Search Documents

By H. B. Pulsifer

ONE of the most common basic open-hearth furnace products is a simple carbon steel with a carbon range from 0.05 to 0.15 per cent. The material is widely used for sheets, tubes, bars, wire and the innumerable special objects of secondary fabrication. The properties of the material vary over wide ranges, depending on the more exact composition and details of manufacture or treatment that affect its structure. The present paper is a review of those properties and structures that have been found by studying this steel as used in the cap screw industry. At first glance this might be thought a narrow application of the steel, but, since the industry uses the material in the cold-worked, annealed and heat-treated conditions, the title of the paper may be excused for its comprehensiveness. Yet, in studying the wide ranges of properties and structures that preclude a more specific title, there can be no suggestion of completeness or finality. Even a summary of a few years' work is no more than a preliminary survey of a field that will be fertile in scientific data and industrial products for many years to come. An outline of the structures will be given first, then a list of the previous contributions that are at hand and finally some details of the work and related problems, especially concerning this low-carbon steel in the surface-hardened condition.

Jan 1, 1931

By Ernest M. Spokes

For bituminous and lignite coals the economic picture continued to improve as it has each year since the low of 1961, with production at 480 mil- lion tons in 1964 compared with 1963's 459 million tons. The anthracite industry produced 16.3 million tons in 1964 and 18.3 million tons in 1963. The industry is looking toward a further expansion; among the new developments will be a mining wheel producing 3 million tons of lignite per year in South Dakota. It is expected that electric power generation will continue to provide the market for most of the increase in consumption, with exports second in importance in the expansion. Improvements in methods of mining and transporting coal underground and in strip mines, and the cooperation of carriers in finding ways to reduce transportation costs to distant markets, have made possible these expansions. Research continues to reduce costs of mining, transportation, steam generation of electric power and production of steam for space heating and manufacturing processes, to retain some markets and expand others. Other research seeks to expand markets by developing fuel from coal which will be more attractive than competing fuels, by reducing sulfur and other sources of air pollution. Public relations efforts of the industry are bearing fruit in a greater acceptance of coal as a modern fuel.

Jan 2, 1965

By Sherwin F. Kelly

One of the most succinct and illuminating perspectives of the field of geophysical exploration to appear in recent years is an article by E. A. Eckhardt, in the magazine Geophysics for October 1949. Although his review covers the year 1948, many of the data presented are apropos to a review of 1949, and form a pertinent background for a consideration of current progress. He presents charts of the world-wide distribution of gravimeter and seismograph activity in oil exploration, which show that surveys in the United States accounted for practically 68%; of all gravity work and 80%; of all seismic activity. Canada ranked second, with a proportion of roughly 6%, in each case; South America accounted for about the same percentage of seismic work, and double that amount for gravity surveys. Within the United States, Texas and Louisiana were the scenes of the greatest activity, both claiming about 60% of all surveys by each method.

Jan 1, 1950

By Enrique Touceda

FOR a number of years prior to the world war, the firm of Geo. H. Thacher & Co., of Albany, N. Y., was engaged in the manufacture of marine and other gray-iron castings. At -the outbreak of the war the firm decided to specialize in the manufacture f propeller wheels. It attacked the problem, therefore, from a foundry point of view, seeking to produce a casting that would be so accurate that no subsequent machining would be required on the blades, also from the point of view of the ship builder. There were two general methods f manufacture, the shortcomings of which have been freely acknowledged. In the sweep method, the nowel, or bottom half-mold, for each blade is swept up by a spindle beam and pitch race, while the top half-mold for each blade is built up individually. In the pattern method one individual blade, with the hub or hub portion, is mounted on a spindle and the individual -blade mold formed, the pattern is then rotated on the spindle to the position- for the next blade, etc. In rare cases wheels were made from a solid pattern. Owing to the cost of the pattern, its failure in many instances to be correctly made, and (when made of wood) its early and sure distortion the disadvantage of this practice is obvious, while metal patterns in most instances were prohibitive in cost. In these methods both green-sand and loam molding was practiced. The casting produced by either method can be considered only as a blank from which the propeller must be machined. The back surface f each blade must be chipped too the templet and through this procedure chipped to such accuracy, as will be required for a static balance. Inasmuch as the' work done by the machine tool is confined to the driving face of the blades, not only is perfection most difficult, but corrosion will be greater because of the removal of the dense skin f the casting and the local strains set up by the pneumatic tool in chipping. To produce a finished 9-ft. propeller for a Navy destroyer required from 8 to 21 days f foundry work and about the same length of, time for the machining. Through the use f the Thacher process, only as many hours are required, besides it is possible to produce a finished casting in perfect conformity, with any particular propeller-wheel design,

Jan 4, 1921

By Georges Caraghiaur

INTRODUCTION A small, independent mining enterprise (SIME) is an independently owned and operated business concern engaged primarily in mineral development, from the exploration to the production stage. By definition, a SIME is not dominant in its field and has no long-term financial backing. It is not a major producer of minerals, nor is it a petroleum company, a government organization or a subsidiary of such organizations. A SIME may or may not be listed on stock exchanges. The SIME is also called small miner, junior mining company, speculative mining company, and penny-stock mining company. The survival and growth of a SIME is most often controlled by an independently minded entrepreneur, who not only conceives and carries out new projects, but is materially affected by the success or failure of these projects. Usually, a SIME does not have a large or constant cash flow. Such a lack of long-term financial backing forces the SIME to meet the challenge of finding capital for its activities on a step-by-step basis. Its survival strategy is thus based on finding funds at the right time, of the right type and in the right quantities. The purpose of this paper is to show that the type of venture in which a SIME is involved affects the difficulty of raising new capital and the choice of possible sources of funds. The Small, Independent Mining Enterprise (SIME) The SIME is not a figment of the imagination of financial speculators. In Canada, there are more than 1,800 small mineral enterprises which spend on the average less than $1,000,000 per year on activity which is directed at bringing forth new mineral supply. In the United States, 64% of the non-fuel mining operations are conducted by nine or fewer men, and the coal industry is characterized by several thousand smaller independent producers, still predominantly family owned or controlled. In Chile, 80% of the mines can be classified as small mines. In the Philippines, approximately 60% of metal mining operations are classified as small mines. The SIME is actively engaged in mining all over the world, and very much so in the Pacific Rim. The Mineral Supply Process The whole process of bringing forth new mineral supply involves a dynamic sequence of activities, ranging from the initial exploration for a mineral occurrence to the production of a marketable product. A typical sequence is outlined in Figure 1. At the grass-roots exploration stage, a series of geological, geophysical and geochemical tests is aimed at locating a mineral occurrence. Especially in the early phases of such activities, the uncertainty (risk) surrounding a venture is high, since only general geological information exists on which to base a judgement of the economic viability of the venture. Such risk is attractive to few investors. As the information-gathering process continues, uncertainty diminishes. Once exploration efforts result in the discovery of a mineral occurrence, i.e. when indications of mineralization and mineable widths are obtained by drilling, there is still uncertainty concerning the extent of mineralization and the probability of having located an economic mineral deposit. The expected return on investment at such a stage may well be negative but the slight possibility of a very high positive return will make a number of financial sources available to an exploration company. At the development stage, much of the uncertainty

Jan 1, 1985

Discussion of the paper of E.. C. LEE, presented at the St. Louis meeting, October, 1917, and printed in Bulletin-No. 130, October, 1917, pp. 1825 to 1832. H. M. WILSON, Pittsburgh, Pa.-The statement ill the paper of T. T. Read, "Increasing Dividends Through Personnel Work;" that the offering of substantial money rewards for avoidance of accidents is much more effective than mere propaganda or education respecting accident prevention, is a, point fully substantiated in the experience of insurance inspection under workmen's compensation acts. The first year under the Workmen's Compensation Law in Pennsylvania, during which over 2000 mines were tinder the observation and protection of the inspectors of the insurance companies, has resulted in several inspections of each mine, a splendid cooperation .between the operators, the State mine inspectors and the insurance inspectors, and an average reduction in premium rate for insurance from $3.83 to $2.77, a reduction of more than $1 per $100 of payroll, on an average payroll of nearly $100,000,000, In other words, the insurance companies have

Jan 1, 1918

DURING September, the Coal Commission pre- pared for issue a series of 18 reports on varied aspects of- the bituminous coal industry; the final report, dated Sept. 22, sums up the facts and offers recommendations addressed to Congress, to the industry, and to the public. The few following paragraphs are selected: Bituminous coal is the real foundation of that great industrial and transportation structure which enables more than a hundred million people to live in America and be so well supplied with things necessary for their health, comfort; and convenience; it also furnishes domestic fuel for two-thirds of the homes of the land. The distribution of the output of the bituminous mines tells the story: 28 per cent. goes to the railroads, 25 per cent. to the boiler houses of factories and mills of all kinds, 15 per cent. to the coke ovens and gas plants, 10 per cent, to the homes, 7 per cent. to steel plants and the same percentage to power plants and street railways, 4 per cent. is exported, 2 per cent is used for power at the coal mines, and the remaining 2 per cent. goes to the seaboard for steamship fuel. Bituminous coal enters into interstate commerce on a scale approached by no other commodity; less than a fourth of the coal mined in the United States fails to enter interstate com-merce. All but one of the 45 coal producing districts in the United States ship coal outside the State in which it is mined. Three hundred miles of cars loaded with coal is the daily output of the bituminous mines of the United States. The public-welfare element in coal is seen in the dependence of public health and safety on an unfailing supply of fuel, in the close connection between the prosperity of most industries and the uninterrupted operation of the coal mines, and in the obvious fact that without coal the great network of railroads which binds together this great country would be idle. The railroads and the public utilities, themselves so clearly obligated to render what-ever public service is demanded of them that the constitutionality of their public regulation is unquestioned, are of all industries most dependent upon coal. Thus, coal makes up over 35 per cent. of the operating cost at the gas plant and over 25 per cent. at the electric power station, and in the operating expenses of. a railroad the cost of coal is the largest single item, next to labor. The practical logic that half a century ago clothed with a public interest the steam locomotive and in later years the electric-power station must recognize a large element of public service in the coal mine that furnishes the necessary energy to both locomotive and power-plant.

Jan 10, 1923

By A. B. Parsons

LAST YEAR (1934) saw the completion of a ten-year program of reconstruction and modernization of the world's largest lead- smelting plant, that of the ' Broken Hill Associated Smelters Proprietary, at Port Pirie, South Australia, which has a capacity for smelting and refining 220,000 (short) tons of lead per year. It deals with the entire output of lead concentrates from the famous Broken Hill district in Australia, being owned .jointly by the three leading companies: North Broken Hill, Broken Hill South, and the Zinc Corporation. These companies, together with the Sulphide Corporation, are credited with a production of 198,000 tons of lead in 1934. When one says regarding any metallurgical plant that modernization is "completed" he should add "for the moment." Development in the art of metallurgy and in the equipment used never ceases; that which seems close to the last word today is likely to be obsolete in a few years even in a process so well standardized as smelting and refining lead. However, the reconstruction at Port Pirie has altered the procedure materially. More im-

Jan 1, 1935

By J. B. Murdoch, John G. Jackson

The many mechanical, geological, and economic factors which influence the planning of a directional drilling program are thoroughly discussed and analyzed. It is demonstrated that the planning of a directionally drilled multiple-well artificial island location is a complicated undertaking and that it is imperative that complete planning and engineering analysis be undertaken before the program is started. Complete planning is profitable because all of the factors influencing the directional work are in general interrelated and many time compromises have to be made before a harmonious program results. The engineering control necessary to accomplish a complicated directional drilling program is outlined. Various means by which engineering control can be increased, such as cylinder drilling specifications, are given. A hypothetical example is developed for a complete offshore artificial island of ten wells to demonstrate the more important factors involved in the planning. Included with this example are special charts and tables which make more rapid the drafting of directional drilling proposals and maps. Introduction A petroleum engineer must consider many and varied factors when planning a long range directional drilling program for an offshore or inaccessible location on an oil structure. The basic principles of direc- tional drilling planning and operation must be reconciled with his company's drilling practices, and frequently special concessions to standard drilling and production practices should be made. The field techniques and tools used in directional drilling are well known and widely used, but the deliberate, careful planning of a complete directional program is in the main a recent innovation. This development, plus the increased demand for oil resources and the consequent exploitation of inaccessible structures and offshore locations, has placed this problem before many engineering departments for the first time. Directional drilling programs of a very complex and difficult nature have been successfully carried out in the Mid-Continent and Pacific Coast regions. The planning itself of a directional drilling project, however, has not had the careful analysis it deserves and we can reasonably expect widespread future progress along thesc lines. Data and experience gained in these programs by the directional drilling service companies and the oil producers have been studied with the objective of giving the engineer a better conception of the factors which govern the various steps in planning a series of directional wells. The newest engineering procedures are the result of recent careful analysis of years of directional drilling work accomplished under the supervision of directional drilling service companies working with the oil companies. The purpose of this paper is to illustrate

Jan 1, 1949

By M. R. Pickus, I. W. Pickus

ORDINARILY age-hardening is thought of as being associated with a limited solubility of one metal in another. Much less has been written about the type of age-hardening that attends the formation of superstructures. Solid solutions generally have a disordered or random arrangement of atoms; that is to say, in a unit cell, such as that of the face-centered cubic lattice, there is no distinction between atomic sites. Atoms of a given metal may occupy cube corners or face centers. Under certain conditions, however, some alloys develop what is known as an ordered structure. In this case, cube corners would be occupied by only one type of atom and face centers by another type, Associated with this ordering process are many interesting changes in physical and electrical properties. Moreover, in many instances the alloys become susceptible to age-hardening. From the evidence now to be described, it appears that age-hardening in 14-carat gold alloys is due to the formation of both a super-structure and a precipitate. Alloys of the metals gold, silver and copper were known in antiquity. The available knowledge regarding their constitution has been ably summarized and extended by Sterner-Rainer,1 Janecke,2 Carter,3 Wise,4 and Coleman.5 Despite the long familiarity with these alloys and the numerous investigations of their properties that have been made, there is still much that remains unexplained. It has been known for a long time that the hardness of these alloys is closely related to the rate of cooling, Similar changes have been observed in the binary gold-copper system,6 one alloy of which corresponding to the formula Cu3Au, has been the subject of a careful and competent report by the English investigators, Sykes and Evans.7 They have established the fact that the shift of atoms from the ordered to the disordered condition takes place in some critical temperature range. At temperatures above the critical range the structure is random, and at temperatures below it the structure is ordered. No difference between these two structures is revealed by the microscope. Both have a face-centered cubic lattice and complete solubility, so that there is no evidence to suggest that the changes in properties are associated with a phase change, The more slowly the alloy is cooled, the higher is the degree to which the ordering process proceeds and the more marked is the increase in hardness. As experimental data were accumulated on 14-carat gold alloys, several contradictions arose. Certain observations tended to confirm the existence of a superstructure, while other observations seemed to be inconsistent with such a transformation. PRESENT INVESTIGATION As a focal point about which to develop this subject, it is expedient to consider first

Jan 1, 1943

By William E. Ford, Edward Salisbury Dana

Secondary Twinning. - When there is reason to believe that the twinning has been produced subsequently to the original formation of the crystal, or crystalline mass, as, for example, by pressure, it is said to be secondary. Thus the calcite grains of a crystalline limestone often show such secondary twinning lamella?. The same are occasionally observed (Ilc, 001) in pyroxene crystals. Further, the polysynthetic twinning of the triclinic feldspars is often secondary in origin. This subject is further discussed on a later page, where it is also explained that in certain cases twinning may be produced artificially in a crystal individual - e.g., in calcite (see Art. 282).

Jan 1, 1922

By H. R. Hanley

The characteristics of alloyed anodes and their influence on the products of electrolysis and power consumption have been noted previosly ously in the literature.' This paper presents data in continuation of the subject given in an earlier paper by the authors.2 As noted in the authors1 previous paper, the objectives of this work are the reduction in the cell voltage and the purity of the cathode product resulting from the use of alloyed lead anodes. The fundamental facts developed in the previous paper were: (I) that the presence of a small amount of calcium lowers the anode potential approximately 50 per cent. below that of pure lead; and (2) that thallium when present to the extent of 4 per cent. rendered the anode practically stable, thereby lowering the contamination of the cathode by lead to a very insignificant amount. The specific features determined in this recent work are as follows: 1. The lowest limit of calcium in the lead which will still give maximum lowering of the anode potential. 2. The characteristics of the thallium-calcium-lead anode. 3. The characteristics of the silver-calcium-lead anode. 4. The characteristics of the thallium-silver-calciurn-lead anode. It was determined that 0.1 per cent. calcium in the anode was sufficient to lower the anode potential approximately 50 per cent. Table 1 shows the characteristics of alloyed anodes tested. The anode composed of 0.1 per cent. calcium, 4 per cent. thallium, and 95.9 per cent. * Professor of Metsllurgy, Missouri School of Mines. t Professor of Metallurgy and Ore Dressing, Hea.d of Department, Missouri School of Mines. Assistant Professor of Metallurgy, Missouri School of Mines. 1 Among others, see C. G. Fink and Li Chi Pan: Insoluble .Anodes for the Electrol-ysis of Brine [Trans. Amer. Electrochem. Soc., (1926) 49, 83-1341 and other papers by these authors. U. CJ. Taintori, 8. G. Taylor arid H. P. Ehrlinger: Lead Alloys for Anodes in Electrolytic Production of Zinc of High Purity. Truns. A. I. M. E. (1929) 192-200. 2 H. R. Hanley, C. Y. Clayton, D. F. Walsh: Investigation of Anodes for Production of Electrolytic Zinc. Trans. A. I. M. E. (1930) 275

Jan 1, 1931

AN indication that Mesabi Range iron use companies may develop their own flotation processes for low grade iron ores is the report that Cleveland Cliffs Iron Co. is adopting a variation of one of the oldest known methods at its new Michigan treatment plant. Basically, the method involves using fatty acids and fuel oil reagents. The idea was developed many years ago and should be free of patent control. With other laboratories working on the same tack, it seems to be a pretty good bet that they will come up with their own processes. Any outside process will have to offer considerable advantage or low royalty rate to get consideration. Much of the appeal of the fatty acid process is the cheapness of the reagent. One source is pulp paper liquor in semi-refined form. With stream pollution legislation acting as a strong pressure, paper companies have been seeking ways to dispose of the material. Wisconsin has even attempted to use it for road binder.

Jan 5, 1953

Until the end of 1960, the small primary aluminum industry in Australia was run by the government. The entire operation was at Bell Bay on the north coast of Tasmania. It consisted of an alumina plant and smelter, owned jointly by the Commonwealth and the State of Tasmania. Apparent domestic demand that year was about 48,000 long tons; 11% thousand came from Bell Bay; the rest was imported. By March 1964, Australia had two fully integrated aluminum companies. The government has stepped out of the picture and the key word of the industry from bauxite to metal is "growth." Present annual capacity of the two companies for making aluminum metal totals 92,000 long tons a year. Australian demand is about 60,000 tons. By 1968 Australian consumption should be 90,000 tons and by 1970 it is expected to reach 107,000 long tons per year. Export markets for bauxite, alumina and metal are developing.

Jan 10, 1964

By Charles R. Fettke

In connection with the gathering of data for a report on the geology of the Humacao district of southeastern Porto Rico during the summer of 1916, under the auspices of the Scientific Survey of Porto Rico and the Virgin Islands, conducted by the New York Academy of Sciences, the writer had an opportunity to make a brief examination of the magnetite deposits of the eastern portion of the island. Inasmuch as these deposits have attracted some attention as possible future sources of iron ore, and as there is only scanty reference made to them in literature,' a short description based on this reconnaissance survey was deemed to be worthy of record. The magnetite deposits of eastern Porto Rico occur in association with a belt of limestone, trending approximately S 53° E, which begins 11/2 miles east of Juncos and can be traced for about 6 miles toward the coast. Four outcrops of magnetite were observed, which are designated as Nos. 1, 2, 3, and 4, respectively, on the map shown in Fig. 1. Others are probably present, but escaped notice on account of the thick mantle

Jan 1, 1924

By Charles S. Barrett

NUMEROUS determinations1-7 of the tex-ture of cold-rolled polycrystalline iron, steel, and ferritic alloys have been made with good agreement among the various observers as to the principal features of the texture common to all, but there has been no adequate explanation of the texture in terms of the behavior of individual grains. This study presents an explanation of the texture based on the observed rotation of single crystals when deformed in a manner similar to a grain in the aggregate, a method we have found useful in leading to a better understanding of compression and tension textures;8,9,10 in particular, the aim has been to determine experimentally the end orientations of rolled single crystals of iron. These are discussed in connection with the point of view of Wever1 and of Boas and Schmid2 that the rolling texture is a simple compression texture (compression normal to the rolling plane) superimposed on a simple tension texture (tension in the roll-ing direction), and the point of view of Kurdjumow and Sachs3 that three ideal end orientations exist.

Jan 1, 1940

By G. F. Butterworth

The metallographic structures most frequently encountered in rifle barrels, and which are illustrated by the accompanying photomicrographs, fall naturally into two groups, distinguished by the method used to, produce in the stock a physical condition having the requisite properties. The fist group consists of "rolled" barrels; that is, barrels subjected to hot working by rolling in or near the critical range. In the second group, the stock, which is smaller in diameter than the first, is upset to form the butt end and is then heat treated by giving it a quench and a draw. These barrels will be referred to as " heat-treated " barrels. The structure of the rolled barrels resembles closely that of the same steel after annealing. There is the same network of excess ferrite outlining the grain boundaries, but the grains themselves are composed of sorbite rather than pearlite. The grain size is closely related to the rolling temperature. The critical-point curves of this grade of steel, which is approximately 0.50 to 0.60 per cent. of carbon and 1.00 to 1.30 per cent, of manganese, show a single very pronounced point between 1300" and 1350" F. (704" and 732" C.). Barrels rolled within this temperature range give an exceedingly fine grain, shown in Fig. 1. In fact, the grains may be so fine that, at a low magnification, they may be confused with the heat-treated structure shown in Fig. 6. A magnification of 500 diameters, however, will always resolve a rolled barrel into the characteristic structure shown in Fig. 2. As the temperature is increased, the grains are found to be larger. If, on the other hand, the rolling temperature is below the critical range, the structure previous to rolling will not be obliterated, the only effect of rolling being to elongate the coarse sorbite grains in the direction of rolling, Fig. 3. This distortion is greatest at the muzzle. Heat-treated barrels are quenched in oil from above the critical range, which should give a martensitic structure, Fig. 4, but the presence of some troostite in the martensite is frequently noted when the quench has not been sufficiently drastic, Fig. 5. The structure brought about by the subsequent draw is not so striking, though quite as typical. It is sorbitic or sorbito-pearlitic, and under a low magnification appears almost homogeneous, as in the case of fine grains of pepper and salt well mixed together, Fig. 6. This structure is substantially the same for all

Jan 1, 1920

By Grover R. Castle

INTRODUCTION "Project Financing" or "Project Loans" have become increasingly popular in recent years, and commercial banks are being asked to consider more and more of such financing. However, the analysis of this type of loan is quite different from the analysis of a loan to a financially sound corporation based on the company's balance sheet. For this reason Chemical Bank did a study of project loans in an attempt to be more sophisticated in our approach to them. As part of this study, we examined 29 project financings for which information was available. In this article I shall describe project loans and set forth the guidelines we developed, as an aid to credit officers who might have occasion to analyse this type of financing. DEFINITION OF "PROJECT FINANCING" OR "PROJECT LOAN" The terms "project financing" and "project loan" commonly describe the various methods that banks and institutional lenders use to finance the construction of new projects on a basis whereby payout is anticipated from the revenue stream generated by the project. A project financing often involves a loan to a new entity formed specifically to own the project. The analysis of a project loan proposal is quite different from the analysis of other term-loan proposals since it involves a credit decision based on the review of a projection or forecast rather than of historical earnings and/or it involves the reliance on contractual obligations of third parties. Lenders are asked to assume the added risks associated with project loans because: 1. Project financing may permit a company to obtain additional leverage. It is possible for companies to arrange financing on a project basis that could not be arranged as a direct borrowing. For example, a company may not be permitted to borrow more money directly, due to a limitation in a bond indenture. However, a project financing can sometimes be negotiated on a basis not prohibited by the indenture. 2. Often the sponsors of, or the stockholders in, the project are seeking an off-balance-sheet financing. For example, 11 of the 29 projects in our study were arranged on an off-balance-sheet basis and one showed on the balance sheet as a deferred income item. An off-balance-sheet financing, for the purpose of this article, is a financing which does not show as a direct liability on the balance sheet of the sponsors of or stockholders in a project. 3. Projects are often located in a foreign country. The financing is arranged so that the lenders assume the political risk on the loan because many companies rightly believe that this arrangement affords a degree of insulation from political risk not otherwise obtainable. 4. Many projects are jointly owned by several sponsors. This form of financing lends itself well to a situation where a new entity is formed to own a project and do the borrowing. Project loans can be used to finance a variety of activities including development of iron-ore deposits and associated pelletizing plants; development of coal reserves; construction of pipelines, alumina plants, fertilizer plants and refineries; etc. The specific areas of analysis can be quite different, depending upon the type of project being financed. It is important, therefore, to classify the proposal according to the type of project, and also by the nature of the financing - nonrecourse financing, financing covered by a guarantee of completion and financing supported by an undertaking lasting for the life of the financing. I will discuss each of these types in more detail later, but first, I should like to make some

Jan 1, 1985

By H. C. H. Darley

The principal causes of unstable boreholes* have been known for many years. For example, in a paper published in 1938, Halbouty and Kaldenbachl listed nearly all the classes of troublesome shales that we know today. Much progress has been made since then, but we still have difficulty in identifying the cause of hole problems and consequently in selecting the right technique for combatting them. This subject was discussed at length by Kelly2 in a recent paper and much valuable information was provided. In the Shell Laboratory it was felt that there was a need for a better understanding of the basic mechanisms underlying the various forms of hole instability, and accordingly, a study was undertaken. This entailed reviewing the physics and chemistry of shales, developing tests for characterizing shales, and constructing a model to study borehole stability. Full simulation of underground conditions was not attempted; for example, we used reconstituted shale specimens, and often simple solutions or suspensions rather than practical drilling muds. Such procedures are necessary in order to establish mechanisms, but caution must be exercised in applying the results to the more complex conditions in the field. Part I — Compaction Swelling and Dispersion of Shales Compaction of Sediments Shales are formed by the compaction of sediments. Water is expressed as sediments are buried by subsequent layers, and the degree of compaction is proportional to the depth of burial, provided the water is able to escape easily to permeable formations. The younger sediments, when recovered at the surface, soften and disperse when mixed with water; the older shales have undergone diagenesis (alteration of the clay minerals, secondary cementation, etc.), and remain hard and unaffected by water. In this paper we shall apply the term "shale", as the drilling engineer does, to everything from clays, which are highly reactive to water, to completely lithified materials such as claystones and slates, which are completely inert. However, because these materials behave quite differently when encountered in the drilling well, it is desirable to develop a simple means of characterizing them. The feature that distinguishes the various shales is their dispersibility in water —soft clays disperse readily, harder shales disperse slowly when agitated, the lithified materials will not disperse at all unless milled. In the dispersibility test used in our study, a weighed amount of dry shale particles in the 12-to-100-mesh-size range was placed in a tube filled with distilled water and allowed to soak for 16 hours. The

Jan 1, 1970

By Charles W. Merrill

Obsolescence in the mineral world is virtually nonexistent if the term is taken to mean that a mineral commodity, once established in commerce and industry, subsequently has fallen into disuse. We are living in an age of minerals. Each generation puts an increasing array of mineral-based commodities, in larger quantities, to more uses than ever before. Bastnasite, a museum mineral and a collector's item a few years ago, is now produced in quantity at Mountain Pass, Calif. Uranium, a minor byproduct of vanadium mining in the Rocky Mountain plateau area before World War 11, has grown to be a leading mineral product in several western States. And finally the total quantity and value of minerals both in the United States and in the World establish new records almost yearly. Surely the mineral industry as a whole is not obsolescent in our economy. Nevertheless, there are particular uses for particular minerals that are obsolescent and some applications have been supplanted entirely. Tin does not occupy the prominent place in foil manufacture that it once did, and the schoolboy's slate left most classrooms before the oldest of us were born.

Jan 9, 1964