Search Documents

By Robert F. Calman

OUTLINE FIVE EXAMPLES OF GOLD-LINKED FINANCINGS 1. Financing the Lupin Mine • Sale of Cdn $40.0 million of 12% preferred shares and Cdn $40.0 million of Gold Purchase Warrants @ $595 per ounce. 2. Financing the Copper Range acquisition • Borrowing 100,000 ounces from a Canadian chartered bank @ US$307 for five years. 3. Financing the Round Mountain expansion • Borrowing up to US $80.0 million in dollars, convertible into gold, repayable over five years from a group of North American banks. 4. Financing the Tenneco Precious Metals Division acquisition •Sale of SFr 110.0 million of ten year 3-718% bonds with warrants to buy 132,000 ounces of gold at US $560. 5. On Forward Sales, Puts and Calls • Gold, Silver, Canadian Dollars, Swiss Francs THE FINANCIAL RULES AT ECHO BAY 1. Never bet the company 2. Equity is the primary form of capital for a gold mining company 3. On debt 4. The Yardsticks for Corporate Decisions 5. Financial Community Relationships 6. Dividend Policy No Text Available Tables Follow

Jan 1, 1990

By William Hutton Blauvelt

An official of one of the prominent iron companies of the South recently made the following statement during a discussion of the present conditions of the Southern iron business: " The trouble with us in the South has been that we have been satisfied to buy iron and coal lands, build blast-furnaces, and make pig-iron. We stopped at pig-iron, and as a result we are all poor. The South needs diversified industries, and needs to work up its raw products into articles the Southern market can use. If we had realized this sooner, some of us might now be rich." The South is awakening to this view, and in the Birmingham district alone one basic steel-mill is already in operation, and in a year's time another and much larger one will be turning out rails and shapes, with rod- and wire-mills in prospect. It is to chronicle another metallurgical step forward in the same district that I have prepared the following description of the new by-product retort coke-oven plant recently put in opera-

Jan 1, 1899

By Paul M. Tyler

THE farmer pays the phosphate miner! Phosphorus is used in fireworks; goes to battle in military smoke screens, incendiary shells, and tracer bullets; and, in vermin destroying pastes, does its part in the war against insects. A lemon phosphate can be had for a nickel at most soda fountains, and tens of thousands of tons of phosphate rock are mined annually for use in the food industries, chiefly for making monocaleium phosphate baking powder. Sodium phosphate cleaning, washing, and scouring compounds consume substantial quantities: the iron and steel industries buy a few thousand tons yearly to make ferrophosphorus and to balance foundry-iron furnace charges; and even nonferrous metallurgists use a little for phosphor bronze and other alloys. Phosphoric acid, its salts, and diverse other derivatives of this versatile element have countless applications, and industrial outlets are increasing rapidly, especially in the United States. Nevertheless, in this country nearly 90 per cent and in the whole world fully 95 per cent of the phosphate rock consumed is absorbed ultimately in agriculture.

Jan 1, 1938

To assist the taxpayer of the oil and gas industry in correctly and expeditiously preparing his Federal tax returns, the Bureau of Internal Revenue has prepared a "Manual for the Oil and Gas Industry Under the Revenue Act of 1918." Although the endeavor has been made to anticipate all questions that may be asked, it is recognized that such a manual is only general and cannot cover all cases that may exist. The Manual is based largely upon information gathered during the fall of the year 1918 by a corps of geologists, technologists, and engineers. The investigation was undertaken primarily to furnish a basis for arriving at valuations, and depletion and depreciation deductions in connection with oil and gas properties. All fields in the United States were canvassed. Records of production of thousands of properties were collected and tabulated. These were carefully classified and studied by the most competent and experienced men in the country and the average future production curves and tables of valuation data were produced as a result of this study. Be American! Work and Save. Buy W. S. S.

Jan 7, 1919

By L. D. Jaffe

IT is now well established that quenched and tempered titanium alloys have much better ductility when the quenching is from a two phase a-B structure, rather than from an all B structure. The corresponding microstructural differences, however, have not been shown in previous publications. Accordingly, specimens were cut from a % in. rod of commercial RC-130A, containing 7.9 pct Mn and 0.12 pct C, which had been previously hot rolled, heated 1 hr at 1100°F, and air cooled. (The same heat has been studied by others." 7 Samples about 1/4 in. cube were heated in helium 1/2 hr at 1450' or 1700°F, quenched in brine, tempered in helium 1 hr at various temperatures up to 1250°F, and quenched in brine. They were then sectioned and metallo-graphically examined, using an etchant of HF-HNO, in glycerine. As quenched from 1700°F, the microstructure observed was clear /3. (Probably also present was U, as the hardness was 400 Vhn, but w is not yet reliably revealed by any metallographic technique.) When the /3 quenched alloy was tempered at a high temperature, a precipitated as a grain boundary film

Jan 1, 1957

By P. Chiotti, G. R. Kilp

IN the study of zinc-zirconium1 and zinc-uranium2 systems, vapor-pressure measurements were made in order to establish the equilibrium phase diagrams for a pressure of 1 atm. In each of these systems, only zinc has an appreciable vapor pressure over the temperature range investigated. The zinc pressure was measured over a sufficiently wide temperature and composition range to permit calculation of the standard free energy, enthalpy, and entropy of formation for the compounds ZrZn, ZrZn2, ZrZn3, ZrZn6, ZrZn14 , and U2Zn17. In these calculations the compounds were treated as line compounds. Although the exact composition range was not determined, metallographic and thermal data indicate that the solubility range for these compounds is small. It is to be noted that the compound initially reported to correspond to the formula UZn9, 2 has been shown by the crystal structure work of Makarov and vinogradov3 to correspond to the formula U2Zn17,. The crystal structure is similar to that for the compounds Th2M17, investigated by Florio,4 et al; here M represents iron, cobalt, or nickel. Therefore, thermodynamic calculations are based on the formpla U2Zn17 EXPERIMENTAL The dew-point method employed to measure the vapor pressure of zinc over uranium-zinc alloys has been described previously.2 The same procedure and apparatus were used in measuring the zinc pressure over zinc-zirconium alloys. In the case of alloys in the two-phase region consisting of a zirconium and the compound ZrZn, the Knudsen effusion method was employed to obtain a few values in the temperature range 600" to 560°C. In most cases, tantalum crucibles were used to contain the zirconium alloys. THERMODYNAMIC PROPERTIES OFU2Zn17 A least-squares treatment of the vapor-pressure data obtained for 35 and 65 wt pct U alloys in the temperature range 650° to 940°C gave lOg10PAtm = 7,713/T + 6.33 Here, as in following equations, T represents degrees kelvin and P represents the zinc vapor pressure in atmospheres. The probable errors for the two constants were calculated to be 60.68 and 0.0563, respectively. This relation represents the equilibrium dissociation pressure for the reaction U2Zn17 (s) - 2U(s) + 17Zn(v) The solubility of zinc in solid uranium is negligible and the only additional information required to calculate the free energy of formation of U2Zn17 is the free energy of vaporization of pure zinc. K. K. Kelley5 gives the relations, AF°= 30,902 + 6.03Tlog T + 0.275 X 10-3T2 - 45.03T

Jan 1, 1961

?ADAIR, ARTHUR C., Corp 4th Co., 1st. Training Bat., 154th Depot Brigade. ADAMS, HENRY, Major: Chemical Warfare Service. ARLUCK, A. A Headquarters, 1st Corps of Artillery. ASKIN, THOMAS B. H Ensign. BANKS, H. R., 2d Lieut Canadian Engineers. BAYLESS, G. E. S Supply Dept. U. S. Submarine Base. BELL, L. R Co. C, 302d Engineers. BELLIS, ARTHUR E., Capt Ordnance Reserve Corps. I BIRRETT, HOWARD, Lieut., Aviation Section, U. S. Signal Corps, Ellington Field. BOISE, PAUL T 2d Regiment, 24th Squadron. ?BRADLEY, CLARENCE I Convois Automobile Section 585. BROWN, GEORGE M Co. G lot Engineer Replacement Regiment. BUCKINGHAM, ALBERT U. S. S. " Coronet," S. P. 194, Section Base No. 7. BURNS J. J Co. 1-B, E. R. O. T. C. BURT, Co. B, let Engineers Replacement Regiment. ||BYERS, WHEATON B., 2d Lieut Ordnance Dept. CANTON, WILLIAM R., Sgt Headquarters Co., 80th F. A. CARSON, JOSEPH A., Capt A.S. S. R. C.' CHAPMAN, LEWIS C. Corp 29th engineers. CHETNEY, P. C., 2d Lieut 15th Bat. Headquarters Co. CHEVRILLON Louis French Red Cross. CHIDESTER, W. B., 1st Lieut 24th Machine Gun Bat. CHURCH, JOHN L., Capt 308th Engineers. CLAGHORN, D. MONTGOMERY, 1st Lieut 45th Engineers. CLAQHORN, JAMES L., Lieut Aviation Section, Signal Corps. CLARKE, ALEXANDER F U. S. Naval Aviation Service. COMINS, WALDO H. Ca t 41st Co., 164th Depot Brigade. COOK, FREDERICK A., Capt., Engineer Reserve Corps, Asst. to Div. Engr. 79th Division. COOPER, CLAUDE H. Capt C. A. R. C., 50th Artillery. COPELAND, N. R., Lieut. ||CORBY H.. G., 1st Lieut Co. D, 109th Supply Train. CORSA, BEAN, Capt Co. D, 612th Engineers. CORTESE, EMILIO Italian Army. COULDREY PAUL S., Corp British Expeditionary Forces. || CRAGIN, RODNEY S Co. E, 115th Engineers. CURRIE, JOHN M., Ca t Royal Engineers. || CUTTING, G. W., 2d Lieut U. S. Reserves, Field Artillery. V DARRINGTON, PAUL N., 1st Lieut U. S. Infantry. DAVIS, ANGUS W., Lieut-Col British Expeditionary Forces. || DAVIS, THORNTON, 1st Lieut 13th Field Artillery. ELAND, FREDERICK A., Major Engineer Reserve Corps. DOUGLAS, JAMES $ American Red Cross. DOVE, D. R., Candidate 21st Training Battery, F. A. C. O. T. C. Dover JAMES J 6th Co. C. B. DOWS, DAVID,Capt Coast Artillery, Officers Reserve Corps. || DRAKE, M. 6., 2d Lieut Headquarters Co., 325th Infantry. I || EMMERSON, E. Roy British Navy. EVERIT, RICHARD STURTEVANT Heavy Artillery Officers' Training Camp.

Jan 1, 1923

By Lyman H. Hart

Some of the significant facts that will affect the supply and demand for metals during the next few decades are given in this presentation. This is important because the only hope for intelligent guidance of the national destiny depends upon presenting a consistent and accurate picture of basic problems. The metals problems now fomenting are only slightly less important than those precipitating the energy crisis. Admittedly, it is difficult to generate serious thinking on this subject when the world is enjoying easy access to all metals at modest prices. This is possible because of the current world capacity to over-produce, and United States credit standing, at least up to now, has permitted buying freely on world markets. Although both these vital conditions are subject to change, there is little doubt that if the U.S. financial house is kept in order, we can muddle along for a while on a generally expanding, metal-based economy. But should our credit standing be permitted to collapse, or should there be a tightening of world supplies of metals, the nation would immediately find itself in trouble. Unfortunately, clear signals indicate that both of these conditions are threatening. The metal age started many centuries ago, and with the exception of the noble metals, barely a dent was made in world reserves until the present century. Then, as a result of the pioneering ideas of D. C. Jackling and Paul Gemmel, and the willingness of the McNeals, Penroses and Guggenheims to back ideas with money, a virtual explosion of metal production was propagated throughout the world. It is important to examine the causes of this expansion to determine whether it is a trend that may be sustained or whether it is anomalous and therefore attributable to circumstances not likely to be repeated or continued. This period of plenty is a once only phenomenon. Vast metal resources have been sitting around here for eons, while the world was unaware of or unconcerned with their existence. But when population began to grow exponentially, and ways were discovered to use metals to develop machines to do the work of men and animals, the exploitation of raw materials increased at a staggering rate. And now the realization is dawning that minerals are a wasting asset and are beginning to present supply problems that should begin to be of concern. Two main factors have caused this condition; One is the population growth, and the other is the expanding demand for irreplaceable raw materials as nations become more developed. A group of systems analysts, at Massachusetts Institute of Technology in a book Limits of Growth, has warned that at present rates of population growth and resource consumption together with environmental constraints, a point will be reached within 100 years when the world population will become totally incapable of supporting itself. The authors conclude that this end result could be avoided if a planned equilibrium could be established at a lower rate of population growth and resource consumption. Fortunately, there is evidence that the population problem is moderating. The growth rate in the U.S. has decreased from 2.3% per year in 1900 to 1.1% in 1970. But, even at the lower rate, population will double in 70 years. The world rate is greater, and if it continues, world population will rise from 3.5 billion to nearly 10 billion in 50 years. All of these projections are questionable because the dangers of growing population are now being recognized. A marked decrease in growth rate has been noted in the more developed countries-in fact, it was zero in the U.S. in 1972. The other factor affecting consumption of raw materials is the increase in per capita use of most items as individuals become more affluent. Many economists believe that developing countries such as China and India represent a vast future potential market; but there are others, with whom the author agrees, who believe over-population tends to stagnate development. Nevertheless, it is a fact that vigorously developing societies increase consumption at a rate far above their population growth rate.

Jan 1, 1974

Electrowinning U.S. 4,066,520 - Recovery of copper from copper sulfide ore. Finely divided ore concentrate is leached with moderately strong sulfurous acid to solubilize copper ions, the leach solution treated with calcium sulfite to reduce the copper ion concentration by forming copper-precipitate solids therein, the solids filtered off, and and the filter cake dewatered to obtain a slurry of copper-precipitate solids amenable to direct electrowinning of copper therefrom using a described electrolysis apparatus which utilizes high current flow with a minimum of mechanical agitation. R. C. Emmett, Jr., J. K. Dicksa. B. C. Wojcik and F. A. Baczek, assigned to Envirotech Corp. Jan. 3, 1978. 14 pp. (204- 108). Filed: 9- 1-76 (7 19,867).

Jan 1, 1979

By R. J. Keene

The South Works high-tonnage billet caster was started in late March 1971, with the first heat being successfully cast to completion. Currently, over 31,500 tons per month are being produced. U. S. Steel designed and built this caster with the objective of producing quality-steel billets for critical bar, rod, and wire applications. The essential design parameters were based on studies conducted on the Research Laboratory's pilot caster, also located at South works. 1,2,3)* The caster is a four-strand, straight-mold machine that produces 7.5-inch- square billets at rates exceeding 300 tons per hour. An in-line-reduction mill reduces each strand to either 6-inch-, 5-inch-, or 4-inch-square billets.

Jan 1, 1972

By W. V. Vietti, W. A. Oberlin

Crude petroleum produced in the Texas Panhandle oil field is both an asphalt and a paraffin-base oil and is further characterized by being a high-gravity crude with an extremely high cold test,. An eight-well composite of Panhandle crude showed the following characteristics: Gravity, 36.6° A. P. I. Viscosity: 61 sec. Saybolt at 100° F. 170 sec. Saybolt at 75° F. 1560 sec. Saybolt at 50° F. (stirring) Cold Test, 60° F. Distillation Test: Per Cent. Per Cent. Gasoline........................ 28.8 Wax........................... 19.2 Kerosene........................ 4.8 Asphalt........................ 13 .0 Gas oil......................... 30.7 Sulfur1......................... 0.8 Fuel oil......................... 34.7 Subsurface Conditions The original pressure in the formation in the Panhandle field closely approximated 420 Ib. gage or 435 Ib. absolute pressure. Temperatures taken indicate that the formation temperatures do not exceed 90° F. The temperatures in Table I are typical measurements taken on one lease. * A contribrition from the research department of the Marland Refining Co. of Oklahoma and the production engineering department of the Marland Oil Co. of Texas. 1 Smith [Analysis of Panhandle and Rig Lake Crudes. U. S. Bur. Mines, Circular No. 6014 (December, 1926)] found an average sulfur content of 0.6 per cent.

Jan 1, 1928

By J. L. Huiatt, D. G. Foot

The Bureau of Mines, U.S. Department of the Interior, investigated methods of recovering potash values from process and waste brines. Laboratory pan evaporation of four chloride brines produced crude salts containing predominantly sylvite, halite and carnallite. Six sulfate- chloride brines produced crude salts containing primarily schoenite, kainite, leonite, sylvite, carnallite, and halite. Potash grades ranged from 7.2% to 22.2% K20, and recoveries by crystallization ranged from 85% to 99%. Sylvite flotation from chloride evaporites with amine collector, recovered 90% to 97% of the potash in a concentrate containing 54.3% to 60.3% K20. Fatty acid flotation of the high sulfate evaporite recovered 78% of the sulfate minerals in a 28%-K20 concentrate. Flotation of the remaining chloride minerals with amine collector recovered 80% of the potash in a 59.7%-K20 concentrate. Solar evaporation of 37 854 L (10,000 gal.) of brine recovered 99% of the potash in a crude evaporite containing 24.5% schoenite and 20% sylvite. Flotation in a 45-kglh (100-lblh) continuous flotation unit recovered over 95% of the potash in schoenite and sylvite concentrates, containing 28% and 62.3% K20, respectively. An economic evaluation is included.

Jan 1, 1985

By R. E. Allen

THERE was once a time when a practical oil man would appraise or buy a producing property on the basis of from $200 to $500 per barrel of average daily settled production. Curtailment-has, for the present at least, caused a virtual abandonment of the "barrel -of settled production" as a yardstick of, oil property value and in its place has come the "barrel of allowable production," which, although an artificial thing, is nevertheless now the principal factor governing the rate of ?pay out? or investment return. The potential production of a well, settled or otherwise, is of less importance in determining the present worth of a well than is the rate at which it may be produced. Speaking only of true potential for the moment, it is obvious that of two similar wells having the same potential, the one having the highest rate of allowable production would be worth proportionately more than the one of lesser allowable. The discount factor for deferred return and risk can easily vary the present values of the two wells by as much as 20 per cent when allowable rates are not greatly different.

Jan 1, 1934

By Robert Glass Cleland

IN SPITE of its widely ramified interests in manufacturing, mines, lumber, railroads, and real estate, Phelps, Dodge & Co. remained primarily interested in exporting and importing, in buying and selling, and William E. Dodge, the directing-partner, consistently styled himself a merchant. After 1849 the profits of the company mounted steadily for seven years until they approached the half-million mark, but in 1857 another severe panic ended the long period of national prosperity that had begun some fifteen years before. Extravagance, indebtedness, and inflation again took their costly toll; or, as the New York Herald of June 27,1857, declared: Governmental spoliations, public defaulters, paper bubbles of all descriptions, a general scramble for western lands and town and city sites, millions of dollars, made or borrowed, expended in fine houses and gaudy furniture; hundreds of thousands in the silly rivalries of fashionable parvenues, in silks, laces, diamonds and every variety of costly frippery are.only a few among the many crying evils of the day. The worst of all these evils is the moral pestilence of luxurious exemption from honest labor, which is infecting all classes of society. The country merchant is becoming a city stock-

Jan 1, 1952

One of the engineering proposals in the last Congress which was of interest to engineers was the soldiers' land settlement plan proposed by Secretary Lane, under which returned soldiers, sailors and marines would be employed on construction work in the reclamation of swamp and arid lands and would thereafter be given preference in the selection and settlement of those lands. This bill failed in the fillibuster at the end of the session. It is likely that some sort of a plan for soldiers' settlement will come before the next Congress. A new bill has been written up for introduction at the next session which proposes an "infiltration method" of buying improved farms in established communities for' the soldiers' settlement purpose, under the authority and direction of the Farm Loan Board. The contrast of this bill to the one recommended by Secretary Lane is of vital importance to engineers at this time; first, because of the broad engineering improvement program that the latter bill proposes as against no engineering improvement under the infiltration plan; secondly, the community settlement plan of Secretary Lane means improvement of waste lands requiring much engineering work.

Jan 7, 1919

Why should I pay $8.50 an hour for dealer repairs when my own mechanics work for $3.50?" The numbers vary, but that's the argument most contractors use to justify doing their own repairs. They don't realize it, but they're probably losing big money. For instance, it takes nearly a quarter of a million dollars in tools alone to equip a shop comparable to an average equipment dealer's facilities. A contractor must buy a lot of expensive, specialized tools he seldom uses, or else settle for the inefficiency of having repairs done by his mechanics with relatively unsophisticated tools. His building soaks up money in rent, maintenance insurance, taxes. His mechanics demand good wages. It even costs money when mechanics aren't repairing equipment. Mechanics get full wages for slack periods and cleanup time, too. This doesn't count as service manhours, but it's still part of the total repair cost. To help contractors uncover these hidden expenses and find out the true cost of owning a shop, some equipment dealers have devised a do-it-yourself "shop cost analysis form."

Jan 1, 1970

Two Canadian mining companies, Noranda Mines, Ltd., and Wright-Hargreaves Mines, Ltd., have agreed to buy $500,000 worth of shares each in Anglo-American Exploration Ltd., controllers of thousands of acres of possible oil-rich land in southern Saskatchewan and Manitoba. Samuel Clarence Nickle, Sr., reported as possible president of the newly formed exploration company, said that $20 million in assets have been accumulated by the firm, mainly in the Williston basin in parts of the Dakotas and Montana, aid extending into Southern Manitoba and most of Saskatchewan. The M. A. Hanna Co. reported a record profit for the seventh consecutive year with total 1951 profit reaching $14,081. The company handled a record 16.8 million tons of iron ore in 1951, compared with 14.9 million tons in 1950. The company is also preparing to open four iron ore mines in the Lake Superior district which are expected to produce more than 5 million tons annually by 1954. The company built two new iron ore concentrating plants at Mesabi range mines in 1951,a with a third plant going into, operations soon.

Jan 1, 1952

By P. Shahinian, J. Weertman

Minimum creep rates of nickel samples were measured in the stress region of 2.5x107 to 2.8xl0 dyne per sq cm and the temperature region of 400° to 1100°C. The creep rate seems to be proportional to (stress) at stresses below 7x10H dyne per sq cm. The activation energy of creep is approximately 65,000 cal per mol. IN a recent theory' of steady-state creep which is based on Mott's dislocation climb mechanism, the following creep equation was derived for creep in polycrystalline metals (if where K is creep rate, Q the activation energy of self-diffusion, S the entropy of activation of self-diffusion, L' the grain size, L the subgrain size, b the length of the Burgers' vector of a dislocation, u the shear modulus, u the stress, a the critical shear stress, M the density of active Frank-Read sources, v the vibrational frequency of a vacancy, and kT has its usual meaning. This equation predicts a creep rate which depends on the stress through a power law at low stresses. At high stresses the creep rate increases much more rapidly with stress. The theory breaks down for stresses great enough that the inequality holds true. It was the purpose of the present in-

Jan 1, 1957

THE following employment items are made available to AIME members on a nonprofit basis by the Engineering Societies Personnel Service, Inc., operating in cooperation with the Four Founder Societies. Local offices of the Personnel Service are at 8 W. 40th St., New York 18; 100 Farnsworth Ave., Detroit; 57 Post St., San Francisco; 84 E. Randolph St., Chicago 1. Applicants should address all mail to the proper key numbers in care of the New York office and include 6c in stamps for forwarding and returning application. The applicant agrees, if placed in a position by means of the Service, to pay the placement fee listed by the Service. AIME members may secure a weekly bulletin of positions available for $3.50 a quarter, $12 a year. MEN AVAILABLE Project Manager or Construction Engineer, 48, married. Twenty-five years' experience on mine, mill and smelter construction work, design and operation, U. S. and Mexico. Speak Spanish. Now employed; available 30 days notice. Prefer U. S. or Mexico. M-698-489-E-1-San Francisco. Mining Geologist, 53, single. Eleven years' intensive field experience giving a completely practical competence for the smallest or largest of areas; plus the highest possible grade of academic background and independent research qualifying for top rating. Available in thirty days or less. Any location acceptable. M-699-3611-E-7-San Francisco.

Jan 1, 1952

By R. E. Pollard

The National Bureau of Standards received, in August 1940, a number of samples of bridge wire taken from the cables of the General U. S. Grant suspension bridge over the Ohio River at Ports- mouth, Ohio. These cables were 7% in. in diameter under the wrapping and each was made up of 1458 ungalvanized wires of No. 8 gage in 3 parallel-wire strands. The choice of ungalvanized wire was based on the previous satisfactory performance of similar wires in other bridges over periods of 20 to 50 yr. of service(1).2 After about 12 yr. of service a number of breaks were discovered in the Portsmouth bridge cables, most of them at the anchor- age shoes, and they were replaced by cables made up of galvanized wire(2).

Jan 1, 1945