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By C. M. Haight

The mines of the New Jersey Zinc Co. in New Jersey, are situated in the northern part of Sussex County, at Franklin, formerly Franklin Furnace, and also at Ogdensburg. The mine at Ogdensburg is still in the development stage, but the, mine at Franklin, with which this paper deals chiefly, has been a steady producer of high-grade zinc ores for many years. The town is about 50 miles from New York City, among the foothills -of the Kittatinny Mountains. It is equipped with water supply (filtered and chemically treated), good roads, electric lights, efficient police protection and excellent schools, including a new vocational high school. For a mining community, the conditions and location are far above the average. Franklin Furnace Folio, No. 161 of the U. S. Geological Survey, describes the geology and mineralogy of the district in detail, so that merely an, outline of the main characteristics of the orebody need be given. The

Jan 10, 1917

By Howard N. Eavenson

FROM the Pittsburgh coal bed in the four states of Pennsylvania, Ohio, Maryland and West Virginia has been produced an output that, at mine prices, represents a greater value than any other single mineral deposit in the world has yielded.12 While this distinction may in a few years pass to the gold reef of the Witwatersrand, it is possible that eventually, owing to the tremendous reserves still remaining, the ultimate yield of the Pittsburgh bed will be greater than that of any other known single deposit. Considering its importance, not a great deal has been written of its early history and development as a whole; most of the accounts have been of limited localities, or, at the most, of the area within a single state. In "Coal through the Ages" the writer mentioned some references to its early history, but this study will deal not only with its history but with the character of the bed, where and why it was first developed, and its effect upon the states in which it is found. It has not been the intention to write a detailed history of the development of the seam in each locality, as neither time nor inclination were available for doing such work, but only to show the influences that tended to hasten or retard such development. In general the historical matter ends about 1830, when geological surveys began to be made. Some of the maps show data available only since that time, and the sections about coal preparation and coking have been extended to the present time to show the changing conditions. It is believed that the early history includes all published records, and many more sources than those shown in the bibliography were consulted. It is quite likely that some references to coal in this area may be found in the unpublished papers of some of our early soldiers and colonizers, which exist in several libraries, and it is hoped that some future

Jan 1, 1938

By Reno Sales

INTRODUCTION. THE geology of Butte possesses especial interest on account of the magnitude of the ore deposits, their extraordinary richness and persistence in depth. Since its discovery in the early 60's the district .has yielded, in round numbers, 6,000,000,000 lb. of copper, 260,000,000 oz. of silver, 1,250,000 oz. of gold, and a large but not definitely known number of pounds of zinc. This enormous metal production has been derived from an ore tonnage estimated roughly at 65,000,000 tons. At the present day, most of the important mine shafts have reached a depth of. 2,400 ft., while several are more than 3,000 ft., deep. At these-great depths rich bodies of copper ore are being exploited, showing no diminution in metal content as compared with the ores of the higher levels. The present (1913) daily rate of production is approximately 14,000 tons, of which 13,250 tons may be regarded as copper ore, although a small percentage of this is minable only because of the presence of

Jan 8, 1913

By AIME AIME

Council.* PRESIDENT OF THE COUNCIL. ROBERT W. HUNT CHICAGO, ILL. (Term expires February, 1907.) VICE-PRESIDENTS OF THE COUNCIL. WILLIAM P. BLAKE TUCSON, ARIZ. THOMAS F. COLE DULUTH, MINN. IRVING A. STEARNS WILKES-BARRE, PA. (Term expires February, 1907.) HENRY AL HOWE NEW YORK, N. Y. J. B. GRANT DENVER, COLO. JAMES D. HAGUE NEW YORK, N. Y. (Term expires February, 1909.)

Nov 1, 1906

By PAUL DYER MERICA

PAUL DYER MERICA, who has been awarded the James Douglas Gold Medal for his achievements in non-ferrous metallurgy, is a Hoosier, having been born at Warsaw, Ind., in 1889. His father, a clergyman and educator, was president of the University of Wyoming from 1908 to 1913. After graduating from the University of Wisconsin in 1908, young Merica (not yet twenty years of age) went to China, where he was professor of chemistry in Chekiang Provincial College, Hangchow, until 1911. He then went to Germany to s t u d y and was fortunate enough to receive his Ph.D. from the University of Berlin just a few months before the outbreak of the World War in 1914. Returning to America, his first position was as special investigator at the En¬gineering Experiment Station of the University of Illinois, but before the year was out he joined the staff of the U. S. Bureau of Standards as associate physicist. Since 1918, he has been superintendent of research for the International Nickel Co. His work during those years is excellently summarized in the following quotation from the statement of Zay Jeffries recommending him for the award.

Jan 1, 1929

By Donald B. Evans, Robert D. Pehlke

The solubility of nitrogen in liquid Fe-B alloys has been measured up to the solubility limit for the formation of boron nitride. The activity coefficient of nitrogen increases with increasing boron content in the range 0 to 7 wt pct B. From experimen -tal data, values have been calculated for the B-N interaction parameter e3 at temperatures in the range 1550" to 1750°C. A value of 0.038 has been estimated for the boron self-interaction parameter eg at 1550°C. The standard free energy of decomposition of boron nitride into the elements dissolved in liquid iron has been determined to be: ?F° = 45,900 -21.25T in the range from 1550° to 1750°C. The nitride is assumed to be of composition BN. BORON nitride has an unusual combination of properties which make it appear attractive in a wide range of engineering applications. Some of its more important and most recent applications are in the nuclear area, particularly in connection with the liquid-metal cooled reactor concept now receiving considerable emphasis. Boron nitride has a high degree of stability at elevated temperatures. It also has excellent ma-chinability and the ease with which its crystals deform suggests applications as a lubricant. These properties stem from a hexagonal layer-type structure similar to the structure of graphite. One of its primary uses to date has been for seals in liquid-metal pumping systems. It is also used in nuclear reactors as an insulating layer to separate two solid metals which are not themselves compatible under the conditions of temperature and atmosphere in which they are used. Its inertness to liquid metals has also suggested use as a mold-release agent in casting processes. In addition to its excellent machinability and reported inertness to liquid metals such as iron, silicon, aluminum, copper, and zinc, boron nitride has high thermal conductivity and excellent thermal shock resistance. This combination of properties would make it appear ideal as a refractory crucible material for refining of high-purity liquid metals, for example high-quality steels. However, since it is known that concentrations of boron as low as 50 ppm can have a marked effect on the physical properties of certain steels,' in particular on the creep and stress-rupture properties, an investigation was undertaken to define accurately the chemical equilibrium among boron, nitrogen, and liquid iron in the range of steelmaking temperatures. EXPERIMENTAL PROCEDURE Two experimental approaches to this problem were employed: a Sieverts' method and a quenching method. In the first method, the Sieverts' technique was used to measure the equilibrium nitrogen solubility in liquid Fe-B alloys of 0 to 7 pct B as a function of nitrogen gas pressure over the melt. The solubility limit of the boron nitride phase formed was determined by the point of departure of the nitrogen absorption from Sieverts' Law. This technique has been applied to liquid Fe-Ti alloys by Rao and parlee,' to liquid Fe-A1 alloys by Evans and Pehlke,3 and to solid Fe-V alloys by Fountain and Chipman.4 In the second method a melt of liquid iron was held in a crucible of boron nitride under a known partial pressure of nitrogen gas. After thermodynamic equilibrium was attained, the melt was quenched in a stream of helium and then analyzed by wet-chemical methods for boron and nitrogen. The Sieverts' apparatus used in the first method was essentially of the same design as the one described by Pehlke and Elliott.5 The charge materials were vacuum-melted high-purity iron (Ferro-vac E) supplied by the Crucible Steel Co. and -325 mesh boron powder supplied by Cooper Metallurgical Associates of Cleveland, Ohio. The boron contained less than 0.02 wt pct O, according to supplier's analysis. Recrystallized alumina crucibles were used to contain the melt. Examination of solidified melts showed these crucibles to be satisfactory with no evidence of any reaction or physical penetration of the crucible wall by the melt. The melt temperature was measured by a disappearing filament-type optical pyrometer sighted vertically downward on the melt surface through a 1/4-in.-diam sight hole in the crucible lid. The pyrometer was calibrated against the melting point of pure iron in the same apparatus, taking the emissivity of

Jan 1, 1964

By AIME AIME

Council.* PRESIDENT OF THE COUNCIL. ROBERT W. HUNT CHICAGO, ILL. (Term expires February, 1907.) VICE-PRESIDENTS OF THE COUNCIL. WILLIAM P. BLAKE TUCSON, ARIZ. THOMAS F. COLE DULUTH, MINN. IRVING A. STEARNS WILKES-BARRE, PA. (Term expires February, 1907.) HENRY AL HOWE NEW YORK, N. Y. J. B. GRANT DENVER, COLO. JAMES D. HAGUE NEW YORK, N. Y. (Term expires February, 1909.)

Jan 1, 1907

By Dennis J. McCarthy

TAX TREATMENT OF EXPLORATION AND DEVELOPMENT EXPENSES Exploration Expenditures General Principles. Exploration expenditures are expenses incurred within the United States or the Outer Continental Shelf for the purpose of ascertaining the existence, location, extent or quality of any deposit of ore or other mineral. Section 617 of the Internal Revenue Code permits a taxpayer to elect to deduct these expenditures currently. In default of election, exploration expenditures must be capitalized and included in the basis of the mineral property for purposes of determining cost depletion. Entitlement to Deduction. In order to qualify for current deduction, exploration expenditures must be incurred prior to the commencement of the development stage, i.e., when mineral deposits are shown to exist in sufficient quantity and quality to reasonably justify commercial exploitation. Generally, expenditures for geological and geophysical investigations, reconnaissance, surveying, testpitting, trenching, drilling, driving of exploration tunnels and adits and similar types of work constitute exploration expenditures if incurred prior to the commencement of development. However, expenditures to further delineate the extent and location of an existing commercially marketable deposit are not exploration expenditures. Exploration expenditures may be incurred from within a producing mine to ascertain the existence of what appears to be a different ore deposit. Expenditures for property which is subject to an allowance for depreciation are not deductible under §617. However, depreciation properly allowable on assets used in exploration is an exploration expenditure. Election to Deduct Exploration Expenditures. The election to deduct exploration expenditures is made by deducting these expenditures in the return for the first taxable year for which such treatment is desired. The election applies to all properties of the taxpayer. Once the election is made all exploration expenditures, in the year of election and thereafter, must be deducted, unless the election is revoked with the prior consent of the Commissioner. The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) made substantial changes in the treatment of exploration expenditures. For exploration expenses incurred after 1982 and before 1984 by a corporation, the amount currently deductible is limited to 85% of the expenditure. The remaining 15% must be capitalized and recovered over a five-year period. Although exploration costs capitalized under this provision are not part of the basis of the property for cost depletion purposes, investment credit may be claimed with respect to these expenditures. Further changes have been added by the Tax Reform Act of 1984 with respect to expenditures made after 1984. The Act reduces the amount of otherwise currently deductible costs from 85% to 80%. Additionally, it limits the availability of the investment credit for capitalized mineral exploration costs to deposits located in the United States. TEFRA also allows individuals a special method of recovery under which exploration expenditures may, at the election of the taxpayer, be amortized ratably over a 10-year period beginning with the year in which the costs are paid or incurred. If taxpayer does not use this method, the excess of the exploration expenditures actually deducted over the amount that would have been deducted if 10 year amortization had been elected is an item of tax preference subject to the alternative minimum tax.

Jan 1, 1985

[James C. Gray, President W. B. Stephenson, President-Elect A. B. Cummins, Past-President E. G. Fox, Eastern Regional Vice-President H. C. Weed, Western Regional Vice-President Donald W. Scott, Central Regional Vice-President John Cameron Fox, Secretary 29 W. 39 Street New York 18, N. Y. After September 7, 1961 345 East 47 Street, New York 17, N. Y. D. R. Tone, Assistant Secretary Nathaniel Arbiter, Treasurer]

Jan 1, 1961

PRESIDENT AND DIRECTOR DONALD B. GILLIES CLEVELAND, OHIO PAST PRESIDENTS AND DIRECTORS R. C. ALLEN CLEVELAND, OHIO D. C. TACKLING SAN FRANCISCO, CALIF. TREASURER AND DIRECTOR KARL EILERS NEW YORK, N. Y. VICE-PRESIDENTS AND DIRECTORS H. G. MOULTON NEW YORK, N. Y. HARVEY S. MUDD Los ANGELES, CALIF. PAUL -D. MERICA NEW YORK, N. Y. WILFRED SYKES CHICAGO, ILL. WILLIAM B. HEROY HOUSTON, TEXAS HENRY KRUMB NEW YORK, N. Y.

Jan 1, 1939

By Dr. O’Neil Thomas J., Donald W. Gentry

There are mines that make us happy, There are mines that make us blue, There are mines that steal away the tear-drops As the sunbeams steal away the dew. There are mines that have lost the ore chute faulted, When the ore's forever lost to view, But the mines that fill my heart with sunshine, Are the mines that I sold to you. -Anonymous INTRODUCTION The preceding chapters have discussed, in various degrees of detail, the primary considerations necessary to perform a cash flow analysis of a mining-related investment opportunity. Although the previous discussions regarding the manipulations, calculations, and interrelationships of the various components of the pro forma income statement were illustrated in the text, many individuals are un- familiar with the format and appearance of a final spread sheet for the evaluation of a mining property. As a result, it seems appropriate to conclude this book with an abbreviated case study of an actual mine property (currently in production) showing the cash flow analysis and some back-up data. Obviously all of the supporting data and calculations for the case study presented cannot be provided; however, reference is made to the major assumptions utilized and to the appropriate procedures employed in the calculations, as described elsewhere in the text. The problem associated with using any case study for illustrative purposes is that one tends to be overwhelmed by detail. For instance, specific costs, prices, expenditure timings, and other variable values may be challenged because they either do not conform to one's expectations or are not consistent with specific operating experiences. When this occurs the instructional value of the problem becomes obscured. The purpose of most case studies, and particularly the one presented in this chapter, is to expose the student to the methodology, procedure, and format associated with performing a cash flow analysis of a mining property. It is not to laboriously wade through the specific details associated with operating and capital cost development, mine plans, or equipment schedules. It should be noted, how- ever, that the values represented in this case study result from specific mine plans, operating procedures, equipment spreads, manpower requirements, and other en-

Jan 1, 1984

PRESIDENTS DAVID THOMAS 1871 R W RAYMOND 1872-1874 A L HOLLEY1875 ABRAM S HEWITT 1876 T STERRY HUNT 1877 ECKLEY B COXE 1878 - 1879 WILLIAM P SHINN 1880 WILLIAM METCALF 1881 RICHARD P ROTHWELL 1882 ROBERY W HUNT 1883 JAMES C, BAYLES 1884-1885 ROBERT H RICHARDS 1886 THOMAS EGLESTON 1887 WILLIAM B POTTER 1888 RICHARD PEARCE 1889 ADAM S HEWITT 1890 JOHN BIRKINBINE 1891-1892

Jan 1, 1923

PRESIDENT AND DIRECTOR JOHN R. SUMAN HOUSTON, TEXAS PAST PRESIDENTS AND DIRECTORS DONALD B. GILLIES CLEVELAND, OHIO H.- G. MOULTON NEW YORK, N.Y. TREASURER AND DIRECTOR KARL -EILERS SEA CLIFF, N. Y. VICE-PRESIDENTS AND DIRECTORS W. B. HENRY HOUSTON, TEXAS HENRY KRUMB NEW YORK, N. Y. ERIE V. DAVELER , NEW YORK N Y W. M PEIRCE PALMERTON, PA. PAUL D. MERICA NEW YORK, N. Y. LEROY SALSICH DULUTH, MINN.

Jan 1, 1941

PRESIDENT WILLIAM L. SAUNDERS,1 NEW YORK, N. Y. PAST PRESIDENTS CHARLES F. RAND,1 NEW YORK, N. Y. BENJAMIN B. THAYER,2 NEW YORK, N. Y. FIRST VICE-PRESIDENT PHILIP N. MOORE,1 ST. Louis, Mo. TREASURER GEORGE C. STONE,' NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, : NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON, . . . NEW YORK, N. Y.

Jan 5, 1915

PRESIDENT WILLIAM L. SAUNDERS,1 NEW YORK, N. Y. PAST PRESIDENTS CHARLES F. RAND,1 NEW YORK, N. Y. BENJAMIN B. THAYER,3 NEW YORK, N. Y. FIRST VICE-PRESIDENT PHILIP N. MOORE,1 ST. Louis, Mo. TREASURER GEORGE C. STONE,1 NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 8, 1915

By David E. Hyatt

The chemical attributes of cyanides have long been exploited in ore pro- cessing schemes for the recovery of copper, molybdenum, gold, silver, and other metal values. Blast furnacing operations are significant unintentional producers of cyanides which find their way into process waters. Many of the more than 20,000 electroplating facilities in the United States utilize cyanide plating baths and generate cyanide containing wastes. As social, political, and economic pressures for water quality attainment, maintenance, and preservation grow, the requirements for the development of treatment technology to control cyanide levels in wastewater become increasingly apparent. Just as the chemistry of the cyanide ion 1s an integral part of its industrial applicability, so must this chemistry be a fundamental part of any decomposition or removal technology used to control its level in effluent or recycled waters. The complexity of this chemistry is substantial and it cannot be considered in a superficial or cursory manner if control system design is to be both efficient and reliable.

Jan 1, 1975

PRESIDENT OF THE COUNCIL ROBERT W. HUNT CHICAGO, ILL. (Term expires February, 1907 ) VICE-PRESIDENTS OF THE COUNCIL WILLIAM P. BLAKE TUCSON, ARIL. THOMAS F COLE DULUTH, MINN. IRVING A. STEARNS WLKES-BARRE, PA. (Term expires February, 1907 ) HENRY M HOWE NEW YORK, N. Y. J. B GRANT DENVER, COLO. JAMES D HAGUE NEW YORK, N. Y. (Term expires February, 1909 )

Jan 1, 1910

PRESIDENT WILLIAM L. SAUNDERS,1 NEW YORK, N. Y. PAST PRESIDENTS CHARLES F. RAND,1 NEW YORK, N. Y. BENJAMIN B. THAYER,2 NEW YORK, N. Y. FIRST VICE-PRESIDENT PHILIP N. MOORE,1 ..... ST. Louis, Mo. TREASURER GEORGE C. STONE,' NEW YORK, N. Y. SECRETARY EMERITUS , ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 7, 1915

PRESIDENT WILLIAM L. SAUNDERS,1 NEW YORK, N. Y. PAST PRESIDENTS CHARLES F. RAID;1 NEW YORK N. Y. BENJAMIN B. THAYER,2 NEW YORK, N. Y. FIRST VICE-PRESIDENT PHILIP N. MOORE,1 ST. Louis, Mo. TREASURER GEORGE C. STONE,1 NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON, NEW YORK, N. Y.

Jan 3, 1915

The following officers were elected by the Pennsylvania Anthracite Section of the A. I. M. E. on the evening of June 28th. Chairman, R. V. Norris; vice-chairmen, C. F. Huber, W. G. Whildin, W. J. Richards, Eli Conner; executive committee, Douglas Bunting,. W. W. Engle, Chas. Enzian, J. M. Humphrey, A. B. Jessup, R. A. Quinn; secretary and treasurer, Paul Sterling.

Jan 9, 1919