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By H. O. Hoffman, C. D. Demond

There are two methods of determining the fusibility or refractoriness of fire-clays, the theoretical and the experimental. In the former, conclusions are drawn from the chemical composition; in the latter, from the changes which the clay undergoes when subjeoted to intense heat. It is well to use both methods, beginning with the actual heat-test and explaining the results obtained from this by the help of the chemical analysis. In discussing the subject, however, it is better to reverse this order. I. The Theoretical Method.* Leaving out the hygroscopic and combined waters and any organic matter, as not directly affecting the fire-resisting property, the refractory constituents of fire-clay are alumina and silica, and the fluxing constituents magnesia, lime, soda, potash and ferric oxide. According to Bischof,† alumina is the least fusible component, and silica follows close upon it. If, however, a mixture of the two be heated, it will be found that its melting-point is much lower than that of alumina, as a silicate will then have been formed. The way in which silica affects the refractoriness of alumina has been strikingly presented by Seger 1 in a diagram reproduced in Fig. 1. The abscissæ represent the melting-points of Seger cones Nos. 26 to 36 (see p. 55); the ordinates, the relative amounts of alumina and

Jan 1, 1895

By B. F. Oliver, F. Garofalo

Gas-metal heterogeneous reactions and zone-lrelting were sinultarneously employed to produce several high-purity irons with low interstitial contents in a levitating- zone melter. Successive zone-tneltitzg pusses were made in carious sequences of atmospheves which included prepuvified tank hy-drogeta, water vapor hydrogen, palladiuril-purified hydrogen, and vacuunm of 2 x 10-6 Torr. Different irons ranging in purity from 99.89 to 99.996 pct with residual curbon contents of 17, 8 to 10, and 3 to 5 ppm have been Drepared. No measuvable gradient in the residual carbon content was observed along the entire zone-melted length (6-10 in.) in I-ilz.-diameter bars. The absence of a carbon-concentration gradient in the solid indicates an apparent distvihution coefficient of 1, an unusual condition. Internal friction, solid-state extraction, and hot-hardness results indicate that the level of mobile carbon in a iron depends on the gas-metal heterogeneous reactions employed. Purification under an oxidizing atmosphere resulted in the immobilization of nearly all of the carbon present at leuels of 10 ppm or less. Continuation of purification in a reducing atmosphere veturued the carbon to a state of mobility which was aguin reversed by further purification in all oxidizing atmosphere. The immobilization of curbon at "vesidual levels " is believed to be associated with a strong interaction between carbon and oxygen atoms. frons with low carbon and nitrogen contetzts which did not exhibit a hot-hardness peak were produced after zone ynelting in vacuum. CARBON, nitrogen, and oxygen have strong and well-known effects on many properties of iron. These effects persist even at concentrations of 5 to 20 ppm. The intent of the present investigation was to establish procedures for the preparation of high-purity iron with concentrations of these elements in the range of 5 to 20 ppm and lower. The results reported here deal with the procedures employed to prepare high-purity iron, and with observations on the behavior of certain elements at "residual levels": particularly carbon. The details of the (levitating) zone melter in which the final purification steps are performed and the necessary control of the pertinent solidification variables have been described previously.1,2 MATERIALS AND PROCEDURES Commercial electrolytic iron was induction vacuum-melted and cast into 30-lb ingots. Melt additions and ingot analyses for carbon, oxygen, and nitrogen are noted in Table I. All ingots were melted in stabilized zirconia crucibles conditioned with one iron wash heat. Middle sections of the ingots were forged to 1-1/4-in. rounds, machined to 1-in.-diameter bars, then cut to 36-in. lengths. The zone-melting operations were performed on six iron bars (A to F) at a freezing velocity of 2 in. per hr with the freezing interface rotating2 at 200, 300, or 400 rpm. Liquid zones were passed through the bars in various sequences of atmospheres, Table 11, including prepurified tank H2, palladium-purified Hz, wet H2, and system vacuum of 2 x 1018 Torr. Wet-Hz atmospheres were obtained by bubbling palladium-purified Hz through water exhibiting a resistance of 3 megohms. This water was heated with a platinum-immersion heater and was degassed prior to use. Zone melting in a wet-HZ atmosphere resulted in oxidation of the elements which are oxi-dizable with respect to iron. Fine oxide particles were observed on the surface of the liquid zone, and were encased in the bar surface with the passage of the molten zone. Between each zone pass, the surface of the bar was removed by filing and deep etching; this was continued until the oxide formation ceased. The filings were magnetically separated and the residues analyzed by optical spectroscopy. These were especially high in silicon and manganese. Samples were removed from the iron bars, with few exceptions, following each zone-melting operation. A 0.08-in.-thick disc was cut with an Al2O3 cut-off wheel at a point 1/2 in. above the beginning of freezing. Material from each disc was used for hot-hardness measurements, resistivity-ratio measurements, and carbon, nitrogen, and oxygen analyses. Analyses for most other elements were

Jan 1, 1965

By Douglas R. Cook

The discovery of the gold deposits of the Jerritt Canyon district, with proven recoverable reserves in excess of 67.6 Mg (2.4 million oz) of gold, has contributed greatly to the tremendous resurgence in exploration for disseminated gold deposits in Nevada and throughout the west. The Jerritt Canyon project, including the Bell mine, is a 70130 joint venture between Freeport Gold Co. and FMC Gold Corp., both of which are wholly owned affiliates of the respective parent companies, Freeport-McMoRan Inc. and FMC Corp. The Jerritt Canyon district is located in the center of the Independence Mountains in north-central Elko County, Nevada, approximately 48 km (30 miles) northeast of the Carlin gold mine and 68 km (42 miles) north of Elko. Although the discovery of a commercial gold mine at Jerritt resulted from Freeport's exploration activities, the initial identification of a gold prospect in this area was a consequence of a program by FMC in the search for antimony. Their program was, in part, based on data in the Nevada Bureau of Mines Bulletin 61, "Antimony Deposits in Nevada." Work on the property began in 197 1 with geologic mapping followed by sampling and geochemical analyses. FMC geologists, including Robert Hawkins, Russell Hayden, and Hal Hurst recognized the striking similarity of the area to the geologic environment of Newmont's nearby Carlin gold deposit and soon focused on the gold potential. Increases in the price of gold served to stimulate interest and support for the exploration program. Geochemical samples were collected and analyzed for gold and trace elements usually associated with gold. A strong gold anomaly was found on the North Fork of Jerritt Canyon, which was called the Alchem anomaly. Drill-testing of this anomaly in 1973 revealed significant grades and thicknesses of gold mineralization in the lower portion of the Roberts Mountain formation. This initial discovery and subsequent close-spaced drilling proved the existence of several small pods of low-grade, gold-bearing material which cropped out at their up-dip edges, causing the surface anomaly. The mineralization was very encouraging, but was not, by itself, of economic importance from the standpoint of either grade or tonnage. Freeport Exploration Co. established a district office in Reno in late 1974 with responsibilities for exploration of hard minerals in the Basin and Range Province. Emphasis of the program was directed to the discovery of precious metal deposits. Enfield Bell, as District Manager for this new office, was particularly interested in the Independence Mountains and when the opportunity for a joint venture with FMC became available in 1976, it was aggressively pursued. Enfield Bell and David Stevens evaluated the FMC data and with the support of management formulated a bid in competition with 23 other companies. Freeport was selected by FMC as partner and a joint venture agreement was successfully negotiated. In mid-summer of 1976, Freeport Exploration Co. began an expanded program of detailed mapping and geochemical sampling under the direction of Bell and Stevens that led to new interpretations of the structural and alteration patterns. Hawkins' contribution during this period must be recognized since he not only was one of the original geologists assigned to the antimony and subsequently the gold investigations, but shortly after the start of the joint venture exploration, he was hired by Freeport Exploration Co. as the project geologist for the venture. Hawkins had studied the central Independence Mountains for his thesis and his understanding of the regional geology provided an excellent background for the continued exploration of the gold de- posits. His interpretation of the structure in the vicinity of the Alchem anomaly was of significant help in the Freeport exploration program. Drilling, based on this new under- standing of the geology, revealed the edge of the Marlboro Canyon ore body, which is now being exploited in the Bell mine. Although a classic bullseye geochemical target led to the discovery of the Alchem mineralization, the bulk of the reserves known today in the Marlboro Canyon area lay

Jan 1, 1985

By J. R. Campbell

IN order to discuss the subject intelligently, it will be necessary to touch briefly on the forms in which sulphur is supposed to exist in coking coal to be carbonized in beehive or byproduct ovens. Sulphur is known to exist in coal as sulphides and sulphates, as can be determined experimentally. Then there is the so-called organic sulphur, i.e., sulphur in combination with the carbon, hydrogen, and oxygen of the coal, about which much has been written, but nothing definitely proven in an experimental way. In fact, so far as we know, there never has been developed a satisfactory and conclusive method in the laboratory for the direct determination of organic sulphur. For most coking coals, it can be safely assumed that the preponderance of sulphur is in the form of pyrite (FeS2). When exposed to comparatively low temperatures during the coking process, it loses its sulphur according to the following chemical reaction: 7FeS2 = Fe7S8 + 6S. It will be seen, therefore, that six out of the 14 atoms of sulphur (or 42.8 per cent.) are expelled, or volatilized. Fe7S8 remains in the coke as pyrrhotite, or magnetic sulphide of iron; this accounts for the highly magnetic properties of the powdered coke. A more commonly accepted reaction is FeS2 = FeS + S, in which the straight sulphide of iron is produced with 50 per cent. volatilization of sulphur. In the beehive methods of coke making, air is introduced in sufficient amounts to carry on the distilling and the coking processes, and the sulphur is oxidized along with the other volatile products: First, into sulphur dioxide (SO2), known by the pungent and suffocating odoremitted from the trunnel head; second, into sulphuric anhydride (SO3); and, finally, into sulphuric acid, as it comes into contact with the air and moisture. In a properly regulated draft on a beehive oven, there is never complete combustion of the gases. In other words, the coking process should be carried on in a reducing atmosphere, and a low-grade producer gas kept issuing from the trunnel head. For coals of about 30 per cent. volatile matter, the ratio of air to gas is 3 ½ to 1. In complete combustion, the ratio is 6 to 1, producing an extremely high temperature

Jan 1, 1916

By George Otis Smith

A PHILOSOPHER has pointed out that inventive genius, in substituting mechanical power for human brawn, leaves' man the intellectual factor in the industrial life. "Almost human" is the description sometimes applied to the automatic machine, yet the true characteristic of the perfect machine is its unquestioning obedience. "Its not to reason why." The human operator, not the mechanism of gears and levers, has freedom of choice: he wills; the machine obeys: There map be a grinding monotony, a tiring rhythm, that passes from machine to man, but the responsibility resides in the man. In no proper sense call the machine worker be called the slave: whether he guides an electric shovel or tends a group of automatic 1athes.in the machine shop.

Jan 1, 1930

By A. H. Smallbone, R. Lathe

Considerable efforts have been expended to apply multiple regression techniques to quantitative determinations in x-ray fluorescence analysis. Multiple regression has been shown to be an effective method for correlating x-ray fluorescence intensities to elemental concentrations. Although many other techniques have been devised to solve the problem of matrix effects in x-ray fluorescence analysis, there are few as efficient in terms of storage requirement or ease of programming for digital computers as the multiple regression method. In the case of ore slurry, it has the additional advantage of allowing a unified approach to the problems of slurry density correction and matrix effect corrections. The data used in the present work were obtained with an on-stream x-ray analyzer capable of analyzing 15 slurry streams for as many as nine elements simultaneously. One of its fixed monochromators was set to accept scattered radiation at a discretely selected wavelength as a means of monitoring the slurry's pulp density. The data were reduced to obtain the correlation equations and a computer program combining slurry density with matrix corrections was written in FORTRAN IV to calculate concentrations.

Jan 8, 1969

By R. J. Charles

SEARCH for a consistent theory to explain the relationship between energy input and size reduction in a comminution process has accumulated, over the years, an enormous amount of plant and laboratory data. Although some correlation of these data has been possible for purposes of engineering design and for the advancement of research in fracture, there is still great need of a means of predicting behaviour of a solid when it is reduced in size by mechanical forces. The best known hypotheses proposed to describe the energy-size reduction relationships in crushing and grinding stem from a common origin. The present article analyzes problems of comminution in the light of the precepts of this origin. Its object is to reconcile points of difference between these well known hypotheses and to present relationships more widely applicable to comminution studies.

Jan 1, 1957

Jan 1, 1904

By H. Van F. Furman

TO those engaged in the purchase and sale of gold- and silverores, mattes and bullion, the frequent differences in the gold- and silver-contents, as reported by different assayers, is a source of much annoyance and expense. The desirability of uniform methods of assay has long been recognized by certain refiners who specify in their bullion-contracts the method to be adopted in assaying the bullion. One large producer of base bullion employs at each refining-works with whom it has a bullion contract an assayer whose duty it is to see that the bullion is sampled and assayed according to contract-specifications. For the assay of gold- and silver-bullion, standard methods are now generally adopted; the reeult being that differences seldom occur. While we cannot hope for anything near perfection from fireassay methods for ores, mattes and base bullion, as carried out cornmercially, such methods may be made to yield results which answer all commercial requirements, and they will probably be retained for obvious reasons. The object of the present paper is to point out some of the sources of error and to show the importance of more uniform methods of assay and close attention to the details of the work. The sources of error in the assay of ores and mattes are: improper sampling; losses of the precious metals during fusion, scorification and cupellation; imperfect elimination of the base metals on the cupel and imperfect extraction of the silver during the parting in nitric acid. It is not the object of the present paper to enter upon the subject of sampling; but a few remarks may be of value. There has been considerable discussion recently in Colorado upon the frequent differences which occur in the assays of Cripple Creek gold-ores, and these differences have been attributed to various causes. The writer is informed by two of our most prominent smelters that since they have adopted 100-mesh screens (the general practice is 80-mesh) the

Jan 1, 1895

By J. D. Livingston, H. E. Cline

Cu-Pb alloys in the vicinity of the monotectic composition have been directionally solidified under a high temperature gradient at rates up to 2 X l0-' cm per sec. Over a wide range of compositions, high growth rates yield a composite structure consisting of continuous rods of lead in a copper matrix. This range of compositions increases with increasing growth rate, in agreement with arguments based on the relative velocities of composite growth and the growth of copper dendrites or lead drops. The breakdown of the composite structure at slow growth rates is explained in terms of the relative interphase surface energies. The observed interrod spacings of the composite structure are large compared with the predictions of the Jackson-Hunt equations of eutectic growth. ThE directional solidification of many eutectic alloys produces fine composite structures of parallel lamellae or rods. There has been considerable interest not only in the fundamentals of this two-phase solidification process,'-3 but also in the interesting physical properties produced by such regular and aniso-tropic microstructures. Composite structures can be grown only over a limited range of composition, beyond which coarse primary dendrites of one phase appear. In organic eutec-tics, this composition range of composite structures has been shown to increase with increasing growth rate.7"10 These results were explained in terms of the relative velocities of composite (coupled) growth and dendritic growth. Although similar arguments should apply to metallic eutectics,11-13 suitable experimental results are lacking. In contrast to the work on eutectics, the directional solidification of monotectic alloys has received little attention. (The monotectic reaction is similar to the eutectic reaction, except that one of the resulting phases is a liquid, which subsequently solidifies in a separate reaction at a lower temperature.) Directional solidification of some monotectic alloys'4715 yields regular rodlike microstructures, whereas in other cases macroscopic separation of solid and liquid phases occurs.16 chadwick17 rationalized these results in terms of the probable relative magnitudes of the various interphase surface energies. A recent study of chill-cast Cu-Pb alloys18 revealed a fine rodlike microstructure in alloys near the monotectic composition. It was decided to investigate the directional solidification of such alloys, and to determine the range of composition and growth conditions yielding composite structures. The Cu-Pb system is convenient for such a study, both because it is simple metallurgically, with no compound formation and negligible solid solubilities, and because its basic properties are well-documented. Recent literature on the Cu-Pb system includes studies of bulk thermo-dynamic properties,'g surface energies,20"21 densi-ties,25 and diffusion constants.a6 A similar study of the directional solidification of Cu-Pb alloys was recently undertaken, independently, by Kamio and Oya." EXPERIMENTAL Alloys were prepared by melting 99.999 pct Cu and 99.999 pct Pb in a graphite crucible, stirring well, and pouring into a cold graphite mold. Rods 0.175 in. in diam were machined from the ingots. Alloy compositions studied ranged from 25 to 55 wt pct Pb. Samples were placed in graphite crucibles 5 in. long with 4 in. OD and 0.035-in. walls. They were melted under flowing argon in a vertical, two-zone. platinum -wound furnace. A voltage stabilizer was used to minimize fluctuations in input power. The narrow specimen diameter minimized convection. Directional solidification was achieved by driving the crucible downward into a +-in. hole in a water-cooled copper toroid. The toroid was located immediately below the narrow end zone of the furnace. The end zone was separately powered to maintain high local temperature. Therefore a high temperature gradient (approximately 300 deg per cm) was maintained in the specimen throughout the run. The crucible motion was screw-driven. and a wide range of drive speeds were available. The limited rate of heat removal caused a thermal lag in the specimens at high drive rates. However. temperature-time curves from thermocouples imbedded in a representative sample indicated that the average growth rate still approximately equaled the drive rate. Although the specimens were initially homogeneous, melting and re solidification redistributed the lead. producing composition variations of several percent along the specimen length. (During melting. lead melted first and ran down the sample surface. Rapid freezing tended to reproduce the resulting composition gr~dient, but slow freezing did not because a slow-moving interface tended to reject lead. as discussed later.) To determine local composition. ;-g samples were cut from regions exhibiting various microstructures and were chemically analyzed for lead content. Micrographs were taken on as-polished or lightly etched surfaces. Three-dimensional structure of the lead network was viewed with a scanning electron microscope after removal of some of the copper matrix with nitric acid. RESULTS Several different microstructures are observed, depending on composition and drive rate. Because melting and resolidification produced composition gradients, results are best presented in t&ms of final local composition, rather than initial or average composition. The ranges of local compositions and drive

Jan 1, 1970

By A. L., Bailey

All who are even generally aware of the tremendous rate of increase in coal washing operations must realize the growing importance of the float-and-sink test. I believe it is conservative to estimate that, in the past decade, the dollar volume of float-and-sink testing has increased tenfold. It is a simple matter of economy, then, to examine the factors that determine the cost of adequate float-and-sink testing. When the Coal Preparation Section of the Bureau of Mines entered upon a greatly expanded program of such work in connection with the synthetic liquid fuels investigations, it seemed advisable to examine these factors experimentally. The principal consideration that differentiates float-and-sink test sampling from general purpose sampling, is that the original particle size must be preserved. Therefore, the total cost of the test will be directly affected by any standard that might be proposed to limit sample bulk reduction at any given particle size. For this reason, the relationship of sample size to variability of results was the first factor to be studied experimentally.

Jan 1, 1949

By V. R. Garfias

After a series of fruitless negotiations, the Mexican Government, on March 18, 1938, decreed the expropriation of several oil companies, and took possession of the properties, offices and records not only of the expropriated companies but of others not legally expropriated. This condition prevails to date.

Jan 1, 1939

By V. R. Garfias

After a series of fruitless negotiations, the Mexican Government, on March 18, 1938, decreed the expropriation of several oil companies, and took possession of the properties, offices and records not only of the expropriated companies but of others not legally expropriated. This condition prevails to date.

Jan 1, 1939

By S. L. GILLAN

OF the forty or more excursions provided for the delegates to the World Engineering Congress at Tokyo, the trip to the Ashio copper mine stands out as one of the most enjoyable. In every detail looking to our comfort and pleasure the Furukawa company, our hosts, were admirable. This company operates five other copper mines, also gold and coal mines. Ashio is the largest with an annual production of about 14,000 tons of copper. It has been continuously worked since 1620, and doubtless was one of the sources of copper used in the gigantic statues of Buddha of many hundred years earlier date.

Jan 1, 1930

By G. F. Comstock

A serious disagreement as to the effect of titanium on the hardenability of steel exists in published references to this subject. Kramer, Hafner and Toleman reported' that acid-soluble titanium decreased creased the hardenability, with multiplying factors less than unity according to [ ] Grossmann's system for calculating hardenability from the composition. Crafts and Lamont, on the other hand, showed2 how titanium increased the hardenability, with multiplying factors up to nearly 1.7 for about o.' per cent titanium, though reducing the hardenability with higher titanium. Their data, however, were obtained almost exclusively from steels containing more than 2.4 per cent manganese, and thus should be considered as applying mainly to manganese steels. Likewise, the results of Kramer, Hafner and, Toleman regarding titanium are subject to the limitation that although they eliminated the effect of the insoluble titanium compounds from their calculations, they did not make a similar correction for the carbon that was combined with titanium and therefore occurred in a similarly ineffective form. It is suggested by the literature referred to that titanium may have different effects on hardenability, depending on the mode of its occurrence in the steel. The different effects on strength, ductility, etc., have already been discussed by the author.3 In the present discussion some comparisons, on the basis of hardenability as revealed by the Jominy end-quench test, are given between three titanium and two non titanium steels heat-treated in the same ways, and between other titanium steels heat-treated in several different ways. COMPARISON OF PLAIN-CARBON, VANADIUM AND TITANIUM STEELS The five steels used for these experiments were commercially melted and rolled products received in the form of 1.5-in. rounds from three different mills. Their analyses are given in Table I. Steels 2, 3, and 4 are from the same basic electric heat, containing 0.009 per cent of phosphorus and the same amount of sulphur. They were made by, adding aluminum and low-carbon ferrotitanium to different ingots. No. I is a plain-carbon coarse-grained S.A.E. 1040 steel made by the basic open-hearth -process. No. 5

Jan 1, 1945

By A. Thielen

In experiments for the production of steel the principal problem has always been the introduction into, or removal from, the iron of a definite quantity of carbon. Although the solution of this problem had engaged a more or less blindly and empirically directed effort for a long time, it was only with the development of analytical chemistry that the rôle which carbon plays in the constitution of steel was disclosed in its full significance, and that many of the problems confronting the steel-maker were thereby more clearly defined than before. For a long time, and to a certain extent even to this day, the percentage of carbon in steel has been the controlling means of deter mining its quality and hardness. In many cases the percentage of carbon alone has been relied on for judging large consignments, such as the large deliveries of wire-billets and blooms to America during the past twenty years; and though to-day the influences of the other constituents are recognized and many other considerations are taken into account, and though, moreover, some special steels, such as the Hadfield manganese steel, apparently dispense to a certain extent with the assistance of the carbon, yet fix our Bessemer, Thomas, Siemens and crucible steel the carbon still remains one of the most important constituents, and I venture to say it is indispensable. In order to produce in the Bessemer converter a steel of a certain required percentage of carbon, two methods, as is well known, present themselves. By the one the decarburization process is stopped when the desired carbon limit in the bath has been reached ; by the other the bath is completely decarburizecl, and then a calculated amount of carbon added in the form of spiegel, ferro manganese, etc. In Germany the latter method only was adopted, and it was retained when the Thomas-Gilchrist process for the production of low-Phosphorus steel from high-phosphorus iron eame into use, since from the nature of the new process complete decarburization is neces-

Jan 1, 1891

By Walter Bradley

MINING by hydraulic process of the important gold-bearing gravels of the Sacramento Valley in the basins of the Yuba, Bear and American rivers began in 1853, and continued at an ever-increasing rate for 30 years. In its most active days it reached an annual production of $15,000,000, and averaged $10,000,000 per year over the 30 years. During that period no provisions were made to prevent the debris from being dis-charged into the water courses, and ultimately large quantities of silt, sand and gravel were washed down to the lower valleys; filling channels, causing overflow of agricultural lands and difficulty in maintaining navigable depths in the Sacramento River. Agitation and suits filed because of these damages finally resulted in the injunction decision of Judge L. B. Sawyer,1 in the U.S. Circuit Court, Jan. 23, 1884, which closed down practically all hydraulic mining operations not having means to restrain their debris. In 1893 (approved March 1, 1893), Congress passed the act introduced by Representative Anthony Caminetti, of California, creating the California Debris Com-mission, composed of three officers assigned from the Engineer Corps of the U.S. Army, and since that time it has been legal and possible within the drainage systems of Sacramento and San Joaquin rivers to conduct hydraulic mining of gold-bearing gravels behind dams built under this commission's permit and supervision. In the watersheds of the Trinity and Klamath rivers, which flow directly to the Pacific Ocean and do not affect navigation or agriculture, operating permits from the California Debris Commission are not required. There is a measure of restriction there, however,. through what is known as the Trinity and Klamath River Fish and Game Dis-trict. Chap. 215, Stat. 1931, in order to secure relatively clear water for the fishing season, provides that between July 15 and October 15 each year there must not be discharged into these rivers debris that will cause a turbidity greater than a content of 50 parts per million in the

Jan 1, 1936

By V. R. Garfias

Principal events in petroleum operations of Mexico during 1934 have been the completion of three producing wells in the Poza Rica area and the plans for the expansion of operations of the Cia. de Petroleos de Mexico, S.A. (Petromex). Production for 1934 is estimated at close to 38,000,000 bbl., an increase of 4,000,000 bbl. over the previous year; an increase due in large part to the successful development in Poza Rica. The output of the South fields (Golden Lane) and Tehuantepec fields also increased somewhat during the year. Production of natural gasoline increased from 382,000 to 431,000 bbl. in 1934. Crude run in local refineries is estimated at 26,000,000bbl., some4,000,000bbl. more than the previous year. Exclusive of bunker fuel exports totaled 24,000,000 bbl., or 3,000,000 more than in 1933. Domestic consumption increased approximately 500,000,bbl. during the year, reaching a total of close to 13,600,000 bbl., exclusive of ships' bunkers. A total of 148 wells were completed as compared to 91 in 1933 and 40 in 1932. In proven areas, 133 completions resulted in 54 producers and 79 failures. The 15 wildcats drilled during 1934 gave no encouraging results. Seven of these were located in the border zone of northeastern Mexico; three tested possible northeast extensions of the Northern fields; two were drilled for possible extensions of the "Golden Lane" and three were completed in the Isthmus of Tehuantepec. Fields Northern Fields (Heavy Oil District).—There were 34 producing wells and 71 failures completed in the Northern fields, as compared to 20 producers and 20 failures in 1933. Practically all new producers were drilled to the shallower San Felipe formation, while wells drilled to the deeper Tamasopo limestone encountered salt water. Production of the field totaled 11,890,000 bbl., a decrease of 7.5 per cent from the previous year. Acid treatment was attempted during the year in seven wells

Jan 1, 1935

By Henry Howe

(New York Meeting, February, 1913.) THE transformation which steel undergoes in glow cooling, from the condition of austenite when above the transformation range into that of pearlite plus either ferrite or cementite below that range, is subject to great lag. This transformation is essentially the pearlitizing of the austenite. Indeed the hardening of steel is due to this lag, which is made so great by extremely rapid cooling that a very large part of the transformation itself is restrained, so that the rapid cooling catches the metal in an only partly transformed state, that of martensite, and under favorable conditions even in an almost wholly untransformed state, as in the cases of Maurer's austenitic manganese steel. Hadfield's austenitic manganese steel, 25 per cent. nickel steel, and other austenitic alloy steels, are austenitic even after slow cooling. It has long been known that this- lag increases (1) with the rapidity of cooling, (2) with the presence of certain retarding elements, notably manganese and nickel, and (3) with the temperature from which cooling starts. The present inquiry touches the last. of these influences, but incidentally it throws light on the first also. This influence of higher heating in increasing lag manifests itself in different ways which, though they may at first seem unrelated, are in fact but different, aspects of one and the same thing. Thus, among heatings to different high temperatures, all of them above the transformation range, the higher the temperature to which the steel is heated (1) the lower is the temperature it which the transformation occurs in cooling slowly down, (2) the shorter is the time occupied in the actual cooling from above the transformation range to the room temperature under given external conditions, whether of slow or

Jan 3, 1913

By James H. Boettcher

INTRODUCTION A complex interaction of worldwide economic and political forces is increasingly requiring 3 primary participants for the successful development of large natural resource projects in developing countries. They are the host government of the developing country (the "host government"), one or a consortium of international natural resource companies, (the "Resource Company") and one, or more likely, a syndicate of international lenders. The host government typically controls the rights to its country's natural resources and establishes the economic ground rules for their development. However, because of worldwide inflation and the depletion of easily accessible, high-grade resources, the nominal and real capital development and operating costs of projects have been spiraling. Moreover, the depletion of high-grade and mineralogically uncomplicated resources also raises the technical and operating risks associated with resource recovery. Thus, despite increasing political self-consciousness and economic nationalism in developing countries, international resource companies are still often necessary project sponsors since they can provide, among other things, the required technical and management expertise and equity capital. The presence of these factors, and often the addition of worldwide market access in a project, is often critical in determining whether or not the project will be considered creditworthy by international commercial lenders. The international commercial lender is often the critical third party in project development, due in a large part to the ever escalating-costs of project developments relative to the financial resources of many companies and even a growing number of countries. In addition, lenders have other reasons for taking more than a passive interest in all aspects of a project's development. These reasons include the following: 1. Projects are often financially structured such that the primary security for a loan, once completion and performance standards are met, is the cashflow of the project rather than recourse to its sponsors. 2. Lenders, in addition to the "project risk" just described, are frequently asked to assume various elements of "political" risk which nay put them in a sensitive economic position between the host government and international resource firms (This is discussed later). 3. International banks today have large loan portfolios of developing country debt with final maturities ranging from one to fifteen years. The various current projects undertaken are the building blocks of most developing country economies that will hopefully contribute to the long run economic development of a country as well as generate the foreign exchange necessary to repay foreign loans in the future. In this regard it is useful for lenders to realize whether a given project "makes sense" in terms of a country's natural resource endowments and competitive advantages over other countries. The type of framework discussed in this article would help lenders to better make such assessments. In order to facilitate the continued international flow of capital and technology to developing countries and of readily available supplies of raw materials from them, it is important for each of these three parties to increase its awareness of the goals and objectives of the other parties as well as the bargaining process that results in the legal, financial, credit and fiscal structures by which a joint venture project ultimately proceeds. Each of the parties faces increasingly complicated accept/reject decisions when they are faced with difficult choices among. a wide range of alternative structural combinations each of which has different implications for risk and reward to them. Therefore, by increasing the mutual, 3-way awareness of the decision processes of the other parties, it should be possible to: • provide better information and results in the formation of more rational expectations by all parties going into negotiations, • facilitate the project formulation process by allowing parties to focus more clearly on the areas of common interest and conflict, • result more frequently in final structures and agreements that better reflect the economic and political realities associated with a project and thus • result in more creative, innovative agreements that should reduce the need for changes to them and thus promote the kind of long run political stability conducive to attracting capital and further investment.

Jan 1, 1982