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By E. W. Lithgow, E. G. Williams, R. R. Holbrook, B. R. Wilson

The mineralogy and geochemistry of Pennsylvanian shales and underclays were studied to determine their suitability for lightweight aggregate and refractory ladle brick. Eighty percent of the variation in bloating of shales and clays was explained by the variation of Si02, A1203, and fluxes (Fe203, MgO, CaO, Na20, and K20); 60% by variation in quartz, kaolinite, illite, and chlorite. The best bloating was exhibited by marine shales, whereas freshwater shales and underclays experienced little or no expansion. Regional paleogeographic maps o f Pottsville and Allegheny shales permit bloating to be geographically predicted. It was found that clays meeting the specifications for refractory ladle bricks were obtained from underclays having over 34.5% mica, over 40% kaolinite and less than 15% quartz. Underclays of this composition are confined to the lower Allegheney outcropping along the near-margins of the coal basin. The best clay is that underlying the Lower Kittanning coal. Porosity of the first fired brick was found to be inversely correlated with reheat expansion.

Jan 1, 1975

By J. P. Carson

(Read at the Wilkes-Barre Meeting, May, 1877.) THE works of the Tula Iron Company are in the Republic of Mexico, State of Jalisco, twenty-eight leagues southwest of Guadal¬ajara, ten leagues northwest of the town of Sayula, through which passes the projected line of the Mexican National Railroad. Its geographical position would be about: latitude, 20° 10' N., longi¬tude, 4° 35' W. of Mexico City. The surrounding country is a roll¬ing plateau, 6000 feet above the sea, enjoying the most magnificent climate in the world, the average temperature being about 70°. The works were commenced in 1850 by a company with very small capital, having not the least idea of the undertaking. They soon fell into the hands of the money-lenders, and after changing

Jan 1, 1878

By C. W. Goodale

TOMBSTONE, a name not exactly full of cheerful suggestion, has a great record as a mineral producer and a colorful history as a frontier mining camp. The only practical route to Tombstone in the early 80's was by way of San Francisco and Los Angeles. The Southern Pacific was building across Arizona, and a sleeper was attached to a construction and freight train at Los Angeles, and was trailed slowly across the Colorado Desert to Benson in the San Pedro Valley. Thence one staged 26 miles to Tombstone, which is located near the foot of a range of hills at an altitude of about 4500 ft.

Jan 1, 1925

By C. F. Willis

The problem of the curtailment of forces in large numbers does not often come to employment departments and is, therefore, a problem that many departments are not prepared to handle intelligently. Those companies that are able to measure the individual efficiency of each man would probably lay off men according to their individual ability, irrespective of dependents, citizenship, or other considerations. During the war when labor was scarce, the business of the employment manager in industry was hiring men and carefully placing them where they were best fitted to work. The careful selection of employees had developed to a considerable extent before the war, and was becoming a recognized science. In the last few months, however, the cancelation of copper contracts, the accumulation of large stocks, the necessary curtailment of production because the copper could not be sold, and the lack of any immediate prospects of' the copper market opening, have led to a universal reduction of forces, and the problem that industry now confronts is that of discharging rather than employing. The problem has been aggravated by the cancellation of contracts in many war industries with the consequent turning loose of hundreds of thousands of men, a great amount of unemployment, and the return of the soldiers and sailors. The problem has now become one of reduction of working force with the least hardship and the least injustice, and yet caring for the soldiers, sailors, and marines who have been in the service of the government for nearly 2 years, and are now returning to their pre-war positions. The Copper Queen Branch of the Phelps Dodge Corpn., operating at Bisbee, Arb., found it necessary, like all of the other copper companies of the country, to reduce its force materially. In making this reduction it was, after due consideration, decided to classify employees with respect to dependents, length of service, and citizenship. The question of individual efficiency or workmanship was not considered. Copper produced to sell at 26 c. a lb. has been selling at under 15 c., and very little copper is being sold at all. Practically every copper producer in the country has enormous stocks on hand, and it would be profitable,

Jan 1, 1920

By Max Mason

IN 1923 a Western mining company was experimenting with the device of an inventor designed to locate buried ores by radio. Because the progress was slow and the results were confusing, the company began to doubt the usefulness of the method and invited me to review the whole question of the application of physics to ore detection. I was fortunate in securing the cooperation of several physicists who had worked with me during the war on the problem of submarine detection. This group has been increased and has been studying the problem of physical exploration for ores since that time. It was evident that the problem is a big one, with many angles of approach. Its general features may be set down, in rough outline, as follows: The soils, rocks and ores hidden beneath the surface differ, one from another in many respects. These differences may be made to furnish a clew for the physicists working from the surface. To bring these differences into action the physicist creates some kind of an effect, which penetrates into the ground and is distorted and, reflected when it meets boundaries between different sorts of underground structure. In other words, he sends a message down, and the rocks and ore send back signals in, reply. In picturing this process, we should not regard the ground as dense and impenetrable. The kind of messages used pass through the earth about as readily as a sound wave travels the air. If, then, the fundamental procedure is to shout down questions in the hope that an orebody will hear and answer back to us, it is clear that a large part of the expert's study must relate to the kind of questions best suited to the temperament and intelligence of orebodies. It will be easier for the ore to, reply to some of our questions than to others, and it is for us to find the right questions. In certain cases, we are-spared the necessity of using a messenger, because nature has already provided one. For example, we already have a terrestrial magnetic field which auto-matically and continually conveys messages from underneath. We also have available the earth's gravitational field which furnishes us

Jan 1, 1927

By Max Mason

IN 1923 a Western mining company was experimenting with the device of an inventor designed to locate buried ores by radio. Because the progress was slow and the results were confusing, the company began to doubt the usefulness of the method and invited me to review the whole question of the application of physics to ore detection. I was fortunate in securing the cooperation of several physicists who had worked with me during the war on the problem of submarine detection. This group has been increased and has been studying the problem of physical exploration for ores since that time. It was evident that the problem is a big one, with many angles of approach. Its general features may be set down, in rough outline, as follows: The soils, rocks and ores hidden beneath the surface differ one from another in many respects. These differences may be made to furnish a clew for the physicists working from the surface. To bring these differences into action the physicist creates some kind of an effect which penetrates into the ground and is distorted and reflected when it meets boundaries between different sorts of underground structure. In other words, he sends a message down, and the rocks and ore send back signals in reply. In picturing this process, we should not regard the ground as dense and impenetrable. The kind of messages used pass through the earth about as readily as a sound wave travels the air. If, then, the fundamental procedure is to shout down questions in the hope that an orebody will hear and answer back to us, it is clear that a large part of the expert's study must relate to the kind of questions best suited to the temperament and intelligence of orebodies. It will be easier for the ore to reply to some of our questions than to others, and it is for us to find the right questions. In certain cases, we are spared the necessity of using a messenger; because nature has already provided one. For example, we already have a terrestrial magnetic field which auto-matically and continually conveys messages from underneath. We also have available the earth's gravitational field. which furnishes us

Jan 1, 1927

By Luther Lennox

DURING the last few years, one of the great problems in the milling of all ores has been that of crushing. This subject involves not merely the cost of the operation, but also the selection of the proper degree and character of crushing to yield the best metallurgical results on the given ore. Considering the diversity of machinery, one is led to wonder at the variety of crushing methods employed, even when realizing that metallurgy demands varying products. In an attempt to investigate the relative crushing resistances of a number of ores now being milled in this country and Alaska, the management of the Portland mills requested samples of average mill-run of ore from various companies. The request met with a ready response, indicating the desire of all operators to gain information on the subject. The difficulties involved in this investigation were numerous, lack of time for outside problems during this strenuous period being a serious one. Also, we were unable, in the time, to obtain a correct 150-mesh . screen; in the screen analyses tabulated and plotted herewith, the 150 mesh screen was used merely to protect the 200-mesh screen, not to ascertain points on the curves.

Jan 8, 1918

By AIME AIME

A SYMPOSIUM on current. conditions in Mexico, particularly in the oil and mining industries, was a most successful feature of the May meeting of the New York Section of the A.I.M.E. Heath Steele, vice-president of The American Metal Co.. Ltd., with an intimate knowledge of Mexico gave the principal address, and asked that his analysis of the present situation he regarded neither as an endorsement of Mexico's policy nor as the criticism of a disgruntled operator. To explain the .attitude of the great mass of the Mexican people towards recent developments, he first described briefly the political, social, and religious beliefs and customs of tile Mexican Indian. In spite of their contact with foreigners these beliefs and customs have remained unchanged throughout many generations. The old communal spirit and the idea of common ownership of the land still persist especially in the rural districts and villages; the old custom of a council for local self-government is reflected in the present-day labor committee. Mr. Steele discussed in order land oil, and mines.

Jan 1, 1938

By Joseph E. Pogue

NEW economic forces are at work in the petroleum industry.. In order to visualize these forces and clearly see their bearing on the producer, refiner and marketer, it is necessary to see in perspective the economic evolution of the business. For several decades prior to 1913 the outstanding feature of the petroleum industry was a trend toward integration, culminating in a huge combine, the Standard Oil Co. An important aspect of this integrative trend, however, was its concentration on the combination aid control of refining and marketing, leaving crude oil production, for the most part, to the exigencies. of small-unit competition. It is a noteworthy coincidence that during this era the law of oil and gas was formulated and applied, whereby these substances had to be reduced to possession to establish ownership; and the forces of competition in crude oil production were thereby intensified. It was to the interest of an industry, safeguarded in its control of manufacturing and markets, to have supply stimulated by legal convention as well as by individual initiative in order that the growing demand could be met without interruption. And so over-production of crude oil during this era was no handicap, but rather an aid, to the progress of the industry.

Jan 1, 1929

By Henry N. McCarl, John J. Dran

The academic community and the larger and more sophisticated mining companies have largely rejected the older mineral valuation methods such as the Hoskold and Morkill concepts and replaced them with "discounted cash flow" (DCF) techniques. The relevancy and usefulness of the older methods have been questioned primarily on the basis of their underlying assumptions that mining companies do not have numerous alternative investments and must use sinking funds deposited at market or "safe" rates of return to recover the purchase price of mineral reserves. The ability to reinvest in numerous (often nonmining) alternative business ventures, the changing purchasing power of the dollar, corporate income and other taxes, depreciation and depletion allowances, and modern financial management practice all militate against the continued use of the older valuation methods, especially for the larger mining companies. Small mining companies and individuals still use these methods largely out of habit and familiarity. The Hoskold Mineral Reserve Valuation Method The Hoskold method was developed prior to the evolution of modern accounting practices and before the days of the corporate income tax. At the time of its development, annual earnings of the firm were represented by the difference between cash revenues and cash expenses and were not subject to taxation by the government. Thus, earnings at that time were equivalent to what is today known as cash flow.

Jan 7, 1974

By Leo H. Duriez, James V. Neuman

THE Bayard property of the united States Smelting Refining and Mining Company is in south central Grant County in southwestern New Mexico about fifteen miles east of Silver City and one mile west of Santa Rita. The present holdings cover a belt roughly one mile wide by ten miles long, lying west of, and adjacent to, the holdings of the American Smelting and Refining Co., Kennecott Copper Corp., Empire Zinc Co., and Peru Mining Co. The area extends from the village of Bayard on the south to a point three miles northeast of Fierro. The property is a part of the well-known Central mining district which has been New Mexico's leading copper-zinc producer for many years. The property is segregated into three sections, the Bullfrog, Hanover Bessemer, and the Shingle Canyon sections. Of these, the Bullfrog section covers the area between the towns of Bayard and Hanover and includes the Bullfrog No. 1, Bullfrog No. 2, Slate, Hobo,

Jan 1, 1948

By Max Mason

In 1923 a Western mining company was experimenting with the device of an inventor designed to locate buried ores by radio. Because the progress was slow and the results were confusing, the company began to doubt the usefulness of the method and invited me to review the whole question of the application of physics to ore detection. I was fortunate in securing the cooperation of several physicists who had worked with me during the war on the problem of submarine detection. This group has been increased and has been studying the problem of physical exploration for ores since that time. It was evident that the problem is a big one, with many angles of approach. Its general features may be set down, in rough outline, as follows: The soils, rocks and ores hidden beneath the surface differ one from another in many respects. These differences may be made to furnish a clew for the physicists working from the surface. To bring these differences into action the physicist creates some kind of an effect which penetrates into the ground and is distorted and reflected when it meets boundaries between different sorts of underground structure. In other words, he sends a message down, and the rocks and ore send back signals in reply. In picturing this process, we should not regard the ground as dense and impenetrable. The kind of messages used pass through the earth about as readily as a sound wave travels the air. If, then, the fundamental procedure is to shout down questions in the hope that an orebody will hear and answer back to us, it is clear that a large part of the expert's study must relate to the kind of questions best suited to the temperament and intelligence of orebodies. It will be easier for the ore to reply to some of our questions than to others, and it is for us to find the right questions. In certain cases, we are spared the necessity of using a messenger, because nature has already provided one. For example, we already have a terrestrial magnetic field which automatically and continually conveys messages from underneath. We also have available the earth's gravitational field which furnishes us

Jan 1, 1929

By Raymond O. Ladoo

FUSED quartz is a glass made by the fusion of nearly pure silica. Some confusion in terminology exists but in the trade today "fused quartz" generally refers to the perfectly transparent colorless product made from rock crystal whereas "fused silica" is a white, translucent product made from silica sand. Vitrified silica is the term preferred by purists for all quartz glass, but it lacks the definiteness of -the trade terms. Since the raw materials, methods of production, and properties of the finished products arc different for the two types, the trade terms are preferred. As fused quartz is amorphous, it-physical properties differ greatly from those of quartz crystal. Lacking crystallographic directions and having no piezo-electric properties, fused quartz. of course, has no value for the making of radio oscillator plates; but it does have other valuable and unique properties. Perhaps the 'best known and most useful properties are its extremely low coefficient of expansion and its ability to transmit short-wave ultraviolet radiant energy. Crystal quartz not only has an aver-

Jan 1, 1947

By L. P. Davidson

ThE new electrolytic zinc plant of the American Zinc Company of Illinois commenced operation in April 1941. The simple flowsheet using the standard current density and the economic reasons that dictated it are given herewith. The Evans-Wallower Zinc Co. built an electrolytic zinc plant at Monsanto, Ill., in 1929 and operated it for about two years. The plant stood idle from 1932 and was purchased by the American Zinc Co. in 1940. Because of the condition of the equipment, excepting the motor generator set, a complete rebuilding was necessary. The Fairmont City plant of the American Zinc Co. could treat the leach residues, the purification cake and the skimmings from the melting furnace in its various plants. This possibility permitted a simple flowsheet with good economic results. The flowsheet is shown in Fig. I. The calcined concentrates are leached in mechanically agitated tanks with spent electrolyte and such ferric iron solution as necessary. When the acid has been neutralized and the iron coagulated, the fluid is discharged to settling tanks. The underflow from these thickeners is filtered on a Moore filter; the filter cake leaves the plant for retreatment and the filtrate joins the thickener overflow. Zinc dust is added to this solution until the copper and cadmium are precipitated. The pulp is filtered through Shriver presses, which deliver the purified solution to stor- age tanks, and the copper-cadmium-zinc cake is shipped for retreatment and recovery of these three metals. The purified solution is electrolyzed; the regenerated acid is returned for use in the leaching plant and the cathode zinc, after stripping, goes to the melting furnace, from which it is cast in slabs. The skimmings from the melting furnace are shipped to the Fairmont City plant for reduction to metal in the retort furnaces. The choice of this simple flowsheet was made possible only because of the facilities of the Fairmont City plant. The long leaching pried, with high acid content and high temperature which characterize the high-density process, gives a higher zinc extraction but also dissolves more impurities, which must be removed. The same is true to a lesser degree of the multi-step leaching of the western low-density plants. By the sacrifice of some initial extraction, solutions can be obtained that are relatively easy to purify and give good ampere efficiency. This loss in initial extraction is made up in the retreatment of the residues in the Waelz plant. The impurities that accompany the zinc thus extracted are inconsequential when the Waelz product is treated in a distillation plant. It was recognized that this flowsheet would require a somewhat greater amount of sulphuric acid—-eithcr as acid or as sulphate sulphur in the calcine—because of poorer washing. The sulphuric acid plant at Fairmont City could deliver 60" Bè. acid to compensate for the sulphate loss and the cost would be less than the cost of more intensive washing.

Jan 1, 1943

By L. P. Davidson

ThE new electrolytic zinc plant of the American Zinc Company of Illinois commenced operation in April 1941. The simple flowsheet using the standard current density and the economic reasons that dictated it are given herewith. The Evans-Wallower Zinc Co. built an electrolytic zinc plant at Monsanto, Ill., in 1929 and operated it for about two years. The plant stood idle from 1932 and was purchased by the American Zinc Co. in 1940. Because of the condition of the equipment, excepting the motor generator set, a complete rebuilding was necessary. The Fairmont City plant of the American Zinc Co. could treat the leach residues, the purification cake and the skimmings from the melting furnace in its various plants. This possibility permitted a simple flowsheet with good economic results. The flowsheet is shown in Fig. I. The calcined concentrates are leached in mechanically agitated tanks with spent electrolyte and such ferric iron solution as necessary. When the acid has been neutralized and the iron coagulated, the fluid is discharged to settling tanks. The underflow from these thickeners is filtered on a Moore filter; the filter cake leaves the plant for retreatment and the filtrate joins the thickener overflow. Zinc dust is added to this solution until the copper and cadmium are precipitated. The pulp is filtered through Shriver presses, which deliver the purified solution to stor- age tanks, and the copper-cadmium-zinc cake is shipped for retreatment and recovery of these three metals. The purified solution is electrolyzed; the regenerated acid is returned for use in the leaching plant and the cathode zinc, after stripping, goes to the melting furnace, from which it is cast in slabs. The skimmings from the melting furnace are shipped to the Fairmont City plant for reduction to metal in the retort furnaces. The choice of this simple flowsheet was made possible only because of the facilities of the Fairmont City plant. The long leaching pried, with high acid content and high temperature which characterize the high-density process, gives a higher zinc extraction but also dissolves more impurities, which must be removed. The same is true to a lesser degree of the multi-step leaching of the western low-density plants. By the sacrifice of some initial extraction, solutions can be obtained that are relatively easy to purify and give good ampere efficiency. This loss in initial extraction is made up in the retreatment of the residues in the Waelz plant. The impurities that accompany the zinc thus extracted are inconsequential when the Waelz product is treated in a distillation plant. It was recognized that this flowsheet would require a somewhat greater amount of sulphuric acid—-eithcr as acid or as sulphate sulphur in the calcine—because of poorer washing. The sulphuric acid plant at Fairmont City could deliver 60" Bè. acid to compensate for the sulphate loss and the cost would be less than the cost of more intensive washing.

Jan 1, 1943

By A. W. Doepke

CLIMAX is situated in the heart of the high Rockies at Fremont Pass on the Continental Divide. This setting naturally throws some of the romantic aura of the old mining camps around the town. In its early days it was much like them, even to its air of impermanence. Its founders had faith in the future-as did every adventurer who started a hole in the ground and called it a mine. In those days, however, all available money was expended on the mine, and those who labored on the job had to he content with rugged living arrangements. The visitor at Climax today. however, sees a townsite carefully laid out to enhance the natural' beauty of the surroundings. There are 250 houses and 43 apartments which have been carefully designed by an architect, and missing is the long line of houses of the same type. Every house is of a different design, all being modern in every respect, with haths, running water, electricity, and .sewage disposal. They vary in size from three to six rooms and rent for $5 per room per month. A complete, well-designed water-treatment plant supplies water for domestic purposes.

Jan 1, 1946

By Paul M. Tyler

OF THE 92 elements generally accepted by chemists as constituting the primary building blocks of matter, all but the very rarest have been investigated with a view to employing them in steel manufacture. The surprising thing is that so few have been found commercially acceptable. Despite the relatively small number of elements involved, the use of alloys in steel making is one of the most complicated and probably one of the least well understood of modern industrial enterprises. The action of individual elements in steel making has been described often and a profuse and somewhat acrimonious literature covers pretty much the whole field of ferroalloy ore supplies. In the middle ground between the miner and the -steel maker developments are less carefully watched by most observers and except for an occasional description of the technique of some conversion process or the tariff hearings in Congress, little is said about them. The present paper has been submitted in the hope that it will stimulate broader constructive economic thinking. It undertakes to describe in' relatively nontechnical terms this great and growing though highly complex industry and to study its relations to national progress.

Jan 1, 1932

By Edward H. Robie

PROBABLY nowhere in the United States or its possessions is mining development more active at present than in the Philippine Islands. Only a few years ago only one company was of any importance, the Benguet Consolidated. Now, five companies are paying dividends, five others have reached the producing stage, some seven others may produce this year, and a score or so are being actively developed. Gold production in 1933 was valued at about $8,000,000, last year at about $11,000,000, and this year an output valued at about $17,000,000 is envisaged. At the beginning of 1934 about 1750 tons of ore was being milled daily; at the end of the year, the tonnage was approximately 3400. In 1933 there were only thirteen Institute members in the Philippines; a year ago there were 27, and now there are 46. About fifteen thousand amen were employed in the mining industry last year, with mine payrolls amounting to $3,500,000. An immense amount of new machinery has been required. One difficulty has so far hindered gold-mine development to some extent-lack of adequate power. Each company therefore finds it necessary to generate its own power, and for this purpose diesel engines are generally adopted.

Jan 1, 1935

By Carl Zapffe

JUST as 85 per cent of the total ore produced annually in the United States comes from the Lake Superior region, so does one of its six producing districts-the Mesabi --dominate that region both as to production and total reserves; also in ore Treatment, Mesabi practice is dominant. Therefore, in discussing future reserves or ore treatment one may visualize one big district with five smaller districts as so many satellites. In considering the future less thought need be given to processes than to, economic policies. For thirty years experimental work has now been in progress and every possible ore-treatment process now known has been given attention. This work was started when there was no recognizable danger of running short of ore because of rapid consumption. Thirty years ago the annual production had just progressed beyond the twenty-million bracket for the first time. Today fifty million tons is considered a small production, and last year the aim was for 65 million. At the recent rate of production the life of the estimated reserves of good ore is about 35 years. All who know the local terrain are convinced that, unlike thirty years ago, the chances for discoveries of new big deposits are nil; treatment of lean ores obviously is to become an all-important topic.

Jan 1, 1938

By William P. Lohden

INTRODUCTION It is recognized that, for a variety of reasons, some companies in the mineral industry today are by no means cash-rich and, in fact, are reporting a growing proportion of long-term debt in their capital structures. A review of recent balance sheets of small, medium-size, and some larger companies, indicates that a fair number still have substantial positions in cash equivalents such as U.S. government issues and other short-term money market instruments. In part, this paper concerns itself with companies which have sufficient cash and equivalents and/or cash generation to internally finance mining projects or expansions but which, for some reason, choose to borrow funds. Misconceptions which appear to frequently underlie so-called "leveraging" decisions are explored in this paper. Also considered arc' those circumstances under which any company, including one that is cash rich, should consider borrowing for a project in an amount beyond what would otherwise be necessary based upon its internal financing ability. I do not attempt to cover the raising of equity capital in public markets in this paper. OVERALL RETURN ON INVESTABLE CASH If you approach an individual with an investment which can be financed from savings, or by borrowing at a rate higher than one is earning on savings, that individual will quickly tell you that to pay interest at a rate higher than is being earned on savings would reduce overall income. Assuming that additional investment opportunities are not currently being considered, the individual concludes that a draw-down on savings, leaving a cushion for contingencies suited to individual circumstances, is the correct financial decision. For reasons discussed later, the simple mathematical logic leading to this conclusion tends to become obscured at the corporate level. When Leveraged Studies Are Inappropriate or Premature Surprisingly, I have heard of a number of companies that could afford to finance an investment solely with internal funds, which have made DCFROR (i.e. discounted-cash-flow rate-of-return) studies not only on a 100% equity basis but also on a leveraged basis. Certainly, a leveraged study would be appropriate if additional projects were competing for more capital than was available internally. Often, however, other projects are not far enough along to warrant a leveraged study and there is some danger that a project may be undertaken because it has an estimated acceptable rate of return, on a leveraged basis, that is not ultimately earned because some of the other projects are postponed or abandoned and borrowing is less than expected. For the above reasons, until it has been determined that (1) borrowing is a reasonable certainty for a particular project and (2) the timing and amount to be borrowed has been determined within a reasonable range of accuracy, I believe it is inappropriate and misleading to calculate DCFROR for a project other than on a 100% equity basis. Even when there are several projects currently competing for funds and borrowing will be required to finance one or more of them, using the common yardstick of calculating DCFROR on a 100% equity basis is a safer method to initially evaluate and compare the attractiveness of the projects. Many companies, whether they would have to borrow or not, will reject projects that on a 100% equity basis do not meet their minimum rate of return standards. Some companies which have to borrow will undertake a project provided the project's DCFROR on a leveraged basis meets its minimum return standards. The danger of this approach is that even moderate shrinkages of estimated cash flows could plunge return below

Jan 1, 1985