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The Library of the above-named Societies is open from 9 A.M. to 10 P.M., except on holidays. It contains about 70,000 volumes and 90,000 pamphlets, including sets of technical periodicals and the publications of scientific and technical societies. Members of the Institute, with few exceptions, are forced to spend a portion of their time in localities isolated from sources of information. To these the Library, through its Library Service Bureau, can render valuable service through correspondence; letters requesting information will receive especial attention. The Library is prepared to furnish references and photographic copies of articles on mining and metallurgical subjects; to determine the existence of mining maps, and to furnish general information on the geology and mineral resources of all countries. All communications should be made as definite as possible so that the information received may be what is desired and not include collateral matter which may not be of interest. The time spent in searching for such collateral matter will be saved, and the information will be sent more promptly and in more usable shape.

Jan 7, 1917

By Charles W. Goodale, William A. Akers

The treatment of silver-ores of too low a grade to justify either smelting or preliminary roasting, and yet not " free" enough to permit of raw amalgamation, has ever been a serious problem. As bearing upon it, the operations of the Combination Mining and Milling Company of Black Pine, Deer Lodge county, Montana, during the past year may not be without interest. It is not claimed that the process to be described is not susceptible of great improvement, nor is any claim of originality made for it; but its use is, as yet, not very general, and it seems to offer a means of profitably working the large class of partially-decomposed argentiferous ores which, by reason

Jan 1, 1890

By D. C. Lindley, D. H. Gaucher

The displacement of oil by water in a waterflood project is accomplished by the action of transient viscous, gravitational and capillary forces which drive fluid through interconnecting pore spaces toward production wells. The relative importance of each of these forces to the effectiveness of the displacement and the production history depends on properties of the reservoir itself and the manner in which it is operated. There has been considerable discussion'-3 concerning the importance of these factors and the extent to which they control the performance of individual waterflood projects. No data have been presented, however, to demonstrate the effect on waterflood behavior of variations in rock permeability, water-injection rates and mobility ratios in three-dimensional reservoir systems in which viscous, gravitational and capillary forces are allowed to assume the proper relative influence on fluid flow. Much information relevant to water flooding has been gained from the study of field case histories. But, the complexity of the systems involved, the difficulty of defining geometry and obtaining sufficient data, and the fact that the same reservoir is never flooded twice with the same initial conditions, all obscure the role of process variables such as rate. Further, mathematical calculations of waterflood behavior are restricted at this time by available mathematical techniques to highly simplified situations. Scaled models, however, do offer an approach at the present time to evaluation of the effects of the pertinent variables. Several investigators have predicted prototype reservoir behavior from observations of model waterflood performance under a variety of conditions. Two-dimensional aspects of waterflood pattern efficiency have been investigated by Muskat, Aronofsky, Dyes, et al, raig, et al,' and Rapoport, et al. he effects of gravity segregation, viscous fingering and permeability stratification have also been studied in two-dimensional models. Craig, et al," studied the importance of gravitational forces on frontal displacement in three-dimensional models with wells on a five-spot pattern. This work in- vestigates the tendency for water to segregate in homogeneous reservoirs because of gravity and to under-run the oil for a range of water-inject ion rates. The effects of permeability stratifications were investigated by these authors using miscible fluids to simulate water-channeling through permeable strata in systems of negligible capillary force. In this investigation, a three-dimensional model of a five-spot pattern flood was designed to represent typical prototype conditions, and the sand and liquid properties were selected so that capillary, gravitational and viscous pressure gradients were scaled. It was not, however, possible to achieve exact similitude regarding viscous fingering when the more viscous oil was used. The effects of rock stratification on waterflood behavior were studied by changing both the permeability ratio and the position of the more permeable sand stratum in a two-layered, horizontal model. For each type of stratification, constant-rate floods were performed and the rates were varied, in separate experiments, over a tenfold range. To observe the effect of mobility ratio on flood performance, two series of constant-injection-rate floods were performed on the most highly stratified reservoir at a water-oil viscosity ratio of one.

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Jan 1, 1961

By Richard Hamburger

Calculating machines permit the use of the more rapid cotangent and semigraphic solutions of plane triangulation. The results of these methods are as accurate as those of other methods. Simple adjustment of the net, and ease of calculation encourage more complete field work. Errors in field work or in computation are easily localized.

Jan 1, 1950

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Jan 1, 1946

By T. L. Joseph

The extent to which hot metal from the blast furnace affects open-hearth practice and the quality of steel produced has been discussed widely. Open-hearth operators have attributed difficulties experienced in making satisfactory steel to characteristics of the pig iron not disclosed by ordinary analysis. The commonest criticism of the iron has been that it is "physically cold" or "dirty." Often when the blast furnaces are working irregularly the quality of the iron is questioned. A cold hearth, slipping and hanging, the use in the past of unsintered flue dust, and the use of ores difficult to smelt have been associated with the production of iron of poor quality. The difficulty of the situation is that we have no proven yardstick for quality aside from ordinary analysis. Uniformity in analysis is recognized as being important, but the difficulty of changing the open-hearth practice when the iron analysis varies widely may not always be fully appreciated. Although the problem of correlating the characteristics of steel with those of pig iron is admittedly obscure, the effort of producers of quality steel to investigate all factors that may have a bearing on the final product is justified. This report contains data on the oxides in several hundred casts of basic iron produced in a furnace during the course of normal operation on Lake ores. Incidental to the study of the oxides in the iron, it was desirable to follow closely the temperature of the iron. The effect of temperature of the iron upon the silicon and sulphur present is discussed. A general relation between the basicity of the slag and the sulphur in the metal was developed. The amount and composition of oxides in the hot metal and in the steel bath during various intervals between melt-down and tap are discussed. Heats of rimmed steel, killed steel, and semikilled steel were investigated. The hot metal on individual heats was either all taken from a mixer or consisted partly of direct metal and partly of metal from the mixer. Samples of the iron for oxide determinations were

Jan 1, 1937

By Bruno Nordberg

THE high cost of coal in Butte and the development of large amounts of cheap electric power from the Missouri river caused the Anaconda Copper Mining Co. in 1908 to make an investigation as to the possibility of adapting this cheap electric power for the operation of their many large hoisting plants. At this time electric power had already been adopted for practically all other power purposes around the mines, such as pumping, compressing air, etc. The map (Fig. 1) shows the location of the mines of the Butte mining district. These mines are located within a circle of approximately a 1-mile

Jan 9, 1913

By D. B. Hobbs, L. W. Kempf, R. S. Archer

SILICON is one of the most important elements in the metallurgy of aluminum. It is always present in small amounts in the ordinary grades of "pure" aluminum, and hence in all alloys made therefrom. Within the last few years binary alloys containing up to 13 per cent. of silicon have come into extensive use for castings. Silicon is also added, beyond the amount present as an impurity, in alloys containing one or more other elements such as copper, manganese, magnesium and nickel. The binary aluminum-silicon alloys are not yet heat treated to any extent in commercial practice, although, as will be shown, their properties are affected to a very considerable degree by heat treatment. There are other aluminum alloys that develop higher strength, but the special characteristics of the silicon alloys may well lead to the application of heat-treating processes on a commercial scale. The role of silicon in the heat treatment of aluminum alloys is more important than would be indicated by consideration of the binary alloys alone, because many of the alloys that are heat treated in regular commercial practice contain some silicon in addition to that derived from the aluminum ingot as an impurity. Among these may be mentioned the heat-treated 195 alloy castings, and the wrought alloys 25S, Special 17S and 51S of the Aluminum Co. of America, and the German wrought alloy, Lautal. It is the purpose of this paper to present the results of experimental work and the conclusions derived therefrom regarding the heat treatment of the binary aluminum-silicon alloys. The products heat treated included forgings, chill castings and both "normal" and "modified" sand castings. REVIEW OF LITERATURE The literature on the heat treatment of aluminum-silicon alloys is not very extensive. The following review gives the principal references of which the authors are aware, in which appreciable information may be found.

Jan 1, 1928

By D. I. Bardos, A. M. Bardos, Paul A. Beck

The approximate effective silicon radii in ternary Laves phase alloys with transition elements and silicon were found to range between 1.16 and 1.21A, i.e., considerably smaller than the atomic radius calculated for elemental silicon. The atomic radii were found to increase with the size of the transition element atoms in the structure. It has been noted by Aronsson1 that silicon in solid solution in iron, cobalt, and nickel has an effective CN 12 atomic radius of approximately 1.20Å, a value very much smaller than the CN 12 radius of 1.34Å derived from the interatomic distances in elemental silicon.7 The unusually short metal-silicon interatomic distances in transition element monosilicides and disilicides have been also pointed out by various investigators.1 A similar tendency was observed by Nevitt in Cr3O type silicides.2 Recent work on Laves phases in ternary systems of silicon with transition elements4"8 suggested that extensive Laves phase fields may occur in such systems.8 It has been pointed out by Laves7 that the MgCu2 and MgZn2 type structures lend themselves particularly well for the determination of the effective radii of the component atoms. In these AB2 phases the B atoms are arranged in close packed straight lines, and their distances are related in a simple manner to the lattice parameters.8 The present work was undertaken in order to find out whether or not the B transition element in such AB2 Laves phases can be replaced to an appreciable extent by silicon. In cases where extensive substitution proves to be possible, the "average atomic radius for the B site" at various silicon contents was to be determined, and the effective atomic radius of silicon calculated by extrapolation to complete replacement of the B component by silicon. The following ternary systems were studied: Ti-Mn-Si, Ti-Fe-Si, V-Co-Si, V-Ni-Si, Nb-Fe-Si, Nb-Co-Si, Ta-Fe-Si, Ta-Co-Si, and Mo-Fe-Si. In all of these alloy systems, the Laves phase solid solutions were found to extend over a considerable range of silicon content. As previously reported,4"8 in the V-Co-Si, V-Ni-Si, and Mo-Fe-Si ternary systems Laves phases do occur, even though there are no corresponding binary Laves phases. In stabilizing the Laves phase, silicon acts as if it were decreasing the effective electron concentration of the alloy.8 A more detailed study of the boundaries of the Laves phases in the V-Co-Si and V-Ni-Si systems has been made and will be published elsewhere. In both cases, the elongated Laves phase fields extend parallel to the B-Si side of the composition triangle, clearly showing that silicon is substituting for cobalt, respectively, nickel over a wide range of compositions. The binary Laves phases NbCo2 and TaCo2 have the cubic MgCu2-type structure. It was found that, in both ternary systems with silicon, again the MgZn2-type hexagonal Laves phase is stabilized and that this phase extends to high-silicon contents. In each ternary system at least three Laves phase alloys of the composition A(B1_xSix)2 were used, x here denoting the fractional substitution of the B-transition element atoms by silicon. The alloys, listed in Table I, were prepared by arc melting in argon. Each specimen was water quenched after a homogenizing anneal of 3 days at 110(FC, except for the Mo-Fe-Si alloys, which were annealed at 1200°C. Metallographic examination showed that most of the homogenized alloys consisted of a single phase, although some had minor amounts of a second phase, as shown in Table I. X-ray diffraction patterns were prepared using an asymmetrical focusing camera of large resolution and Fe Ka radiation. The patterns were indexed, and the lattice parameters of the hexagonal Laves phases were determined from the available diffraction lines of highest indices: (213), (205), and (313). The lat-

Jan 1, 1963

By John E. Hagni, Richard D. Hagni

ORE.ID, a microcomputer program, rapidly searches a database of the principal properties for 573 ore minerals. Searches may be performed on any or all of the following properties: mean Vickers hardness, Talmage hardness, mean reflectance, strength of anisotropism, and colors and tints of the mineral and its internal reflections. Data from the International Mineralogical Association - Commission on Ore Microscopy data card file have been used when available. The program displays the number and type of data matches for each mineral found, displays their chemical components, and allows the range to be narrowed or widened for each of the identification properties for repeated searches, if desired. ORE.ID is much more rapid, allows for the use of more identification properties, and involves more ore minerals than any previous identification system.

Jan 1, 1985

By L. Weaver

THE Tennessee Copper Co.'s mines are in the southeast corner of the state of Tennessee. Polk Co., in the well-known Ducktown copper basin. Their new circular production shaft will eventually be the only ore hoisting shaft, and is located for handling ore from Boyd, Calloway, Mary, and Cherokee mines. A circular, rather than a rectangular, shaft was decided upon because: 1-The circular shaft section is stronger when lined with concrete. Reinforcing steel was not required, thus reducing lining cost by one- quarter. 2-Water sealing was desired; it was thought it could best be done with a concrete lining followed by pressure grouting to eliminate water seeps. 3-The shaft labor saving equipment could best be used in a large opening, so the round section was made for economy, sinking, mucking, concreting and water sealing. Less shaft steel is used than could have been possible with steel sets. There are no posts required; center beams and Tee plate assembly placed at 10 ft hold the 100 lb steel guide rails. The shaft is 12 ft 7 1/2 in. ID of the concrete walls. This is large enough for two 10-ton hoisting skips and a ladder compartment. One of the skip compartments is for hauling equipment. The grouting equipment was a 2%xlO-in. Gardner-Denver grout pump, air powered and developing 1000 lb pressure. A grout mixer, also air driven, fed the mixed solution into a tank coupled to the pump suction. Grout materials used were mostly water and Portland cement. Some Bentonite was used to seal porous ground near the surface.

Jan 11, 1950

By S. T. Wlodek

The scale md subscale reaction products were identified and their rates of formation were studied in air over the range 1600" to 2000°F (871 " to 1149°C) for periods of up to 400 hr and for hoth the solution-annealed and aged conditions. The effect of prior sltrface preparation on suhscale oxidation was also studied The general oxidation behavior of both Ni-Cr-Mo-Al-Ti type alloys was similar. A surface film of a, Al2O3, forms immediately on exposure Subsequent oxidation continued at a linear rate (QL = 55 * 5 kcal per mole) as colonies of Cr2O3 nucleated at the A12O3/gas interface Further oxidation proceeded at a paraholic rate zvhiclz could he fitted to two successive rate constants. During paraholic oxidation, and depending on temperature, the scale consisted of Cr2O3, NiCr2O4 , and TiO2 with traces of NiO. In the case of Rene 41, the activation energy of both paraholic processes was 66 * 3 kcal per mole suggesting that diffusion of cations tlzrozrgh Cr2O3 was the rate -determining process. An unusual decrease in the oxidation of Udimet 700 at 1900°F where a spinel of Ni(A1,Crh0, zuas the predominant reaction product prevented the accurate assignment of activation energies for this composition. In both alloys internal oxidation of Al2O3 commenced shortly after parabolic scaling was observed. Prolonged exposure prod7tced intemal oxidation of TiN, and in Udimet 700 a complex Mo-Ni nitride was also found. At 1900oF, the subscale reactions in Udimet 700 undergo an inversion which parallels the decrease in surface oxidation; internal oxidation ceases hut is replaced by the formation of "spherodized" 3.' colonies. Surface-preparation techniqtles which introduce appreciable working, such as coarse surface grinding or grit blasting. increase the amount of alloy depletion and internal oxidation in Reni 41. The reverse is true of Udimet 700 for which electropolished or mechanically polished specimens show much more subscale oxidation than strongly worked stirfaces. The strongest commercial nickel-base alloys presently available are generic to the Ni-Cr-Mo-A1-Ti base which exploits the precipitation of Ni3(A1,Ti) as the main strengthening mechanism, while relying on solid-solution strengthening by molybdenum and chromium reinforced by the pre- cipitation of carbides to attain maximum properties. This study characterizes the oxidation behavior of Rene 41, the strongest alloy of the Ni-Cr-A1-Ti type commercially available in sheet form, and Udimet 700, whose higher aluminum and titanium content allows it to exhibit one of the more attractive combinations of high-temperature properties available in a wrought product. The scaling processes of complex, type nickel-base alloys have received relatively little attention. Malamand and vidal as well as Poulignier et al.2'3 have determined the composition gradients across the metal/oxide interface produced by high-temperature oxidation and considered the effect of surface perature, Limited weight-gain data has also been published by Fere 5 for alloys of this type and Radavich6 has identified the reaction products on Udimet 500 and Inco 702 after oxidation at 1832°F. Reference can, of course, be made to the excellent reviews of Kubaschewski and Hopkins7 or Ignatov and Shamgunova8 for a summary of the data available on the oxidation of binary and ternary alloy systems which are related to the more complex alloys considered here. EXPERIMENTAL The analyses of the different commercial heats studied are given in Table I. Using the experimental procedures previously established,9 continuous weight-gain data were obtained on both heats of Rene 41 sheet (A and B) and 150-mil-thick slices of cast Udimet 700. Subscale oxidation reactions were followed by static exposure of cylindrical specimens obtained from swaged Rene 41 (Heat C) and Udimet 700 (Heats E and F). In brief, continuous weight-gain tests were performed on specimens with a surface area of 10 to 12 sq cm. These were abraded through 600 grit Sic paper, electropolished to 2p rms in an electrolyte of 10 pct H2So4 in ethanol, and lightly etched in 10 pct HCl in ethanol before final washing and rinsing in ethanol. All continuous weight-gain data were obtained in dried (-70°F dew point) flowing (1 liter per min) air to an accuracy of +0.1 mg. Subscale oxidation processes were followed by the metallographic examination of 0.5-in-diam by 1.0-in.-long specimens. After an initial center-less grinding, various additional surface treatments were employed to determine the effect of surface preparation on subscale oxidation processes. Before exposure in zirconia crucibles, all samples were lightly etched in 10 pct HCl-ethanol, washed in ethanol, and dried. The depth of internal oxidation was measured to ±0.00025 in. on unetched specimens mounted so as to provide a taper mag-

Jan 1, 1964

By L. L. Oriard

In order to predict the influence of blasting on slopes, one must first understand the action of explosives, the manner in which rock is broken or displaced, and how seismic waves are transmitted, and the nature of these seismic waves. In this paper, the author describes the action of high explosives on rock masses, beginning at the source of the explosion, extending through the zone of rupture to a distance where only elastic waves of low energy persist. The paper describes the relationships between explosives charge quantities and distances, including the character and intensity of the seismic waves in various types of terrain. In looking at the analysis of slopes subjected to seismic waves, it has been common practice to assume a simplified model in which the anticipated acceleration is applied horizontally to the slope as an equivalent static force, or a model in which there is a rigid base subjected to mechanical shaking. Such models do not accurately portray blasting activity taking place within or near the slope in question. In dealing with blasting effects, it is important to under- stand seismic wave types, wave lengths, attenuation and transmission paths, as well as vibration intensity. In most cases, those slopes that are the least stable under static loading will also be the least stable under dynamic loading, although there may be rare exceptions. Thus, the more that is known about a slope statically, the better will be the assessment of it dynamically.

Jan 1, 1983

By C. A. Stetefeldt

Jan 1, 1895

By W. L. Saunders

IMPORTANCE OF ROCK DRILLING. IT has been estimated that the value of the mineral products of the United States is about $2,000,000,000 a year; that about $25,000,000 is expended. annually for explosives and that about double this sum is paid in wages where blasting is done. The value of the mineral products does not adequately express the importance of the industry involved in the excavation of rock and ore because of the enormous sums of money expended in tunnel driving, in quarries, and in open-cut excavation generally. We know that the Catskill Aqueduct in the neighborhood of New York, which is now nearing completion, has cost some $165,000,000 and that about one-third of this may be rated as rock excavation. These illustrations are given in order to call attention to the great importance of an industry the extension and development of which in our industrial life depend so much upon the economics of rock drilling. Reference has been made to the new Catskill Aqueduct. There are three aqueducts leading into New York, each built at periods separated by some 20 years of time. 'The first one, known as the Old Aqueduct, conveys the waters of the Croton river to New York City in a manner which reminds one of the old Roman aqueducts, the ruins of which are still in evidence. The engineers who laid out these old conduits sought to direct their lines around the hills and into the valleys, at all times avoiding the rock. When it was necessary to cross a river or a deep ravine, a bridge or causeway was constructed. High Bridge, over the Harlem river, is an arched masonry viaduct differing in no essential features from the aqueducts of the Romans. When the second Croton Aqueduct was built, about the year 1890, the art of drilling rock had been so far perfected, and the use of explosives, through the invention of dynamite, had become ,so general, that this waterway was planned and executed on straight lines, following rather than avoiding the rock. The second Croton Aqueduct is a tunnel through rock, about 32 miles in length; material gneiss, almost as hard as granite. Its construction was made practicable by sinking

Jan 9, 1913

By Robert B Sosman

The relative temperature distribution within a coke oven and among the ovens in a battery can be obtained automatically for the operator's guidance by sighting a total-radiation pyrometer on the face of the coke as it is pushed out, and recording the surface temperature. Keeping the instrument clean and keeping its view of the coke unobstructed by smoke and dust are the principal problems. Typical records from three plants are presented in this paper, showing that the temperature patterns are reproducible. Development OF Method The method of coke pyrometry described in this paper was introduced in 1936 by E. A. Lee, then Assistant Superintendent, now Superintendent, of the Coke Plant at Lorain Works, National Tube Co., Lorain, Ohio. At the request of the Coke Committee of the United States Steel Corporation, the Research Laboratory of the Corporation undertook to adapt the method to the somewhat different conditions met with at the Gary Works of the Carnegie-Illinois Steel Corporation, Gary, Ind., and at the Clairton Works of the same Corporation at Clairton, Pa. This work was done in cooperation with the Leeds and Northrup Co. of Philadelphia and later with the Brown Instrument Co. Division of Minneapolis-Honeywell Regulator Co., Philadelphia. We of the Research Laboratory wish to express our appreci- ation of the courtesies extended by Mr. Lee, by A. N. Cole, Superintendent of the Gary coke plant, and by D. P. Finney, Assistant General Superintendent in charge of coke-plant operations at Clairton. We are also indebted to the instrument companies for the loan of a part of the equipment. At Gary and Clairton the instruments were installed and various experiments were made by J. W. Bain, of the Research Laboratory of the United States Steel Corporation. Pyrometry of Coke The coke inside a by-product oven is almost completely inaccessible to pyro-metric instruments. The temperature in the walls can conceivably be measured with thermocouples, but the atmosphere is usually strongly reducing, a condition well known to be destructive to the accuracy of the customary high-temperature couples. In some plants, periodic readings are taken with an optical pyrometer sighted into the top of the combustion flues. This is a useful measure for safety and general control, as it tends to prevent the damage that would result from overheating of the ovens. It does not, however, tell much about the temperature of the coke itself, because of the continually changing gradient in the wall between the coke and the combustion chamber. The best indication of the temperature of the coke itself must therefore be obtained by observation of the product as it is pushed out of the oven. The human eye is very sensitive to variations in brightness of a surface, and particularly to differences in brightness over a continuous hot surface.

Jan 1, 1943

By Robert B. Sosman

The relative temperature distribution within a coke oven and among the ovens in a battery can be obtained automatically for the operator's guidance by sighting a total-radiation pyrometer on the face of the coke as it is pushed out, and recording the surface temperature. Keeping the instrument clean and keeping its view of the coke unobstructed by smoke and dust are the principal problems. Typical records from three plants are presented in this paper, showing that the temperature patterns are reproducible. Development OF Method The method of coke pyrometry described in this paper was introduced in 1936 by E. A. Lee, then Assistant Superintendent, now Superintendent, of the Coke Plant at Lorain Works, National Tube Co., Lorain, Ohio. At the request of the Coke Committee of the United States Steel Corporation, the Research Laboratory of the Corporation undertook to adapt the method to the somewhat different conditions met with at the Gary Works of the Carnegie-Illinois Steel Corporation, Gary, Ind., and at the Clairton Works of the same Corporation at Clairton, Pa. This work was done in cooperation with the Leeds and Northrup Co. of Philadelphia and later with the Brown Instrument Co. Division of Minneapolis-Honeywell Regulator Co., Philadelphia. We of the Research Laboratory wish to express our appreci- ation of the courtesies extended by Mr. Lee, by A. N. Cole, Superintendent of the Gary coke plant, and by D. P. Finney, Assistant General Superintendent in charge of coke-plant operations at Clairton. We are also indebted to the instrument companies for the loan of a part of the equipment. At Gary and Clairton the instruments were installed and various experiments were made by J. W. Bain, of the Research Laboratory of the United States Steel Corporation. Pyrometry of Coke The coke inside a by-product oven is almost completely inaccessible to pyro-metric instruments. The temperature in the walls can conceivably be measured with thermocouples, but the atmosphere is usually strongly reducing, a condition well known to be destructive to the accuracy of the customary high-temperature couples. In some plants, periodic readings are taken with an optical pyrometer sighted into the top of the combustion flues. This is a useful measure for safety and general control, as it tends to prevent the damage that would result from overheating of the ovens. It does not, however, tell much about the temperature of the coke itself, because of the continually changing gradient in the wall between the coke and the combustion chamber. The best indication of the temperature of the coke itself must therefore be obtained by observation of the product as it is pushed out of the oven. The human eye is very sensitive to variations in brightness of a surface, and particularly to differences in brightness over a continuous hot surface.

Jan 1, 1943

By L. C. Raymond

Valuations in the mineral industry differ from those of other enterprises because mines and oil wells have a definite life so cannot be considered a perpetuity. This requires that in any mineral-property evaluation the recovery of invested capital is necessary during the life of the property. Capital write-offs for nonextractive industries are assumed to be continuously plowed back to sustain the operation and produce yields on the capital invested. The extractive or mineral industry, however, generally attempts to return to the investor both interest and principal during the life of a property. Normally this is done currently and the dividend includes both items. Where the mineral property possesses large reserves and the life factor approximates a perpetuity, the return on investment is generally comparable to that of industrial stocks. The valuation of a mineral property, at best, is based on educated estimates and judgment factors. This is particularly true as it relates to estimating selling prices over a long term or assessing the quality of management. Also, it is possible to make various assumptions as to rapidity of working out the deposit, varying time for start-up of operations, varying earning rates, so as to obtain different results with the same basic facts. Thus it is not surprising that two engineers, irrespective of their abilities, may not agree exactly even when given the same facts, but their results should be close enough to be used in establishing a fair value for trading purposes. The valuation is no better than the source of basic data and the soundness of judgment factors. Fundamentally the basic principles of mineral valuation are similar for base metals, sulfur, oil, or any other mineral. Each mineral, however, requires an engineer to have a knowledge of such factors as its occurrence, distribution, mining and processing methods, and marketing problems in order to gather and analyze all the facts and data that have a bearing on the earning potential of the property. Present Value of a Mineral Property In essence the present value of a mineral property is a sum of money in today's dollars that future income from the property are worth. It differs from the total anticipated earnings by the amount of the interest that the unrecouped investment could be expected to earn during the period of recoupment. Thus, if one could accurately estimate what a mineral property will earn during its life, after deducting all operating, administrative, capital, interest, and tax charges, the determination of present value would be a relatively simple mathematical calculation. Normally, where the expected life of the mineral property extends beyond 20 or 25 years, the discounted value of earnings beyond this period is relatively small. The petroleum industry generally discounts the annual cash flow of an operation rather than earnings since, for tax-saving purposes, earnings are kept

Jan 1, 1976

By A. Perry Thompson

I. GENERAL DISTRIBUTIONS APPEARANCE, AND RELATIONS MINING in Butte has seldom encountered covellite in commercial quantities. The notable occurrences, extending vertically and laterally perhaps several hundred feet, presented scattered, bladed lenses of this mineral in a matrix of quartz, pyrite, enargite, bornite, and chalcocite. But under the microscope covellite is seen to be widespread in the Butte ores, though in such small quantity that megascopic examination will not discover it. In early mining operations covellite was found in the Gray Rock vein, a member of the Blue vein system. As described by Sales,1 it persisted as an occasional ore mineral, associated with quartz, pyrite, tetrahedrite, bornite, chalcocite, and minor amounts of sphalerite, from the 700-ft. to the 1,200-ft. level of the East Gray Rock and Diamond mines. Crushed quartz-monzonite and later quartz completed the vein filling between

Jan 4, 1915