Search Documents

By Armando M. Lago

Secular and cyclical patterns of postwar sources and uses of funds of the mineral sector are analyzed. A simultaneous equation behavior model of sources and uses of funds is developed for both mining firms and integrated producers, and these models were put through the task of predicting the financial and expenditure be-havior of mineral corporations in response to mergers and changes in investment tax credits and depletion allowances. Finally, the quantitative analysis methodology is applied to the analysis of optimum capital structure of mining corporations. The postwar changes that have occurred in the expenditure and financial behavior of mineral corporations are reviewed, particularly the relative importance of factors that affect the industry's supply and demand for funds. This quantitative statistical investigation of factors affecting sources and uses of funds of mineral corporations is achieved through the formulation of a simultaneous equation model of sources and uses of funds. After a description of the study sample, the postwar cyclical and secular financial behavior of mineral corporations is analyzed in detail. An econometric model of mineral corporate financial behavior is formulated. This model is then estimated and reviewed. Policy issues regarding depletion allowances, investment tax credits, and industrial organization of the mineral sector are discussed. Finally, the optimum financial structure of mining firms is discussed and the effect of corporate financial structure on the mining corporations' average cost of capital is analyzed.

Jan 1, 1971

SME-AIME Fall Meeting and Exhibit

Jan 9, 1979

By J. F. Myers

AT the Regional meeting in Columbus, Ohio, in September 1949, the authors presented a progress report of the first year's operation with a Hardinge tricone mill in closed circuit with a Dorr hydroscillator. The present report covers our findings on this grinding circuit to January, 1950. In order to clarify our position, the authors wish to state that no invention or discovery is claimed. The Tennessee grinding circuit is simply an engineered arrangement of known equipment arranged to incorporate all of the recognized efficiency factors of comminution as they are known today. As we concluded our first report, it was not clear how effective the Tennessee mode of operation would be on harder ores. The only information we had at that time was that the Bond grindability test at 48-mesh gave 6.04 g of undersize per revolution. A later test on the same sample at 100-mesh reduced this to 2.04 g, which is definitely in the harder ore class, and which makes the reported 8.80 kw-hr per ton of -200-mesh produced a very creditable figure.

Jan 1, 1950

Jan 1, 1900

By AIME AIME

IF the observation of our British friends is true that Americans put new records in bigness above everything else then the 150th meeting of the Institute was not the grand success it seemed to be. Just why the attendance slumped a little this year is anyone's guess, but the favourite explanation seemed to be that half the country is planning to come to the New York World's Fair this summer and that two trips from the hinterland to the me- tropolis, with another to San Francisco of course, can hardly be justified with the present condition of the stock market and the prices of the products of our mines. Certainly, some were pre- vented from coming too by the epidemic of respiratory afflictions that was rampant in February. Unfortunately. several succumbed after they had reached New York.

Jan 1, 1939

By Lawrence A. Soltis

Senior engineering or executive management positions are filled by engineers who are evaluated on their performance, knowledge, skill, and maturity. Not only is technical expertise required but a knowledge of sales and marketing, finance, law, industrial relations, and public affairs is necessary. The University of Wisconsin-Extension offers an innovative post-baccalaureate degree program blending technical and professional subjects the Professional Development Degree in engineering (PDD)-designed to bring various opportunities for learn-

Jan 4, 1978

By JESSE L. MAURY

ONE OF the most hopeful features of the current depression is the discussion which it has en- gendered of ways and means to counteract similar recurrences in the future. 1t is widely recognized that fruitful attack will be directed toward the steady employment of labor, through which the purchasing power of this preponderant class in society will be maintained. S. A, Lewisohn's article' has presented the major factors to be considered; the physical suffering and mental torture endured by those who are deprived of income through no fault of their own, the direct economic losses' sustained in the degradation of 'great, numbers of our population and the disintegration of efficient working forces, and the prime responsibility of owners and managers.

Jan 1, 1931

By Arthur F. TQggQrt

THE approximate status of education in ore dressing in 1871 is reflected by Rossiter W. Raymond in an article written at that time presenting the curricula and descriptions of the laboratories at the various mining schools in the United States. For the most part, the curricula in which ore dressing was taught were for mining engineering. They comprised courses in geology, mining, and pyrometallurgy about equal in point or credit weights; a short course in ore dressing, and a somewhat longer course in assaying; and courses in surveying, hydraulics, power, and strength of materials-all superimposed on a broad foundation of physics, chemistry, and mathematics. Some curricula contained a fair content of the humanities. Then, as now, the emphasis on fundamentals was greater in the older colleges and universities. The report on the Columbia School of Mines, then relatively young, emphasized that a large percentage of its students were college graduates. As technical and scientific knowledge grew, first metallurgy and then geology were set up as separate curricula. So far as curriculum designation is con-

Jan 1, 1947

By Mark L. Requa

(San Francisco fleeting, October, 1911.) DURING the past two years California has developed a new and important oil-field : I refer to Midway. This field produced the famous Lake View gusher, which is credited with a total production in excess of 8,000,000 barrels. Fortunately for the oil industry of the State, this well is now a thing of the past, and nothing save a great crater-like opening marks its location. The pipe is entirely worn away and gone ; and it is a matter of serious doubt if there can be anything done that will cause the well to produce again. Fortunately, also, there have been no, other wells in that field or elsewhere throughout the State that in any way compared with the Lake View. Midway is noted for large wells, of from 500 to 2,000 barrels production; but the decline is rapid, and a few months serve to bring the output down to a few hundred barrels. In the oil-territory heretofore blocked out as proved and probable, there have been, during the year, many changes. Some areas which were expected to be fairly productive have apparently failed; others, more strictly "wild-cat," have come in; while in some of the older fields there are properties which are beginning to show evident signs of exhaustion. The total area of proved territory will therefore probably suffer but small increase, when balances are struck off. The increase of new area has come from extensions of the Midway field, the development of a field in Lost Hills and Belridge, and extensions of the Fullerton-Whittier field in southern California. In these later developments, down to date, the fresh area absolutely proved is not much in excess of 3,000 acres. Recent developments in Coalinga indicate the possible extension of that field to the south, but at great depth. Coalinga is still the most northerly field of any consequence in the State. The Kettleman Hills have hitherto brought in nothing, although a

Apr 1, 1912

By Paul H. Hunt

MANY MISUNDERSTANDINGS have arisen regarding -Al the purchase by the Government of 24,000,000 oz. of domestically produced silver annually for the next four years at a price of 64 1/2c. to the producer. Some editorials have an¬nounced rather sarcastically that be¬cause of the strong western silver bloc in Congress, the Administration is paying a bonus of approximately $22,000,000 to a few large silver produc¬ers of the West, the amount being figured on the total purchase of about 100,000,000 oz. and the difference between the Government price and the world price for silver. Actually the Government will make a profit on this purchase, due to seigniorage, of something over $60,000,000. The 96,000,000 oz. of silver, for which the producers will receive approximately $62,000,000, will be produced in association with at least $100,000,000 worth of lead, zinc, copper and gold; the greater part of this $162,000,000 worth of metal will be produced at little profit to the mining companies, as will be shown later, because of the low prices for lead, copper and zinc. This amount of money will be spent largely for labor and supplies, thus greatly relieving the national burden of unemployment. Certainly, western mining, in the purchase of this silver, is not victimizing the Federal Government.

Jan 1, 1934

By W. A. STERLING

IN the opencut iron mines of the Mesabi Range in Minnesota, the trend in mining is in the development of mining equipment and mining methods which will move surface overburden and ore-bearing materials with less labor and at a cheaper cost. This is a must for most of the independent operators. Their reserves of direct-shipping ore are extremely small and their operations are being conducted in small, or intermediate pits, with a high stripping ratio in the outer fringes, or shore lines of older pits. and in ore bodies passing from direct shipping to the washing and the intermediate, or retreat ore state. The trend is toward deeper stripping, longer and steeper hauls, and the necessity of moving a total of from three to five or six tons of overburden and ore material for each ton of shipping-grade ore produced. This naturally calls for greater production, with larger shovels, or draglines. cheaper drilling and blasting costs through the drilling of larger-diameter blastholes, and cheaper haulage through the use of trucks of larger capacity and more extensive use of belt-conveyor systems. This trend is notable both in stripping and mining.

Jan 1, 1948

By Herbert Hoover

I HAVE been greatly honored as your unanimous choice for President of this. Institute, with which I have been associated during my entire professional life. It is customary for your new President, on these occasions, to make some observation on matters of general interest from the engineer's standpoint. The profession of engineering in the United States comprises not alone scientific advisers on industry but, in great majority, is comprised of the men in administrative positions. In such positions, they stand midway between capital and labor. The character of your training and experience leads you to exact and quantitative thought. This basis of training in a great group of Americans furnished a wonderful' recruiting ground for service in these last years of tribulation. Many thousands of engineers were called into the army, the navy, and civilian service for the Government. Thousands of high offices were discharged by them with credit to the profession and the nation. We have in. this country, probably, one hundred thousand professional engineers. The events of the past few years have greatly stirred their interest in national problems.' This has taken practical. form in the maintenance of joint committees for discussion of these problems and support to a free advisory bureau in ,Washington. The engineers want nothing for themselves from Congress.. They want efficiency in government, and you contribute to the maintenance of this bureau out of sheer idealism. This organization for consideration of national problems has had many subjects before it, and I propose to touch on some of them this evening.

Jan 1, 1920

By Northcutt Ely

This chapter deals with the systems of laws by which governments regulate the exploration for and production of the minerals within their jurisdictions. It is a summary, restricted by necessary space limitations, of material assembled by the author for a publication of the United States Bureau of Mines, "Summary of Mining and Petroleum Laws of the World," (Information Circular 80 1 7, 196 1. ) The present study is organized in three parts, dealing with (1) the historical background of these legal systems, (2) laws of the United States, and (3) laws of other countries of the world. The reader's attention is invited to the acknowledgments at the end of the chapter, which inadequately express the appreciation due those who have assisted in the collection of this material. Part I. Historical Development of Major Western Systems of Land Tenancy with Respect to the Ownership and Control of Minerals The use of metals in primitive societies was largely confined to the manufacture of weapons for self-preservation. The ruler's control over copper, then bronze, then iron, was essential to maintenance of his own ascendancy at home and his group's position against neighbors who had access to similar metals. Ancient societies were thus characterized by the ruling group's ownership of minerals and metals. The Egyptian civilization, which emerged in the fourth millenium B.C. upon the agricultural subjugation of the lower valley of the Nile, was responsible for extensive development of the upper valley as a source of mineral wealth. The production of gold during the height of that civilization has been estimated at $30,000,000 per year, thus equaling the early placers of California and Australia. The mines of Egypt were the property of the Pharaohs and were controlled at their direction. Greek mining developed a different scheme of land tenancy which more closely resembled modem concepts. Development of mineral resources was

Jan 1, 1964

By John Birkinbine

(New Haven 'Meeting, February, 1909.) AWAKENED public interest in efforts to conserve natural resources will certainly be appreciated by the members of the American Institute of Mining Engineers, and a discussion upon conservation may well form a part of one of the Institute meetings, for the records of papers and discussions which appear in the 38 volumes of its Transactions are replete with evidence of effort's in this direction. Every process which reduces the fuel consumed or the power applied per unit of product; every utilization of waste material, or employment of that formerly rejected, to obtain something of value ; every feature of construction or operation which lessens the labor required or increases the output per employee, is an advance in the direction of true conservation. This may not appear from the records of late conferences or from published articles, in which the effort seems to be concentrated upon reducing the consumption and presenting to the people of the country estimates of exhaustion of natural resources. I rejoice in the awakening of public interest in a matter so important for the present and future welfare of our nation; I appreciate the possibility of much good following conferences of the Governors and delegates from various States and from national societies; and I recognize the interdependence, not only of different States, but of contiguous nations. In fact, the marvelous development of transportation by land and by water, and the decreasing rates at which commodities can be moved great distances, have in many cases practically obliterated geographical boundaries, and nearly every country on the globe can either market its product in other lands or draw upon them for raw or manufactured materials ; hence, conservation is an international subject.

Apr 1, 1909

By R. R. Sayers

THE South African Mining and Engineering Journal recently pointed out that no satisfactory solution of the question of compensation for silicosis can be arrived at by placing further liability of an inequitable nature upon the mines. There are at present 35 scheduled mines liable to contribute to the annual levy of $800,000 and provide for the net outstanding liability of $6,400,000. Several of these mines have, as yet, not been able to set aside sufficient funds against their out- standing liability to the Compensation Fund. The gold producers declare that the gold mining industry today is passing its zenith, and that the production of gold will decline, with a consequent lessening of the spending power of the mines, which in about ten years will be reduced to a great extent unless encouragement is given for the opening of new mines. It is during this period of decline that the mines will be required to meet the large burden already created by miners' phthisis. In England the Workmen's Compensation Act, 1925, was extended to industries involving exposure to asbestos dust.

Jan 1, 1931

By C. R. Dale

IT IS the purpose of this paper to point out a number of the most common causes of crooked holes; to outline methods of drilling and straightening which to my personal knowledge have proved successful in numerous cases; to describe some of the characteristics of holes which, though not crooked in an exaggerated sense, may still cause serious mechanical trouble if not recognized and properly remedied; and to define clearly the part of oil-well surveying in the concerted effort operators generally are making to keep their wells straight from spudding to completion

Jan 1, 1931

By Edward H. Robie

THE registration badges gave out, there were not enough programs, the Pioneer Hotel's rooms were insufficient, and some hundred applicants for banquet tickets had to be turned down at the Institute's Regional Meeting in Tucson, Nov. 1-5. Minor inconveniences these, however, occasioned by the fact that, optimistic as they are in Arizona, about half again as many partook of the week's activities as were expected. For this, the local program committee can be blamed-both the technical and social features were too attractive in quantity and quality. Seriously speaking, though, the Institute has probably never had a more successful Regional Meeting than this one. It being the first that has been held in Arizona in 22 years, no effort was spared to make it the distinctive gathering that it was.

Jan 1, 1938

By J. L. Bray

ACCELERATED programs, as discussed in this paper, refer to the year-around operation of a college or university with three sixteen-week or four twelve-week terms per year, with pauses between sufficient only to allow the administrative group to perform their functions. In most engineering schools, under such conditions, the conventional four-year course can be condensed to two years and eight months. These accelerated programs of study, which now exist in most of our technical institutions, were forced upon us under the influence of the outburst of wartime patriotism, perhaps one might go so far as to call it hysteria. Many of us felt and hoped that these programs were temporary expedients, but the cold hard threat of permanency now rears its head; consequently we should examine the merits and shortcomings of the new order, and evaluate its effect on our educational system, since it may persist in some form in the postwar years, because of the changing political and financial situation. Many engineering students are being educated in state supported institutions

Jan 1, 1944

By John M. Lovejoy

NATURAL resources become a source of wealth as they are exploited and made available to the people in usable form. Experience has taught us that Nature does not readily give up her treasures, but the ingenuity of man in the field of techologic progress is required to find and efficiently exploit these resources. History has also demonstrated that with advancing technologic knowledge the. world has become progressively richer in its resources. Those that could not be commercially exploited are now being turned to beneficial use. Through expanding technology and the use of substitutes and synthetics, availability of the world's sources of natural wealth is today many times that of a hundred or a thousand years ago. And so it is with petroleum. Technology is also the great multiplier of our petroleum resources. Through improvements in the art of finding, drilling, and producing, our ability to meet rapidly increasing demands over the last quarter century has been maintained. On the other hand, had our

Jan 1, 1944

By Thomas T. Read

THE benefits derived from stabilization of industry that might possibly be attained through some scheme of centralized economic planning have been much discussed of recent months, and opinions on the subject range from those who believe that some agency like the War Industries Board would be practicable to create and wholly beneficial in effects, to those who are equally convinced that none of the suggestions so far advanced are at all practicable, or likely to be productive of more of good than of evil. The discussion has been on the general topic, but-many of those who have written or spoken on it have introduced economic problems of the pinera1 industry; for example, Newton D. Baker, who referred to the coal industry in his address on economic planning at the Williamstown Institute of Politics on July 31, and then went on to say, "Industrial progress is made by the development of new things, but new things upset the equilibrium of any plan. Who could have planned the industrial effects of the development of the railroads, or the economic changes which you have seen attend the development of the internal combustion engine. Obviously, unless we are prepared to put world economics in a strait-jacket and, like the encyclopedists, write its full history on the theory that further progress is impossible, no such plan could be made for nations which are forging ahead as is entirely rational for nations which are still catching up."

Jan 1, 1931