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By Thomas R. Stauffer

The principle that conventional schemes for taxing petroleum or mineral resources are "inefficient" is illustrated using simulation calculations tested against an "ideal" system. Inefficiency is defined as the relative success in maximizing expected government revenues from the resources. Most systems fail because: 1) they leave oil in limbo, i.e. unproduced because of excessive fiscal burden; or 2) they unnecessarily increase the variance in the explorationist'c, rate of return by undertaxing large fields and overtaxing smaller but infra-marginal fields. This increases his discount rate and reduces taxable surplus. An "ideal" tax system is specified which maximizes government revenues while minimizing risk to the operator. Two criteria are developed: 1) the tax falls to zero on fields which yield only the minimum necessary rate of return ("marginal" fields); and 2) the after-tax present value of all fields is the same for all fields above a threshhold size. In particular, marginal fields, while contrib- uting little to expected values, do contribute to reducing variance and hence risk praemia by distributing the exploration costs over a higher probability of successful outcomes.

Jan 1, 1982

By Charles W. Bloomquist

The profitability of miscible flooding in a hypothetical target oilfield is examined. The major costs, including Windfall Prof it Tax, are identified and their re1ative importance are discussed. The sensitivity of profit to important physical and economic variables is evaluated and discussed, including variance in oil recovery, oil price, injectant requirements, injectant cost, and capital requirements. Economic sensitivities to important development and operating decisions such as timing, Spacing, Slug size, and gas recycling are also analyzed. The Windfall Profit Tax (WPT) as it applies to gas miscible EOR projects is reviewed. The effect of WPT on each of the various project cases is analyzed and the effect of reduced WPT on remaining production from existing operations is evaluated. Tax implications are compared for integrated vs. "independent" controlled projects and the alternative of expensing vs. capitalizing tertiary injectants is also evaluated. The impact of the Net Income Limitation in reducing WPT. during early and late project life is determined and discussed.

Jan 1, 1982

By Thomas Henderson

Strategically, intermaterials competition is important to companies involved in raw materials extraction, smelting, refining or other processing, semi-finished and finished goods fabrication, and end-use consumers. In other words, just about every company involved in manufacturing. The array of materials covered by other papers in this session is testimony to the subject's breadth. In trying to provide an over- view of such a broad topic, the purpose has been to relate some of the common characteristics of the markets, economics and technology of raw materials, and to describe some of the ways in which Intermaterials competition impacts the markets, economics and technology of raw materials.

Jan 1, 1982

By Charles W. Perry

The options of enhanced oil recovery, coal syncrude, and shale syncrude are compared by approximately equivalent economics. The physical constraints for the major enhanced oil recovery processes are described, followed by new estimates of cost. The range for all three options in terms of light syncrude equivalent are $22 to $40 per barrel in 1980 dollars.

Jan 1, 1982

By Ward W. Minkler

Since 1978, the titanium metals industry, throughout the non-socialist world, has experienced a period of growth and prosperity unparalleled since the late 1950s. Sponge producers, melters and mill product manufacturers have operated at capacity, record shipments have been attained, new producers have entered the industry and established producers have implemented expansion plans. However, there is now mounting evidence that the underlying elements which generated this vigorous surge have abated, at least temporarily. It now appears that in 1982, the industry will encounter overcapacity, excessive inventory accumulations and the probability of declining prices. Therefore, it does seem appropriate that we now take inventory of the present and future markets for titanium with the hope we can identify both near term opportunities as well as challenges the industry now faces. If we view the development of titanium markets as a function of time, they fit rather neatly into three sectors.

Jan 1, 1982

"World Mining and Metals Technology" is the title of this year's SME-AIME Fall Meeting and Exhibit in Denver, Sept. 1-3, where a record number of exhibits are scheduled for display. The international theme is particularly appropriate, for in addition to the annual SME session, the Third MMIJ-AIME Joint Meeting will be held.

Jan 8, 1976

By John S. Brown

The northeastern United States embraces that area of the Appalachian Mountains, and adjacent territory, beginning on the south at the Potomac River. It thus extends from the flat-lying Paleozoic terrane of the Appalachian plateau on the west, across the folded Paleozoics of the Great Valley and adjacent ridges (Paleozoic and Precambrian), over the Piedmont and New England metamorphic complex (mixed Paleozoic and igenous rocks), broken by the great Triassic rift remnants, onto the subdued coastal plain of Cretaceous and Tertiary sediments. Although not noted as a metal mining region, the area does contain numerous substantial and several outstanding mines, chiefly of the more prosaic metals, particularly iron, zinc, and copper, as well as many minor occurrences of these and a few additional items. These deposits occur to some extent in every subdivision of the area. The region to date (1966) has produced almost 500,000,000 tons of medium to lowgrade iron ore, especially magnetite, including ilmenitic magnetite; 50,000,000 tons of highgrade zinc ore; and 5,000,000 tons of lowgrade copper. In the past, it has yielded small amounts of chromite and nickel, and at present is a large producer of titanium. Precious metals are conspicuously absent, and so also are the Tertiary or Mesozoic igneous phenomena so commonly associated with mines of the West. Hence, a survey of the extensive mineralization · of this region should be instructive

Jan 1, 1968

By Edgar L. Weinberg, W. Horatio Brown

The Austinville-Ivanhoe lead-zinc deposit occurs in the Lower Cambrian Shady dolomite. This deposit is located in southwestern Virginia in the faulted and folded Appalachian Valley and Ridge province. The ore bodies resemble the chimmey and manto deposits of northern Mexico and are formed by replacement and filling. They are confined to certain favorable zones of the Austinville and Ribbon members of the Shady. Structural and stratigraphic factors combine to control the location and form of the ore bodies. In certain places secondary oxide enrichment of the zinc minerals has contributed to the economic development of the area. It is concluded that the ore is epigenetic and is deposited by hydrothermal solutions rising through the fault "plumbing." Classification is epithermal-telethermal.

Jan 1, 1968

By Maurice Magee

The Ducktown ore deposits have been known, explored, and mined for 120 years. Eight massive sulfide ore bodies occur in highly folded and metamorphosed graywacke, graywacke conglomerate, mica schist, chloritegarnet schist, and staurolite schist of Precambrian age. The ore deposits are tabular bodies that have been extensively folded, generally conform to the enclosing rocks, but show local complex differences. The ore deposits, ranging in size from 250,000 tons to over 20 million tons, are composed principally of the minerals pyrrhotite, pyrite, chalcopyrite, sphalerite, and magnetite. Gangue minerals are quartz, calcite, actinolite, tremolite, hornblende, garnet, and masses of schistose wall- rock. Three fault systems are present that have influenced ore control and ore body configuration. Hydrothermal effects are evident in wall-rock alteration. Evidence of retrograde metamorphism is extensive in the wall and ore associated rock. Preliminary isotopic age dates have indicated four possible metamorphic events during the Paleozoic Era. Ore genesis is considered to be hydrothermal replacement of receptive beds, predominantly highly calcareous zones, quartzitic zones, and brecciated shear zones. Ore deposition is thought to have occurred during the Devonian Period, with later mobilization and recrystallization of the ore and gangue during Middle and Late Paleozoic times.

Jan 1, 1968

By Frank G. Snyder

The Precambrian of Midcontinent United States includes a metamorphic belt of probable Middle Precambrian age, a belt of Keweenawan volcanics and sediments, and widespread igneous activity that extended from Iowa to Texas. Most of the present structural configuration of the Midcontinent was developed by epeirogenic movements during the Paleozoic. The dominant elements are basins and arches. Three major metallogenic provinces occur in the Midcontinent. They include the Missouri Precambrian iron ores, the Lake Superior copper ores, and the Mississippi Valley lead-zincbarite- fluorite deposits. Several large iron deposits, occurring in rhyolite and andesite host rocks, are known. Both discordant massive bodies and replacement- type bodies occur. The iron deposits are believed to have been formed during the period of igneous activity. They are essentially the same age as the volcanics and older than the granites that intrude the volcanics. The Lake Superior copper ores include two established districts, the Keweenawan district and White Pine, and the copper-nickel deposits in the Duluth gabbro. The lead-zinc-barite-fluorite deposits include four major districts, Southeast Missouri, Upper Mississippi Valley, Tri-State, and Illinois-Kentucky, and at least eight minor districts. Ore may occur in stratiform deposits and in veins. The major districts all contain stratiform deposits, but several have produced appreciable quantities of vein ore. Only vein deposits are known in some of the smaller districts. The major features of all districts can be catalogued in terms of host rocks, structural patterns of districts, types of ore-bearing structures, and mineralogical characteristics. From these features, a Mississippi Valley type ore body, in its type area, can be defined.

Jan 1, 1968

By AIME AIME

CERTAINLY in point of attendance, and doubtless in several other ways as well, the 147th meeting of the A.I.M.E. was the best ever held. In times of depression, mining engineers and metallurgists have plenty of time to come to the Annual Meeting but money is scarce; at the height of industrial activity they have plenty of money but no time. "The current period of transition seemed to provide ideal conditions for' both the preparation of papers and attendance at their presentation. The weather made even the Californians present envious though the weather man gets no credit, for rain and snow was what he willed. Among the elevator men, the miners have the reputation of being the toughest crowd to handle, though the best natured, withal, of all the engineering groups that meet in the Engineering Societies Building. This year Your inquiring reporter was told, "it was the damnedest meeting I ever saw; they

Jan 1, 1937

By Walter S. White

The Michigan native-copper district has produced about 5,400,000 tons of copper since mining began in 1845. The copper occurs primarily as open-space fillings and replacements in amygdaloidal flow tops and conglomerate beds of the Portage Lake Lava Series, of middle Keweenawan age. Secondary minerals with which the copper is associated include microcline, chlorite, epidote, pumpellyite, prehnite, quartz, and calcite; zeolites, other than laumontite, are not abundant. A zonal pattern of the secondary minerals transects bedding and suggests regional metamorphism mainly to the grade of the prehnite-pumpellyite graywacke facies of Coombs. Most of the major copper deposits are near the upper limit of abundant quartz in this zonal pattern. The distribution of copper in both amygdaloid and conglomerate deposits is controlled partly by primary permeability of the rocks and partly by later tectonic fracturing that was concentrated in the mechanically weak flow tops and sedimentary beds. Ore shoots and deposits are therefore controlled partly by primary structural features, such as areas of thick and thin fragmental amygdaloid or the boundaries of conglomerate lenses, and partly by regional structure: a number of ore deposits are in synclinal downwarps. The copper-bearing solutions that formed the deposits were ascending. They may have come from a large concealed intrusive, or may have been driven out of the porous tops of lava flows when the rocks were compacted and metamorphosed at great depth in the central part of the Lake Superior syncline. The second hypothesis seems more consistent with the widespread distribution of the copper, its relation to mineral zoning that represents truly regional metamorphism, its native state, and the likelihood that copper deposition was later than most or all of Keweenawan volcanism.

Jan 1, 1968

By Frank G. Snyder, Paul E. Gerdemann

The Southeast Missouri lead district, located about 70 miles south of St. Louis, embraces four important sub-districts and several minor ones. The important sub-districts, in order of discovery, are Mine La Motte, the Old Lead Belt, Indian Creek, and the Viburnum Lead Belt. Descriptions that follow are of geology and ore deposits of the Old Lead Belt. The ore deposits are stratiform in character and are localized in a narrow carbonate bar and algal reef environment on the flanks of exposed Precambrian of the St. Francois Mountains. Ore structures include a variety of primary depositional features such as pinchout zones, disconformities, ridge structures, reefs, and submarine gravity slides. Faulting, prior to and during ore deposition, "prepared" the host rock and strongly fractured areas are mineralized much more intensively and extensively than unfractured parts of the same sedimentary structures. The deposits are epigenetic in character. Mineralization is believed to have occurred at the time that post-lower Ordovician faulting took place. The mineralizing solutions are believed to be concentrated brines from adjacent basins that moved out of the basins during faulting, uplift, and erosion of the St. Francois positive area.

Jan 1, 1968

By Robert M. Grogan, James C. Bradbury

The Illinois-Kentucky mining district has, since 1880, accounted for 80 per cent of all U.S. production of fluorspar. The ore deposits are of two types: vein deposits formed by fissure fillings along faults and bedding-replacement deposits formed by the replacement of strata at certain favored stratigraphic positions along minor faults and fractures. Fluorite is the chief valuable mineral in the deposits. Sphalerite and galena commonly are present in small amounts but, in some ore bodies, may form a substantial part of the valuable constituents of the ore. Calcite is the chief gangue mineral; quartz and barite Exposed strata range from Devonian are present in various amounts. through Pennsylvanian in age. Igneous intrusive rocks occur as mafic dikes and sills and intrusive breccia dikes and plugs. Structurally, the district is situated on a generally northwest- trending arch that has been sliced into a series of long, narrow blocks by normal faults that trend northeastward. The structural The localization of the ore deposits by faults and fractures, the association of fluorite mineralization with intrusive breccias, and various lines of petrographic and geochemical evidence indicate that the fluorite-zinc-lead deposits were epigenetic and deposited by solutions emanating from a deep alkalic magma.

Jan 1, 1968

In accordance with the provision of the Constitution, notice is here given to all Members, Associates and Junior Members, that the dues of the year 1917 will be payable on Jan. 1, 1917, at the office of the Secretary. The dues for Members and Associates are $12 per year and the sum of $3 additional is asked of those Members and Associates who desire to have the three volumes bound in the Institute's standard half morocco binding. The dues of Junior Members are $5 per year. Volume 54 of the Transactions is now printed, and will he sent in January to all members whose dues for the year 1917 are paid.

Jan 12, 1916

In accordance with the provision of the Constitution, notice is here given to all Members, Associates, and Junior Members, that the dues of the year 1918 will be payable on Jan. 1, 1918, at the office of the Secretary. The dues for Members and Associates are $12 per year and the sum of $3 additional is asked of those Members and Associates who desire to have the three volumes bound in the Institute's standard half-morocco binding. The dues of Junior Members are $5 per year.

Jan 1, 1918

In accordance with the provision of the Constitution, notice is here given to all Members, Associates, and Junior Members, that the clues of the year 1918 will be payable on Jan. 1. 191.8, at the office of the Secretary. The dues for Members and Associates are $12 per year and the sum of 83 additional is asked of those Members and Associates who desire to have the three volumes bound in the Institute's standard half morocco binding. The dues of Junior Members are $5 per year.

Jan 12, 1917

In accordance with the provision of the Constitution, notice is here given to all Members, Associates, and Junior Associates, that the dues of the year 1919 will be payable on Jan. 1, 1919, at the office of the Secretary. The clues for Members and Associates are $12 per year and the sum of. $2 additional is asked of those Members and Associates who desire to 'have the two volumes bound in the Institute's standard binding. The clues of Junior Associates are $5 per year.

Jan 12, 1918

By Kirtley F. Mather

FROM almost every point of view, petroleum was "strategic mineral number one" during the World War that ended in 1945. Even the spectacular advent of the atomic bomb in the final days of the conflict did not displace it from its position of prime importance, although within a few years uranium will almost certainly be the "number one" material in the minds of military strategists, if it is not even now in that position. But both as fuel and as raw material for chemical industries, petroleum will hold the center of the stage for many years to come. Hardly any other substance illustrates so fully the manner in which science and technology may be combined to achieve the utmost success in contributing to human efficiency and comfort. Fundamental to any understanding of the problems implied by my topic

Jan 1, 1948

By AIME

Generally speaking, the mining industry had a good year in 1948 with most mineral products being produced in record quantities for peacetime standards. The big boys-iron and steel, coal, and petroleum-indicated the industry-wide trend by surpassing 1947 production figures. Although exploration and expansion are being pushed aggressively in all branches of the industry, there is a pronounced trend to engineering and research directed at cutting production costs, improving the product, and finding new markets. These improvement campaigns are making headway; in the bituminous coal industry, 5.43 tons per man employed is the new production record; 83 million tons of iron ore were unloaded at lower Lake ports, breaking another peacetime record; magnesium, due to improvement in manufacturing techniques, now competes on the market with aluminum.

Jan 1, 1949