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By Elizabeth L. Robinson

INTRODUCTION The financial structure of the mining industry has changed strikingly over the last thirty years. The changes that have taken place in the last ten years include both the acceleration of adverse trends in familiar balance sheet numbers and ratios, and the subtle but extensive increase in the complexity and diversity of funding sources, both on and off the balance sheet. The objectives of this paper are: 1. to briefly trace the evolution of trends in the mining industry's financial structure; 2. to focus in more detail on changes in the last decade; and 3. to analyze those trends both within the framework of capital structure theory, and in the context of changes in business and economic conditions. This survey focuses primarily on the mining companies listed on the major U.S. stock exchanges, since financial data for these firms are readily available. The producers of minerals are a diverse lot, however, and the quantitative data on "the mineral industry" as characterized in this survey fails to encompass the financial arrangements for the bulk of production worldwide, whether owned by governments or private-sector enterprises. Even large portions of the U.S. minerals industry - subsidiaries of still larger firms, medium-sized privately-held companies, and the small miners - were not included in the quantitative part of the analysis. THE EVOLUTION OF THE INDUSTRY'S FINANCIAL STRUCTURE In the aftermath of the business failures of the Great Depression, most borrowers and lenders considered minimal debt on the balance sheet the soundest policy. By the 1950's, however, a body of literature was developing which demonstrated that the use of leverage could improve the value of the firm, given a corporate tax structure which allows interest, but not dividends, to be deducted from income. Optimal Capital Structure The objective of undertaking a new project is to improve the wealth of the current owners of the firm. If internally-generated funds are insufficient to allow growth at the desired rate, the company can raise funds either by issuing new equity, or by incurring debt. The most attractive source is the one which will provide the funds for the lowest cost. Both stockholders and lenders expect to receive compensation for use of their funds at a rate which reflects two things: (1) the return they could earn in alternative investments, and (2) the riskiness of the projected return. Factors which increase business risk include the variability of demand, sales prices and input prices, and "operating leverage", or the proportion of fixed to variable costs. In addition, from the investors' point of view, the use of financial leverage concentrates risk onto the shareholders, because lenders enjoy a prior claim in the event of bankruptcy. So although financial leverage can increase a project's expected rate of return, and therefore, presumably, earnings per share, too much debt will be perceived as uncomfortably risky by equity investors, and have a negative effect on stock prices. In theory, then, there should be an optimal level of debt which the firm's managers should seek to obtain in its financial structure. The desirable proportion of debt should in general be lower for a firm with a higher inherent business risk. In addition to their own judgement, financial managers are sensitive to the attitudes of lenders, rating agencies, and investment bankers in setting financial targets (Scott and Johnson). In practice, financial structure will also depend upon the company's growth rate and level of profitability, and conditions in the capital markets at a given time.

Jan 1, 1985

By A. M. Riddle

GROWING out of the nation's most colorful era of railroad building, and with the vision of early pioneers who foresaw a great future for the Western Empire, the Colorado Fuel & Iron Corp. set as its objectives The establishment and building of colonies, towns, schools; industries such as coal mining, iron making and manufacturing works; canals and roads. This was the beginning of CF&I in the year 1872, and from this small western beginning has grown a company that has achieved national importance, ranking ninth in size in steel producing capacity, with over 22,000 employees and operating 14 plants in strategic locations throughout the United States.

Jan 11, 1953

By Alfred Weiss

Over the past 25 years hard-rock mining companies have developed a number of profitable computer applications which appear applicable to operations in the coal industry. The evolution of these applications are described and the most profitable discussed. The basic nature of these systems is that they must cut across organizational boundaries. While technological advances contributed significantly to the successful implementation of computers within mining, the human aspects related to organization, management and control of systems projects remain as key to future success in coal as they were and still are in hard-rock mining.

Jan 1, 1983

By Grover J. Holt

A detailed description of the many variations in iron mining and transportation practice in Minnesota would require much space. Since a fairly detailed description of the practices then in use was published in the guidebook issued in connection with the meeting of the Institute on the iron ranges in 1920, and subsequent developments have been described by E. E. Hunner, M. H. Barber,2 and A. E. Anderson, J. M. Riddell and G. J. Holt,³ it will not be necessary here to do more than review the highlights of current practice. Details on any points of interest can be obtained through correspondence with the operators involved. † The iron ores of Minnesota, which have been formed through enrichment of the iron formation in which they occur, largely by the removal of silica, are usually covered by a blanket of glacial drift known locally as "surface." Surface material, including sand, clay, hardpan and boulders, makes up the greater portion of the stripping in open-pit operations. In some instances, stripping also includes taconite and paint rock," directly below the surface material and overlying the ore. Tacenite is the iron formation, a ferruginous chert with inter-bedded slate layers. :'paint rock" is a local term for oxidized slate layers inter- bedded in the iron formation, high in phosphorus, alumina and moisture. The iron ores fall into two classes: (I) direct shipping (merchantable ores or ores requiring no treatment except possibly crushing or screening to make an acceptable sized product), and (2) ores requiring beneficiation (such as sintering, drying, washing, jigging, high-density treatment, or magnetic separation in the case of magnetite). The Mesabi Range produces chiefly soft Bessemer and non-Bessemer ores. The Cuyuna Range produces mainly low-manganese brown ore and high-manganese black ores, with some iron ore. The Vermilion Range yields mainly Bessemer and non-Bessemer iron ore, with some hard or lump ore that finds use in the open hearth. Open-pit mining is limited to the Mesabi and Cuyuna Ranges but underground mining is done on all three. The choice of mining methods is determined by the relative economics of overburden-removal and shaft-mining costs. Stripping Practice Common practice has been to remove the bulk of the overburden during the winter season and to mine during the summer, In- the present emergency many operators are forced to forego the economies attained by year-round utilization of paper. and to equip for, and carry on, stripping and mining simultaneously. In the normal years or lean years to come, most properties probably will be overequipped and high depreciation charges Will have to be absorbed.

Jan 1, 1943

By Grover J. Holt

A detailed description of the many variations in iron mining and transportation practice in Minnesota would require much space. Since a fairly detailed description of the practices then in use was published in the guidebook issued in connection with the meeting of the Institute on the iron ranges in 1920, and subsequent developments have been described by E. E. Hunner, M. H. Barber,2 and A. E. Anderson, J. M. Riddell and G. J. Holt,³ it will not be necessary here to do more than review the highlights of current practice. Details on any points of interest can be obtained through correspondence with the operators involved. † The iron ores of Minnesota, which have been formed through enrichment of the iron formation in which they occur, largely by the removal of silica, are usually covered by a blanket of glacial drift known locally as "surface." Surface material, including sand, clay, hardpan and boulders, makes up the greater portion of the stripping in open-pit operations. In some instances, stripping also includes taconite and paint rock," directly below the surface material and overlying the ore. Tacenite is the iron formation, a ferruginous chert with inter-bedded slate layers. :'paint rock" is a local term for oxidized slate layers inter- bedded in the iron formation, high in phosphorus, alumina and moisture. The iron ores fall into two classes: (I) direct shipping (merchantable ores or ores requiring no treatment except possibly crushing or screening to make an acceptable sized product), and (2) ores requiring beneficiation (such as sintering, drying, washing, jigging, high-density treatment, or magnetic separation in the case of magnetite). The Mesabi Range produces chiefly soft Bessemer and non-Bessemer ores. The Cuyuna Range produces mainly low-manganese brown ore and high-manganese black ores, with some iron ore. The Vermilion Range yields mainly Bessemer and non-Bessemer iron ore, with some hard or lump ore that finds use in the open hearth. Open-pit mining is limited to the Mesabi and Cuyuna Ranges but underground mining is done on all three. The choice of mining methods is determined by the relative economics of overburden-removal and shaft-mining costs. Stripping Practice Common practice has been to remove the bulk of the overburden during the winter season and to mine during the summer, In- the present emergency many operators are forced to forego the economies attained by year-round utilization of paper. and to equip for, and carry on, stripping and mining simultaneously. In the normal years or lean years to come, most properties probably will be overequipped and high depreciation charges Will have to be absorbed.

Jan 1, 1943

By William M. Sheehan

TRANSPORTATION is one of the most important problems of the mine operator and the possibilities of cost reduction in this field should not be overlooked. In the railroad industry, cars and locomotives have been improved greatly, and the progress there made is well worthy of study by the mine operator looking for maximum efficiency in every branch of his activities. One of the outstanding developments in the construction of railroad equipment in recent years has been the wide-spread adoption of large one-piece steel castings for the framework of locomotives, passenger and freight cars. Some of the advantages and applications of this type of construction will be outlined in this paper, with particular thought of the needs of the mining industry. The inherent qualities of cast steel: homogeneity, unrestricted size and shape, high tensile strength, flexibility of metal distribution, resistance to corrosion, and gracefulness of outline, make it the most versatile member of the ferrous group. Not only is it a strength-giving element, but it is corrosion resistant, a combination that makes for large economies in equipment maintenance. Flexibility of metal distribution allows the integral foundation to be in the shape best suited for the purpose. These cast structures are really assembled in the mold in liquid form and the metal can be placed in the right pro¬portion exactly where it is needed, thus securing weight economy and uniformity of fibre stress. Such a process permits the incorporation, with ease, of necessary brackets, utilizing them to provide not only greater strength for the derail part itself, but often to add to the value of the entire unit. Laps, seams, and joints, which are necessary in all fabricated forms, are eliminated.

Jan 1, 1933

By John W. Langley

The papers of Mr. W. J. Keep, read before this Institute, have called attention to the influence of aluminum in cast-iron and on iron and steel castings. The information in these papers is interesting and valuable, as showing the modifications which iron undergoes when dosed with sufficient aluminum to form a distinct alloy, the quantity of the alloying metal used being such that the amount remaining in the casting is sufficient to be readily discovered by analysis. The same is also true of the so-called aluminum-steel patented by R. A. Hadfield, where the proportions specified are such as to leave in the finished steel from one-twentieth to one-tenth of one per cent. of aluminum. Whether these alloys are of practical utility or not has thus far . not been proved by any extended tests on a large scale, and until such evidence is forthcoming it may be safely held, provisionally, that such a use of aluminum is of doubtful utility. But there is another function which this metal can perform that has been known for some time, and which has passed beyond the experimental stage, viz.: its beneficial effect in securing sound ingots. It appears to be a general property of all metals when in the fluid state and at a temperature considerably above their points of fusion, to contain gas, either dissolved from the air or frorn the furnace, or else self-evolved by internal reactions. Silver, perhaps, shows this power in the highest degree, and mercury and lead in the least; midway stands steel—the quantity of gas which it can hold in solution, or " occlusion " as it has been called, varies with its temperature, its composition, and its mode of manufacture. When the steel sets in the mould, a portion of this gas escapes, causing blow-holes, surface defects, boiling-over, wildness, and quite a long train of troubles, familiar to all practical steel-makers. Ferro-silicon has long been used as a quieting agent. The first extended use of it for this purpose was made at Terre-Noire, in

Jan 1, 1892

By William F. Boericke

KIRKLAND LAKE and Porcupine in 1931 accounted for more than $41,625,000 of Ontario's total gold production of $43,117,688. For the first time, the younger camp surpassed the older in gold output, producing $21,734,000 against $19,891,000 for Porcupine. Present output of both camps is increasing, and should pass the record figures of 1931 before the year is out. In May of this year, Porcupine mines milled 285,759 tons, with a bullion value of $1,810,009; the corresponding figures for Kirkland mines are 149,188 tons and $2,104,757. A much higher average value per ton for Kirkland ore, $14.10 against $6.33 average for Porcupine accounts for the difference. The two fields are about 100 miles apart by rail, and there are important differences in the character of the ores, which accounts largely for the difference in milling costs and in final tailing values, despite excellent metallurgical work in both the fields.

Jan 1, 1932

By E. V. Crane

A TREMENDOUS volume of the metal rolled annually into sheets, strips and coil stock finds its way to a host of stamping and manufacturing plants which are the quantity production units of the country. Considerable in volume, too, are the rolled and extruded rods which go into forging and manufacturing plants for conversion into the same general line: those widely sold metallic necessities and luxuries of the household, the office, transportation, farming and building construction. Yet, in spite of its age and its importance, the stamping trade has been doing its "engineering" largely by trial and error. Its distinctive method is shearing out and plastically working metal to finished shape in a few quick strokes with high loads and expensive tools which are warranted only by large quantities to be produced. The principal operations have many features in common with rolling and wire-drawing methods. Combinations of stresses are different, however, and details of operations are infinite in variety. An engineering study of the subject begins with stress analysis, but must go back to metallurgy for its foundation. A grouping of pressed-metal working operations according to whether the metal is (1) sheared, (2) bent, (3) drawn or (4) squeezed has proved useful. All of these groups include instances of both hot and cold operations. For discussions of metal working properties, the division between hot and cold working is taken as the recrystallization range of temperature. This, of course, brings tin, lead and often zinc into the hot-work range at or near room temperature. The outstanding hot-working press field is in forging: particularly of brass; all of which is included in the squeezing group.

Jan 1, 1931

By S. E. Bronisz, R. E. Tate

s-plutonium samples possessing a strong growth texture have been produced by allowing them to transform under pressure from p to a. A fiber texture with [010] parallel to the pressure axis results. The textured samples are expected to be useful in determining the effects of crystallographic orientation on the physical properties of a plutonium, and initial results of measurements of resistivity and mechanical properties are described. THE crystal structure of a plutonium1 is mono-clinic, P21/m, and many of the metal's properties should reflect the crystallographic anisotropy. Unfortunately, it has not yet been possible to grow useful sizes of single crystals of a plutonium. Therefore, few of plutonium's orientation-sensitive properties have been determined as a function of crystallographic orientation. One way to gain information about at least some of the orientation-dependent properties is to study a highly textured sample. Such samples have been produced by cold rolling a plutonium,2 but they are necessarily very small in one dimension. We have now successfully used two other techniques to produce highly textured samples, not limited to small thicknesses. METHODS OF PRODUCING PREFERRED ORIENTATION The texture is produced by causing the plutonium to transform from ß to a while under pressure. It was observed by Gardner3 that applying a compres-sive load during the transformation resulted in the formation of columnar grains of a plutonium, and Cramer4 observed a similar structure in some diffusion couples rolled in the P phase. Neither of these workers, however, investigated the subject beyond these observations. The more flexible of the two methods developed is that of compressive loading. The technique is to enclose a sample of plutonium in a die assembly before applying the load. It is possible, of course, to dispense with the die and simply press the sample between two platens. In this case, however, the unrestrained sample deforms during the pressing, making it difficult to maintain the load and to control the final sample thickness. This compressive loading technique has been used on specimens ranging from 1/4 to 3 in. diameter, with height-to-diameter ratios ranging from 5 : l to 1:6. The procedure begins with loading the sample, a right cylinder of a plutonium, into the pressing die. Plastic deformation of the sample while it is being pressed is minimized by machining the sample so that its diameter is nearly the same as that of the die barrel. Then the loaded die assembly is placed in a vacuum pressing can that fits on a hydraulic press. After a vacuum is achieved the die assembly is heated to 180°C and equilibrated. The load is then applied and the specimen and die are allowed to cool to about 40° to 50°C before the pressure is removed. The resulting sample is composed of rod-shaped a -plutonium grains, the rod axes being parallel to the cylinder axis and the pressing direction. Photomicrographs of the oriented structure are shown in Fig. 1. Although most of the specimen is composed of grains whose rod axes are parallel to the cylinder axis, a thin, peripheral layer consists of rod-shaped grains whose rod axes are perpendicular to the cylinder axis. Presumably, the highly plastic nature of p plutonium leads to approximately hydrostatic conditions during the initial stages of the P — a transformation under pressure. At this time, the grains in the peripheral layer would have grown parallel to the local force direction. During the latter stages of the transformation, the accompanying volume contraction would have eliminated the radial forces, leaving only the axial force and resulting in the growth of the observed structure. The growth texture did not form without the application of pressure. Attempts were made to produce the texture by repeating the standard temperature cycle without

Jan 1, 1965

By W. A. Roper

Since 1950, several papers have been published which have described various methods for studying mobility ratio effects. The methods which have been described for studying mobility ratio effects include X-ray shadowgraph techniques, stepwise potentiometric model procedures, stepwise numerical procedures, gelatin model studies and fluid mapper model studies. The purpose of this paper is to describe a procedure for using a resistance network for studying mobility effects. DESCRIPTION OF APPARATUS The basic unit of the experimental model consisted of a network of 840 resistors fastened to a sheet of black Lucite which was mounted on a wooden frame, Fig. 1. The dimensions of the Lucite sheet were 36 X 36 in. The resistors were fastened to the Lucite sheet at mesh points by means of snaps. The mesh points were arranged in a square pattern, 30 X 30 in., spaced at intervals of l1/2 in. The snap fasteners permitted several resistors to be "stacked" in parallel. By adding additional resistors to the basic unit, the specific resistance on each side of the flood front could be varied. The square network of resistors represented one of four symmetrical elements of a five-spot well pattern. The current input was analogous to an injection well and the current output was analogous to a production well." The power supply was essentially a full wave transformer-rectifier system for converting alternating-current into direct-current. The DC voltage could be varied from 41.43 to 290 v in steps of 41.43 v by selecting the proper outlet jacks. The major components of the power supply were: a Triro power transformer, R 11-A; a dual 5Y3 vacuum tube; two gas filled OD-3 tubes; and a Triplett voltmeter, model 227-1, range 0 to 500 DC v. The voltages at the mesh points were determined with a Keithley electrometer, model 210, No. 185, manufactured by Keithley Instruments, Cleveland, Ohio. A Heathkit vacuum tube volt-

By A. C. Veatch

Jan 1, 1921

By Fred Leighton, Wilson Blake

The microseismic method of detecting instability and high-stress zones in underground mines was developed by the U.S. Bureau of Mines (USBM) in the early 1940's.l,2 For about 25 years this method has been used throughout the world by mining and construction companies in assessing the stability of underground and surface excavations. Rock noises are the release of small amounts of stored strain energy propagating outward from their source as a seismic wave that can be detected with special geophysical equipment. This release of strain energy is caused by a rock mass undergoing load changes resulting in small-scale displacement adjustments such as microcracking, shearing, sliding, and crushing of crystal grains, some even as small as the elastic displacements themselves. No detailed field studies of any of these mechanisms have been made, and knowledge about the origin of rock noises is relatively incomplete. Laboratory tests have shown that when rocks are stressed in a testing machine, the rock noise rate-the number of rock noises generated per unit of time increases with increasing applied stress.3 This increase is most pronounced as the ultimate strength of the rock is approached. The standard field procedure has been to monitor a rock structure at intervals and plot rock noise rates vs. time, thus gaining a semiquantitative estimate of the behavior and stability of the structure. The success of such monitoring, however, has depended almost entirely on the experience and knowledge of the operator, his interpretation of the data, and his equipment. Very little study has been devoted to the basic properties of the vibration record of a rock noise. USBM decided that the microseismic method was being used sufficiently by various mining and construction companies

Jan 1, 1970

By Clinton M. Young

(Pittsburg Meeting, March, 1910.) I. INTRODUCTION. THE experiments herein. described were carried on in 1908-9 . by the State Geological Survey of Kansas. Some months before taking up work on black powder the Survey had resumed work on an interrupted investigation of explosions in coal-mines, a subject which is engaging the attention. of numerous investigators. An unusual number of serious disasters has directed to. the subject a study which discloses the disquieting fact that, in the. United States, the ratio of lives lost per ton of coal mined has been on the increase. Methods of coal-mining have changed to some extent with the great increase of output, attained in, comparatively recent years. These changes involve the working of very extensive mines, with increased difficulty of ventilation, increased accumulation of coal-dust, and. a very great increase in the amount of explosive used.. . This last point assumes truly startling proportions when it is carefully observed. In the fields of the Middle. West it is not now uncommon for a miner to use six ,kegs (150 lb.) of black powder in a "pay" of two weeks, while within the memory. of men still active, one keg (25 .lb.) would last two men for a " pay." So. great has . the use of explosives become in some fields that the skilled coal-miner is hard to find, and the coal is not mined, but blasted. A preliminary study of the subject. of explosions in coal-mines has. led to the belief . that the use of, large -quantities of explosives, in some cases by slightly-trained men, had not been * Associate Professor- of Mining Engineering, University of Kansas, Lawrence, Ran.

Aug 1, 1910

By O. B. Buchlen, J. W. Smith

The Coal Research Bureau of the School of Mines at West Virginia University, using an experimental flotation cell designated an airlift-cyclone was able to obtain a clean coal product containing 7.64% ash with 94% yield and 97% coal recovery. This favorable performance was obtained with the experimental flotation cell operating as a simulated three-stage unit on slurry taken from the fine coal circuit of a coal preparation plant. This experimental device, consisting of a sheet metal cyclone-like unit mounted on a U-shaped uplift pipe, uses a combined flotation and cyclone action to beneficiate the minus 14 mesh partially cleaned feed product. In addition to providing comparable analytical results, the airlift-cyclone possesses other attractive features among them being a low capital expenditure, utilization of moderate plant floor space, efficient operation on high density feed slurry, and absence of moving parts. The primary shortcoming of the experimental cell is its limited capacity. The Coal Research Bureau presently has under construction a larger unit which, it is hoped, will provide the capacity and quality to establish the airlift-cyclone as a commercially feasible unit. Froth flotation of fine coal is a practice which has only recently gained wide acceptance in this country. Various explanations can be put forth for this delayed acceptance of a very selective and efficient system of coal preparation. Among these reasons would be the advent of continuous mining machines resulting in the increased production of coal fines, the change in market patterns from domestic and rail consumers who did not want fines to a predominantly utility market which normally consumes fines, and also the imposition of legal restrictions in regard to stream pollution. However, the major detriment is probably the high cost involved both in installation and operation of the flo- tation unit and auxiliary systems. These facts assume greater emphasis when considering that froth flotation installations normally process a low quality feed product. A recent estimate' of installation costs including dryers, filters, and other auxiliary equipment for a flotation system was $5000 to $7000 per ton of capacity while the operating costs, exclusive of auxiliary equipment, were estimated at 10 to 306 per ton of feed. The Coal Research Bureau of the School of Mines at West Virginia University is currently developing a simplified froth flotation cell, designated an airlift-cyclone, which may provide considerable savings in capital and operating costs without sacrificing product quality or recovery. This experimental cell consists of three primary components: 1) a vertically mounted U-shaped pipe; 2) an air injector device; and 3) an integrally mounted cyclone-like unit (Fig. 1). A feed slurry is introduced at the top of one leg of the U-pipe while compressed air is injected near the base of the other leg. The air serves both to aerate the pulp and to cause it to flow upward into the base of the cyclone unit where the floated clean coal is separated from the reject material and unfloated coal which remains in slurry. The Coal Research Bureau's experimental airlift-cyclone is somewhat similar in principle to a flotation device developed by Russian engineers in the late 1950's. In tests upon a two-stage pilot-size device, the Russians obtained very favorable cleaning efficiencies.' However, later experience with production models demonstrated that rated capacities and acceptable product quality could not always be maintained.3 Because of these limitations, Russian engineers subsequently recommended that conventional, mechanical cells be used when cleaning difficult to float slurries. Engineers at the Coal Research Bureau felt that such a device utilizing the combined actions of a cyclone and a froth flotation machine offered numerous attractive features and merited investigation. Accordingly, a small capacity experimental airlift-cyclone was designed and, with the permission of the Christopher Coal Company Div. of Consolidation Coal Co., installed in Christopher's Humphrey preparation plant near Morgantown, West Virginia.

Jan 1, 1964

By J. Charles Miller

NATURAL carbon dioxide has recently been exploited in the United States in consequence of oil and gas developments in the Western States and the growing demand by transcontinental and transoceanic shippers for solid carbon dioxide. The discovery by drilling of commercial deposits resulted in consideration of its geographic and geologic distribution and occurrence. Its wide distribution in nature is evidenced by its occurrence in the atmosphere, hydrosphere and lithosphere. The question of origin of carbon dioxide involves consideration of theories similar to those concerning natural hydrocarbons, although available evidence favors an inor-ganic rather than an organic source. Areas favorable to development of commercial production appear to be those in proximity to igneous rocks or in the vicinity of decadent volcanic activity, where, it has long been known, the gas is evolved either free or dissolved in the waters of furnaroles, geysers or mud pots. Structure contour maps are presented showing the Wagon Mound anticline in New Mexico and the Farnham anticline, Utah. A well drilled on the latter supplies gas to a 20-ton plant manufacturing solid carbon dioxide at Wellington, Utah, on the Denver and Rio Grande R.R., whence it is shipped to surrounding territory and to the West Coast. Before funds are invested in a plant for the manufacture of liquid or solid carbon dioxide, whether supplied by wells or springs, an effort to ascertain the volume of gas available is advisable. The use of present methods of estimation of gas reserves with modifications to account for the quantity absorbed by any water present in the produc-ing formation is recommended. The Farnham anticline is used as an example and computations are made of the probable volume of gas originally present in the struc-ture. No attempt was made to compute reserves in the Niland area, California, for the reason that in such areas it is believed the volume is indeterminate.

Jan 1, 1937

By William H. Emmons

Discussion of the paper of William H. Emmons, presented at the Canal Zone meeting, November, 1910, and printed in Bulletin No. 46, October, 1910, pp. 767 to S37. CHARLES R,. KEYES, Des Moines, Ia. (communication to the Secretary*) :-It is not in a spirit of criticism that I offer a supplemental suggestion or two on the subjects covered by this valuable and highly instructive memoir. There are two points which, in my opinion, should have received greater emphasis in Mr. Emmons's excellent paper. One is the fundamental role played by the chlorides under certain conditions in ore-formation. The other is the possible establishment of geographic relationships among the four phenomena of (1) excessive chloridic content of mine-waters; (2) the abundance of chloridic compounds of the precious metals ; (3) the presence of. manganese oxides; and (4) the diminishing importance, in ore-genesis, of the metallic sulphates. Although Mr. Emmons's notes refer to gold alone, it may be pertinently asked whether the same principles do not hold good for silver and copper also, since these metals form, together with gold, a distinct and well-known chemical group. That the reactions involved apply equally well to the other two metals mentioned, is shown by a number of recent observations and discussions. Chloridic ores of silver are, as I have lately endeavored to show, mainly worked in. arid or desert regions only ; and the great deposits of disseminated copper-ores are similarly characteristic of such regions, in which both classes doubtless owe their formation to the abundance of saline materials derived from desert dusts, and to the .plentiful and almost universal presence of manganese oxide. Under these climatic conditions, silver is somewhat more abundantly deposited than copper and gold, because its chloride is so much * Received Nov. 11, 1910.

Jun 1, 1911

By John Chipman, Peter J. Koros

The distribution of copper between liquid silver and liquid iron, Fe-C, and Fe-C-Si alloys was studied at 1600°C. From the data and the activity of copper in silver obtained from the phase diagrams, the activity coefficients of copper in iron up to 3 atomic pct are log y, = 0.90 — 2.4 N, and y": = 8.0. The effect of carbon up to saturation is expressed as log y = 1.8 Ni. The effect of silicon up to 11 atomic pct is insignificant. SLOWLY rising copper content of steel being produced is focusing attention on the lack of information on the behavior of copper in liquid steel. Chou' measured the activity coefficient of copper in liquid iron through its distribution between liquid silver and iron. He obtained a value of 9.12 at infinite dilution. Chipman' calculated the activity coefficient of copper in liquid iron at 1600°C from the phase diagram and obtained a value of 12. Ameiln and Pfeiffer- investigated the possibility of removing copper from liquid steel through the use of lead, silver, and bismuth as solvents. They also calculated that the activity coefficient of copper in liquid iron would be increased five or sixfold by addition of 4 pct C. Langenberg and Lindsay' are investigating the effectiveness of lead and sodium sulfide in removing copper from liquid iron. The experimental method was similar to that used by Chou' and Chipman and Floridis." Silver, copper, and iron were melted together, the copper distributing itself between the two layers so that at equilibrium a,.,, (in Ag) - a,.,, (inFe) and N,.,, (in Ag) yc,, (inFe) (in Ag). [21 N,.,, (inFe) Thus, from the concentration of copper in each layer and the activity coefficient of copper in liquid silver, the activity coefficient of copper in liquid iron can be calculated. The effect of an alloying element such as carbon on the activity coefficient of copper can also be determined from its effect on the distribution, provided the new element is essentially insoluble in silver. The one serious limitation of this method is the increasing mutual solubility of silver and iron in the presence of a third component. The mutual solubilities of pure iron and silver are negligible, but increase with increasing copper concentration beyond the range investigated. Ag-Cu System—The activity coefficient of copper in silver at 1600°C had to be estimated, since direct experimental data are not available. Kawakami" measured the heat of mixing of Ag-Cu alloys at 1200°C by a calorimetric technique. Scheil' calculated the heat of mixing in this system by use of the phase diagram, assuming that the solution is random and that the heat of mixing is independent of temperature. The terminal solid solution may be assumed to obey Raoult's law within the requirements

Jan 1, 1957

By Clinton H. Crane

IN October, 1925, J. R. Finlay delivered an address entitled, "The Future Price of Lead." Lead was then selling at 8.85c. and Mr. Finlay and most of the rest of us were concerned about the shortage. Now, a little more than six years after, lead is selling for 3.55c., and nobody is worrying about the difficulty of getting plenty of it. For 1931 the U. S. G. S. reports United States produc¬tion as 390,000 tons of recoverable lead in ore. Our estimate is slightly higher than this; nearer 400,000 tons. This is the smallest production since 1911 and 1912, but in spite of this, stocks for the year-have increased nearly 50,000 tons. Our estimate for the production outside the United States is 1,120,000 tons, or more than double the production of either 1920 or 1921, and 30 per cent more than in 1913. Stocks abroad probably have not increased more than stocks in the United States. In other words, foreign consumption is double what it was in 1.920-21, whereas domestic consumption is substantially less. It looks as if Mr. Krueger, president of the Swedish match trust, was right when he said that "This country had better stop worrying about Europe and think a little bit more about its own affairs."

Jan 1, 1932

By J. Richard Maier

Short-range mine planning (less than five years) previously was accomplished using contour and isopac maps, pencil and paper, an abacus, and our lucky quarter. Through the use of both micros and mainframe time sharing, Glenrock Coal Company (GCC) has been able to virtually put the old equipment away (except the problem solving quarter). In the process, GCC has saved many man-days and eliminated the more tedious parts of mine planning, such as picking elevations off a map with an engineer's scale and repetitive calculations. These savings have allowed GCC to do a more extensive job of mine planning as well as offer more alternatives, making GCC better prepared for possible economic changes. Mine planning, simply, involves looking at what has been done and deciding what needs to be done using various constraints. The application of this concept is not as easy as it sounds. The need for experience and insight cannot be replaced by a machine, but machines can supplement a person's ability by doing the bookkeeping and the repetitive work. Through the application of computers and their accessories, GCC has brought mine planning to a more modernized state. The following paper will detail the development and use of one system as used at GCC. Please note: In the figures and tables following, some of the data has been altered to protect confidential information used in mine planning.

Jan 1, 1983