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Jan 1, 1944

By Michael Bradbury

INTRODUCTION A major change in financing exports in recent years has been the decreased importance of subsidized export credits, following the commitment of the OECD countries to eliminate the subsidy element. Subsidized export credit rates are now often more expensive than market rates as the financing for exporters has decreased in volume and importance. The forfait market, in recognition of this decreasing importance, provides a rapidly expanding source of nonrecource finance for exporters. The following is a step by step guide to what it is, how it works, its benefits and problems. WHAT IS FORFAITING? Forfaiting is not new. It has been used in Europe for about 25 years to provide export finance for both capital goods and commodities without recourse to the exporter. Although long the preserve of exporters in Germany, and more lately Italy, forfaiting is now used increasingly by exporters in Great Britain, the United States, Canada and Scandinavia. It is a fairly simple operation with easy straight-forward documentation. The transaction involves the purchase by the forfaiting bank of a bill of exchange or a series of bills without recourse to the exporter. These bills will have been drawn by the exporter, accepted by the importer, and will usually bear the unconditional guarantee of the importer's bank. They are normally drawn payable at intervals during the credit period agreed between importer and exporter and are purchased at a discount by the forfaiter. The exporter thus obtains his cash payment and the importer receives his credit period. The forfaiter collects the amount of the bills as they mature directly from the importer. Credit periods vary, depending upon the type of goods and the country and commercial risk of the importer. The period is generally between one and five years with six monthly maturities. The usual forfait currencies are US dollars. Deutschmarks and Swiss francs and others, such as sterling, French francs, and the Scandinavian currencies are being used more frequently. CHOOSING FORFAITING Most types of financing require the continued involvement of the exporter in the financial side of the transaction during the credit period. Forfaiting has certain comparative advantages. In particular, it is possible to forfait 100 percent of the risk without recourse to the exporter, unlike government sponsored export finance schemes, where some retention of the risk by the exporter is required. In addition, exports from country sources do not present problems and forfaiting can also cover trade within the EEC. Other benefits for the exporter are: (a) The exporter's balance sheet is improved; debts are turned into cash thus improving the liquidity of the company and enhancing its cash flow. And there are no contingent liabilities for bills of exchange. (b) If the sales contract is in a foreign currency forfaiting removes the risk to the exporter of adverse movements in foreign exchange during the credit period. (c) Fluctuations in interest rates during the credit period can be ignored since in forfaiting the transaction is usually done on fixed interest rate terms on a discount basis. (d) The political and transfer risks are taken by the forfaiter. (e) The commercial risk is taken by the forfaiter. (f) The costs of administration and collection etc. during the credit period are removed.

Jan 1, 1985

By T. D. Yensen

IN the investigation of the magnetic properties of iron-nickel alloys,1 it was found necessary in order to make the alloys forgeable, or malleable, to add small quantities of some other element. Iron-nickel alloys have been known for nearly a century, but have been made in commercial quantities only since 1885. Their remarkable mechanical properties were disclosed by Riley in 1889 and from that time on a large amount of research work has been done both to discover new properties and to correlate the results obtained.2 Lately the Bureau of Standards has collected the published data in a special circular3 giving in compact form an account of the properties of the iron-nickel alloys. It also contains a clear historical sketch of the development as well as a selected bibliography. The chief difficulty with the development of iron-nickel alloys was that the "pure" alloys do not forge readily. The addition of small amounts of manganese, however, made the alloys forgeable, and manganese has therefore come to be regarded as a necessary constituent of nickel steels. The present paper shows to what extent manganese is needed for various nickel contents and also what is the effect of other alloying elements on the forgeability. It also touches upon the cause of forgeability but refers to other sources for more exhaustive treatises, on the subject. The alloys were prepared by melting electrolytic iron and electrolytic nickel with of without other alloying elements in the desired proportions in a magnesia crucible in a vacuum furnace under a. pressure of 1 mm. mercury. The ingots weighing about 2 kg. were allowed to cool in vacuo. If pipes or blowholes were present, the ingots were cut in such

Jan 1, 1920

By F. E. Bash

IN recent years, there have been a number of experiments conducted to determine the rates of heating and cooling of various sizes and shapes of steel ingots. Up to date, however,-most of the published data has dealt with small sized ingots, the largest being an 18-in. (46 cm.) cube, the data on which was presented before the Iron and Steel Institute in May, 1918, by E. F. Law. It is due to thus lack of information on the rate at which large ingots absorb heat and come to temperature that the heating- practice varies so widely in different plants. One of the questions over which there is much debate is the proper rate of heating of large ingots for forging and the time actually required for the center of a mass of steel to come to forging temperature. As a continuation of experiments described by M. E. Leeds1 and at the request of Mr. G. R. Norton of the Sizer Forge Co. and Mr. R. C. Drinker of the Emergency Fleet Corpn., the test described in this paper was carried out on a 24-in. (61 cm.) round ingot and the rate of heating and cooling determined under regular production conditions. The ingot had been partly forged at one end but, on developing a flaw, had been scrapped so that it was available for test. The size and shape of the ingot and its position in the furnace are shown in Fig. 1.

Jan 9, 1919

LAWFORD H. FRY, Burnham, Pa. (written discussion*).-As a sup-plement to the information given by Mr. Bash, a diagram is submitted showing the results of a somewhat similar experiment carried out at the ordnance plant of the Standard Steel Works Co. In this case the ingot to be heated was a nickel-steel octagon ingot, weighing 14,700 lb. (6667 kg.). This ingot was to be forged into two 255-mm. howitzer jackets. A hole was bored half way of the length of the ingot, extending into the longitudinal axis, and a base-metal thermocouple inserted in this hole.

Jan 11, 1919

By Carl Swartz

METALLURGISTS differ considerably in their opinions regarding the effect, if any, of small amounts of iron pyrites, or other iron compounds on zinc sulfide ores during the roasting operation. As a result, the literature on this subject expresses many conflicting ideas. The ore, previously crushed to pass through a one-millimeter screen, dries in the roasting kiln, losing water up to 200° to 300° C. At 150° C. iron pyrites begin to lose sulfur. As the temperature increases, while the ore is passing to the hotter part of the furnace, the sulfur burns to sulfur dioxide, leaving the metals as zinc oxide and ferric oxide. These two substances then interact to form zinc ferrite, a compound, yellow brown in, color, having the general characteristics of a spinet Like magnetite, another spinel, zinc ferrite is insoluble in alkalis and dilute acids. As a result, when leached with 10 per cent. sulfuric acid solution zinc values tied up in this compound remain behind. HISTORY In the electrolytic recovery of zinc from its ores, the roasted ores are usually leached with a 10 per cent. sulfuric acid solution. When the zinc ore contains iron pyrites as an impurity in an appreciable amount, the actual yield of metallic zinc is much lower than a theoretical calculation would indicate. Further, losses of zinc are, in a rough way, directly proportional to the amount of iron pyrites or other iron compounds present. When the iron is present in the ore in an isomorphous relation to the zinc, as in the case of a marmatite, a greater amount of zinc remains insoluble than when present as a true pyrite or marcasite. Work on the insoluble residues obtained from leaching of the calcines shows that the zinc lost is intimately tied up in this residue. Some investigators have suggested a definite compound, such as zinc ferrite, others merely a mixture of zinc and iron compounds.

Jan 1, 1927

By A. Jowett

An attempt is made to explain differences in the size-by-size response to flotation of some sulphide minerals. Physical factors involved in particle-bubble collision and adhesion, and also in possible subsequent disruption of aggregates, are considered especially in relation to flotation of the coarser sizes. Emphasis is on practical observations and their significance, with an essentially qualitative theoretical treatment designed to form hypotheses for further experiments. In particular, the theoretical effects of contact angle and induction time are examined. An argument is developed which suggests a rapid increase in induction time as particle size increases, except for particles small enough to be moving under laminar flow conditions. This can adequately explain poor recoveries of coarse particles in flotation without a need to assume disruption of particle-bubble aggregates in turbulent zones in a flotation cell. Flotation recovery is shown to be very sensitive to small changes in induction time. Consideration of the physics of disruption of particle-bubble aggregates leads to the conclusion that this mechanism does not adequately explain differences in flotation recovery of coarser sizes of some sulphide minerals. For example, to explain differences in recovery of coarse galena and chalcopyrite by this mechanism would necessitate accepting that conditioning with ethyl xanthate which would promote a 60º contact angle at a galena surface would promote only an 11º angle at a chalcopyrite surface. Small differences in induction time arising from differences in surface chemical characteristics of the various minerals offer a more satisfactory explanation of differences in recovery of coarser sizes.

Jan 1, 1980

By Charles H. Moore

In the study of the properties of rutile pigments it became apparent several years ago that certain physical and optical properties could not be determined on particles of pigmentary size. Since reflected light is the dominant type which reaches the eye from small particles, the true color of pure rutile was not known. Most rutile pigments are acicular in habit, elongated parallel to the "c" axis. It was considered important to know the nature and tone of light transmitted, for example, by a basal plate. Further, as shown by spectrophotometric curves, there is a very strong absorption of light of 4000 k as measured on particles with random orientation. It would be interesting to see whether this absorption position varied with predetermined and selected orientations. Also, since the behavior of titanium pigments in a vehicle is important, a knowledge of the surface wettability of single crystals by various media should prove very fruitful. Finally, the optical properties of rutile are such that it should show, in a single pure crystal, greater fire and brilliance than the diamond. Mineralogists had long speculated that this would be the case and curiosity was strong to produce a single crystal large enough to cut.

Jan 1, 1949

By Walter Crafts

ALTHOUGH many elements reduce the tendency to porosity in steel castings, manganese, silicon, aluminum, calcium, titanium and zirconium appear to be most generally suitable for the purpose. The manganese and silicon contents are usually maintained in a fairly constant range. Sili-con-killed castings often are made to be sound with little or no addition of the stronger degasifiers. In many cases, however, it is more practical to utilize the stronger degasifying elements, aluminum, calcium, titanium and zirconium. Since they greatly modify the composition, shape, and distribution of the nonmetallic inclusions, and thereby the ductility, the strong deoxidizers must be used in such a way as to form the least harmful types of inclusions. As the reasons for failure always to obtain good results have not been obvious, an effort has been made to determine the mechanism of solidification of steels deoxidized to produce certain types of inclusions. Diagrams representing the mechanism of their formation have been constructed from the appearance of the nonmetallic con-stituents and have not only illustrated the limiting features of specific deoxidizing treatments with respect to inclusion formation and ductility, but have also indicated a relation between inclusions and resistance to hot tearing. Three different types of deoxidation treatment have been used for obtaining sound castings with relatively high ductility. The first method is to make and cast the steel under such conditions that deoxidation with silicon and a small addition of a strong deoxidizer assures soundness. The effective addition that will promote soundness without causing the formation of intergranular inclusions varies with the furnace practice and composition, but may be limited to about 0.025 per cent Al, Zr or Ti. Up to 0.10 per cent Ca and 0.15 per cent V are also used for this purpose. The inclusions in these steels are characteristically glassy silicates and round or irregular sulphides. As pointed out by Sims and Lillieqvist,1

Jan 1, 1940

By H. R. Hanley

IT is a well-known fact that the solubility of zinc compounds decreases when these compounds are roasted in contact with iron compounds, but descriptions of tests to quantitatively express the fact have not appeared in the literature. Possibly such an expression cannot be uniformly and exactly duplicated by different operators because of the variation in the personal equation. In a general way, however, the reactions between zinc compounds and iron compounds under roasting conditions will show a certain trend with changing conditions and the approximate quantitative expression of this trend appears reasonably well established by experimental work conducted for this purpose.

Jan 1, 1929

By Edward Wisser

THE Pachuca silver district, situated about 100 kilometers northeast of Mexico City (Fig. 1), covers roughly the southeastern half of the Sierra de Pachuca. The latter is a mountain range with northwest trend, and forms a part of the northeastern rim of the topographic basin known FIG. 1.-LOCATION OF PACHUCA DISTRICT AND OTHER MINING CAMPS. as the Valley of Mexico. The length of the Sierra proper is about 50 km., its greatest width about 9 km., and it rises to a maximum of 600 meters above the general level of the basin floor. The Pachuca district consists of two contiguous subdistricts, the Pachuca area and the Real del Monte area. The center of the Real del

Jan 1, 1936

By T. Y. Yan

SUMMARY Laboratory high pressure column tests have shown that the presence of 1-20 ppm of aluminum ion effectively prevents permeability loss during uranium leaching with leachates containing sodium carbonate. If added after permeability loss has occurred, aluminum ion can restore the permeability to nearly its original value. No deleterious effect was observed on uranium leaching performance and the technique should be quite compatible with all field operations. INTRODUCTION The recovery of uranium values from underground deposits by in situ leaching or solution mining has become economically viable and competitive with conventional open pit or underground mining/milling systems (Merrit, 1971). In situ leaching processes are particularly suitable for small, low-grade deposits located in deep formations and dispersed in many thin layers. Many such ore bodies occur along a broad band of the Gulf Coastal Plain (Eargle et. al., 1971). The advantages of the in situ leaching processes have been reviewed (Anderson and Ritchi, 1968). In the in situ leaching process, a lixiviant containing the leaching chemicals is injected into the subterranean deposit and solubilizes uranium as it traverses the ore body. The pregnant lixiviant or leachate is produced from the production well and is then treated to recover the uranium. The resulting barren solution is made up with the leaching chemical to form lixiviant for re-injection. Upon completion of the leaching operation, the formation is contaminated with leaching chemicals and other species made soluble in the leaching operation and has to be treated to reduce the concentration of these contaminants in the ground water to levels acceptable to the regulatory agencies (Witlington and Taylor, 1978). Restoration is accomplished by injecting a restoration fluid, which could be the fresh water or water containing chemicals, into the formation. As it traverses the leached formation, the restoration fluid picks up the contaminants and is then produced at the production well. This produced water is either disposed or purified for recycle. In both phases of operation, formation permeability or well injectivity is one of the most important parameters which determines the viability of the in situ leaching process. Low formation permeability limits production rates, leading to uneconomical operations. The formation is said to be sensitive if there is a sharp loss of permeability on contact with water and other fluids. Many uranium bearing formations, for example, the Catahoula formation of the Texas Coastal Plain, contain significant amounts of clay minerals which are water sensitive. Serious permeability losses can occur when the pH and chemical composition of the lixiviant is significantly different from that of the formation water. Jones has investigated the influence of chemical composition of water on clay blocking of permeability (Jones, 1964) and Mungan studied permeability reduction through changes in pH and salinity of the water (Mungan, 1965). Various mechanisms of permeability damage have been proposed and reviewed (Jones, 1964; Mungan, 1965; Gray and Rex, 1966; and Veley, 1969). When large amounts of swelling clays are present, a significant fraction of the flow channels in the formation can be reduced due to swelling. However, in most cases, swelling need not be the main cause of permeability losses. Particle dispersion and migration or clay sliming can be more important causes for formation damage. Clay particles entrained in the moving fluids are carried downstream until they lodge in pore constrictions. As a result, microscopic filter cakes are formed by these obstructions, plugging the pores, effectively restricting fluid flow and reducing the formation permeability. Moore found that as little as 1-4 percent clays present in a fine grained sandstone could completely plug the formation if they are contacted by incompatible injected fluids (Moore, 1960). It has been found that injection of NaHC03/Na2CO3 lixiviant into formations with significant clay content often leads to loss of formation permeability and well injectivity. To alleviate this problem a change of the lixiviant composition to KHC03/K2CO3 has been proposed. At present, however, many in situ leaching operations employ NH4HC03/(NH4)2C03 mixtures as a source of carbonates. This approach has been successfully used in South Texas by Mobil, Intercontinental Energy, Wyoming Minerals and U.S. Steel, etc. The use of ammonium carbonates solutions, however, contaminates the formation and requires a time-consuming restoration operation. The other approach to reduce the permeability loss is to pretreat the sensitive formation with chemicals which prevent clay dispersion and migration. Such chemicals include hydroxy-aluminum (Reed, 1972 and Coppel et. al., 1973), hydrolyzable zirconium salts (Peters and Stout, 1977), hydrolyzable metal ions in general (Veley, 1969) and polyelectrolyte polymers (Anonymous). Still another approach, is to minimize the "shock" caused by sudden injection by gradually changing the chemical composition of the injected fluids from that of the formation water. THE APPROACH Since permeability loss can be an important factor limiting the efficiency and economic viability of the in situ leaching process, a study was initiated on

Jan 1, 1982

By W. A. Straw

IN the manufacture of telephone apparatus a number of nonferrous sheet metals are blanked and formed to produce a wide variety of parts, which are generally small in size because of space and weight requirements. Many are given sharp bends in forming, so that they may be assembled into compact units. This study covered sheet metal of the alloys of brass, phosphor bronze and nickel silver that are most extensively used by our company. In general, the sheets range from 0.005 to 0.100 in. in thickness and from 1/4 hard to extra spring temper in hardness. As many parts function as flat springs, and others require the maximum stiffness for structural reasons, a large percentage of the metal is used in the hard and spring tempers. So, because of the necessity for the minimum radius of bend consistent with the maximum in hardness, there has been a need for information as to the forming characteristics of these sheet metals in the various alloys, tempers and thicknesses. The literature yields relatively little regarding such forming characteristics, so that designers of apparatus and tools have been largely dependent upon past experience or tool tryouts for guidance. In presenting tabular data intended as a basis for selecting the temper of the metal and radius of the bend, we recognize the influence of many other factors which are not covered in this study. For example, the angle of the bend and conditions of the metal, such as grain size and presence of impurities, as well as conditions of the fabricating process, such as rate of forming and adjustment of the tools, may all affect the result. In addition, a bumping operation subsequent to forming, which is frequently used to set the bend, increases the strain on the metal. We wish to emphasize the fact that this is not considered a scientific investigation of the formability of materials or an attempt to correlate forming, characteristics with various other properties of the metals, except in so far as such properties are controlled by commercial limits on composition and temper.

Jan 1, 1931

By A. R. Powell

Four, general methods have been used in the study of the decomposition of coal. The first has been directed toward the processes of coal formation, the second has been by means of microscopic studies, the third from the data of destructive distillation, and the fourth has made use of various solvents. Applying these methods to the sulfur of coal, it has been found that the organic sulfur of plant and animal life enters into the formation of coal and remains in organic combination in the final product. The inorganic sulfur is almost entirely combined as iron pyrites and marcasite. The infiltration of hydrogen-sulfide waters is doubtless a large factor in these combinations. Sulfates are found in very small quantities except where free oxygen has entered the coal strata. The mechanical mixing of detritus with the early coal material is another source of sulfur. In this case the sulfur is distributed in microscopic particles throughout the mass. In destructive distillation, a part off the sulfur comes off as hydrogen sulfide and various thiophen compounds, but this furnishes little information as to the nature of the sulfur compounds in the coal itself. The use of solvents has given valuable data concerning the sulfur compounds in coal. Fremy1 and later E. Guignet2 noted the action of alkaline solutions on coal after treatment with nitric acid and Anderson and Roberts3 showed' the presence of large quantities of organic' sulfur in the extract so obtained. In a study of the phenol extract of coal, Parr and Hadley4 found organic sulfur in the soluble organic material. These investigations proved the presence of organic sulfur in coal in addition to the inorganic forms, such as iron pyrites and sulfates. T. M. Drown5

Jan 9, 1919

By Royal Jackman

Two comprehensive papers have appeared regarding the forms of copper that occur in smelter slags, one by Frank E. Lathe1 and the other by C. G. Maier and G. D. Van Arsdale.2 These authors comment on other published results and draw conclusions from their own investiga-tions. The development of X-ray examination of minerals and improve-ment in high-power microscopic methods make it possible today to get additional evidence by means that were not available to earlier investi-gators. The present work was confined to reverberatory slags obtained from five different plants. Some definite conclusions were reached regarding the forms of copper present in these slags. In most cases these agree with some of the findings of Maier and Van Arsdale but new methods of attack were used in the investigation.

Jan 1, 1933

By H. H. Pentz

THIS paper gives the derivation of a practical formula for the calcu-lation of slopes in seismic reflection prospecting. The derived formula is an approximation and can be used where the slope of the reflecting horizon is less than 250 ft. per 1000 and the depth to the reflecting horizon is greater than 2500 ft. The slope of sediments in oil regions is generally considerably less than 250 ft. per 1000. This is particularly true of the Gulf Coast, with the exception of the salt domes, which usually have the sediments at a greater slope than 250 ft. per 1000.

Jan 1, 1937

By John D. Wiebmer

Kansas, with its thin seams and tough overburden, may not be anyone's first choice for a coal mining operation. But there are operators making it pay through careful attention to mining techniques and aggressive marketing in the local region. One of the few Kansas coal operators is Bill Patch, who has been in the business for 28 years. Beginning with a single dragline operation near his home in Welch, Okla., Bill's Coal Co. weathered some lean times during the "soft" coal market of the 1950's and 1960's. But his tenacity paid off when new markets began opening up, and the company has grown by leaps and bounds in recent years. In 1975, the Fort Scott mine opened in Bourbon County, Kansas; in 1976, the Porter mine began production in Wagoner County, Okla.; in 1977, the Fulton mine opened near Fulton, Kansas. In addition, the original Welch mine in Oklahoma is still a producer, and this year the company will open a new mine at Chetopa, Kansas.

Jan 9, 1978

Jan 1, 1927

THE fall meeting of the Petroleum Division at Fort Worth, Texas, Oct. 19 and 20, attracted even a larger number of members and guests than had been expected. Over three hundred registered the first day though the attendance and interest in the program was so keen that it was necessary to begin technical sessions without. waiting for registration. Members were present from as far away as Venezuela and while the larger attendance was from the Mid-Continent and Texas fields, California and the eastern states were represented by influential delegations. One pleasing feature of the meeting was the presence of a number of the older executives of the oil industry who evi-dently have come to realize the importance of the work the Division is doing in advancing technology. The meeting was held under the auspices of the Production Engineering section of the Division. E. 0. Bennett, chief production engineer for the Marland Oil Co. of Texas, and chairman of the Fort Worth Sec-tion. of the A.I.M.E., served as general chairman. J. B. Umpleby, president of the Petroleum Reclamation Co. and vice-chairman of the. Division was in charge of. the program with a special committee in charge of the technical sessions, of which A. C. Rubel of the Union Oil Co. was chairman. The sessions were held in the ball room of the Texas Hotel, which also served as general headquarters. The Wednesday morning session was devoted to the air-gas lift, John M. Lovejoy, chairman of the Division, presiding. The first paper, on the "Principles Under-lying the Air-Gas Lift." by J. 0. Lewis, was presented by R. R. Brandenthaler and discussed by Messrs. Love-joy and Millikan. Mr. Brandenthaler's own paper on the "Effect of Gas Lift on Physical Properties of Oil" followed and was discussed by Messrs. Umpleby, Walker, Mills, Bennett, Williams and Van der Gracht, the dis-cussion turning mainly on what is known and what unknown regarding oxidation of oil under various con-ditions. The third paper of the morning, "Handling Recirculated Gas," by R. D. Gibbs, was presented by Mr. Taylor. The discussion that followed was general and brought out a large amount of data on the costs and results of compression versus, absorption in total gasoline recovery from gas. The next group of papers dealt with "Mechanical Installations of Air-Gas Lift," the first by E. V. Foran on the Texas district outside the Gulf Coast, the second by L. L. Brundred on the Gulf Coast, the third on Kansas and Oklahoma other than Seminole by R. W. Bond, the fourth on Seminole by C. R. Swartz, and the fifth relating to California by H. C. Miller. Some of these were read by title in order to give more time for discussion which was active and participated in by. Mills, Griswold and others.

Jan 11, 1927

The Petroleum Division met at Fort Worth, Texas, Oct 8-9 $ The headquarters were at the Blackstone Hotel, the attendance was 175 Sixteen papers were presented, 12 of them by the authors The technical program was built up around four major topics. Drilling, Production, Engineering Education and Metallurgy There were four sessions, two each day More than 100 were present at the luncheon on Friday noon, which was addressed in turn by President Lovejoy, George Otis Smith

Jan 1, 1937