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By R. H. Swallow, George Hess

Aerial photography was once a crude, uncertain tool. Today it is a precision mapping instrument which saves important time and money for strip mining and other industry. Aerial photography began in the boxkite days of aviation. The Army first used it for rough reconnaissance photographs. Then, in the early Twenties, industry began to use aerial photographs of their plants and facilities for advertising or annual reports. The quality of these pictures was not very good by today's standards, but this work began the development of better cameras, better lenses, better photographic techniques.

Jan 1, 1949

By Orville R. Lyons, A. C. Richardson

THE Coal Division of Battelle Memorial Institute, during the course of an investigation conducted for a coal producer, carried out extensive sampling of the fine-coal section of a preparation plant. The information obtained during the testing period was used to evaluate the overall plant operation and provided the basis for. recommended changes in the plant flowsheet. Included in the information were data for the results obtained when using a Bird centrifuge to dewater the particular coal being treated. At the completion of the investigation, the coal producer gave Battelle permission to publish the operating data for the Bird centrifuge in order to make this information available to the coal industry. The authors wish to take this opportunity to express their appreciation to this company and its officials for their willing cooperation in the matter of publication. Description of Preparation Plant: The preparation plant on which the data were obtained is primarily a jig plant. The coal being washed is a low inherent moisture, friable, Pocahontus-type. The washed coal from the jig is dewatered and sized at 1/4 in. by a Parrish-type dewatering and sizing screen. The minus 1/4-in. coal and the underflow water from the shaker screen flow to a sludge tank where, after the coal settles, the coal is conveyed by a flight conveyor into a pump sump. The pump, a 300-gpm sand pump, delivers a mixture of fine coal and water to a Bird centrifuge which produces a dewatered cake and an effluent. At the time when the investigation was made, the centrifuge effluent was returned to the sludge tank and the cake product was mixed with a coarser size of coal prior to loading into railroad cars. The semiclarified water from the sludge tank overflowed into a pump sump from which it was pumped to the jig. As originally designed, the preparation plant was intended to operate with a closed water system but it was found, soon after operations started, that for various reasons this could not be done. In order to provide for removal of excess water from the system and to aid in maintaining the desired minimum percentage of solids in the circulating water, the plant was operated to provide from the sludge tank a continuous overflow of water and fine solids that was sent to waste. The centrifuge feed represents approximately 35 tons per hour of minus 1/4-in. coal in the form of a pulp averaging 38 pct solids. Sampling Procedure: In order to obtain basic data for determining the relationships existing in the fine-coal section of the preparation plant, samples were obtained for: (1) the centrifuge feed, (2) the centrifuge cake, (3) the centrifuge effluent, and (4) the circulating water. The sampling was arranged to start on a Monday, in order to begin operations with a sludge tank full of fresh water, and was continued long enough to allow sufficient time for fine solids to build up within the water system or for a two-day, four-shift operating period. All samples were taken at half-hour intervals except when plant stoppages occurred. After a stoppage the plant was

Jan 1, 1951

By Orville R. Lyons, A. C. Richardson

THE Coal Division of Battelle Memorial Institute, during the course of an investigation conducted for a coal producer, carried out extensive sampling of the fine-coal section of a preparation plant. The information obtained during the testing period was used to evaluate the overall plant operation and provided the basis for. recommended changes in the plant flowsheet. Included in the information were data for the results obtained when using a Bird centrifuge to dewater the particular coal being treated. At the completion of the investigation, the coal producer gave Battelle permission to publish the operating data for the Bird centrifuge in order to make this information available to the coal industry. The authors wish to take this opportunity to express their appreciation to this company and its officials for their willing cooperation in the matter of publication. Description of Preparation Plant: The preparation plant on which the data were obtained is primarily a jig plant. The coal being washed is a low inherent moisture, friable, Pocahontus-type. The washed coal from the jig is dewatered and sized at 1/4 in. by a Parrish-type dewatering and sizing screen. The minus 1/4-in. coal and the underflow water from the shaker screen flow to a sludge tank where, after the coal settles, the coal is conveyed by a flight conveyor into a pump sump. The pump, a 300-gpm sand pump, delivers a mixture of fine coal and water to a Bird centrifuge which produces a dewatered cake and an effluent. At the time when the investigation was made, the centrifuge effluent was returned to the sludge tank and the cake product was mixed with a coarser size of coal prior to loading into railroad cars. The semiclarified water from the sludge tank overflowed into a pump sump from which it was pumped to the jig. As originally designed, the preparation plant was intended to operate with a closed water system but it was found, soon after operations started, that for various reasons this could not be done. In order to provide for removal of excess water from the system and to aid in maintaining the desired minimum percentage of solids in the circulating water, the plant was operated to provide from the sludge tank a continuous overflow of water and fine solids that was sent to waste. The centrifuge feed represents approximately 35 tons per hour of minus 1/4-in. coal in the form of a pulp averaging 38 pct solids. Sampling Procedure: In order to obtain basic data for determining the relationships existing in the fine-coal section of the preparation plant, samples were obtained for: (1) the centrifuge feed, (2) the centrifuge cake, (3) the centrifuge effluent, and (4) the circulating water. The sampling was arranged to start on a Monday, in order to begin operations with a sludge tank full of fresh water, and was continued long enough to allow sufficient time for fine solids to build up within the water system or for a two-day, four-shift operating period. All samples were taken at half-hour intervals except when plant stoppages occurred. After a stoppage the plant was

Jan 1, 1951

By C. D. Woodward

THE Anaconda Copper Mining Co. purchases 25,000 kw. of electric power for its mining operations at Butte Mont. This power is delivered, over duplicate feeders, in the form of 60-cycle, 2400-volt, three-phase current, to five compressor plants, where most of the energy is used for driving air compressors. At the compressor plants are located the switching apparatus for controlling the 2400-volt power and distributing it to the various mines. At these points, also, there are a number of motor-generator sets for converting the alternating current to 275-volt. direct current for the haulage systems. Pole lines convey the power from the compressor plants to outdoor transformer substations at most of the mines. When it is not economical to distribute the power at the lower voltages in the mines, transformers and motor-generator sets are placed at strategic points .underground. All power is purchased on a maximum-demand basis, therefore there is installed at one of the compressor plants an eight-element totalizing graphic wattmeter. This instrument records simultaneously the value of all power taken at the numerous points of delivery, which not only eliminates the diversity factor but permits load dispatching between compressor and pumping plants, and thus materially reduces the maximum demand from the power system. As most of the mine hoisting is done, by 90-lb. compressed-air winding engines, the air-compressor equipment for the winding engines and mining operations is quite extensive. The standard air compressor has a rating of 7500 cu. ft. per min. of free air, and most of the compressors are directly connected to synchronous motors. The synchronous motors are designed for 80 per cent. leading power factor, thus facilitating power-factor correction of total mine load. Consequently by cooperation with the power company, the voltage of the power received at the compressor plants is constant.

Jan 2, 1922

To THE BOARD OF DIRECTORS AND THE MEMBERS OF THE AMERICAN INSTITUTE OF MINING AND METALLURGICAL ENGINEERS GENTLEMEN: Herewith are transmitted the joint report of the Treasurer and Finance Committee for 1935 and the reports for the same year of the Chairmen of the following Committees: Admissions, Membership, Papers and Publications, Library, MINING AND METALLURGY, and Rocky Mountain Income. . To these reports you are referred for details of the year's activities. Finances. : Income continues to increase the total for the year 1935, being $141,754 compared with $134,967 in 1934, and $121,689 in 1933, which was the lowest reached during the depression. The principal increases were $2000 in Current Dues; $2400 in Dues from New Members; $2000 for Advertising in the monthly magazine MINING AND METAL¬LURGY; and $1600 in Sales of Authors' Reprints and TRANSACTIONS volumes. Income from Dues in Arrears was $1000 less as a consequence of the fact that arrearages had been largely reduced during 1934, so that there were fewer from which to draw.

Jan 1, 1936

By Richard Moldenke

So FAR as the quality of the product is concerned, the history of the production of pig iron for foundry purposes is one of constant retrogression. The steps in this deterioration began with cold-blast charcoal pig iron, then anthracite iron, coke iron; then gradually warm to hot-blast coke iron, with the charcoal furnaces also heating their blast to get greater tonnages, and finally the present day hot-blast coke irons with scrap additions to the ordinary burden that, according to one European report, have gone as high as 135 per cent. Parallel with this quality retrogression is the enormous increase in furnace tonnages from about 15 tons daily to over 1000 tons per day in exceptional instances of modern practice. The key to this situation is economic pressure. The effect is a growing differentiation between furnace production for gray iron and malleable foundries and for the production of commercial steel. As the foundry is often compelled to draw upon the pig irons made for steel purposes, for economic reasons, whereas the steel industry does not draw upon foundry pig irons proper, the situation is resolving itself into one of grave consequence for the life of the gray-iron castings industry, and hence the intensive present-day feeling in foundry circles for rigid specifications to govern the quality of pig irons sold for foundry use. In the discussion of a paper on the use of scrap in the blast furnace held recently in the Institute, a very pertinent remark was made by one of the participating furnacemen, who confessed that "the things found wrong by the foundryman with his iron were beyond his depth." It may be added that those things are also beyond the depth of most foundrymen who, however, know from their results that they are getting poorer castings today with many pig irons than they did with those same brands in former years. Under the former fracture buying, the foundryman at least could select the strongest metal, as judged by the sledge, from various brands of similar fracture and pig section, and his results proved the soundness of his conclusions. With the advent of iron analysis, and in spite of the growing uniformity of the metal through greater tonnage

Jan 2, 1927

By John T. Schamaun

Recent applications of explosives and blasting agents to rubble rock have led to requirements for more elaborate design and analysis methods. In most blasting uses, it is necessary not only to fracture the rock, but also to move the broken rubble in a predictable manner. Many in situ extraction techniques require rubblization to take place in a confined region where rock motion is a predominate factor in creating a permeable broken bed. In this paper, two analytical methods are presented which describe the large rubble motion during blasting. These methods provide the blast designer with a tool for evaluation and further refinement of blasting patterns and timing sequences. In both these methods, the rock medium is represented by a series of discrete, discontinuous regions. The use of discontinuous techniques rather than the classical continuum methods, results in better approximations to the rubble motion. These regions are set in motion by pressure loads from the explosive. The motion of these regions is then calculated numerically using interaction laws between regions in contact. The basis for these models or methods is presented along with the background for selecting explosive pressure loads and rock mass material behavior. Typical examples, including both cratering and bench blasting geometries, are discussed which illustrate the use of these models to predict rubble motion. Such engineering representations appear to provide a practical method for use in predicting rubble motion and a tool for design evaluation of blasting in confined geometries.

Jan 1, 1984

By Allen Rogers

TWENTY-FIVE DOLLARS for nothing at all except a sheepskin. That to me is the effect of the New York State law for registration of engineers and the same may be said of any of the state licensing laws. Of course, if one has to practice in more than one state, he must pay a more or less equal amount for every state he works in; and yet there has been little effective protest against these laws. It would seem that the spirit which animated the Boston Tea Party is non-existent amongst engineers. Undoubtedly a good many consider, through their failure to understand the law, that the matter does not affect them. In New York State it is provided that "any person practicing or offering to practice profes-sional engineering or land surveying . . . shall be licensed as hereinafter provided." To quote further from the law: "A person practices professional engi-neering . . . who holds himself out as able to do, or who does, the work that an engineer does . . . " The cunning of the wording of this article can only be appreciated by considering that anyone calling himself an engineer falls within the definition; its liberal inter-pretation (I have not quoted the whole of it) would embrace many who do not consider themselves engi-neers. The state authorities may not construe it to include such individuals; indeed, they may possibly consider it inexpedient to extend it to include engineers of subordinate grade, but the possibility is always there and, even though an engineer be of the grade of assis-tant, he may at any time be called upon to substitute for his principal in responsible charge of the work. It is therefore clear that anyone calling himself engineer and practicing engineering must, for his own protection, apply for registration or run the risk of violating the law. Now, what is the sense of all this? We have done very well without such restrictions on the means of gaining our livelihood. If one only stops to think, there is hardly a minute of his modern existence when he is not dependent for his safety on the engineering by engineers of yesterday or today. How often is one in jeopardy through failure of engineering works, work done under the supervision of those same engineers? If all of us had to wait for our ends by such means, our average life would probably be some thousands of years. Where, then, is the point to the object declared in all these laws that the need for licensing is "to safeguard life, health and property?" Bosh!

Jan 4, 1923

By James E. Chapman

The observations here presented are not those of an expert accountant, but of one who, while he has seen considerable service in the accounting departments of large companies, has spent more time in engineering and operating. This paper is intended to cover, in a measure, mine accounting for small mines, as distinguished from the elaborate systems, requiring many persons in the accounting department. I shall attempt to outline a system embracing the essentials of accounting, and simple enough in form to permit one or two persons to carry it on from month to month, in sufficient detail to be able to tell quickly the grade of ore, the prices received for metals, costs per ton for mining and milling, costs per foot for development, upward or downward tendencies in costs, ore settled or in transit, cash on hand, stocks of supplies on hand, efficiency of labor, etc. As in all accounting, there are two main divisions: that of revenue received for what is sold, and that of disbursements made for what is bought, so in mine accounting we have to consider chiefly the income derived from sales of ore or concentrates, and the expenses incurred in producing the said ore or concentrates in a marketable condition. I. Income The revenue of a mining company from the sale of ore or concentrates comes in the form of remittances, accompanied by settlement sheets made out by the buyer of the mine product, such as a smelting company. It is the duty of the mine accountant (or the person to whom this is assigned in connection with other work) to check these settlement sheets, against both the mine weights and assays, and the schedules of prices arranged between the mine and the smelter. As a rule, quotations for silver, lead, zinc, copper and other metals enter into the settlements, and require checking, as do also bills of lading. Each step of the arithmetical calculation is also checked.

Jan 1, 1917

By Cyril Jones

13.9-1. Introduction. Any mining venture or project is undertaken with a view of gaining some benefits, which, with the modern limited corporation, means earning a return to the stockholders for the use of their funds. Thus, any manager, when confronted by an opportunity of expending funds, must realize that the funds should generate a satisfactory return. The problem then becomes one of how the manager should best expend, if he should expend, funds for opportunities that become available to him. In the evaluation of a mineral property, or of a project within an operating mineral property, there must be cognizance of the fact that the final return is dependent on many factors that are not present in other industries. The primary factor in mining operations is the orebody, which has a diminishing life. This diminishing life gives the decision maker a range of choices; for by expending more capital for a larger plant, he can work the deposit out in a shorter period (16). This may, in fact, maximize the return on the investment. Alternatively, he may wish to maximize the total profits, a course which usually requires a lower capital investment and allows a longer working life for the deposit before final depletion. Other factors that have great importance in the evaluation of mining projects are the taxation treatment of mining profits from the viewpoint of depletion, depreciation, and investment credit. Investment opportunities involve expending funds at the present time in return for future benefits. These future benefits have a degree of risk in that the annual amounts of benefits and their duration cannot be fore- cast accurately. The treatment of risk in economic analysis involves the quantification of the degree of variability of the expected future benefits and also of the initial capital expenditure. This treatment in mineral exploration may be extended to cover the initial search for an orebody

Jan 1, 1968

By J. S. Wakeman

INTRODUCTION The primary purpose of comminution circuits in the mineral industry is to reduce an ore to a particle size that will permit separation of the valuable minerals from its gangue constituents. Wide variations in the mineral content and physical characteristics can and do occur throughout a given mineral deposit From the standpoint of their effects on the comminution characteristics of an orebody, these variations may not be identified by the normal sampling and analysis procedures utilized to delimit an orebody and to characterize its grade distribution. The proper design of a comminution circuit for a mineral deposit is very important to the success of that enterprise. It is also an expensive unit process both from the standpoint of capital and operating costs. It is, therefore, essential that any sampling program be designed to identify the variations that may occur that will affect this circuit. Because of the variety of comminution systems that are available, it is also essential that the sampling and subsequent evaluation program be sufficiently comprehensive to identify potentially inappropriate systems or flowsheets. It would be impossible to describe in a single chapter the techniques and approaches that should be utilized for sampling every type of orebody. Each orebody is unique and requires a sampling and testing program designed to its specific requirements for exploration, characterization and circuit design. The following is a general discussion of the guidelines to be used and considerations to be made in establishing such a program. SAMPLE SELECTION When sampling an ore deposit for the purposes of equipment and flowsheet selection for comminution, it is important that the sample composites for grind testing be chosen on the basis of how they will affect the comminution circuit rather than just how they might affect the subsequent metallurgical operations. For example, grindability, classification and liberation size characteristics are more important to the comminution circuit than ore grade. Mineral deposits may contain a multiplicity of ore types that can vary extensively in the dissemination of minerals and optimum liberation size requirements; and may also vary as much as 100% in ore hardness. The accumulation of samples for grind characterization should be done in such a way as to allow the identification of this variation. A proper mineralogical evaluation of the samples obtained to characterize an ore deposit can be a great aid in identifying the individual ore types within the deposit

Jan 1, 1982

By W. J. Romanow

RECENT papers by Williams, Sherwood, and Boothby,1 Seybolt et al.2 Heikes; and Roberts4 attest to the increasing importance of the hexagonal ferromagnetic compound MnBi. Since the magnetic properties of MnBi crystals are highly anisotropic, it is useful and necessary to have appropriate aids for determining their orientations—a (00.1) standard stereographic projection and a corresponding table of crystallographic angles for this structure. The tables of crystallographic angles for the hexagonal system available in the literature5 are computed for c/a ratios greater than that of MnBi and cannot satisfactorily be used to find the crystallographic angles of MnBi. A table of angles between the crystallographic planes (HK.L) and (hk.1) was calculated for MnBi from the formula0 F=are cos Hh+Kk+ 1/2(Hk+hK) + 3/4 (a/c)2Ll/v(H2 + K2 + HK + 3/4 (a/c)2L2) (h2+ k2+hk + 3/4 (a/c)2l2) on an IBM Type 650 Magnetic Drum Data Processing machine. The lattice constants used are listed in Table I and are those determined by Willis and Rooksby7 at 20°C. More recently published values obtained by both X-ray and neutron diffraction"' show no difference from these significant to the calculation. From the crystallographic angles between the basal plane (00.1) and the general plane (hk.1) in Table I, an (00.1) standard stereographic projection was made for MnBi which is shown in Fig. 1. Acknowledgments The author wishes to thank R. G. Treuting and J. N. Hobstetter for their technical assistance, and Miss D. P. Booth for programing the IBM machine for the calculations. He appreciates the opportunity to read the paper of B. W. Roberts of General Electric Co. prior to its publication. References 1H. J. Williams, R. C. Sherwood, and 0. L. Boothby: Bulletin Amer. Physical Soc., 1956 vol. 1, p. 132. 2 A. U. Seybolt, H. Hangen, B. W. Roberts, and P. Yurcisin: AIME Trans., 1956, vol. 206, p. 605: Journal oF Metals, May 1956. 3R. R. Heikes: Physical Review, 1955, vol. 99, p. 446. .B. W. Roberts: A Neutron Diffraction Study of the Structures of Manganese B.W.Roberts:ANeutronDiffractionBismuthide, Physical. Review, 1956, vol. 104, p. 607. 5 A. Taylor and S. Leber: AIME Trans., 1954, vol. 200, p. 190; JouRNal of Metals February 1954. « C. S. Barrett: Structure of Metals, 2nd Ed., p. 635. McGraw-Hill Book Co. New York and London, 1952. 7B. T. M. Willis and H. P. Rooksby: Proceedings Physical Soc., London, 1954, vol. 67B, p. 290.

Jan 1, 1958

PRELIMINARY REPORT PUBLISHED FOR THE PURPOSE. OF INVITING SUGGESTIONS FOR, THE BENEFIT OF THE COMMITTEE 1 As a result of invitations extended by The American Society of Mechanical Engineers, a, number of associations of national scope have appointed representatives on a Joint. Committee on Standards for Graphic Presentation:- Below are the names of the members of the committee and of the associations which have co-operated in its formation. WILLARD C. BRINTON, Chairman,. American Society of Mechanical Engineers. [7 East 42nd Street, New York City.] LEONARD P. AYRES,Secretary, American Statistical Association. [130 East 22nd Street, New York City.] N. A. CARLE, American Institute of Electrical Engineers. ROBERT E. CHADDOCK, American Association for the Advancement of Science. FREDERICK A. CLEVELAND, American Academy of Political and Social Science. H. E. CRAMPTON, American, Genetic Association. WALTER S. GIFFORD, American Economic Association. J. ARTHUR HARRIS, American Society of Naturalists. H. E. HAWKES, American Mathematical Society. JOSEPH, A. HILL, United States Census Bureau. HENRY D. HUBBARD, United States Bureau of Standards. ROBERT H: MONTGOMERY, American Association of Public Accountants. HENRY H. NORRIS, Society for the Promotion of Engineering Education. ALEXANDER. SMITH,. American Chemical Society. JUDD STEWART, American Institute of Mining Engineers. WENDALL M. STRONG, Actuarial Society of America. EDWARD L. THORNDIKE, American Psychological Association.

Jan 10, 1915

By P. Sen, H. B. Barani, P. Sen Gupta

A critical review of the various separation efficiencies reported in literature has been made. Most of the relationships used for evaluating the performance relate to screening, classification, or concentration operations and are applicable to single-stage, two-component systems only. In the present work, a much simpler approach has been used for assessing the separation process irrespective of the type of operation and this has been extended further to obtain an expression for a multicomponent feed and multiproduct (from a multistage operation) system.

Jan 1, 1980

By Alfred H. Brooks

LESS than a decade ago the consumption of coal in Alaska was practically limited to the salmon canneries and the few lode-mines and settlements along the Pacific coast of the Ter¬ritory. The sparse population of the interior depended on the forests, that of the shores of Bering Sea and the Arctic Ocean on driftwood for fuel. All this has changed. The thousands who have sought and mined gold on the Seward peninsula since 1898 have much impoverished the long-accumulated supply of driftwood, and at the same time the constantly increasing demand for fuel, on the part of the placer-camps and steamers, has resulted in heavy inroads being made on the accessible timber of the Yukon and its tributaries. While on the one hand the immediately available store of wood has decreased, on the other the consumption of fuel because of the rapid expansion of the mining and fishery industries and the attendant growth of population has much increased. Alaska, therefore, offers a constantly growing market for coal and other fuels. As the local coal-production has been insignificant, the demand has been met by importations from Washington, British Columbia, and even from Pennsylvania and Australia. Fuel-Consumption Mr. D. H. Jarvis, Collector for Alaska, has kept systematic records of the trade of the Territory since 1903. The statistics of the coal-importations of the past two years are shown in Table I. If data were available for a longer period of years, the increase of coal-importations would be much more striking.

Jul 1, 1905

By Byron S. Gottfried, Guan Qi Zhao, John W. Tierney

Equations for predicting the performance of vacuum filters and centrifuges used for coal dewatering are presented. These equations are the basis for a dewatering module which has recently been added to the Coal Preparation Plant Simulator developed at the University of Pittsburgh under the sponsorship of the Department of Energy. The module provides for mechanical degradation in the centrifuge; loss of fines to centrate or filtrate; changes in size and gravity distribution; changes in ash and sulfur content; as well as final moisture content of the dewatered product. Inputs to the module are the flow rate of the coal to be dewatered, a washability analysis of the coal, and parameters describing the operation of the vacuum filter or centrifuge. Typical results obtained using the module are presented. There are adjustable parameters which can be varied to match plant operation or experimental data if desired.

Jan 1, 1983

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

TO THE, BOARD OF DIRECTORS OF THE AMERICAN INSTITUTE OF MINING AND METALLURGICAL ENGINEERS Gentlemen -The following report covers briefly some of the more important activities of the Institute during the year 1923. In my report for the year 1922, I drew attention to the falling off in membership of the Institute due to the depressed condition of the mining industry in several lines and the inability of many of our members to find profitable employment in mining or its associated branches. A number who were unemployed during 1922 established connections during 1923, but a still greater number have been forced to resign or drop their membership during 1923 Fortunately, the number dropped is not so great as in the previous year. The Employment Service conducted by, the four Founder Societies bears witness to the trend in business For the young men just out of college, there are plenty of opportunities at small salaries, there are plenty of opportunities for them as laborers; but for the mature members, those of experience, there are few calls During the last eighteen months, our Employment Service has been able to place only six of our members out of every hundred engineers for whom it has found work. Another loss which this Society has suffered, but which is not felt so keenly by our sister societies, is in its foreign members. The A. I M. E. has always had a large foreign membership, but of recent years exchange has been so heavily against many European and South American coun¬tries that a large number of members residing abroad have been compelled to relinquish their membership Almost invariably these members express keen regret because of the necessity that confronts them, and almost invariably the writers express hope that present conditions will not last long and that they will soon be able to ask for reinstatement. Having stated the darkest side of the picture first, it may now be drawn to your attention that in spite of these losses the number of persons applying for membership was decidedly encouraging. From the quality point of view, the membership has not gone back¬ward The Membership Committee has declined to recommend many

Jan 1, 1923

By W. C. Wright

A PRACTICAL program of education for workers of the mining industries is being formulated by the Federal Board for Vocational. Education in cooperation with the States in which this industry is a dominant one. The Federal Government last year passed a law, known as the Federal Vocational Education Act, that provides for the promotion of vocational' education and for cooperation with the States in the promotion of such education in agriculture and trades and industries and in the preparation of teachers of vocational subjects. More than 1,000,000 men in the continental United States are employed in mines and quarries. The following table, from the-1910 Census Report, shows the relative importance of mining and manufacturing pursuits: Manufactures Mines and Quarries Employees 7,405,313 1,109,410. Capital $18,428,269,706 $3,380,525,841 Value of product $20,672,051,870 $1,238,410,322 Of the more than 1,000,000 men employed in mining, almost three-fourths are engaged in the, production of bituminous and anthracite coal; one-fifth, in the production of copper, iron, lead, zinc, and other metals; and the remainder in getting out structural and miscellaneous materials from quarries. The meeting of the needs of the coal-mining industry, therefore, is the problem of greatest importance in the point of numbers to be served. Moreover, the dangers in coal mining are greater than in metal mining. Practically all States have set up educational and technical standards , for the position of foreman, boss, superintendent, etc., and every applicant for these positions must have a certificate of competency. The qualifications, too, are becoming increasingly difficult in the field of technical information. In some States, every miner must have a certificate, which is issued by the mine examining board. only after an oral examination.

Jan 1, 1919

By Philip W. Simmons

THE Colorado Plateau uranium province is in a mining boom rivaling the most colorful days of the early West. The application of scientific skills and the use of modern and novel mechanical equipment, however, is unique. No metal has ever received such concentrated effort from geologists and mining engineers. Moreover, no other metal has had the variety of tools available for finding and mining ores. Radiation detection equipment, bull- dozers, truck-mounted wagon and core drills, jeeps, airplanes, helicopters, tractor loaders, self -propelled 3-wheeled dump cars, front-end loaders and fleets of modern trucks are some of the present-day tools of the uranium prospector and miner. Because uranium is so vital to our national defense, the Atomic Energy Commission has offered many incentives for its mining. Through a series of circulars, the AEC has established base price schedules and various incentive payments. The incentive payments for acceptable ores from domestic mines are: (1) a guaranteed base price of $3.50 per Ib for ores assaying 0.20 pct U3O8 and more; (2) premiums based on grades above 0.20 pct U3O8 as for example, ores assaying above 0.50 pct U3O8 receive $1.00 per lb premium; (3) a development allowance of 506 per Ib of U3O8 contained in ores assaying over 0.10 pct U3O8 (4) an ore haulage allowance of 64 a ton mile for a maximum of 100 miles; and (5) an initial production bonus which may amount to as much as $35,000 in addition to all other payments. The producers have been guaranteed this policy until Feb. 28, 1957. The other four will continue until April 1962.

Jan 4, 1954