Search Documents

By Klaus M. Zeitler

INTRODUCTION One cannot discuss the subject of "Raising Capital in the 1990s" without having a crystal ball and a reliable fortune teller. This discusses "Raising Capital for the 1990sW, which is what Metal1 Mining Corporation did in 1987. We raised (3166 million in an IPO (initial public offering) that was originally planned for only some (375 million. Why did we raise this money? How did we do it, and why was this IPO so successful? The answer to the first question requires a description of the promoter and principal shareholder of Metal1 Mining Corporation, Metallgesellschaft AG. This West Germany company was founded over 100 years ago in Frankfurt as a trading house for non-ferrous metals. It has developed into one of the world's leading firms in the non-ferrous metals industry. The company's worldwide activities in all areas of that business include mining, smelting and refining, the trading of ore, base and precious metals, the production of semi-fabricated and finished metal products, and the provision of engineering, construction and transportation services. Metallgesellschaft AG has also diversified into many other areas, the most significant of which are manufacturing, the production of chemicals, the development and application of technical and chemical processes, the planning and construction of industrial plants, and activities associated with finance, insurance, shipping and freight forwarding, and the provision of barter and countertrade services. The company maintains a network of more than 100 offices around the world; it employs some 25,000 people in its worldwide activities. [Selected financial data, as of September 30, 1987: (MetaUgesellschafl AG) Working Capital DM 8%.6 million CDNS 672.8 million Long Term Debt DM 568.0 million CDNS 426.2 million Sales DM 14.9 billion CDNS 11.2 billion Net Income DM 87.7 million CDN$ 65.8 million Market Capitalization at April 27, 1987: (Metallgesellschafi AG) Outstanding Shares ~,6oo,o0o DM 1,875 million CDNS 1,407 million] For the fiscal year ended September 30, 1987, Metallgesellschaft AG had, on a consolidated basis, net sales of DM13.3 billion, net income of DM100 million and total assets of about DM7.0 billion. Metallgesellschaft AG established the American Metal Company, a predecessor of AMAX Inc. one of the largest ventures undertaken by Metallgesellschaft AG then was the acquisition, through the American Metal Company, of a majority share in the Mexican Penoles mine, a large lead and silver deposit. METALLGESELLSCHAFT AG Figure 1 depicts an overview of Metallgesellschaft AG before and at the time the initial public offering of Metall Mining Corporation's shares took place. It shows that mining was far from the centre of Metallgesellschaft's activities. Therefore, it could not expect to receive an extraordinary amount of board attention. Thus, mining investments not only had to compare well with other mining opportunities, but were in fierce competition with projects from other divisions. In addition, mining was sub-divided into two separate departments -- domestic and international. These two departments had different management styles and diverging interests which resulted in a minimum co-operation between them. The domestic mining department was primarily interested in the survival of the local mines. These mines were characterized by rising operating costs and declining ore grades. It took a special commitment and continued ingenuity to develop and adjust to local conditions, and modern mining and processing technology, in order to remain competitive, or at least survive within the international mining industry. Local management

Jan 1, 1990

By Nicholas J. Palethorpe

BACKGROUND Before addressing the above topic in any detail, it is pertinent to provide some background on Australia for those people who have not been there or who have a limited knowledge of our continent. Australia is approximately the size of the continental U.S.A. (excluding Alaska) covering an area of approximately 7 million square kilometres. It has a very dry climate which has led to a concentration of people in major cities scattered around the continents perimeter. Australia's population is currently approximately 15 million. Of the work force of 6.3 million, 72% work in tertiary industries, 20.2% in manufacture, 6.5% in agriculture and 1.3% in mining. Agriculture accounts for 46% of exports, mining for 31% and manufacturing for 23,. Economic activity is based on:- Agriculture This is capital intensive and covers extensive areas and is reliant on low cost farming. A.range of foods and fibres are produced with over 70% of production being exported. Such products are of course subject to the usual vagaries of world market demand and market access, particularly in regard to the operation of trade blocks such as the E.E.C. Mineral Resources A wide range of minerals and an abundance of iron ore, coal, gas and uranium resources provide an increasing volume of exports. However, Autralia's oil resources at present only supply approximately 70% of local requirements. Industry This is diverse and encompasses the processing of agricultural products and mineral ores as well as helping to supply the consumer and capital goods needs of the whole community. However, the small scale of local markets, the geographic isolation of Australia and relatively high wage costs have limited the scale of Australia's industry. Advanced technology has overcome some of these difficulties and high tariff and import quotas protect local producers from the full force of international competition. In 1980/81 Australia's Gross Domestic Product amounted to $130 billion with approximately 24% of this being devoted to investment. In the past decade Australia has experienced inflation rates ranging from 5% to 17% and only modest real growth rates ranging from 0.4% to 5% per annum. We have also experienced, as have many other industrialised nations, continuing wage and price increases. Unemployment presently stands at 6%. MINERAL DEVELOPMENT As the above figures indicate, Australia's continuing prosperity is very dependent on the mineral and agricultrual sectors of our economy. The dependence on these sectors is highlighted by the table below which indicates our position in a global context. [Australian Production of Minerals in a World Context Western World % Total Western World Position Mineral Production 1980 1st Rutile 75 Ilmenite 31 Zircon 70 Bauxite 36 Iron Ore 11 Tungsten 14 2nd Lead (Conc.) 15 3rd Manganese Ore 14 Brown Coal 11 (1979) Zinc (Conc.) 10 4thSilver (Conc.) 10 Nickel 6 5th Tin (Conc.) 5 6th Black Coal 5 Gold 2 Source: Mining Annual Review 1981] The total value of all mineral and fuel exports in 1980/81 is estimated at $5.9 billion. This prominence in the world mineral production has largely been achieved in the last 15 - 20 years. In fact, in the early 1960's, Australia had only 2 major mining export centres, Broken Hill in New South Wales and Mt. Isa in Queensland. This growth is highlighted by the fact that in 1963, for example, we exported only 9 tonnes of iron ore and less than 4 million tonnes of coal. In 1980/81 we exported 75m. tonnes ',of iron ore (valued at $1,117m.) and 47m. tonnes of coal valued at $1,965m.). The growth in our mineral industry has come about because of a number of factors. Abundance of Mineral Resources We are particularly well endowed with mineral resources, as indicated below.

Jan 1, 1982

By D. H. Polonis, Gary A. Dreyer

This investigation involved a study of the reactions occurring during aging of supersaturated a phase in a CIL-Si alloy. The aging processes at temperatures below 552°C were studied by means of metallography, microhardness, and electrical resistivity measurements. During the initial stage of aging in the temperature range 275o to 525oC an anisotropic phase, which is visible in the form of striations in the micro-structure formed prior to the appearance of the -phase. This transition phase has been designated k' due to its structural similarity to the k phase. The rate of K' formation during aging increased with aging temperature. At 450o and 525°C the reaction appeared to reach completion before significant amounts of precipitation were observed. The overall precipitation reaction in this system involved four stages: formation of formation of at a grain boundaries, growth of particles in 7-egions, and coagulation of into large particles. The relative role of each of these processes is dependent on the temperature of aging. The formation of phase from supersaturated a during aging increases the electrical resistivity and slightly increases the hardness of a 4.9 pct silicon alloy. The formation of during aging decreases the electrical resistivity and increases the hardness until coalescence of particles begins during the final stages of aging. The coalescence of results in a decrease of both electvical resistivity and hardness. THE available literature does not record a detailed analysis of the aging processes in Cu-Si alloys. Such an analysis has been difficult due to both the limited data available and misleading microstructural observations which have been reported. Previous work suggests that a rather complicated series of processes may be involved in the aging of supersaturated a. The present investigation is concerned with an analysis of the sequence of these aging processes in a 4.9 pct Si alloy. The currently accepted version of the Cu-Si equilibrium diagram, Fig. 1, was published by C. S. Smith in 1940.' This diagram shows a eutectoid at 5.2 pct Si with the high temperature phase, having its composition range entirely to the right of this value. By quenching alloys in the composition range 4.6 to 5.2 pct Si from the region, Smith was able to retain the phase. However, this phase exhibited a striated microstructure which was anisotropic to polarized light. These striations were suggested by Smith to be duplex twins. Using an oscillating crystal X-ray method Barrett2 studied alloys containing 4.0 to 5.4 pct Si quenched from the and regions. The striations observed in quenched specimens were attributed by Barrett to quenching stresses. He found that striations could also be formed by deformation after quenching and identified them as stacking faults in alloys containing 4.0 to 5.0 pct Si. Barrett related the striations in alloys containing 5.0 to 5.4 pct Si both to stacking faults and to a metastable phase which he called The striated structure reported by smith' was also obtained by Hoffmann, et al. 3 By deeply etching their specimens the anisotropic phase on the surface was removed, leaving a structure which was microscopically similar to pure copper. By means of X-ray analysis before and after deformation at room temperature it was concluded that the anisotropic phase was metastable This conclusion has been questioned by Barrett who attributes the discrepancy to superposition of k and lines on the powder patterns of Hoffmann, et alm3 The decomposition of supersaturated according to smith' and Anderson,4 is very sluggish. However, Nony and Dreyer,5 and Hoffmann, et al.' found that deformation increases the rate of decomposition. X-ray studies by Hoffmann, et al on

Jan 1, 1962

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

The effects of increasing hydrogen content, introducing a notch, and changing the strain rate on properties of titanium and one of its alloys were investigated over a range of testing temperatures from —196° to 200°C. Both high purity and commercial purity A-55 titanium were used as representative a materials, while a commercial Ti-8 pct Mn alloy was used for an a-P alloy. It was found possible to analyze the data, using the ductile-to-brittle transition temperature concept. Increasing hydrogen, the presence of a notch, and increasing the testing speed raised the transition temperature for the a materials. The presence of hydrogen and notches raised the transition temperature of the a-B alloy also. However, increasing the testing speed generally decreased the transition temperature of the a-p alloy. IN previous papers, the authors have shown that hydrogen is most detrimental to the notch-bend impact toughness of a-titanium' and to the tensile ductility of a-B titanium alloys.' These general effects have been confirmed by Kessler and co-workers," and by Kotfila and Erbin." Kessler showed that the slower strain rate in notch-rupture tests was a more sensitive measure of hydrogen embrittle-ment of a-B alloys than the tensile test. In the present paper the authors cover, with tensile and notch-bend tests, the effect of testing speed, notches, and testing temperature on hydrogen em-brittlement. High purity and commercial purity titanium, examples of u materials, and a commercial a-,f3 Ti-8 pct Mn alloy were investigated. The purpose of the investigation was to correlate the factors producing embrittlement. Materials The high purity titanium for this investigation was obtained by arc-melting crystal bar from Foote Mineral Co. into 1 Ib ingots. As-cast hardnesses for these ingots ranged from 60 to 90 Brinell. The arc-melted ingots were forged to % in. diam rods at 1470°F. These rods were swaged to & in. diam at room temperature prior to machining of the specimens for hydrogenation and testing. The commercial A-55 titanium and the Ti-8 pct Mn alloy were obtained from Rem-Cru Titanium Inc., as % in. diam rod. The A-55 titanium was hot swaged to 1/4 in. diam at 1300°F prior to machining of the specimens for hydrogenation and testing. The a-p C-11OM alloy was hydrogenated prior to hot swaging to 1/4 in. roc1 at 1300°F. Hydrogenation prior to fabrication permitted testing of the a-P alloy in the equilibrated and stabilized condition. The equilibration and stabilization treatment used was an air anneal for 1 hr at 1300°F, followed by furnace cooling to 1100°F and then air cooling. Hydrogenation was done in a Sieverts apparatus described previously.' The hydrogenation treatment consisted of heating for 1/4 to 1/2 hr at 820 °C in purified hydrogen, slow cooling to 680"C, holding 1 hr for homogenization, and rapid cooling to room temperature. Intended hydrogen levels for the a-tita-nium materials were 0.05, 0.5, 1.0, 1.5, and 2.0 atomic pct—about 15 to 430 ppm. For the Ti-8 pct Mn alloy, the intended hydrogen levels were 0.05, 0.5, 1.0, 2.5, and 5.0 atomic pct—about 15 to 1100 ppm. The material for the 0.5 atomic pct level of hydrogen was vacuum annealed prior to hydrogenation to increase the accuracy of the addition. Vacuum annealing to remove hydrogen consisted of heating for 6 hr at 820°C, and resulted in a hydrogen content of about 10 to 15 ppm. When hydrogen contents were above 0.5 atomic pct—100 ppm—the hydrogen was added without prior vacuum annealing.

Jan 1, 1957

By C. N. J. Wagner, E. N. Aqua

Dilute Fe-Si alloys (0 to 5 wt pet Si) were cold-worked by making filings at room temperatuve. The analysis of the broadening of the X-vay powdev pattern peaks yields anisotropic particle sizes normal to the (110), (100), and (112) planes which are a consequence of deformation faults (probability a) and twin faults (probability p). The combined fault probability (1.5a +ß) increases from 0.01 in pure iron to 0.02 in Fe-5 pct Si. The root mean square stvains vary with crystallographic ovientation due to elastic anisotropy of the alloys, and increase from about 0.0035 in pure iron to 0.005 in Fe-5 pct Si measured in the [100] direction. Assuming that deformation and twin faults occur with equal probability, the X-ray data would imply that the stacking-fault energy does not change upon alloying. THE crystallographic aspects of the plastic deformation of dilute Fe-Si alloys has been studied many times since the observation of glide band structures by Barrett et a1.l These glide bands were much straighter than the wavy bands observed by Gough2 in unalloyed iron nearly 40 years ago. This difference in the morphology of the slip band structure has been verified many times, most recently by replication electron microscopy3 and dislocation etch-pitting methods.4,5 These observed differences in deformation behavior have been considered to result from the degree of cross slip that occurs in pure iron and in the Si-Fe alloys. The lowered tendency for cross slip would result from a lowering of the stacking-fault energy of iron by the silicon alloying addition. Experimental evidence for this lowered stacking-fault energy in the Si-Fe alloys, obtained with transmission electron microscopy, is the observation of dissociated dislocations in Fe-6 pct si6 and Fe-3 pct Si alloys,7 and the observation of sharply defined cellular substructures in Fe-3 pct si6,7 compared to the more diffuse substructure in zone-refined iron.' The activation energy for recovery of cold work is greater in the Si-Fe alloys than it is in pure iron, indicating that cross slip has become a more difficult process.9 The purpose of this investigation is to determine the change in stacking-fault probability from the broadening of powder pattern peaks in dilute silicon-in-iron solid solutions, when cold-worked at room temperature. The knowledge of the stacking-fault probability and the dislocation density, both of which can be deduced from line-broadening analysis of two orders of reflections from (110), (200), and (112) planes, will permit us to calculate the change in stacking-fault energy upon alloying silicon into iron. Previous X-ray investigation of cold-rolled Fe-5 wt pct Si (100)[001 ] single crystals did not reveal any line broadening, whereas cold-rolled Fe-3.1 wt pct Si (001) [110] and (001)[100] single crystals10 showed line bro2dening as a consequence of small particle sizes (-200A) and root mean square strains (-0.25 pct), which are comparable to those found in cold-worked iron filings.11 EXPERIMENTAL PROCEDURE A series of five Fe-Si alloys containing nominally 1 to 5 wt pct Si and pure iron were cold-worked by making filings at room temperature. The actual silicon content deviated at the most by +0.1 pct which is of no significance in the present study. The carbon contents of these materials were less than 0.02 pct. The X-ray diffraction patterns were measured with molybdenum, cobalt, and iron radiation using a GE and a Philips diffractometer. The (110)-(220), (200)-(400), and (112)-(224) pairs of reflections were

Jan 1, 1968

By E. P. Sadowski, L. P. Trudeau, C. R. Cupp

The apparent high radiation resistance of two varieties of maraging steel is described and an indication is given of some phenomena that require further study. Two aspects were included in this work: a) effects of neutron irradiation on the room-ternperature tensile properties of 18 Ni (250) maraging steel; b) effects of neutron irradiation on the room-temperature tensile properties and on the impact resistance of 12 pct Ni-5pct Cr-3 pct Mo maraging steel. Subsize tensile and impact test specimens were used. The 18 pct Ni steel was irradiated to a neutron fluence of 3.3 x 10 n per sq cm (>1 mev). The 12-5-3 variety was irradiated to two neutron fluence levels: 1) 1.5 x 10 per sq CTTL (>I mev) 2) 3.1 x 10'9nper sq cm (>1 mev) In all respects both varieties showed unusually high resistance to change in strength and ductility after neutron irradiation. There was no noteuorthy over-aging in fully aged specimens. The aged 18 pct Ni variety showed a 4 pct drop in yield strength upon irradiation with little or no decrease in ductility. The aged 12-5-3 variety showed a 5 pct increase in yield strength on irradiation with a very slight decrease in ductility. The impact transition of the 12-5-3 variety only increased 35 to 45 Co upon irradiation, and the shear energy fracture value for the subsized specimens decreased only half as much as expected frorn experience with conventional steels. THE development of new reactor concepts and nuclear technology now depends to a large extent on the availability of new alloys capable of operating in stringent reactor environments. One of the most important new types of metallurgical material that has been developed in recent years is the maraging steels. This type of alloy is notable for its remarkable retention of toughness at high strength levels. In the course of a research program which incorporated ambient temperature radiation effects studies to determine the mechanisms of strengthening of 18 pct nickel maraging steel,' it became evident that the resistance of the alloy to neutron-induced changes in mechanical properties should be studied. This paper is to present evidence for the apparent high radiation resistance of maraging steel. The experimental program was in two parts: a) Effect of neutron irradiation on the room-temperature tensile properties of 18 Ni (250) maraging steel. b) Effect of neutron irradiation on the room-temperature tensile properties and on the impact resistance of 12 pct Ni-5 pct Cr-3 pct Mo maraging steel, a cobalt-free alloy. EXPERIMENTAL PROCEDURE 18 Ni (250) Maraging Steel. Tensile test specimens were machined to the dimensions shown in Fig. 1 from $-in.-diam hot-rolled bar of the composition shown in Table I. All specimens were austenitized for 1 hr at 1500°F (815°C) in argon and water-quenched. Half of the specimens were then mar aged for 3 hr at 900° F (482°C) in argon. The specimens were irradiated in a fast neutron transformer rod at approximately 120°F (50°C) to a neutron fluence of 3.3 x 10 10 n per sq cm (>1 mev). The irradiation was performed in the NRX reactor of Atomic Energy of Canada, Ltd., at Chalk River, Ontario, Canada. In all cases, the thermal neutron flux was three times as high as the reported (> 1 mev) fluxes. The room-temperature tensile tests were performed with an Instron tensile testing machine operating at a crosshead speed of 0.05 in. per min. The loading frame of the machine, mounted in a hot cell, was remotely controlled. The specimens were tested either

Jan 1, 1968

By E. E. Mason

The Canadian National Railway system is completing construction of the first major tunnel in North America to use the coarse-aggregate (+ ½ -in.) shotcrete technique of primary support and lining. The tunnel was driven 29 X 20 ft in cross section, 10,760 ft long, passing under an industrial and residential area of Vancouver. With the exception of 1400 ft in soil (mainly impervious tills), the tunnel passes through a very young series of flat-lying sedimentary beds, to a large extent so incompletely consolidated as to fall apart on exposure. For a conventional steel-support system, it was estimated 8 WF, 28-lb steel should be used at 5-ft centers. Cost of erection including lagging would amount to $120 per linear ft of tunnel at 304 per lb. With 8-in. concrete cover on the steel, lining would cost $280 per linear ft at $82 per cu yd. Thus, minimum cost of support and lining would have amounted to $400 per linear ft. It is now estimated that at least 90% of the rock tunnel would have required support and 100 % required lining. Specified shotcrete support was 6 in. in the arch and 4 in. in the walls. Cost of this work was roughly $100 per linear ft. In addition, another $10-$12 per ft has been incurred in drainage and waterproofing wet areas and in measures to correct experimental and operational errors, thus finalizing the support as a lining (Fig. 1). The tunnel was driven three shifts five days weekly, no blasting being allowed by city ordinance between midnight and 7.00 a.m. A six-drill jumbo was used to drill a 10-ft round, 110 holes blasted three times daily. A 2-in. layer of shotcrete was applied to the newly blasted arch commencing within 45 min of blasting. This was done from a flying deck that extended over the muck pile from the jumbo (Fig. 2). Also during the mucking cycle, the preceding incomplete arch support was brought up to 6-in. specification. The walls were sprayed 4 in. thick during the drilling cycle (Fig. 3). The shotcrete machines and aggregate bins were mounted on the jumbo.

Jan 1, 1970

By W. S. N. Waring, E. C. Bain, E. S. Davenport

The more familiar compositions of both the iron-carbon-chromium' and the iron-carbon-tungsten2 systems have been investigated with a degree of thoroughness which has permitted the construction of their three-dimensional equilibrium diagrams; and it is probable that these equilibrium diagrams are sufficiently accurate for the present metallo-graphic needs. Strangely enough, in spite of their importance, the alloys of iron, carbon and manganese apparently have not been investigated in the same systematic manner, and so far as is known, no three-component equilibrium diagram for this system is available. Even iron-carbon-nickel alloys3 have been studied rather more thoroughly; for these the solidus and liquidus surfaces have already been determined, but the solid transformations in this, as in the manganese system, have not been reported systematically. The present paper deals with the constitution at equilibrium of a series of 36 iron-carbon-manganese alloys of commercial purity limited by 1.5 per cent carbon and 15 per cent manganese, a range of compositions including most of the manganese steels. The temperature range of melting has not been determined, nor has the high-temperature (delta iron) ferrite equilibrium been included in the study, it being considered that the more important characteristics of the manganese steels are their ordinary transformations in the solid state. The delta iron region is almost certain to be a small tetrahedron not very different in magnitude or contour from that in the iron-carbon-nickel diagram. It is probably true

Jan 1, 1932

By H. C. Stumpf, L. A. Willey, V. L. Fink

Very few studies of the aluminum-sodium system have been reported. Heycock and Neville1 were unable to detect any solubility of sodium in liquid aluminum. Mathewson2 prepared an equilibrium diagram consisting of two horizontal lines at the melting points of the two metals. He was unable to detect solubility at either end of the system. Scheuer3 first developed a method for the chemical determination of sodium in aluminum and then studied the solubility of sodium in liquid aluminum. His method involved heating aluminum with excess sodium under hydrogen until the two liquids were at equilibrium, chilling the melt, and analyzing the aluminum-rich layer. He reported the solubility to be 0.10 pct sodium at 700°C, 0.115 pct at 750°C, and 0.128 pct at 800°C. This paper on the aluminum-sodium system is the twenty-first in a series from the Aluminum Research Laboratories describing equilibrium relations in aluminum alloy systems. Materials The alloys for this investigation were prepared from electrolytically refined aluminum (99.99 pct) and sodium of reagent quality conforming to specifications of the American Chemical Society. Chemical analysis of the aluminum showed the fol- lowing impurities: 0.002 pct Si, 0.002 pct Fe, 0.002 pct Cu, <0.001 pct Mn, 0.002 pct Mg and 0.001 pct Na. The sodium content of all alloys was determined by either chemical or spectro-graphic standard procedures5 No. IIA and No. SI I respectively. Determination of Miscibilitv The boundary of the miscibility gap was determined by a modification of the method of Scheuer3 and of that used by Henry and Cordiano. As finally developed the method was as follows: A fused alumina crucible 25 mm id with 75 mm depth and 1.5 mm wall thickness was placed on the bottom of a container made from a 4-in. length of 1 1/2-in. iron pipe and pipe caps. ?&apos;he space around the sides of the crucible was filled with 40 mesh crystalline alun-dum. A charge of 60 g of aluminum and 10 to 15 g of sodium was placed in the crucible, the sodium first being trimmed and rinsed with iso-pentane to remove kerosene. The container was tightly capped, filled with argon (99.6 pct pure), and heated to the desired temperature (between 670 and 800°C). A positive pressure of argon (about 8 mm of mercury) was maintained through a small pipe to the upper cap. After soaking for from 2 to 5 hr, the container was quenched by directing a stream of water onto the base, so that solidification of the aluminum-rich layer was rapid and essentially unidirectional. Analyses were made on drillings taken from the bottom of the ingots after machining off the surface layers. Pre-

Jan 1, 1949

By Raymond L. Jones

With the inauguration of open-pit copper mining in Bagdad, Ariz., plans were formulated for a large scale leaching operation. Dump stockpiling was started almost immediately, but actual production was not initiated until spring 1961.

Jan 9, 1977

By WM. HUFF WAGNER

Computations and allowances for mine depletion for Federal income tax purposes depend upon the meaning of certain terms in the pertinent provisions of section 114(b) 4 of the Internal Revenue Code. Unfortunately, but one of these terms is defined in the Code. Congress left it to the Commissioner to define the other terms in the Regulations. Even though the Commissioner, through his staff, labored long and earnestly to draft these definitions they have not been satisfactory to the mining industry, because the definitions in the Regulations and the interpretation placed thereon by the Commissioner do not state what the industry believes to be the clear and obvious intent of Congress. Consequently serious and prolonged disputes, unduly delaying the settlement of Federal tax returns involving percentage depletion deductions are continually arising between taxpayers and the Commissioner.

Jan 1, 1949

By F. H. Wilson, E. W. Palmer

The solid solubility of iron in 2 to 10 pct cupro-nickels increases with temperature and nickel content. Property changes accompanying various heat treatments indicate typical precipitation hardening behavior. Iron content also affects softening temperature and sub-scale formation. These factors, as well as impingement corrosion resistance, influence the optimum iron content of commercial alloys. FOR many years Cu-Ni alloys have been used extensively in the form of tubes, pipes, and plates for the construction of salt-water lines and surface condensers on shipboard and in tidewater power stations. The 30 pct Ni alloy has been considered more resistant to rapidly flowing sea water than alloys of lower nickel content, and has been standard on ships of the U. S. Navy. Some ten years ago, the still better corrosion resistance obtained by modifying the 30 pct Ni alloy with approximately 0.5 pct Fe was recognized, and the iron-bearing alloy rapidly superseded the plain alloy as the standard material for severe service. In 1945, Tracy and Hungerford1 published a study of the effect of iron on the corrosion of various cupro-nickels in sea-salt solutions, and their data indicated that the 10 pct Ni alloy containing about 0.75 pct Fe was equivalent to the 30 pct Ni alloy containing 0.5 pct Fe. This was confirmed by LaQue in discussion of the above paper, and by results in an experimental condenser set up at the Kure Beach marine test station of The International Nickel Co., reported by Freeman and Tracy.&apos; The 10 pct Ni iron-bearing alloy is now being very widely used in applications where the 30 pct Ni iron-bearing alloy was formerly considered standard. While this "substitution" has undoubtedly been stimulated by the present extreme shortage of nickel, it must be emphasized that it involves no loss of service performance, and would have occurred anyway in the course of time, for economic reasons. In view of the increasing use of the 10 pct alloy, it seems desirable to make generally available the results of several investigations of Cu-Ni-Fe alloys carried out in the Metallurgical Research Laboratory of The American Brass Co. in recent years. The present paper, deals with the constitution of these alloys in the copper-rich corner of the system, and with the variations in hardness and tensile properties resulting from the heat treatment of alloys containing various amounts of iron. Most of this work is concerned with alloys containing 10 pct Ni. With over about 0.75 pct fe, the 10 pct Ni alloy is suscep- Alloys Several series of cupro-nickel alloys containing iron were used in these investigations. Most of them were prepared in the laboratory, but two samples of commercially fabricated alloys were included. Series A—Nominally 2 and 5 pct Ni, each with 0 to 1.5 pct Fe. Series B—Nominally 10 pct Ni with 0.1 to 0.4 pct Fe. Series C—Nominally 1.0 pct Ni with 0 to 2 pct Fe. Series D—Nominally 10 pct Ni with 3 to 5 pct Fe. Series E—Nominally 10 pct Ni with 1 and 1.5 pct Fe.

Jan 1, 1953

By A. J. Opinsky

ThE superior performance of nonsag tungsten wire in lamps has been ascribed to the large-grained micro-structure that can be developed in it. The orientations of these large grains have been studied several times; most published data1-&apos; appear to be similar to those plotted in Fig. 1. These new data were obtained by X-ray back-reflection Laue technique from all of the large grains occurring in thirteen different wires that had been heated at the lowest possible temperature for the formation of large grains. Here the wire axis is plotted in terms of the principal directions of the cube. Rosi decided that the preferred orientation of the large crystals could be described by a single ideal orientation, (531), being parallel to the wire axis.&apos; Rieck2,3 and Mannerkoski&apos; have essentially confirmed this finding. Opinsky, Orehotsky, and Seigle argued that the data suggest that (211) is parallel to the wire axis instead of a single ideal orientation.5 This {211} contains the (531) ideal orientation and would appear to be a more general case. Ahlborn and Wassermann report that their orientation data stretch from ( 110) through (531) to (311) 8 This is part of the locus of (211). All these investigators have determined the orientations of the large grains by back-reflection Laue techniques. They have all obtained essentially similar results. On the other hand, Swalin and Geisler, who obtained their data by neutron diffraction, indicated that the preferred orientation of the large grains in doped wire is (110) .7 These findings cannot presently be reconciled with the pole density data described in the previous paragraph. Rosi1 and Rieck2 have advanced arguments about how their orientations could occur. Nevertheless, the crystallographic link between the (110) (cold-worked) fiber texture and the preferred orientation of the large grains has remained missing. This link can be provided through the concept of coincidence-type boundaries. Such boundaries separate two grains that have a certain number of common lattice sites. Coincidence relationships that result from rotations about low index directions are given by Brandon et a1 .&apos; What is desired is a calculation of those orientations that bear a coincidence relationship with the (110) fibers of the cold-worked matrix. This situation arises in the following fashion. Heating the tungsten wire for a combination of time and temperature falling short of the formation of the nonsag structure yields a structure that is still fibrous in nature and the preferred orientation remains (110). During grain growth, the growing grain is in contact with these fibers. It is hence possible that the entire process may begin by the passage of a coincidence boundary into a (110) fiber. The calculations were carried out analytically and checked graphically. Following Brandon et a1.,8 coincidence relationships from 1 in 5 to 1 in 19 have been considered. The results of the calculations are given in Fig. 2. Of the coincidences examined, some of those occurring upon rotation about ( 110) come closest to the experimental points in Fig. 1. Nineteen of the twenty-three data points in Fig. 1 can be attributed to the ideal orientations A, B, C, and D in Fig. 2. As determined analytically, three crystals lie within 4 deg of point A, four lie within 21/2 deg of point B, eleven lie within 5 deg of point C, and one lies within 1 deg of point D-a total of nineteen. The off-lying points are near the |110| point of the triangle.

Jan 1, 1968

By B. B. Kunkle

The history of this refinery has been one of expansion. It now has the capacity to produce 240,000 tons of cathodes annually. A general flowsheet and descriptions of the plant layout, operations involved, and equipment used at one of the world&apos;s largest and most modern electrolytic copper refineries are presented. THE El Paso copper refinery of Phelps Dodge Refining Corp. was originally constructed by the Nichols Copper Co., in association with Phelps Dodge Corp. and the Calumet & Arizona Mining Co., in order to refine anode copper produced at the smelters of the two latter companies. Initial production was obtained from the plant in January 1930 and its annual refining capacity was 100,000 tons of anodes. In order to keep pace with Phelps Dodge Corp.&apos;s increasing copper production in the Southwest, it became necessary in 1937 to increase the El Paso plant&apos;s refining capacity to 160,000 tons of cathodes annually. This was accomplished by adding two sections to the electrolytic tank house, increasing the number of anodes placed in each commercial electrolytic tank from 33 to 37, and making changes in the dc circuits which made it possible to put three generators on each of the two circuits instead of two, thus increasing the amperage on each circuit from 10,000 to 14,800 amp. The capacity of the two furnaces from which refined shapes were cast was increased by raising the sidedoor bays on the furnaces 6 in. An increase of 70 pct in the productive capacity of Phelps Dodge Corp.s Morenci Branch in 1942 again made it necessary to expand refining capacity. In order to accomplish this, Defense Plant Corp. set up a project to increase the capacity of the El Paso plant to 240,000 tons of cathodes annually. This project consisted of enlarging the tank house approximately 50 pct, the construction of another wire- bar furnace, and corresponding increases in other departments where necessary. The engineering work on this expansion was begun in March 1942. Actual construction was under way by August 1942, and the work was completed by March 1944. These additional facilities were purchased from Defense Plant Corp. by Phelps Dodge Refining Corp. in August 1949. The plant is in El Paso about eight miies east of the center of the city and near Highway 80 and the main lines of the Southern Pacific and Texas & New Orleans railroads. The plant site covers approximately 494 acres of company-owned land that is ideally adapted for its use, being well-drained sandy soil and having enough slope so that a minimum amount of excavation was required when the plant was constructed. There is still ample room on the plant site for any future plant expansion. The plant is constructed on four different ground levels and so arranged that the unrefined copper is unloaded on the highest level at the north side of the plant and the refined copper is shipped out from the lowest level on the south side of the plant. The receiving or unloading platform, weighing and sampling rooms, main floor of the tank house, acid and condensate storage tanks, and the slimes and copper sulphate plants are on the first or highest level. The tank house basement, yard scales, charging and furnace bays, balloon flue and stack, brick-storage building, substation and power house, boiler feedwater treating plant and pump house, water storage tanks, and change houses are on the second level. This second level also contains ample yard area for setting-up furnace charges, and for storage of custom scrap, cathodes, scrap anodes, blister, coke, and poles. The casting wheels, inspection conveyors, cathode shears, wire-bar scalping machine, slag

Jan 1, 1952

By E. E. Thurlow

The Geology Div. of Northern Pacific Railway Co. has adapted to its exploration efforts field procedures for geochemical sampling and semi-quantitative analysis which have been developed through research by the U. S. Geological Survey. The sampling is done in conjunction with reconnaissance geologic mapping on aerial photographs or during field checking of maps which have been prepared largely by photo-geologic interpretation. Stream sediment or soil samples are taken and readily soluble combined heavy metals are extracted with ammonium citrate followed by colorimetric titration with dithizone at the sample site. The effectiveness of this approach has been demonstrated both in positive and negative results, thereby assisting in the elimination of large areas of land from further immediate attention and in providing targets for followup exploration. An occa sional sample is submitted for spectrographic analysis as a check on the possible presence of other elements of economic significance. Field laboratory procedures are also being implemented for determining molybdenum, mercury, and other metals which may be valuable in themselves or useful as pathfinder elements in outlining mineralized areas. A lead-zinc occurrence in Oregon and a copper deposit in Montana were readily detected and outlined by stream sediment and soil sampling and a heavy metal anomaly that lacks obvious interpretation has been found in northwestern Montana. Detailed mapping and additional sampling are followed by other exploration techniques if warranted. Northern Pacific&apos;s program of reconnaissance mineral evaluation of company-owned lands and adjoining areas was outlined in a paper presented at the American Mining Congress meeting in Las Vegas four years ago. That report included policies and procedures with respect to mineral development on Railway Co. lands and may be referred to for information on these matters.1 In a sense this paper is a progress report on the use of geochemical prospecting in Northern Pacific&apos;s continuing mineral evaluation program. At this time there are positive results but as yet there is no real success story in the form of a minable ore body. GEOCHEMICAL PROSPECTING PROCEDURES The decision to use geochemistry as a reconnaissance exploration tool must be followed by research into sampling and analytical methods and into the interpretation of results. Various analytical methods were tried and evaluated by the Geology Div., including hot and cold acid extraction with and without fusion of the sample, panning and magnetic separation followed by dithizone testing of the magnetite, and cold aqueous extraction of metallic ions followed by indicator tests. Samples were first sent to the laboratory for analysis; later field laboratories were established and now virtually all testing is done at the sample site. It was concluded that, where applicable, the quickest dependable methods for reconnaissance use are the dithizone field tests for readily extractable heavy metals. This involves the simultaneous treatment of a sample, usually of soil or stream sediment, with two immiscible liquids; one a cold aqueous extractant (ammonium citrate) and the other a solution of dithizone in toluene or xylene.2 Dithizone is a colorimetric indicator that reacts quantitatively with copper, lead, zinc, and several other metals to form colored complexes in organic solvents. Results may be expressed in ml of 0.001 pct dithizone that are required to reach the blue end point, or calibration of the test results can be carried out with standard solutions of zinc; conversion factors would then be expressed in ppm, zinc equivalent. Calibration of dithizone solution with zinc standards indicates that 1 ml of 0.001 pct dithizone is equivalent to approximately 0.25 ppm of zinc. An authoritative report on dithizone field tests authored by H. E. Hawkes in the June-July 1963 issue of Economic Geology* states "The appeal of these techniques has been the simplicity and speed of the determinations as compared with more tedious laboratory determinations of trace metals in weathered rocks, soils, or plant materials. This obvious appeal, however, has often been more than matched by misuse of the method in such a manner that the results are

Jan 1, 1964

By Brown, R. W., G. H. Neill, R. G. Loper

All facets of ball sealer behavior must be known and understood to design for their optimum use in well treatments. The down-hole factors including the inertial forces, drag forces and holding forces have been discussed. Equations have been developed and presented for these forces. The use of these equations in this process will contribute to the most efficient use of an economical and proven ball sealer process. The urocedure presented has been used to successfully analyze field results indicating problems involving the use of ball sealers. These problems have been isolated and corrected in future treatments by using the procedure presented to revise the perforating program, the injection rate, the design of ball sealer stages and/or the type and size of ball sealers. The procedure presented also indicates that dislodgement of ball sealers occurs primarily in ultra slim-hole completions. INTRODUCTION The perforation sealing process has been proven highly successful and economical since it was introduced to the oil and gas industry in early 1956.&apos; Since it has proved so successful in multistage fracture treatments at a much lower cost than conventional packers, the ball sealer process has become a byword in well completions.&apos; Not only has it changed the design of fracture treatments, it has changed the concepts of selectively perforating and has greatly aided the success of the single-point and limited-entry techniques." Yet with all the advantages, there are still facets of ball sealer behavior that are not widely recognized. These must be known and understood to better design and execute the optimum ball sealer treatment. The down-hole behavior of ball sealers is influenced by a number of factors including an "inertial force", a "drag force" and a "holding force". These are considered in two phases—the initial seating of the ball and the forces tending to unseat the ball after contact has been made (see Fig. 1). This paper presents a theoretical study of these factors and formulas for predicting their influence. The authors acknowledge the fact that the flow equations presented herein describe the behavior of Newtonian fluids and do not cover the so-called power-law fluids. The assumptions made, however, are reasonable and well within practical limitations of the conditions encountered during field application. For example, it is assumed that the perforations are round with a discharge coefficient of 0.82. While this may not be exactly true, it has been verified within practical field limitations.&apos; The discharge coefficient would not vary significantly even if the perforation size or configuration varied pronouncedly. The approach of assuming uniform perforation size is not as strained as it might first appear. Normally, a perforator contains charges equally spaced with the same number in each vertical (or horizontal) plane. If the perforating gun is not centralized, the holes in one plane will be smaller than average, while the holes in opposing planes will tend to be larger than average. The net result is that the two effects tend to balance. FACTORS AFFECTING CONTACT WITH PERFORATlON Ball sealers are injected into well treating fluids for the purpose of contacting and sealing those perforations which are accepting the fluid flow. The efficiency of the sealers is primarily influenced by: (1) the velocity of the balls down the pipe, and (2) the fluid velocity through the perforations. To divert the sealer to the perforation, the inertial force of the ball must be overcome by the drag force created by the fluid velocity through the perforation. BALL VELOCITY The final, or stable, velocity of the ball is the sum of the actual fall velocity and the fluid velocity. This will be

By R. M. Hudson

The removal of nitrogen from a nitrogenized low-carbon sheet steel that contained 0.011 wt pct N was determined during heat treatment in Hz-N, mixtures. TIze process followed a first-order rate law; that is, plots of the logarithm of nitrogen content in steel were linear with the time of treatment at a given temperature. The rate of removal increased with an increase in temperature from 900" to 1300°F. By 1400°F the rate in dry hydrogen had decreased to a value intermediate between the rates at 1200" and at 1300°F; in wet (2.47 vol pct water vapor) hydrogen the rate at 1400°F was less than the rate at 1300°F and nearly the same as the rate at 1200OF. The rate at a given temperature increased as the 3/2 power of hydrogen concentration in the atmosphere. While wet atmosplzeres were generally more effective than the corresponding dry atmosplzeres, the effect of water vapor was much less pronounced than the influence of hydrogen content. NITROGEN is the principal agent in the strain aging of ferrite, the effect of carbon being secondary.&apos; To eliminate the return of the yield point after straining and aging, it is claimed2 that the amount of nitrogen in solution in steel must be reduced to 0.0002 wt pct. Strong nitride-forming elements (titanium, vanadium, zirconium, and aluminum) can act to eliminate strain aging by combining with nitrogen. It is extremely difficult to decrease the nitrogen content in commercial steels to the low level required by conventional coil annealing because of the poor contact between the strip surface and the reactive atmosphere. However, a variety of gas-metal reactions can be effected by use of the open-coil annealing method,3 in which the metal surface is fully exposed to the atmosphere. With this possibility in mind, the Applied Research Laboratory has studied the influence of time, temperature, and atmosphere composition on the removal of nitrogen from low-carbon sheet steel. MATERIALS AND EXPERIMENTAL WORK Samples from a commercial nitrogenized low-carbon steel (0.010 in. thick) in the cold-reduced condition were used. The chemical composition of this steel is given in Table I. The gas mixtures used are listed in Table 11. The moisture content in the "wet" annealing atmospheres was controlled at a +70°F dew point (2.47 vol pct water vapor) by passing the gas mixture through a glass tube packed with a solid mixture of 10 pct anhydrous oxalic acid and 90 pct oxalic acid dihydrate held at 127°F; this technique has been described previously.4 For "dry" atmospheres, the gas mixtures were passed through a cold trap immersed in liquid nitrogen. A hinged-top Hevi-Duty electric furnace was used with a Vycor-glass furnace tube. When the furnace was at the desired temperature, the gas mixture was passed through the furnace at a flow rate between 1.1 and 1.2 cfh; coupons (size 3 by 3/4 in.) of the steel were pulled into the center of the Vycor-glass

Jan 1, 1964

By D. A. Woodford

In a constant-load creep test, if the density of nlobile dislocations is assumed constant for strains exceeding that corvesponding to the minimum creep rate, it is shown that the creep rate may be approximated by the equation where E is the nominal strain, o0. is the initial stress, and a&apos; the stress fov unit dislocation velocity. The constant C contains the mean density of mobile dislocations and n is a measure of the stress sensitivity of dislocation celocity. This equation is shoum to be applicable to published data on an alloy steel and on nickel. The degree of plastic instability and hence the creep ductility is dependent on the calue of n for these materials. When instability becomes gross and local macroscopic necking occurs, the assumptions are no longer valid. On the basis of this equation, and the strain-time relation derived from it, a method of predicting the creep behavior at different stresses is suggested. MOst analyses of creep data have been concerned with time-dependent transient creep or time-independ- ent secondary creep in constant-stress tests. The far more widely used constant-load test has been neglected in terms of a mechanistic approach. In general, since the strains involved are usually small, the same laws for transient creep may be applied to both types of tests. However, there is no steady-state creep in a constant-load test since the stress increases continuously. Any apparent steady state observed on a strain-time plot is either fortuitous or illusory, and is generally revealed as a continuously varying creep rate on a carefully constructed strain rate vs time plot.* Transient creep may be understood in terms of a simple differential equation representing the change in mobile dislocation density with time:&apos; where p is the density of mobile dislocations. The first term on the right is related to first-order kinetics of dislocation multiDlication and the second to second-order kinetics of exhaustion. On the basis of this equation, several authors2-4 have found good agreement with experimental transient creep curves for a number of materials. When k1p = k2p2, a steady-state creep

Jan 1, 1968

By C. R. Criss, R. J. McCormick

ThiS paper .summarizes the development and perform. ance of the Coldwater Oil field, Isabella County, Mich. Production is obtained at a depth of 3750 ft from a dolomite reservoir, which is probably both Rogers City and Dundee. There appears to be no persistent barrier to vertical fluid movement between the Rogers City and Dundee, and both formations are believed to have a common original oil-water contact. No we1ls are open to production at the level of the Dundee. The discovery of the field in 1944 was followed by the drilling of 81 producing wells and nine dry holes. By the end of 1952, the field had produced 12,763,000 bbl of oil, at which time 69 active wells were producing 3600 B/D oil and 21,000 B/D water. The reservoir has an effective natural water drive, and bottom-hole pressure has declined 75 psi from an original pressure of 1453 psi. Oil is undersaturated at reservoir conditions with a solution GOR of 512 cu ft/bbl and a saturation pressure of 1190 psi. INTRODUCTION Although the Coldwater Field is now in its ninth year of production, it ranks seventh in cumulative recovery, and second in current daily oil production in the State. Following complete development of the field in 1946, it has consistently contributed approximately 11 per cent of Michigan&apos;s daily production. Coldwater appears to have a greater pay thickness than most fields producing from the Rogers City forma- tion in the west central part of the Michigan basin. Except as influenced by the extent of closure and the thickness of the oil column, reservoir performance is believed to be representative of Rogers City fields in this part of the basin. For this reason, it is felt that the following presentation of factual data for the field will be of general interest. HISTORY AND DEVELOPMENT Discovery of the Coldwater field during Aug., 1944, followed favorable subsurface geological correlations and core tests drilled to a shallow stratigraphic marker horizon. The field is located in the west central part of the Michigan Basin in Coldwater Township (T16N-R6W), Isabella County. It is 60 miles west-northwest of Bay City, and near the geographic center of the southern peninsula of Michigan. The discovery well flowed 200 bbl of oil the first 24 hours from the Rogers City dolomite at a depth of approximately 3750 ft. Field production is principally from the Rogers City with a minor amount assumed to come from the underlying Dundee dolomite, although none of the wells are open to production at the level of the Dundee. Both the Rogers City and Dundee formations belong to the Devonian system (See Geologic Column-Fig. I.) In addition to Rogers City-Dundee oil production, sweet gas is produced from the Michigan Stray sand of the Mississippian system at a depth of 1400 ft. The gas reservoir has approximately the same areal extent as the underlying oil reservoir. Although gas production is an important feature of the Coldwater field, this report is concerned only with the oil reservoir. The productive area is approximately 3200 acres. The pool is developed on a 40 acre spacing pattern with wells drilled in the center of the north half of 40 acre tracts, except for a few off-pattern wells drilled along

Jan 1, 1955

By W. B. Gogarty

With flow of non-Newtonian fluids in porous media, effective viscosities are needed for use in the Darcy equation. These viscosities depend on the rock parameters and flowing conditions. In this investigation, rheological and flow results were correlated to develop an expression for calculating effective viscosities. Surfactant-stabilized dispersions of water in hydrocarbon were used with consolidated sandstone cores of different permeabilities. The average shear rate in a core was related to the permeability and porosity of the core and the frontal velocity through the core. By using the correlation obtained for determining effective viscosity, experimental and theoretical values were compared for each fluid system by determining average and maximum errors. For the fluid system showing the largest average error, the correlation fit 38 experimental points with an average and maximum percentage error of 4.3 and 14.8, respectively. For the fluid system showing the least error, average and maximum percentage errors of 1.8 and 4.3, respectively, were calculated using 29 experimental points. INTRODUCTION Use of non-Newtonian fluids in the petroleum industry is not new. Fluids of this type have been used for many years as fracturing agents and drilling muds. Recently, attention has focused on the use of high molecular weight polymer solutions for secondary recovery. Results have been reported on studies relating to the flow behavior of polymer solutions in porous media.1-4 Each study gives the viscosity in the Darcy equation as a function of the rheological properties of the fluid, the characteristics of the porous medium and the pressure gradient. The functional forms of the reported expressions differ somewhat in each study. The first three studies used unconsolidated porous media while the fourth used a single consolidated core. Because of the limited information available on the flow of non-Newtonian fluids in porous media, further investigation was undertaken in this area. We selected non-Newtonian fluids that did not contain high molecular weight polymers in order to minimize core plugging. The over-all objective was to gain a better understanding of the flow behavior of non-Newtonian fluids in consolidated porous media. Specifically, our goal was to determine the relationship between the average shear rate in a core and the frontal velocity. Because of this goal, it was necessary to determine the effect of permeability on the shear rate-frontal velocity relationship. We wanted to replace the viscosity in the Darcy equation with an expression relating to the average shear rate in the core and the rheological properties of the non-Newtonian fluid. THEORY For a time-independent, non-Newtonian fluid, the apparent viscosity is a function of the shear rate. This relationship is given by µ = F(v&apos;)...........(1) With Eq. 1, a single value of shear rate determines the apparent viscosity at that shear rate. With flow in porous media, a spectrum of shear rates occurs at any average throughput. An average shear rate v&apos; can be used to represent the spectrum of shear rates that exists within the core. By using v&apos; and the rheological data given by Eq. 1, an effective viscosity is determined for the flowing fluid. If v&apos; is the correct average, µe becomes the appropriate viscosity for use in the Darcy equation. Under these conditions, flow rate-pressure drop relationships can be determined for non-Newtonian fluids. HOW the correct average shear rate might be related to the frontal velocity through the core and the characteristics of the porous media will now be considered. Later, the experimental data are presented that indicate the validity of these