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By J. V. W. REYNDERS

NOT only is your toastmaster silver-tongued in his references 'to myself, but he is also quite in the habit of "saying it in silver." I have analyzed with some care his statistics of the world's silver production, which have been distributed here along with the menu, although frankly from the point of view of most of us, the distribution rather than the production of silver is of immediate concern. Unlike the performers by whom we have been entertained between courses, the rest of us on the program will have to do without costume or musical accompaniment, which as my friend Rains can testify puts an artist under severe strain. I am entitled by right of office and of precedent to receive your attention for ten minutes. The Governor, who appears on the program as a speaker; however, has asked me for five minutes of my time, and Senator Thomas has insinuated that he would appreciate one-half of the remainder, wherefore, I must ask your close attention to the very brief remarks that I am able to make under such restricted circumstances. To begin with, I want you to believe that I am approaching the task set by your toastmaster with misgivings. In looking over the Institute records relating to the Salt Lake City meeting of 1914 for some precedent as to what I ought to say, I found but one reference-and that of the following indefinite char¬acter-" and Friday night there was a hilarious banquet to 350 members and guests."

Jan 1, 1925

JOHN W. BELL, *Montreal, Quebec, Canada (communication to the Secretary?). The test results in Mr. Taggart's paper will, I am sure, be recognized as a notable contribution, and of great assistance in the study of the performance of the Hardinge mill. I regret, however, being obliged to note that Mr. Taggart still retains. such confidence in the Kick-Stadler method of computing the ?relative mechanical efficiency" of crushing machines. The Rittinger-Kick graph submitted by Mr. Gates and the tests made at McGill University disclosed precisely the same fundamental defect in the Kick-Stadler theory. Consequently, I have been obliged to recalculate in terms of Rittinger surface units the results obtained in the 28 rock-crushing tests cited by Mr. Taggart, in order to find- out what the relative efficiencies really were. In order to show the large discrepancies between the Stadler and Rittinger R. M. R's, the most, efficient result disclosed by each method is represented by the number 100, and the R.. M. E.'s for the other tests have been recalculated on this basis. The results will be found in Table 1. Personally, I look forward to the time when we shall cease to talk about "relative mechanical efficiency" and merely refer to the "efficiency" of a crusher. All that is required to accomplish this is to agree on a standard method for determining the "crushing constant" of a given rock and a standard method for calculating the efficiency. The figures in the fourth column of Table 1 have been derived by assuming a constant of 2,000 for the quartzite crushed in the Yale tests. The Stadler method sometimes indicates changes in efficiency produced by, changes in operating conditions, as I pointed out in a paper describing rock-crushing tests made at McGill University. It is, however, not enough to determine that certain changes increase or decrease efficiency; surely it is equally important to determine the magnitude of these variations. By examination of Mr. Taggart's results, I have been obliged to conclude that the size of feed and amount of reduction greatly influence the Stadler R. M. E. figures, that they are positively misleading. It should be mentioned that since the majority of the tests have been made at the least efficient feed rates, and since, moreover, it is one of the evidently very important factors affecting efficiency, it is possible that different results might be obtained by a high-tonnage feed series, and that

Jan 8, 1917

By E. A. Holbrook

AS A whole, engineering schools have not awakened A to the fact that the workmen compensation laws passed in most of our states between 1914 and 1917 effected a quiet but none the less real revolution in. the relations between labor and management; no longer are industrial accidents unfortunate or careless happenings over which we feel a humanitarian interest and sorrow, they are a cost of the process and the finished product, as vital as improved design and increased efficiency. Last year the writer and others made a committee report to. the American Institute of Mining and Metallurgical Engineers on the cost of accidents in the coal industry of Pennsylvania. Comparatively the accident record in Pennsylvania coal industry is not high, yet the direct compensation cost plus the interference with operation cost of accidents was over 5 per cent. of the total cost of producing the coal. This stands out more vividly -if you realize that about 70 per cent. of the' cost of producing the coal is for payment of labor, wages that are fixed and over which engineering efficiency and management skill have little or no direct effect. This leaves 30 per cent. of the cost chargeable .to hoisting, haulage, overhead 'and other items subject to engineering control. One sixth of this is due to cost of accidents. Surely a direct place 'for an engineering attack.

Jan 1, 1925

By Burton Atkinson, David Johnston

Evaluation of Ellenburger reservoirs in West Texas has been an uncertain matker at best because of the lack of cores and suitable core-analysis method. Large amounts of oil arc produced from sections from which sample cuttings are obtained that contain litile porosity and no oil saturation. It has long been realized that the formation in some areas contained numerous fractures and solulion cavities that probably contained the major part of the oil present but the magnitude of the porous system conltaining oil has been unknown. Diamond coring cquipmene, used in the mining industry lor many years, has been developed for oil-field use to obtain high core recovery in fractured dolomite that is not possible with conventional coring equipment. A 36ft section of the core recovered from a fractured Ellenburger reseivoir waS analyzed by a unique but simple method to obtain the first defmite evaluation of one section of the producing formation. The cores and the method of analysis used are described and the results arc discussed in some detail. Discussion The first successful known analyses of cores recovered from the Ellenburger formation in the Permian Basin area were made on cores recovered with the use of diamond core heads. Conventionul coring methods previously used have had lour core recovery and standard methods of analysis have proved to be inadequate for evaluation of those cores that were recovered. Core Descriplion The Ellenburger formation to be dis cussed was cored using diamond core heads and oil-base drilling fluid. Of the total 103 ft cored to a depth of 8893 ft in the Ellenburger, 99 ft or 96 pct was recovered. The dolomite cores were described as gray to white, crystalline to coarscIy crystalline, with chert and calcite inclusions. Occasional shale partings ? to ¼ in. in width were noted. A small amount of green clay was found in some of the coarsely crystalline material. So intergranular porosity was found by inspection in any of the cores. The core urns highly fractured over most of its length with not more than two continuous feet that failed to contain fractures. The fractures Were nearly vertical and varied in width from those harely visible to as much as one millimeter. Scattered solution voids, or vugs, as large as 3 cm in diameter occurred in association with same •a

Jan 1, 1949

By G. R. Fritterer

INVESTIGATORS in the field of temperature measurement have long sought a thermoelectric couple fulfilling the following requirements: 1. It should be useful up to and including high industrial tempera-tures; i. e., 1000° to 1800° C. 2. Its thermoelectric variation with temperature should be linear and be maintained after heating to high temperatures for long periods of time. 3. It should be reproducible; i. e., different couples of the same elements should have similar calibration curves. 4. Its thermoelectric power should be large so as to allow the industrial use of rugged recording instruments. 5. Chemical reactions with, and physical changes within the elements of the couple should not alter its calibration. No thermocouple proposed to date exhibits simultaneously all of these characteristics, whereas the couple about to be described fulfills all requirements to a satisfactory degree.

Jan 1, 1933

By JOHN D. SUMMER

THE Premium Price Plan for copper, lead, and represent, the approach of the Office of Price Administration to the urgent of wartime problem of securing increased output of nonferrous metals. Some of the problems encountered in too operation of the Plan and the considerations which led to it?s adopt it will here he reviewed. The Plan provides for extra payment by the Metals Reserve Co., to mine operators who exceed established quotas of production. Producers are thus directly, compensated for the higher costs of working ores that are not commercial at the ceiling price, although the metal obtained from these ores is directed into regular channels of distribution at the established prices for copper, lead, and zinc. Higher-cost metal is thus available to fabricators and to the government agencies at the regular ceiling price and the dual objective of increased production and table pries is achieved.

Jan 1, 1943

By N. A. D. Parlee, I. D. Shah

The solubilities of oxygen in liquid Ag-Au, Ag-Pt, and Ag-Pd alloys have been determined in the range of 940° to 1200°C at 1 atm pressure of oxygen using an improved Sieverts technique. The additions of gold (0 to 57 pct), platinum (0 to 27 pct), and palladium (0 to 22 pct) to liquid silver continuously decrease the solubility of oxygen in liquid silver. Activity coefficients and interaction coefficients of oxygen in these alloys and have been calculated. The interaction coefficientscan be described by the following equations: Approximate second-order interaction coefficients (pM have been calculated. The contribution of the product, pMxNM, to In yo only becomes significant at high alloy concentrations. RECENTLY several investigators1"3 have redeter-mined the solubility of oxygen in liquid silver. In general the recent findings1" for Po, = 1 atm are in good agreement with the equation:4 log %O = 695.4/T + 1.086 [1] It is established1, 2 that the solubility of oxygen follows Sieverts' law reasonably well, at least up to 1 atm partial pressure of oxygen. It should be noted that a very slight deviation from Sieverts' law has been reported by Lupis and Elliott.3 Only recently has the solubility of oxygen in Ag-X binary liquid systems received much attention, and only the Ag-Cu, Ag-Au, Ag-Pt, and Ag-Pd systems have been studied. Par lee, Sacris, and zoellners reported that the solubility of oxygen in liquid silver increases progressively with the small additions of copper (0 to 0.5 pct) up to the point where the copper oxide phase appears. Lupis and ~lliott~ have reported that the solubilities of oxygen in liquid silver decrease progressively with the additions of gold, platinum, and palladium. However, their investigation was limited to 0 to 5 pct of these alloying elements, a range too limited to satisfy the requirements of the research program of this laboratory, where the solubilities of oxygen in the range of 0 to 30 pct were required for the calculation of chemical diffusion coefficients of oxygen in these alloys. The present paper deals only with the solubilities of oxygen in these alloys while another paper will deal with the diffusion of oxygen in these alloys. EXPERIMENTAL METHOD A Sieverts technique was employed which involved an improved design of the reaction tube, Fig. 1, as described briefly in a previous communication.4 Liquid melts (70 to 100 g) were held in Norton Alun-dum crucibles. The induction furnace used had a maximum output of 2.5 kw with very fine control. This induction system had excellent stability and the final equilibrium temperatures measured by calibrated Pt-Pt, 10 pct Rh thermocouples are believed to be within ±2C. These thermocouples were checked against the melting point of pure gold wire, and the results agreed with standard tables (±l°C). Each run involved a careful sequence of operations. The sample was heated to and held at about 900°C in vacuum for 3 to 4 hr with the thermocouple in a retracted position. After melting, the melts were usually exposed to a small amount of oxygen (0.5 to 2.0 cu cm) and then degassed slowly for 1 to 2 min to remove any oxidizable volatile impurities such as carbon and sulfur as CO, CO2, SO2, and SO forth. Argon gas was then allowed to enter the system. The protection tube containing the thermocouple was then

Jan 1, 1969

(Under this heading will be published notes sent to the Secretary of the Institute by members or other persons introduced by members) Member, Graduate Colorado School of Mines. Four years' experience in West and Northwest. Two years with American Smelting and Refining Co. Wishes to join field party on geological work, mining or areal, where opportunity will be given to be of direct assistance to chief of party in solution of field problems. Age, 26. Unmarried. At liberty June 1. No. 342. Member, technical graduate, aged 30, with' 7 years' experience in concentrating and mining, desires a position of authority with reliable company. At present employed. No. 343. Member. Ambitious, energetic, tactful engineer, college graduate, married, aged 30, desires location with a large coal mining organization. Seven years with present employers -n middle west; has had broad experience in the past eight years on examination, development and construction; successful record in handling men. Position must carry responsible work and a future. Will go anywhere for proper opportunity. Exceptional references as to reliability, character and capacity for work. No. 344.

Jan 3, 1917

By Stuart St. Clair

IN view of the great interest shown in the oil possibilities of Kentucky, one is impressed with the paucity of reliable literature on the oil fields of the state. A few brief reports by the Federal and State Geological Surveys are about the only reliable data available. When the estimated production figures, for 1918, are published by the U. S. Geological Survey, they will show a revival of the oil industry in the Blue Grass State during the past half decade. There will also be an increase in the production for 1919 and 1920, at least. Although as an oil-producing state Kentucky is small, compared with sonic of the other oil states, the present production and the area of undrilled proved territory is large enough to classify it as one of the important oil states of the Union. This paper will be confined to the Irvine District and the immediately adjoining areas which have been prospected with varying success. The Corniferous limestone or Irvine sand is the oil-producing formation in the area discussed.

Jan 7, 1919

By W. H. C. SIMMONDS

The mining, metallurgical, and petroleum industries can be viewed as financial or as social institutions or both. The differences between these two conceptions of their businesses will influence their environmental 'and social actions. During the next 10-20 years western industry will be subject to a drop in the growth of a more highly educated labour force and to the emergence of holistic economics, new national goals, and a new ecological perspective. The profitability of the mining industry may therefore be influenced by the human side of its business to a greater degree. The increasing human, social, and environmental responsibilities can be discharged by improving the miner's equipment; by learning to look at situations through the eyes of all those involved; by developing common 'languages' which governments and the public can understand; and by mediating where feasible on the international scene.

Jan 1, 1978

By F. L. Grammer

In these day, when anthracite is less extensively used as a blastifurnace fuel than it was a generation ago, and managers endeavor to maintain regular and known ore-mixtures, the " freezing " of tuyeres, cinder-notch or iron-notch is infrequeut; and, consequently, the oil-burner or " kerosene blowpipe "* is seldom employed; and furnace-foremen have, to a considerable degree, forgotten their former cunning and persistency in the use of the drill and sledge. Still, in starting new or abandoned plants with untrained labor, and in running some of our large 100-ft. furnaces, slips, resulting in very cold furnaces, may occur, even under experienced managers. During my superintendence of the Cleveland, O., blast-furnaces, such a misfortune, owing to a dearth of trustworthy foremen, was experienced; and our electrician, Mr. Thomas Martin, proposed to open the tuyeres and cinder-notch by means of the heat of the electric arc. We have heard that the surface-cracks or marks developed in rolling heavy plates have been closed by electric welding, as by a soldering-iron, and also that an electric burner has been employed at some German blast-furnaces; but the experiment was quite novel to us; and I think it constituted one of the first, if not the very first, successful application of this device, for the purpose named, in the United States. †

Jan 1, 1902

Jan 1, 1882

By Harrison Schmitt

The definitions of the terms commonly used in connection with metamorphism at elevated temperature near igneous contacts are re-examined. As the study of tactite zones associated with igneous contacts progresses, more and more emphasis is put on the localization of the ore by structural forms. The generally early age of the silicates and late age of the sulphides is well established. Postsilicate structural deformation is likely to localize ore bodies. The silicates are often replaced by the ore minerals. we may not be far from proving that the elements involved in the formation of silicate aureoles are merely normal "volcanic" emanations, that silica, lime, magnesia, and alumina, and probably soda and potash, are likely to undergo local transfers only. The work of Newhouse suggests the agents of the formation of sulphides in deposits of various classifications are the volcanic emanations. Introduction The purpose of this paper is to define the terms commonly used in connection with the subject, to briefly review and discuss the broad features of the aureoles, to indicate some of the features lately recognized: to discuss the genesis, and to suggest how the associated ore deposits can best be studied and developed. When developing a subject in mining geology one is soon conscious of the vast amount of pertinent literature and that most relevant ideas, no matter how obscure, have been considered. One can only hope to make some small contribution in point of view, a few confirmatory observations, or, perhaps, suggest a small new idea indebted to the most recent data. It is nearly impossible, also, to give specific credit, and adequate credit, to all the contributors to a given subject. This study, furthermore, was not intended to cover the field exhaustively, nor is the bibliography complete. Definition OF Terms There is much confusion in the use of the broad terms concerned. Needless to say, metamorphism means change of form; metasomatism, change of substance. The term contact metamorphism, however, has been widely misused possibly by a majority of economic geologists and engineers. As originally adopted by European investigators it meant changes effected largely by heat (thermal effects) in the rocks invaded by plutonic intrusives, but did not include those local changes usually at the immediate contact brought about by the addition of substance, i.e., by metasomatism. The term has become clouded. In Europe it has

Jan 1, 1949

By Harrison Schmitt

The definitions of the terms commonly used in connection with metamorphism at elevated temperature near igneous contacts are re-examined. As the study of tactite zones associated with igneous contacts progresses, more and more emphasis is put on the localization of the ore by structural forms. The generally early age of the silicates and late age of the sulphides is well established. Postsilicate structural deformation is likely to localize ore bodies. The silicates are often replaced by the ore minerals. we may not be far from proving that the elements involved in the formation of silicate aureoles are merely normal "volcanic" emanations, that silica, lime, magnesia, and alumina, and probably soda and potash, are likely to undergo local transfers only. The work of Newhouse suggests the agents of the formation of sulphides in deposits of various classifications are the volcanic emanations. Introduction The purpose of this paper is to define the terms commonly used in connection with the subject, to briefly review and discuss the broad features of the aureoles, to indicate some of the features lately recognized: to discuss the genesis, and to suggest how the associated ore deposits can best be studied and developed. When developing a subject in mining geology one is soon conscious of the vast amount of pertinent literature and that most relevant ideas, no matter how obscure, have been considered. One can only hope to make some small contribution in point of view, a few confirmatory observations, or, perhaps, suggest a small new idea indebted to the most recent data. It is nearly impossible, also, to give specific credit, and adequate credit, to all the contributors to a given subject. This study, furthermore, was not intended to cover the field exhaustively, nor is the bibliography complete. Definition OF Terms There is much confusion in the use of the broad terms concerned. Needless to say, metamorphism means change of form; metasomatism, change of substance. The term contact metamorphism, however, has been widely misused possibly by a majority of economic geologists and engineers. As originally adopted by European investigators it meant changes effected largely by heat (thermal effects) in the rocks invaded by plutonic intrusives, but did not include those local changes usually at the immediate contact brought about by the addition of substance, i.e., by metasomatism. The term has become clouded. In Europe it has

Jan 1, 1949

By T. P. Floridis, J. H. Young

The need for close control of the phosphorus content of steels has led to numerous investigations on the equilibria of the dephosphorization reactions. Winkler and chipman1 have established the general conditions for effective dephosphorization of steel. They are high slag basicity, high oxygen potential, and low temperature. Other investigators have made additional contributions to the understanding of the dephosphorization process. The current status of the understanding of the dephosphorization of steel is concisely presented by Bodsworth2 and by Ward. The investigation reported in this communication was undertaken with the purpose of establishing the effect of additions of barium oxide and calcium fluoride on the dephosphorizing capacity of slags. Esin and Gel'd4 proposed that barium oxide, being more basic than calcium oxide, should cause an increase in dephosphorizing capacity when added to steelmaking slags, or when used as a substitute for calcium oxide. Derge5 has also proposed that in the future conventional slags might be replaced by BaO-Al2O3 slags. There is, however, no experimental evidence confirming the effect of barium oxide on the dephosphorizing capacity of slags. The effect of calcium fluoride on the dephosphorization of steel is not clearly understood. It is generally recognized that additions of calcium fluoride are beneficial. It is not clear, however, whether calcium fluoride affects the equilibrium of the dephosphorization reaction, or whether it simply causes an increase in the fluidity of the slag and, consequently, faster approach to equilibrium. The experimental procedure consisted in equilibrating synthetic molten slags with liquid copper at 1550°C under a gas stream containing argon, hydrogen, and water vapor. In all experiments the argon to hydrogen ratio was approximately 4:1, and the hydrogen to water ratio was 5.42:l. Molybdenum crucibles were used as containers for the slag and metal. Under the above-described conditions of temperature and composition of atmosphere, there was no observable attack of the crucibles by the metal, slag, or atmosphere. Copper was used instead of iron, because iron attacks molybdenum. The equilibration was made in a tubular furnace consisting of a recrystallized alumina tube. The alumina tube was heated by electrical resistance. A Pt-40 pct Rh wire winding was used for most runs. A silicon carbide tubular resistor was also used for some runs. Temperatures were measured with a Pt-Pt-Rh (10 pct Rh) thermocouple and kept constant within ±5°C. Equilibrium was approached from both sides, i.e., by adding the phosphorus either as oxide in the slag or as a phosphorus-rich alloy of phosphorus and copper. The holding time at the equilibrium temperature was 6 hr. At the end of each run the crucibles were rapidly cooled and removed from the furnace. The slag and metal were separated and analyzed. The experimental results are shown in Table I. The phosphorus content of the slag is expressed both as percent phosphorus pentoxide and as percent phosphorus. The basicity ratio is computed by dividing the number of moles of basic oxides-oxides of barium, calcium, magnesium, and sodium—by the number of moles of acidic oxides- oxides of aluminum, phosphorus, and silicon. Calcium fluoride is not included in the computation of the basicity ratio; i.e., calcium fluoride is assumed to be neither basic nor acidic. The distribution ratio of phosphorus—percentage of phosphorus in the slag divided by the percentage of phosphorus in the metal- is plotted in Fig. 1 against the basicity ratio. The results indicate that slags containing barium oxide have greater dephosphorizing capacity than slags containing calcium oxide. The high dephosphorizing capacity of slags containing sodium oxide and the low dephosphorizing capacity of magnesia-containing slags which already have been reported in the literature2 are confirmed by the results of this investigation. It appears that calcium fluoride has a beneficial effect on the distribution of phosphorus between slag and metal in acid slags only. Although the obtained distribution ratios between the phosphorus contents of slag and copper are not directly applicable to the dephosphorization of steel, they are sufficient for evaluating the effect of slag additions on the dephosphorizing capacity of slags in general. An increase in the ratio of distribution of phosphorus between slag and metal indicates lowering

Jan 1, 1968

By J. W. Cunningham, W. A. Tiller, D. H. Lane

The effect of ultrasonic vibrations on ingot solidification has been considered both theoretically and experimentally. The theoretical section elucidates the mechanisms by which the ultrasonic vibrations might refine the ingot structure. The experimental section describes a very efficient means of introducing the ultrasonic vibrations to the freezing interface. The application of this technique to the consumable-electrode arc melting process shows that the columnar mode of freezing may be effectively suppressed yielding an ingot structure consisting predominantly of equiaxed grains. The results support the contention that the ultrasonic vibrations increase the nucleation frequency in the layer of liquid adjacent to the freezing interface. CERTAIN structural characteristics of as-cast ingots are undesirable since they create considerable difficulty for subsequent processing and often produce defects in the finished product. These structural defects are illustrated in Fig. 1(a), and are: 1) planes of weakness where columnar grains growing from the different mold faces meet, 2) strength anisotropy due to the preferred orientation of the columnar grains and 3) inhomogeneity due to segregation at dendrite boundaries within the columnar grains and at the columnar grain boundaries. The type of ingot structure that eliminates 1) and 2) and diminishes 3) is the fine-grained equiaxed structure illustrated in Fig. 1(c). Many attempts have been made to produce the desirable ingot structure illustrated in Fig. 1(c) by inoculating, casting with varying superheats, vibrating or stirring, or by irradiation with ultrasonic vibrations. These attempts have met with various degrees of success, the ingots generally having the structure illustrated in Fig. 1(b). All four methods have been the subject of numerous investigations,1"4 the latter producing the most erratic behavior and inconsistent success. The method of ultrasonic irradiation during ingot solidification has shown considerable promise on small-scale ingots (diam 2 in.) but has not yet been successfully adapted to large-scale operation. The present paper considers the application of ultrasonic radiation to ingot solidification both theoretically and experimentally. The purpose of the paper is to elucidate the mechanism by which ultrasonic energy refines the ingot structure and to describe a method for producing the desirable ingot structure in both laboratory scale experiments and in ingots of commercial size. THEORY Conventional Casting—Before discussing the possible effects of ultrasonic radiation upon ingot structure let us first briefly review the reasons for the breakdown of columnar crystallization to equiaxed crystallization during ingot solidification. The following is a slightly oversimplified description. In the conventional method of casting, the alloy having a certain degree of superheat, T, is poured to fill a cold mold which is at room temperature, Tc,. Due to conduction of heat through the mold wall the outer rim of liquid metal cools rapidly to the liquidus temperature and begins to supercool. At some degree of supercooling, nuclei of solid form at random in this supercooled layer at the mold surface. The grains in this chill layer begin to grow inwards producing a solute build-up, thus lowering the freezing temperature at the interface as illustrated in Fig. 2. As growth proceeds, the temperature gradient in the solid conducts away not only the latent heat of fusion evolved during growth but it also conducts away some of the superheat of the melt so that the temperature

Jan 1, 1961

By Canada Ernst & Whinney

INTRODUCTION The principal objective of this chapter is to provide guidance in understanding and making effective use of published financial statements of mining companies. Although financial statements only represent a gathering together of information relevant to an enterprise's financial position and results of operations, they increasingly reflect the complexities of the modern day business environment. In the mining industry, a wide variety of accounting practices have evolved to deal with the unique aspects of the business in the absence of authoritative accounting pronouncements from standard-setting bodies. Given such complexities and divergent practices, financial statements of mining companies are not easily understood and cannot be used effectively as a tool in decision-making without a basic knowledge of fundamental accounting concepts, generally accepted accounting principles and their application in the mining industry. As such, this chapter is not restricted to a discussion of the accounting for the unique aspects of the mining industry. These aspects are dealt with at length but the text also includes a discussion of general accounting concepts and practices which have wide application in the mining industry. Frequent references are made in the text to international practices and to specific rules and requirements of individual countries. In this respect, the scope is restricted to four major mining environments, Canada, the UK, the US and Australia, all of which have made significant contributions to the development of generally accepted accounting principles. Acknowledgements This chapter was prepared under the direction of Ian Murray of Ernst & Whinney in Toronto, Canada. Contributions were received from Graham Butt, Mark O'Sullivan and Dominic Robinson, all from Ernst & Whinney in Toronto and Bill Duvall and Tom Schoenbaechler from Ernst & Whinney in Louisville, Kentucky, US. The authors would also like to acknowledge the assistance received from David Ferguson, Don MacLean, David Taylor and Susan Zoutman from Ernst & Whinney, Toronto, from the UK and Australian practices of Ernst & Whinney and from Ernst & Whinney International. FINANCIAL STATEMENTS - ELEMENTS AND CONCEPTS Financial statements were originally a stewardship report to owners to satisfy them that management had given a proper account of the resources with which it had been entrusted. Today, the number of users of financial statements has expanded to include the following groups: - shareholders, present and prospective; - lenders, present and prospective; - financial analysts; - regulatory authorities; - taxing authorities; - labour unions and employees; and - creditors and customers. The expectations of these user groups differ. For example, investors and lenders require information that will indicate the adequacy of their security and the profitability of the enterprise; taxing authorities will be concerned with the concept of income; labour unions and employees will focus on the profitability of the enterprise. Ground Rules for Preparing Financial Statements Responsibility for Financial Statements Financial statements are the representations of management. This may strike the reader as a rather obvious statement. It is important to remember, however, the role of judgment in accounting. Notwithstanding the promulgation of accounting standards in the developed countries, considerable flexibility remains in the selection of accounting practices and methods and in their presentation. Arguably, there is more flexibility in the mining industry as few countries have developed standards to deal with its unique aspects. Accordingly, financial statements are as much a product of management's perspective and philosophy as they are a compliance document.

Jan 1, 1985

By J. Brian Eby

As is generally understood, the word geophysics means literally ?the physics of the Earth? and the science of geophysics is therefore that which treats of the study and measurements of the various physical properties of the Earth. The broad and general study of the elastic, the gravimetric. or the magnetic properties of the Earth as a whole belongs to the general science of geophysics. The detailed application of this science to rocks of shallow depth and in small areas for the purposes of ascertaining data on their character and structural attitude gave rise to the present well-known science of ?applied geophysics.? Since the discovery of enormous new quantities of oil, gas, and sulphur has been by far and wide the principal benefaction of geo-physics in the United States, this paper will refer only to geophysical methods employed in the search for these particular minerals. The application of methods and appliances originally used for geophysical research to the solution of the practical problems of finding new oil-fields, plus the counterflow or new and highly refined techniques and Instruments from the company and consulting geophysical research laboratories and into non-economic geophysical research, has provided another case of that gen-eral cycle of events which is familiar to all scientists. That this closed-circuit flow or scientific current has been tremendously important to the whole science of geophysics is probably well known to all members of this audience, but the gen-eral status of the exploratory geophysical arts as now used In the search for new oil-fields, the scales on which different methods are being used, the magnitude of the costs involved, and the far greater magnitude of the practical results achieved may not necessarily have come so directly to your attention. It is, I understand, for this reason that this paper has been sug-gested, and I shall seek to provide the information requested by using as case-illustrations those changes in the oil-reserve picture for the United States as a whole, and for the Gulf Coast, California, and Illinois Basin regions in particular, which have occurred in the period of the past 17 years, during which time oil-field discoveries have proceeded at a rate which served to build up known and readily-available (or proven) oil supplies to a reasonable figure, and have dispelled the fears of a serious oil shortage during any period for which valid fore-casts can be made. Not that geophysical-prospecting methods have alone been responsible for this transformation, but they have an indispensable and leading part in the picture of exploration and production-to which geophysics, geology, engineering, and general technical progress have jointly made contribution. So far as the United States as a whole is concerned, its total proven, probable, and possible oil reserves (discoverable and recoverable by then-known methods) were estimated at about nine billion barrels in 1920, whereas proven reserves alone are now com-puted at about 16 billion. In 1920 the driller in ?wild-cat? territory was faced with the knowledge that for every new oil-field opened by a successful well, from 20 to 100 unsuccessful wells would have to be drilled and, in some territories, that the chances for a discovery were really less than one in 100 for new drilling, in contrast to which may be cited the record for the past year in parts of Louisiana where the 67 wells drilled opened 16 new oil-fields, that is to say, where the score of hits to misses was increased to approximately one out of four.

Jan 1, 1940

By R. M. Briney

A RETURN to nonwar conditions characterized the year 1946. The acquisition and forced use, under Government auspices, of low-grade and uneconomic ores, both foreign and domestic, ceased in 1945, but there was some carry-over into the early months of 1946. The world shipping situation delayed the procurement of some foreign ores, but conditions were improving by the end of the year. No actual shortage of any important alloy was experienced, hence the industry was able to make prompt shipment of orders placed. Price levels of ferroalloys, which had remained virtually constant through the war years, were forced upward, with increases on specific products as conditions necessitated. Standard ferroman-ganese and low-carbon ferrochrome were notable exceptions in that their price did not change. No new ferroalloy smelting plants were constructed. The Defense Plant Corp.. sold the works at Ashtabula, Ohio, to the Electro Metallurgical Co. A new type of ferroalloy furnace was described at the Birmingham meeting of the Electrochemical Society. Known as the "Elkem Rotary Furnace" it is distinguished by a rotating shell. The whole furnace, including shell, refrac-

Jan 1, 1947

By D.E. Norquist, J. E. Moeller

The results of wear on marked balls, 4, 31/2, 3, and 2 in. diam are given. All balls were forged steel of practically the same chemical analysis and hardness. The results indicate that balls in a given mill for a given length of time will have equal diameter losses, regardless of size. IN order to determine the relative wear rates of several sizes of grinding balls, groups of 4, 31/2, 3, and 2 in. balls were marked individually and were charged, all at the same time, into each of two production mills grinding copper ore. The remainder, and vast majority, of the ball charge consisted of 2 in. diam, and smaller, white, cast iron balls. The original weight of each test ball was determined and recorded. Some of each group of test balls were recovered from the mills periodically, individually reidentified, and reweighed. The test balls were recovered during regular maintenance shutdowns, at approximately thirty-day intervals, so as to avoid disrupting operations. As soon as the weights had been recorded, each marked ball was recharged into the mill from which it had been taken. The test units were mechanically the same and theoretically received equal tonnages of feed. All of the test balls were of forged, alloy steel composition with only slight variations in chemistry that would not be expected to affect the physical properties. All were heat treated in the same manner to produce a high hardness, as equal as possible for all sizes and as uniform as possible from surface to center. Generally speaking, the hardness of the portion worn from the balls during the test ranged from 62 to 65 Rockwell C. The microstructure was, therefore, predominately martensitic. The method of marking the test balls consisted of forming a small, round hole, 3/16 or 1/4 in. diam, into the center of each test ball with a Thomas Metal Master disintegrator, which produces a hole in fully hardened steel without affecting the hardness of the surrounding metal. After the hole was formed, each test ball was individually weighed to the nearest gram and the weight was recorded. The balls were grouped as to size and each group assigned a code letter. The individual balls within the various groups were then assigned a number. A small copper disc was stenciled on one side with the group letter and on the other side with the individual ball number and dropped into the hole in the corresponding test ball. The hole was then plugged with a low-melting-point metal alloy, which could be melted out in boiling water. Half of the test balls in each group were charged into one mill and the other half into another mill, so that all test balls in each mill would be subject to, as nearly as possible, identical conditions for an equal length of time. Previous testing had indicated that the wear rates on balls of different sizes could not be accurately compared if weight loss, or percentage weight loss, were used as a basis for comparison. Fig. 1 is a graphic record of the average weight loss for each size group in mill No. 1, and it becomes readily apparent that the larger balls lose substantially more weight in a given length of time. Fig. 2 is a graphic record of the average percentage weight loss for each size group in mill No. 1, illustrating that the smaller balls definitely lose a greater percentage of their original weight in a given length of time. It was, therefore, decided to convert the actual weights of the test balls to diameter and follow the diameter losses periodically to see if the wear rates

Jan 1, 1951