevada and the other for an undersea manganese nodule operation in the Pacific. The high risk with the latter investment tells the obvious; there is more to investment decision-making than a deterministic analysis using "best estimates" of input parameters. The science of decision theory normally distinguishes between decisions under uncertainty, where probabilities of various outcomes are unknown; and decisions under risk, where such probabilities can be estimated. The first case is rarely en- countered in practical capital investment analysis in mining, so the remainder of this chapter focuses on that class of problems where rational probability distributions for the future states of input variables can be estimated. RISK IN MINING Risk in the context of this chapter is the unforeseen deviation of individual cash flows from expected values for a capital project. For a mining venture, the source of this uncertainty could be any number of factors relating to such items as ore grade, ore reserve tonnage, operating costs, product prices, etc. With conventional *Adapted from O'Neil, T.J., 1979, "Procedures for the Preliminary Financial Evaluation of Metal Mining Ventures," Computer Methods for the 80s, A. Weiss, ed., AIME, New York, pp. 556-573.

Jan 1, 1984

By Stephen Zorn

INTRODUCTION The process of financing mining projects in developing countries has changed greatly in the past 15 years. New methods of financing, notably the use of syndicated Eurocurrency project loans, have appeared, and direct equity financing by transnational mining corporations has become less significant. These changes are of particular importance to developing countries which have many mineral deposits still awaiting development, or even discovery. If major new mines are to be financed, host governments will need to obtain more sophisticated information than has hitherto been widely available as to the various sources of finance currently available and as to possibilities for innovative approaches to financing, such as the combination of several different kinds of financing in a single package. This paper reviews the major sources of mining finance potentially available to developing countries and highlights those problems in obtaining adequate financing that developing country producers have begun to experience in the last few years and that are likely to persist through the 1980s. Section I surveys the major types of mining finance; section II reviews specific financing problems, including (a) the withdrawal of the transnational corporations from developing countries, (b) inflation and the size of new projects; (c) developing country indebtedness, and (d) competition among projects in different countries. SOURCES OF DEVELOPING COUNTRY MINING CAPITAL1/ There is a wide range of financing mechanisms which are potentially available to developing countries with economically viable mining projects., Moreover, these financing mechanisms have not been fully exploited by developing countries, and more aggressive pursuit of financing by the governments of these countries may well reveal greater possibilities in respect of any particular project than may initially have appeared. However, virtually all the funds available from these sources are available only to projects which meet the standards of viability acceptable to lenders and others in the business community. If a project does not, for example, promise to generate a discounted cash flow rate of return of at least 15 per cent on total funds employed, or if it does not appear likely to generate sufficient cash flow in the early years of production to cover debt service requirements with a comfortable margin in reserve, most of the sources of financing will not be available. Only where a government has its own financial surplus (as in the case, for example, of the industrialization program of the Saudi Arabian government) can it effectively undertake projects which do not satisfy the definition of economic viability that is accepted at any given time by the worldwide financial community. Internal Sources In Developing Countries Internal financing capacity in developing countries is restricted to a relatively small number of countries - typically those large enough to support a well-rounded industrial sector, in which mining is only one of a number of dynamic industries. While there are large mining companies in certain other countries, the ability of such companies to finance new projects (or even, in some cases, to generate the cash necessary to maintain existing levels of production) is highly problematical. Within developing countries, the possible sources of internally-generated mining finance are the following: (1) state-owned enterprises; (2) private capital; (3) the banking system, and in particular those financing agencies that have a special involvement with the mining sector; and (4) direct budgetary appropriations.

Jan 1, 1985

S. LE FEVRE, Forest Glen, N. Y. (communication to the Secretary*).¬F. L. Nason thinks I could not have studied Mr. Witherbee's paper and doubts the arithmetic used, but in his discussion arrives at practically the same conclusion. He says 10 ft. thickness of ore over a square mile should give 27,878,400 tons, allowing 10 cu. ft. per ton of ore. This is correct, but if he reads carefully he will see that this depth of ore was figured as covering one-tenth of the surface, which reduces the figures to those used by Mr. Nason. I did not say, however, that there were 2,300,000,000 tons of ore in New Jersey, but that applying the same method of computation as used by Mr. Nason, to the area of the iron ore-bearing gneisses in New Jersey, we would get a total of 2,300,000,000. I did say, "In this area are located 366 magnetite mines that have been worked more or less. These lenses may easily be capable of producing (on an average) 1,000,000 tons each, and there are probably double the number listed not opened up." Thus my estimate for New Jersey, as far as any was made, would be: Probable ore 366,000,000 Possible ore in addition 732,000,000 1,098,000,000 Mr. Nason's final conclusion of his personal estimate was one-half of what he erroneously read to be the estimate given in the paper, or half of 2,300,000,000, which equals 1,150,000,000. So the two estimates seem to differ less than 5 per cent., and we have the two sister States of New York and New Jersey on an equal footing of productive possibilities in magnetic ore.

Jan 6, 1917