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By E. H. Fahmy, L. C. Uren

During recent years, oil producers have observed with interest the practical success which has attended the application of water as a medium for displacement of oil from its reservoir sands in the Bradford field of northern Pennsylvania and southern New York. Here, according to various authorities, additional recoveries of frorn 2,000 to 12,000 bhl. of oil per acre have heen secured by this method, after ordinary flowing and pumping. rnethods of production had practically reached the lower limit of economic operation. Notwithstanding the success which has attended the practical use of the flooding process in the Bradford field, oil producers in other regions are skeptical of its value when applied under physical conditions differing markedly from those which characterizc the Bradford field. Its usc would probably he construed as illegal in most of the oil-producing states. This general relnctance on the part of oil producers in other regions to accept the flooding process is due in large part to lack of infor-n~ation regarding the factors that influence its operation and efficiency. With the purpose of clarifying to some extent the issues involved, and of determining when the flooding proccess may or may not beeffee-tivcly ernployed, the writers have conducted a serics of laboratory exper-imentments under carefully controlled conditions, designed to indicate, the influence of various physical, chemical arid lithologic factors. These experments have not been conducted under conditions identical with those which exist at depths far below the earth's surface, so that direct quantitative comparisons with field results are not justified, hut it is believed that the experimental results at least warrant qualitative inter-pretations that may he applied to field conditions. The methods employed in the conduct of these experiments are briefly explained, and the results, together with the conclusions based thereon, arc presented. FactoRs Influencing Displacement of Oil froM SaNdS by WAteR- flooding Before presenting the experimental data, it, will he desirable to con-sider the manner in which the residual oil is retained within the oil sand

Jan 1, 1928

By Paul Tyler

THE ferroalloying elements are connecting links between the steel industry and the nonferrous metal industries. Although ferroalloys are distinctly nonferrous themselves, they serve the steel industry either in the manufacturing process or in modifying the product-in some cases so that it may compete in the markets with nonferrous metals. Of the 92 elements generally accepted by chemists as constituting the primary building blocks of matter, all but the very rarest have been investigated with a view to employing them in steel manufacture. The surprising thing is that so few have been found commercially acceptable. Despite the relatively small number of elements involved, the employ-ment of alloys in steelmaking is one of the most complicated and probably one of the least well understood of modern industrial enterprises. A great deal has been written regarding the action of individual elements and a profuse and somewhat acrimonious literature covers pretty much the whole field of ferroalloy ore supplies. In the middle ground between the miner and the steelmaker developments are less carefully watched by most observers, and except for an occasional description of the technique of some conversion process or the tariff hearings in Congress, very little is said about them. The purpose of the present paper is to describe in relatively nontechnical terms this highly complex industry and to study its relations to our national progress.

Jan 1, 1933

By Van Dyne Howbert, Fred E. Gray

The Presidio mine of The American Metal Co. of Texas is situated 45 miles south of Marfa, Texas, a town on the Southern Pacific R. R., and lies approximately 20 miles north of the Mexican border. Communication with the railroad is maintained over a state highway. All supplies for mine and mill are hauled in by truck from Marfa and precipitates and concentrates are freighted to the railroad by the same means and shipped to Selby and El Paso, respectively. The mill is at the town of Shafter, 1 mile from the mine and at approximately 350 ft. lower elevation. The ore is conveyed to it by an aerial tramway which requires practically no power on account of the difference in elevation. The mill is a countercurrent decantation cyanide and gravity concentrating plant of 200 tons daily capacity. Coarse and fine crushing are done at the mill. Two neal-by shallow wells in the bed of Cibolo Creek furnish an abundance of water. Power is generated for the mill and town by a Diesel engine plant. Ore Treated The ore is oxidized and siliceous. The greater part contains approximately 16 oz. of silver per ton, but mixed with this are many particles of ore of much higher grade, assaying in many instances 100 oz. or more. In the 16-oz. material there is an almost constant amount of silver which is difficult to recover by cyanidation. The high-grade material contains a much greater proportion of silver which is easily amenable to cyanide treatment. Thus, as the grade of ore becomes higher, the percentage of recovery of silver increases rapidly, under equal milling conditions. The silver minerals contained in the ore are principally argentite and cerargyrite, the former predominating The lead minerals, all of which are argentiferous, are chiefly cerussite and galena, with occasionally a little anglesite. The gold is free; most of the ore contains merely a trace

Jan 1, 1935

By Jesse O. Betterton, Y. E. Lebedeff

AS a matter of the most widespread interest to lead-refining metallurgists, the process of desilverizing lead originated by Parkes is the most fundamental step in lead refining. While this basic operation, in addition to effecting a practically complete recovery of gold and silver, is also a great purifying operation and a governor on the purity and uniformity of the final refined lead, it has the important deficiency that no bismuth is removed in the operation. The problem of finding a satisfactory, inexpensive method for removal of bismuth that would fit in with the basic desilverization step has been one of enticing interest for lead-refinery metallurgists for many years. Of late it has become one of imperative interest, and while many attempts and much progress have been made, it is probably fair to say that metallurgical progress thus far is only catching up with commercial requirements. The Pattinson process, an original competitor of the Parkes process for desilverization, has received much attention for its possibilities for bismuth removal. Bismuth concentrations in the Pattinson process fall far short of the silver concentrations and as a result too many operations are required and a crawl in grade in the kettle units is experienced which requires periodic correction. Altogether, it has proved too expensive a remedy, from the cost standpoint of both installation and operation. The Betts electrolytic process is a fully satisfactory remedy but its present status in the field of lead refining is more a matter of bismuth removal than preference as a refining system, except, of course, in instances particularly favorable to the basic requirements of the process. The Betts process, of course, is essentially different from the Parkes process, and very difficult to associate therewith to any economy except in minor ways. Accordingly, where economy dictates the Parkes process, and this is true of far the greater portion of the world's tonnage, the adoption of the Betts process primarily for bismuth removal is apt to prove an expensive remedy on account of its normally higher cost of operation, inelasticity of the equipment for variable tonnages, and high per ton cost of installation.

Jan 1, 1937

By T. A. Dungan

THE thermal processes for the production of metallic magnesium can be divided into two general classifications, the direct reduction of magnesia with carbon and the indirect reduction of compounds of magnesium by reducing agents that are themselves products of carbon reduction. The latter are so chosen as to cause reduction of magnesium compounds wherein only the magnesium is liberated in the vapor phase. Reducing agents used are: calcium carbide, silicon carbide, silicon, aluminum, various silicides or combinations of calcium, aluminum, silicon in iron. All of these are products of highly endothermic reactions and, with the exception of scrap aluminum, can be produced in an open, submerged arc furnace; that is, the arc is covered only by the charge itself. The more investment in energy required to prepare such a reducing agent, the less is the energy required in the subsequent step to reduce the magnesium compound to the metal. It is impossible, however, to avoid the laws of thermodynamics, no matter how much circumambulation is resorted to in the preparation of successively more powerful reducing agents. Since each such step carries forward its own inefficiencies, it appears evident that the ultimate status of such processes is dependent upon the development of by-products. EARLY EXPERIMENTS IN DIRECT REDUCTION The direct reduction of magnesium oxide by carbon has a decided appeal to both the scientist and the industrialist. The successful production of the carbothermic plant at Permanente is a significant fact in the substantiation of this concept. Like most developments, however, the history of carbon reduction of magnesia is not one of triumph after triumph, or immediate heady success to the investigators. It is understood that one of the early investigators conducted an experiment wherein he placed carbon and magnesia in one end of an evacuated tube and managed to heat this end to a temperature high enough that magnesia and carbon deposited at the other end of the tube. The charge, unreduced, appeared to have been completely transported from the hot to the cold end of the tube. This raised doubt for some time as to whether magnesia could be reduced at all with carbon. It was correctly suspected, however, that the magnesia was in fact reduced and the resultant magnesium vapor and carbon monoxide reacted upon one another upon reduction in temperature to reform the starting ingredients. Attempts were then made to dilute the two vapors by passing a considerable stream of hydrogen through an arc furnace charged with magnesia and carbon. Thus by dilution of the products it was expected to obtain metallic magnesium. The results were positive and metallic magnesium was

Jan 1, 1944

By H. Y. Yancey, B. M. Bird

During the past four years the experimental work in coal washing carried on by the U. S. Bureau of Mines and the University of Washington has been devoted mainly to the development of special methods for the tabling of fine sizes of coals that are difficult to wash. One important outgrowth of this investigation has been the application of hindered-settling classification to coal tabling. Although used for many years in ore dressing, the term "classification" as used here may be new to many readers. It may be defined as the separation obtained when a bed of particles is held in a uniform state of suspension in an upward current of water, either continuous or pulsating, just sufficiently strong to keep the bed in a mobile condition. A common example of this type of separation is a jig in which there is no suction stroke. When the hindered-settling classifier is used with the coal-washing table, the fine-size raw coal, instead of being fed direct to tables, as is the prevailing practice, is first fed to the classifier and grouped, according to the rate of settling against the upward current of water, into perhaps six separate products. After dewatering, each of these except the sixth, a refuse product, is elevated to a seperate feed bin arid washed on a separate table. This paper gives a brief discussion of the basis for the use of hindered-settling classification of a table feed; a description of the experimental work; a comparison of the results obtained with and without classification; and a discussion of the application of the classifier in commercial coal washing. Basis for Use oF Hindered-settling Classification of Table Feed Although theoretical reasoning might be used to justify treating a table feed by hindered-settling classification,l the simplest method of demonstrating the need of such a step before tabling is to show the

Jan 1, 1930

By W. R. Bendy

GRINDING is a large and costly part of Portland cement manufacture. Prior to clinkering in the rotary kiln, raw materials are ground to a fineness of 80 to 90 pct passing 200 mesh. Then, after burning and cooling, the resulting clinker is ground to about 92 pct passing 325 mesh. In the cement industry the most favored method of grinding has always been by impact and attrition of a ball charge in a rotating mill. Other types of mills, in which materials are ground between die rings and rollers, or between die rings and large balls, are sometimes used for single-stage grinding and often for preliminary grinding followed by grinding in ball-type mills. Their efficiency is usually high, but maintenance and repair costs are high also, and the ball-type mill continues to be the most widely used. Together with 4 pct gypsum to retard setting time, the kiln run clinker—consisting of hard, semi-fused lumps that may have been crushed to — 1/2 in.—is ground to a Blaine surface area of 3000 sq cm per gram and about 92 pct passing 325 mesh. Approximately 32 kw-hr per ton, or 6 kw-hr per 376-1b barrel, are consumed in the grinding mills alone, not counting auxiliaries. Open Circuit Clinker Grinding: Many early clinker grinding plants employed two-stage, open circuit grinding. Comparatively short mills of large diameter, loaded with balls 4 in. and smaller, first reduced the clinker to 95 pct passing 14 mesh. Tube mills of smaller diameter and greater length, loaded with balls 11/4 in. and smaller, carried out the fine grinding operation. An early development was to assemble two or more stages of grinding in a single mill having two, three, or four compartments separated by division heads. There were difficulties in balancing the compartments, but compartment mills were popular in the 1920's because the layout was simple and there were no elevators and conveyors. Oversize Particles: Open circuit mills, whether separate ball and tube mills or compartment mills, always encountered the problem of tramp oversize in the product. A small percentage of clinker survived passage through the first grinding stage as particles—perhaps 1/16 in. diam—that were too large for the smaller balls in the following stages to reduce to —200 mesh. When the feed rate was lowered to reduce tramp oversize, there were serious losses in grinding efficiency. Many ingenious designs were perfected to incorporate perforated screen plates or wire mesh screens in the ball mills or in the first compartments of compartment mills. Their purpose was to prevent mate: rial passing out of the first stage until it was small

Jan 1, 1958

By R. P. McLaughlin

In most branches of the mining industry it is a well-recognized fact that care must be taken to protect the mineral deposit from undue physical injury. It is comparatively easy to grasp this idea when the mineral is a solid and the lives of workmen depend directly upon the care with which it is removed from its natural position, but when the product is a liquid drawn up from pools several thousand feet beneath the surface of the ground through openings only a few inches in diameter, it requires some imagination to picture underground conditions and the changes which must often occur. The development of the petroleum deposits of California has been attended by numerous accidents, the results of which are readily noticed at the top of the wells and in the profit and loss accounts of the operators. Determination of the cause of these accidents has been the subject of considerable study, which naturally has fallen upon men familiar with technical methods. The greatest damage to the oil deposits of California has resulted from water finding its way into the oil-bearing sands, and it is the purpose of this paper to set forth briefly this phase of the oil industry. Much of the material here presented has previously appeared in publications issued by the California State Mining Bureau, which, under the direction of State Mineralogist Fletcher McN. Hamilton, has investigated the subject and taken steps toward improvement of conditions. The writer, having been in charge of this branch of the Bureau work, has gained considerable knowledge of existing conditions. Generally speaking, the oil-bearing formations of California are soft, unconsolidated sand beds, separated by clay strata, which are also soft. Some of the sand beds carry water instead of oil. All of the beds are more or less separated, probably being of lenticular shape. Very few of the beds in the oil fields lie flat or undisturbed over any great area. Folding and tilting are common, and faulting also occurs in some of the fields. The accumulation of oil is not confined to any single structural feature, such as the anticline, but occurs in many other structural features. Water-bearing strata occur in practically every oil field in the State. Complete data are not at hand for a comparison of the damage

Jan 1, 1916

By M. A. Scheil, S. L. Hoyt

About three years ago eight standard steels were prepared for the cooperative investigation of methods for oxygen analysis, sponsored by the Iron and Steel Division of the American Institute of Mining and Metallurgical Engineers and by the National Bureau of Standards. A preliminary report of the results was made at the annual meeting of the A.I.M.E. in February, 1936. † This report showed the reliability of vacuum-fusion methods and further brought out certain advantages of the fractional vacuum-fusion method. The results obtained by the authors with the latter method will be discussed here, with some comments on the procedure for those who are interested in determinations of gases in steel. Some additional comments are offered on the use of the polarizing microscope for identifying the inclusions in the steel to check and amplify the findings of the fractional vacuum-fusion analysis. For details of the fractional method, see the paper by L. Reeve1. Degassing the Crucible One of the sources of error in vacuum-fusion methods has been the blank gases evolved from the graphite crucible after preliminary out-gassing. We have used 1750" C. as the outgassing temperature. This gives a base pressure at that temperature of less than 0.030 mm. after one hour and of 0.004 mm. on dropping the temperature to 1575" C. At lower extraction temperatures the base pressure is 0.001 mm. at 1050" C., 0.002 mm. at 1170" and 0.003 mm. at 1320' C. Because of the size of our induction coil we are limited to this temperature, although it 'would be advantageous to use 1950" to 2000" C. Hamilton2, after outgassing at 1850" C. for 100 min., was able to reach a base pressure of 0.001 mm. for a temperature of 1700' to 1725" C. This would give a blank corresponding to less than 0.00015 per cent 02 and 0.00005 per cent H2. Chipman and Marshall outgas at 2000" C. for one hour by using a special construction

Jan 1, 1937

By J. M. W. Mackenzie, M. H. Buckenam

Flotation experiments using stearic, oleic, linoleic, linolenic, and ricinoleic acids and naturally occuring products rich in these acids as collectors for calcite are described. The results confirm the validity of the rule of Hukki and Vartiainen relating the collecting power and unsaturation of the C18 acids. Reasons for this relationship are discussed and a close relationship between mineral depression and critical micelle concentration is reported. It has long been recognized that the unsaturated fatty acids are in general superior flotation collectors to their saturated homologues. Whereas earlier workers concentrated on saturated and monoethe-noid acids, recent investigations have centered on oleic, linoleic, linolenic, and the substituted mono-ethenoid acid: ricinoleic. From studies of the collecting properties of palmitic, oleic, linoleic, and linolenic acids on ilmenite, rutile, hematite, and magnetite, Hukki and Vartiai-nenl concluded that the collecting power of fatty acids increased with unsaturation of the hydrocarbon chain. Sun, Snow, and Purcel12 investigated the collecting properties of unsaturated fatty acids as collectors for phosphate ores and concluded that the collecting power increased with increasing unsaturation of the hydrocarbon chain up to two double bonds and that further unsaturation decreased the collecting power. More recently Sun3 studied the collecting power of the C18 fatty acids stearic, oleic, linoleic, and linolenic on 37 minerals. The results of these experiments with a few exceptions showed that the collecting power of the acids increased in the order stearic, oleic, linoleic, and linolenic. The relative collecting powers of linoleic and linolenic acids were in many cases altered by the cleanliness of the mineral surface prior to flotation. Sun concluded that linolenic acid may become oxidized by atmospheric oxygen during flotation, a reaction which would reduce its effectiveness as a collector. This deduction is supported by Gaudin and Cole4 who concluded that oleic and linoleic acids do not undergo appreciable oxidation of the double bonds during flotation but that the linolenic acid double bonds are measurably affected. The most complete investigation on the influence of hydrocarbon chain unsaturation on the collecting properties of fatty acids is that of Kivalo and Lehm~svaara.~ These workers using linolenic acid of a higher purity than Hukki and Vartiainen showed that this acid was superior to oleic and linoleic acids as a collector for magnetite. They also found that ricinoleic acid was a more effective collector for this mineral than the other acids investigated, an observation particularly apparent at high collector concentrations. Seeking to explain the superiority of the unsaturated acids these authors considered the effects of critical micelle concentration, surface activity, hydrolysis, and cross sectional area of the hydrocarbon chain in relation to unsaturation. Using what, according to the results of Caviere are erroneous surface tensions of the soap solutions of these acids, they concluded that the surface activity decreases and the critical micelle concentration increases with increasing unsaturation. In view of the data of Cavier, whose results show that surface activity of these soaps increases with unsaturation, the deductions of Kivalo and Lehmusvaara are open to criticism. The degree of hydrolysis of the soap solutions as measured by Kivalo and Lehmusvaara decreases as the unsaturation of the fatty acid increases, a result which helps to explain the superiority of unsaturated acids as collectors. In view of the superiority of unsaturated acids as collectors for many minerals, attention has been directed towards the utilization of fatty acid raw materials such as tall oils and linseed oils which contain considerable quantities of these acids. This paper describes test work to determine the effect of unsaturation of the hydrocarbon chain on the collecting properties of fatty acids on calcite, and includes comparable test work using natural products rich in unsaturated acids. TEST WORK Reagents: The pure fatty acids used were oleic, linoleic, and linolenic. Of these, oleic was supplied by British Drug Houses Ltd. and the others were produced by the Hormel Inst. When not in use these

Jan 1, 1961

By F. H. Daniels

IN this, paper it is my intention to, call your attention to* a few of the many producers using blast, now, in common use in Sweden, and also those constructed by the Washburn & Moen Manufacturing Company at their Quinsigamond Works. During a prolonged stay in Sweden the writer had an opportunity

Jan 1, 1881

By Wayne C. Hazen, James K. Kindig

As the complexity of hydrometallurgical systems increases, it offers new opportunity for applications of solvent extraction. However, the high capital cost of mixer-settlers for large flow rates is a drawback to wide application in base metal recovery. This paper presents information on the use of cyclone separators in place of settlers with attendant significant reduction in capital cost. Various flowsheet possibilities for this development are discussed.

Jan 1, 1972

By William O. Hotchkiss

IN COMMON with every other good citizen I long for conditions that will make perpetual peace a reality throughout the world. I have studied the statements of our public men relating to what we must do to bring this about after this war is over. In most of these I find one common error. They always build their plans on the unstated, subconsciously accepted premise that there can be such a thing as an ideal nation whose citizens are possessed of infinite wisdom and actuated only by motives that are above reproach. This heavenly vision fails to correspond with the facts. We wish it could be true but we are forced sadly to admit that the human beings that will live here after this war is over are going to be much like the fallible race that has occupied our planet for the past centuries.

Jan 1, 1943

By A. J. Ardell, O. D. Sherby

The elevated-temperature steady-state creep behavior of polycrystalline a Zr was studied in vacuo under constant tensile stress. The experiments were conducted from 660° to 845°C over the stress range 870 to 5400 psi. The steady-state creep rate, is, of a Zr was found to be related to the applied stress, a, and temperature, T, by the equation where C is a constant. Two interpretations of the data are considered, each requiring different values of the parameters ß, Q, and . It is shown that this formula can be derived using Gilman's phenomeno logical equation relating dislocation velocity to the shear stress for the case where dislocation mobility is limited by the nucleation of kink motion. From the fundamental dependence of strain rate on dislocation velocity and the density of mobile dislocations, the factor exp(ßo) can be related to the stress dependence of the dislocation density, and Q to the energy of kink formation. The two interpretations considered are as follows: Case I—the parameters are adjusted so that the equation above describes the data over the entire range of stress and temperature, implying that creep is controlled exclusively by dislocation glide; Case IIthe parameters are adjusted to allow for the possibility that creep is diffusion-controlled at high stresses but glide-controlled at low stresses. For both cases the values of the parameters are within the spread permitted by the data. Factors favorable to the observation of the unusual stress -dependence of i, for a Zr are discussed and it is shown that the anomalously rapid rates of self-diffusion and the low modulus on the principal glide system are primarily responsible for the anomalous creep behavior. Metal-lograflhic observations are presented and discussed with reference to the overall creep behavior. PREVIOUS investigations of the creep behavior of a Zr have been conducted from room temperature to about 500C The results of these investigations are primarily of engineering significance because of the variety of conditions under which they were carried out, and the low testing temperatures employed. Little information is available concerning the fundamental nature of the elevated-temperature creep behavior of a Zr. This investigation of the creep behavior of a Zr above half the melting temperature (the melting temperature, T,, of a Zr is estimated to be about 1860"K was initiated because there are two significant anomalies of the physical properties of a Zr: a) the rate of self-diffusion in polycrystalline a Zr is anomalously rapid: b) both Young's modulus for polycrystalline a Zr and the shear modylus as-sociated with the prismatic slip system { 1010)( 1120) (the principal slip system in a Zr 7) have anomalously large temperature variations The importance of these quantities to the understanding of creep behavior has been demonstrated, and it was hoped that this investigation would provide a critical test of the predictions based upon the analysis of creep data for other pure metals. However, as the investigation progressed it became increasingly clear that the unusual creep behavior of a Zr could not be analyzed in a conventional manner. 1) EXPERIMENTAL EQUIPMENT AND PROCEDURES Two grades of zirconium, designated A and B, were used in this investigation. The analyses, as supplied by the vendors, are presented in Table I. Material A, with a nominal purity of 99.84 pct, was supplied by the Wah Chang Corp. in the form of cold-rolled sheet from which specimens were machined without further fabrication. Material B, with a nominal purity of 99.95 pct, was purchased from the Nuclear Materials and Equipment Corp. in the form of iodide crystal bar.

Jan 1, 1968

By Lewis V. Wade

U.S. Bureau of Mines efforts under longwall research programs to develop the capability to predict support requirements for longwall/ shortwall support systems are discussed. Ground control studies are being conducted in conjunction with several longwall/shortwall demonstration projects. Geologic, support performance, and strata behavior are being documented on these projects. A hypothesis is presented for the prediction of support requirements.

Jan 1, 1978

By Otis M. Clarke

The Eufaula bauxite-kaolin district in southeastern Alabama is an important source of raw material for the refractory industries in the United States. At the present time, five companies are mining and processing bauxite and kaolin from this district and a sixth company is holding substantial reserves. Mining operations are expanding, but finding new ore reserves is a major problem. The Geological Survey of Alabama sponsored geologic research in the Eufaula district to: (1) investigate the

Jan 1, 1973

Map

Jan 1, 1938

[Trans. No. Place Date Vol. Page 1, Wilkes-Barre, Pa.* .... May, '71.. 1 3 2. Bethlehem, Pa Aug., '71.. 1 10 3 Troy, N. Y Nov.,'71.. 1 13 4. Philadelphia, Pa Feb., '72.. 1 17 6. New York, N. Y •.... May, '72.. 1 20 6. Pittsburgh, Pa..:.Oct., '72.. 1 25 7. Boston, Mass Feb., '73.. 1 28 8 Philadelphia, Pa.' May, '73.. 2 3 9. Easton, a Oct., '73.. 2 7 10. New York, N. Y Feb., '74.. 2 11 11. St. Louis, Mo.* May, '74.. 3 3 12. Hazleton. Pa Oct.. '74.. 38 13. New Haven, Conn Feb., '75.. 3 15 14. Dover, N. J.' May, '75.. 4 3 16. Cleveland, 0 Oct., '75.. 4 9] [ ]

Jan 1, 1925

By Carl L. Renzoni

INTRODUCTION This paper defines equity as the issuance of a permanent interest in the business on a broadly distributed basis. As such, it excludes the issuance of equity to either a merchant bank or to another corporation. Nearly twenty years ago the equity markets were very simple: The instruments used were primarily common shares, convertible debentures or convertible preferred shares. Another equity-type option often used, especially by junior companies, was the sale of joint venture interests. Issue sizes were generally in the order of $25 - $100 million and issues were syndicated primarily in North America and Europe by one or two investment dealers. Mining corporations today benefit from a market with much more depth. Issues are syndicated by dealers on a truly international basis, and issue sizes now often range up to $300 million. Moreover, dealers are now willing to take significant risk in buying the issues for redistribution. This discussion of trends in equity markets will encompass: 1) common shares 2) warrants to buy common shares 3) convertible debentures 4) commodity backed instruments A review follows of events that affect the mining industry and investment dealers as they have a bearing on the equity markets for the metal producers. FACTORS AFFECTING THE MINING INDUSTRY The current business cycle, up to October 1987, had been characterised by a buoyant stock market and depressed base metal prices. Mining companies entered this period with weak balance sheets and little prospect of cash flows meeting capital needs. The issuance of equity and the sale of assets were used extensively to reduce debt to manageable levels. During this period, the relative high price for gold, and more important, the very high earnings and cash flow multiples afforded to gold producers, caused companies to target gold as the only game in town. The need for capital to acquire and develop gold properties prompted an unprecedented volume of equity issues. (Burns Fry led or co-managed over $1 billion of mining equity issues per year during this period). This high demand for equity capital by the industry prompted an increase in the use of equity instruments, such as commodity backed instruments. In addition, government tax incentive programs in Canada, such as flow-through shares, allowed smaller companies to raise significantly more equity than would otherwise have been possible. Over $1 billion in flow-through equity was raised in 1987 alone. The abundance of flow-through capital in Canada made it easy to form a new company. One flow-through share fund developed a system of providing the working capital required for a company to be eligible to receive flow-through share capital so that an entrepreneur required only a mining property to get started. Many new companies were formed and several flourished in a buoyant stock market environment to the point that market capitalizations grew to $100 million or more. The current period is in stark contrast to that before October 1987. The equity markets are generally available to the resource industry only on a window basis and only for senior companies and for special situations. The industry is benefitting from buoyant metal prices, and bankers are anxious to provide debt capital. Investment dealers previously processing several equity issues

Jan 1, 1990

By D. F. Kaufman, E. D. Levine, L. R. Aronin

The deformation of' impure beryllium crystals by basal glide at room temperature invariably tevminates by basal cleavage after a few percent strain. It is generally accepted that .fracture of this type is caused by the splitting of low) -angle boundaries, or bend planes, by obstacles that restrict the motion of the bed planes in the deforming crystal. The details of such a process have been developed by Stroh, who showed that the high tensile stress norrnal to the basal plane in the region where the bend plane is split results in the propagation of a basal cleavage crack, provided there is no available dejorvrlatzon mode having a shear component normal to the basal plane It has been postulated that puvification of beryllium might lead to increased basal ductility by the vemoval of barviers to bend plane motion and possibly by the activation of nonbasal defor~rlation systems. Large increases in the amount of basal glide that can he sustained prior to fracture have been observed in crystals purified by zone refining. In each case, eventudal fracture was by sharp basal cleavage, suggesting that the split bend plane model still applies to tile fracture of beryllium of rensonably high purity. In the present work, calculations are made to show to what extent basal duetilits can be increased by purification while the split bend plane .fracture process remains applicable. Experimentally observed ductilities are generally somewhat lower than those predicted by calculation because of premature failure due to defects introd~cced during specimen preparation and testing. SEVERAL investigators1-4 have studied the deformation characteristics of beryllium single crystals of commercial purity, and have related the strong anisotropy of plastic deformation in single crystals to the problem of brittleness in polycrystalline beryllium. For most orientations, the principal deformation mode is basal slip, which, at temperatures between 300" and 900°K, begins at a critical resolved shear stress of approximately 1500 g per sq mm and terminates after 3 to 6 pet glide strain by cleavage on the basal plane in the neighborhood of (1120) bend planes that are formed during the deformation. This type of fracture, which is also observed in zinc at low temperatures, has been interpreted by stroh5 to be caused by the splitting of bend planes by obstacles to their motion. In the Stroh model, a (11.20) dislocation wall, or bend plane, moving along the slip direction under the action of the applied stress, encounters obstacles which cause part of the bend plane to be held up, the other part continuing to move. Stress concentrations are built up in the region where the bend plane is split, with a high tensile component normal to the basal plane, resulting in a microcrack at the end of the split wall. Because no deformation mode having a shear component at an angle to the basal plane is available to relieve the stress at the crack tip, the crack can propagate under a sufficiently high applied stress. The Stroh criterion for crack propagation is given by

Jan 1, 1964