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Jan 1, 1924

By John Hays Hammoud

At the Annual Business Meeting of the Institute, held February 19, 1907, the following persons were elected Council. President of the Council, John Hays Hammond, New York, N. Y. Vice-Presidents (for two years), Samuel B. Christy, Berkeley, Cal. ; John A. Church, New York, N. Y.; Persifor Frazer, Philadelphia, Pa. Councilors (for three years), B. F. Fackenthal, Jr., Easton, Pa.; H. 0. Hofman, Boston, Mass.; Walter Renton Ingalls, New York, N. Y. Secretary. of the Council (for one year), Rossiter W. Raymond, New York, N.Y.

Mar 1, 1907

INTRODUCTION Mineral explorationists range throughout the world looking for mineral deposits which can subsequently be made into mines. Mines are not found! Mines are made, usually at great cost and not often without significant risk. The process of making a mineral deposit into a mine involves a great deal more than a complete appraisal of the deposit. The making of a mine demands detailed feasibility studies of many factors, any one of which, if shown to be negative, could prevent the deposit from becoming a successful mine. Total feasibility analysis involves at least three major fields of study: (1) economic analysis, (2) financial analysis, and (3) political and environmental analysis. Economic analysis is essential for proper decision making at many stages in the evaluation of a mineral deposit. It is the yardstick by which the proposed mining project and alter- native investment opportunities are measured. Economic analysis is concerned with costs and potential profits and can be applied at various stages in the evaluation of a mineral deposit to determine if the project merits the additional funds necessary to bring about each succeeding stage. The nearer any deposit approaches to becoming a mine, the more carefully the economic analysis should be made. Financial analysis has reference to how, where, and at what cost the investment funds can be obtained to finance the proposed mine project. Political and environmental analysis has reference to the many intangible factors that can affect the making of a successful mine. These factors loom larger today than ever before, due to the profusion of government regulations and various environmental constraints now imposed upon the mineral industry both by law and by the weight of public opinion. Ultimately, many of these intangible factors can be resolved back into the economic analysis as an added cost to mine development, but more and more often they have become insurmountable obstacles to any development of certain deposits. The role of financial analysis and the analysis of intangible factors must never be underestimated when making a feasibility study upon which to base investment decisions; however, the emphasis of this text will be upon economic factors. THE PARAMETERS OF MINERAL ECONOMIC ANALYSIS The two major elements of economic analysis are: 1) The potential earnings or annual generated cash flow of the project. 2) The investment costs necessary to realize such earnings. If the difference between the two elements is large enough, i.e., if the return on investment from the cash flow is high enough to attract investors, the project can be said to be financially feasible. The mineral economic analysis must take into consideration many parameters, some of which are known or knowable within certain limits, and others of which are unknown or unpredictable within certain limits and for which estimates must be made. Because both known and estimated parameters enter into the same analytical computations, it is important for the analyst to realize the nature of each when considering the results of an analysis. Some parameters such as the grade of mining block, although estimated, are said to be known within mathematically defined limits. Other parameters, such as the future price for minerals produced, etc., can only be estimated or "guestimated" within reasonable limits for which no precision can be assigned. Known or Knowable Mineral Economic Parameters Known or knowable parameters are: 1) Tonnage and grade of valuable minerals for the total mineral body and for individual mining blocks. 2) Metallurgical recovery of valuable mineral. 3) Minimum operating life of mineral de- posit at any specified production rate. 4) Royalty schedule, property payments, etc. 5) Sales-purchasing agreements, smelter schedules, marketing contracts, etc.

Jan 1, 1980

Jan 1, 1901

Jan 1, 1938

Jan 1, 1938

By N. P. Pinto

Compacting below the recrystallization temperature was studied. Ideal density was attained at 550° to 600°C using 25 tsi. Compacts have strength and hardness higher than cold worked beryllium. The recrystallization temperature of this highly stressed metal is that of cast, cold worked beryllium and appears independent of pressing temperature. THE process metallurgy of beryllium is beset by many difficulties that hinder the production of sound beryllium shapes of controlled properties. Most of these obstacles are traceable directly to the low density, low ductility, and high affinity for oxygen of the metal. Castings are susceptible to cracking and porosity, and controlled grain size is not easily attained, yet is critical to further working. Any process must carefully avoid oxygen pickup. Conventional metallurgical processes, including melting, casting, forging, rolling, and extruding have been treated previously,'" as have the conventional powder metallurgical methods.' More recently, a method has been advanced for producing powder compacts of high density by hot pressing at 1000" to 1100°C, using pressures of 0.25 to 0.5 tons per sq in. (tsi).3 Here, Seybolt and coworkers attained theoretical density of 1.85 grams per cc using pres-sure-temperature combinations of 500 psi-1100°C, 750 psi-1075"C, and higher. The warm pressing of beryllium is a practical method for producing bars of controlled properties and appears to have certain advantages, particularly when high strength and hardness are required. Other investigators have studied the hot pressing of various pure metals, such as copper,"-" gold," iron,10-11 and aluminum." Their results indicate that ideal densities may be attained by compacting at temperatures less than 50 pct of the absolute melt-

Jan 1, 1955

By Max Ball

AN intelligent discussion of the oil situation and its needs, whether from the standpoint of the prospector, the operator, the engineer, or the public administrative officer, must be founded upon a knowledge of the law under which oil lands are obtained. A consideration of new legislation must be prefaced by an understanding of the present law and its results. This paper undertakes to present no new remedy for the ills of the present situation, no new solution of the problems the oil business is facing. It attempts merely to summarize the present law, its provisions, its origin, its development, and its effects. The discussion does not pretend to be exhaustive from a legal standpoint. It aims to avoid legal intricacies Which tend to confuse rather than clarify. It seeks but to present the essentials of the existing situation. The title to government lands known to contain valuable deposits of petroleum may be acquired only under the terms of the placer law as embodied in Section 2329 et seq. of the Revised Statutes. As a preliminary to considering the desirability of this situation it is profitable to examine into its origin. ORIGIN OF THE LAW Congress has left no room for doubt as to the legal applicability of the placer law to oil lands. The Act of Feb. 11, 1897 (29 Stat., 526), provides: "that any person authorized to enter lands under the mining laws of the United States may enter and obtain patent to land containing petroleum or other mineral oils, and chiefly valuable therefor, under the provisions of the laws relating to placer mineral claims."

Jan 6, 1914

By C. W. Washburne

FORMER studies of sedimentary strata have been based upon the mineralogical and mechanical characters of the solid components, rather than upon the open spaces between them. For present purposes let us take another point of view, and consider not the rock material, but rather its cavities, the pores and the fissures or cleaved joints which connect with them. Let us think of the geologic column not as a series of rocks, but as a mass of irregular connecting capillaries. Different parts of the column may be distinguished by the absolute size and by the relative amount of its open spaces. Porosity Each stratum of the column is characterized by a certain porosity, which would be independent of the size of the rock grains if all were of the same shape. Slichter has shown that the percentage of open space in a pile of equal spheres is practically constant regardless of the diameter of the spheres. This is approximately true of clean, assorted sand or gravel, but it is far from being the case with most natural sediments which have a widely variable porosity, the magnitude of which is determined mainly by the amount of fine and of secondary material between the larger grains. The shape of the grains materially affects porosity, round grains leaving more open space than angular or flat grains. The thin plates of kaolin and the fine plastic matter of clay fit quite perfectly when pressed together, and it is probably this close fit, determined by shape of grain, rather than the small size of a grain, that causes the low porosity of ordinary clay shale.

Jan 9, 1914

By H. J. Polta, R. W. Michelson

Discounted cash flow analysis is commonly used to evaluate the profit making potential of a business venture. The same method can be used to analyze the effects of varying physical and economic conditions upon the real cost of supplying a mineral commodity. If a fixed rate of return on a capital investment is specified, and the flow of cash, discounted at that rate, is just adequate to repay the investment over the life of the venture, the net present value of the venture is zero. At this condition it is possible to evaluate the unit cost of producing the mineral. It will be exactly equal to the selling price required to calculate a zero present value. Increasing a particular cost factor will not always increase the cost of supply by the same amount. For example, in iron production from magnetic taconite, an increased cost per ton associated with beneficiation would be integrated into the discounted cash flow model along with local, State, and Federal taxes, depletion and depreciation allowances, resultant increased unit recoveries, and all of the other related component cost factors. Rather than adding to the cost, the factor may have a positive, instead of a negative, effect on the discounted cash flow and cause a decreased cost of supply. This value can be determined by a computer model which iterates the necessary selling price until the net present value is essentially zero. The discounted cash flow evaluation model lends itself particularly well to an application of the Monte Carlo simulation method for calculating a probability distribution of iron unit cost resulting from the probability distributions of the component cost factors.

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