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Jan 1, 1969

By R. W. Baldwin

On page 309, column 1, the second equation should read: Ma-M1 = dlog_Pa M2-M1 d log P2

Jan 1, 1961

By C. D. Thurmond

Jan 1, 1968

Jan 1, 1968

Jan 1, 1968

Jan 1, 1948

Jan 1, 1948

Jan 1, 1961

By C. Richard Tinsley

INTRODUCTION The economic analysis (Chapter 3), the engineering studies (Chapter 10), the credit structure (and the consequential funding sources) - Chapter 11, and the overall feasibility structure for any venture are all directed to determining one major decision element: How much and how certain is the reward for taking these risks? Risk assessment is a surprisingly weak area of analysis and is usually addressed in a checklist fashion. It is much preferable to deal within a risk system so that the inevitable tradeoffs among risks are correctly made. DEFINITION The first step toward risk definition must be to ascertain all of the risks to which a project or a company is exposed; otherwise one will remain ignorant of the possibility of a financially crippling loss until it occurs. (Carter and Crockford, 1974). However, simply stating what "risk" is can lead to debate. For example, risk could be (adapted from Vaughan, 1982): -the chance of a loss - uncertainty of loss -possibility of loss - uncertainty -dispersion of actual from expected results - probability of an outcome different from the one expected - possibility of an occurrence of an undesirable contingency -a condition in which a possibility of a loss exists. For the minerals industry financier, the last definition is probably the most appropriate. However, from a mineral company's point of view the definition might well include the possibility of not achieving the expected financial return. RISK CLASSIFICATION Risk identification will be readily agreed as the all-important first step. There are five major "branches" of risk classification. These are: -Statistical -Modellers -Checklist -Project Financing -Insurance The Statistical set discovered probability theory and any risk discussion soon deteriorates into a mathematical jungle (Megill, 1977; Hartman, 1976; Reutlinger, 1970; and Pouliquen, 1970).Their use of terminology tells its own story: coin toss (binomial distribution), gamblers' ruin, delphi (oracle) techniques, monte-carlo simulations, random walks, etcetera. These techniques inadequately represent the judgements necessary in an increasingly complicated and interrelated world. The risk Modellers have turned to the computer to handle these inter-relationships but soon find barriers because of "simultaneity". Certainly the computer has its uses to conduct various analyses (marketed as "sensitivity" analyses) but very often one finds that this involves changing one or two variables at a time, all other things being equal. Unfortunately, in a modern and complex world all other things do not remain equal. The statisticians will, no doubt, jump to their own defence by citing this

Jan 1, 1985

By E. S. Moore

ALTHOUGH nickel was in use in alloys long before the Christian era, the metal was not discovered until 1751, when Cronstedt recognized it in niccolite from Sweden. The Chinese apparently used a nickel alloy, known as "pahfong" thousands of years ago and Persian coins dating farther back than 200 B.C. consist of a copper-nickel alloy similar to some of those now in use in coins. The pure metal was first prepared about 1775 and the metal was refined for commercial purposes some years later. The nickel industry did not attain much prominence until the ores in New Caledonia were discovered. Exports of ore from that country began in 1875 and since that date there has been an ever-increasing world output of nickel and a great expansion in the uses of the metal except during short periods of commercial and industrial depression. Previous to 1875, for a number of years, Norway was the chief producer, although the metal was mined also in Sweden, Finland, Italy, Germany, Austria, France, China, the United States and other countries. With the dis-covery of nickel deposits in the Sudbury district, Ontario, a new factor was introduced into the nickel industry and Sudbury has since become the overwhelmingly dominant feature in the world's nickel markets. Although nickel was first discovered in Canada as early as 1848 near the north shore of Lake Huron and nickel-copper sulfides were found in 1856 by surveyors working close to the present location of the important mine at Creighton, in the Sudbury field, it was not until 188.3 that any importance was attached to this field. In that year copper sulfide attracted attention where the main line of the Canadian Pacific railroad was being projected across Canada to the Pacific coast. Mining began near this discovery in 1889 but in the meantime operations had begun in 1886 in other parts of the field and by 1890 about 100,000 tons of ore had been raised. In the Sudbury field, as in Norway and at the old Lancaster Gap mine in Pennsylvania, the ore was first mined for its copper content and difficulty in the refining of the copper led to the discovery of the important proportions of nickel in the ore. No. 3 property of the Inter-national Nickel Co., now known as the Frood, the greatest deposit in the

Jan 1, 1932

By Thomas Lane Carter

THE history of mining in South Africa differs somewhat from that of other countries in the part taken by the aborigines in the development ?of the mineral deposits. The Spaniards in America, and the fortune-seekers of Australia and New Zealand, found large numbers of natives in these new countries, but the inhabitants did not become willing or efficient workers ill the mines which the white men started. The Kaffirs of South. Africa have not shown the same antipathy to labor, nor do they show any signs of dying out in the presence of the white man's civilization. They are a virile race, and so far the vices of civilization have not killed. them. While it is true that the brain and skill necessary for the exploitation of the mineral resources of this sub-continent-have been supplied by the white race, it is also a fact that most of the rough labor in the development of the mining industry of South Africa has been done by the Kaffirs. The Kaffir tribes differ greatly in their mental and physical capabilities. Compare, for instance, a Zulu of Natal with a Bechuana, or a Xosa of Cape Colony with some of the degenerate tribes of Central or East Africa, and you will find that they have little in common, save that their skin is black and that they do not believe in clothes. As a general rule, the tribe's in the milder, healthier climates are far superior, both in mind and body, to the Kaffirs brought up in the hot malarial sections of Central Africa; and it naturally follows that the black men from the temperate zones of the country, are much finer workmen than the degenerates from less favorable sections: It is universal in South Africa to speak. of the .Kaffirs as " boys." No matter if he is 90 years old, the Kaffir is always a " boy," and in this paper the word " boy " is synonymous with Kaffir.

Nov 1, 1908

By AIME AIME

HOWARD H. PRESTON, professor of economics and business at the University of Washington, presented a paper before the North Pacific Section, A.I.M.E., on Jan. 23, on the "Economic Aspects of Gold and Silver." He carefully reviewed recent governmental actions that have affected those metals and gave an interpretation of their effects. A brief excerpt from his address; follows: Including the proclamation of March 6, 1933, the principal steps of the present Administration which have carried the United States off the gold standard and led up to the present program have been: (1) The Presidential proclamation of March 6 controlling gold. (2) The monetary sections of the Emergency Banking Act of March 9. (3) Mobilization of gold under Executive orders issued March 10 and April 5. (4) The gold embargo by Executive order, April 20. (5) The controlled inflation bill, May 12. (6) The joint resolution abrogating the gold clauses, June 5. (7) The Executive orders on newly mined gold, Aug. 28. (8) The President's radio address of Oct. 22 and the R.F.C. gold-buying program. (9) New anti-hoarding order calling in small holdings of gold, Dec. 28, 1933 and Jan. 15, 1934. (10) Nationalization and revaluation of gold' (Message to Congress, Jan. 15).

Jan 1, 1934

By Charles Hardy

?POWDER METALLURGY? is the production of semiformed or fully formed metal products by compressing metal powders. It had its beginnings in the fabrication of tungsten and molybdenum bars and wire by compression, sintering, and swaging. Powder metallurgy, although still in its infancy with other metals, has shown remarkable progress in recent years. Production of Metal Powders-The first step in any powder-metallurgy process is the production of metal particles of suitable shape and size. Mechanical processes for producing metal powders, as by crushing, stamping, or grinding, are usually not suitable, as the resulting particles may cause laminations and decreased strength in the finished articles. The principal metal powders now in use on a large scale are produced by electrolysis or by reduction of metal oxides by gases.

Jan 1, 1936

By B. F. Zwick

The entire production of oil in Ecuador so far has come from the Santa Elens Peninsula, Province of Guayas. Both the shallow fields of the northern and the deeper fields of the southern part of the peninsula have been in constant exploitation, though the former are of doubtful economic value. In Table I herewith, which commences with the total amounts produced by the various companies up to 1940, annual company totals are given for the succeeding years. The figures for 1944 have been partly estimated. Table 2 gives figures on casinghead gasoline. Shell Company of Ecuador (formerly known as Anglo-Saxon) has continued active exploration in the Oriente region east of the Andes, and during 1944 the Company's first wildcat well was spudded in. International Ecuadorean Petroleum Co. (formerly International Petroleum Co., Limited) has pursued an active exploration campaign since the latter part of 1939, and a drilling string was placed in operation about a year later. A second string of tools was added during 1943 and a third a few months ago. Ten wildcats, all dry, have been completed in this period, two wells are drilling at the present time and other locations are on the program. Seven of the wells thus far drilled are in the area between Guayaquil and the Santa Elena Peninsula, one up the Daule River beyond Balzar, one on Puna Island in the Guayas Estuary and one in the northern province of Esmeraldas. Both the present drilling wells are in the Guayaquil-Santa Elena zone. The situation in regard to concessions has changed during the past four years because I.E.P.C. has made its selections from the extensive Daule-Guayas Study Concession, as a result of which large tracts were returned to the Government; because of the expropriation of the holdings of the "Ecuapetrol," a German concern whose acreage has passed into other hands; the Peruvian-Ecuadorean boundary settlement, which has reduced Shell's holdings somewhat; and the transfer of most of the holdings of the Cia. Minero-Petrolera del Pacifico to I.E.P,C. The greater part

Jan 1, 1945

Jan 1, 1965

By Henry N. McCarl

Mineral aggregates are those natural and manufactured industrial mineral and rock materials that provide bulk and strength in port- land cement concrete, bituminous concrete mixes, and plaster or stucco surfaces. They may also provide special characteristics such as thermal and acoustical insulation, weight, surface textures, abrasion resistance, and impermeability to various concrete products and mixes. Most aggregates are relatively inexpensive materials, but despite their low unit value, the tonnages consumed each year in the United States and throughout the world make mineral aggregates by far the leading industrial mineral and rock materials both in terms of volume (tonnage) produced and value consumed. The major use of mineral aggregates is in concrete. The low cost, high bulk aggregates tend to keep concrete construction costs at levels competitive with other building materials. Other major uses of aggregates include highway and railroad base or ballast materials, graded fill, and various industrial uses such as metallurgical and chemical fluxes and raw materials-these latter uses are often considered nonaggregate uses of mineral aggre- gate materials. The value of mineral aggregate materials at the production plant varies from less than a dollar per ton to several dollars per ton for most crushed stone and sand and gravel, $2 to $15 per ton for slag and expanded clay or shale aggregate, to as much as $60 to $100 per ton for expanded perlite or vermicu- lite. The more specialized the use, the higher the price-although there are naturally some exceptions to this rule of thumb. The first four parts of "Construction Materials" deal with the utilization of four major mineral aggregate types: Crushed Stone, Light- weight Aggregates, Sand and Gravel, and Slag. While the focus will be on the use of these industrial minerals and rocks there will also be some coverage of sources, mining and production, especially in those cases where they are

Jan 1, 1975

Jan 1, 1966