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By Frederic K. Bunton

The smelting plant of the British Columbia Copper Co. at Greenwood, B. C., now closed because of the decline in the price of copper due.to the European war, is of special interest to metallurgists for several reasons. It was successfully smelting in blast furnaces the lowest grade copper ore of all plants in America. In order to do so, it had to run at very hig~; efficiency, which necessarily required a large tonnage per square foot of hearth area, together with the minimum amount of labor and other costs. The furnaces smelted daily 2,250 tons of ore (6.62 tons per sq. ft. of hearth area), carrying 0.85 per cent. of copper, at a smelting cost of 81.18 per ton. The entire plant required 130 men to operate it and keep up repairs, showing a labor efficiency of about 17.5 Dons per man per day. In the present paper, the method of obtaining these results is shown. Most of the information contained in this description I obtained as Assistant Superintendent, during the two years preceding the present shutdown. Other sources of information to which I am indebted are: The British Columbia Copper Co., Ltd., by ALfred W. G. Wilson, in The Copper Smelting Industry of Canada; Greenwood Smelting Worlrs, by J. E. McAllister, Engineering and Mining Journal, vol. xci, pp. 1011 to 1015 (May 20, 1911); and Description of the Copper Smelter of The British Columbia Copper Co., by W. L. Bell, in Transactions of the Canadian Mining Institute, vol. xvi, pp. 151 to 154 (1913). II. Location and Connections The smelter of this company is about half a mile south of GreenGood, in the Boundary district of British Columbia, on the Columbia & Westerg branch of the Canadian Pacific Railway. It was originally built in 1900 by Paul Johnson, to handle 600 tons of ore a day in two small furnaces of 300 tons capacity; but in 1907 the old furnaces were torn out, the plant was remodeled, and three blast furnaces, 48 by 240 in. at) the tuyéres, were installed. In 1910, two of these were enlarged to 51 by

Jan 1, 1916

By S. K. Bradford

For years past I have traveled in quest of promising mining-properties, over almost impassable mountain-trails to remote places in the mining-regions, usually many miles from an assay-o5ce. If, upon examination, the fornlation and the ore-deposit appeared favorable, a quick determination of the value of my samples was necessary, in order that I might take intelligent action with reference to the acquisition of the property. A journey with my samples to civilized regions often meant weeks of delay, and perhaps loss of opportunity. How many, under similar circumstances, have returned with their assay-results from such a journey, only to find that some audacious speculator had optioned" the property! True, a first payment could have been made and the chances taken on the results; but experience has taught that rich-looking ore is not of necessity valuable. Personally, I would not hazard a ten-dollar bill on any property without first determining by assay the value of the ore. To carry the usual complete assay-paraphernalia over such mountain-trails was impracticable by reason of the loss of time involved, the great expense of transportation (charged -

Jan 1, 1911

By Louis B. Slichter

Prospecting is certainly the world's biggest and best gambling business. It is a game where the chips cost many thousands and where many millions, even billions, can be won. An attractive feature of this gamble is the fact that the players are free to rig the odds as favorably as possible. Only the limited bounty of nature, the restrictions of the laws of the land, the competition from other players, the limited sagacity of the player himself- only these, and other factors, restrict the possibilities for large winnings. Today probably about half the land surface of the earth remains to be searched for signs of ore visible at the surface. It is fortunate that so much land still remains for exploration by relatively economical methods. Looking to the future, it is a good guess that the costs of finding ore will increase in response to increasing technical difficulties. To continue to achieve profits from prospecting, it will become necessary to analyze the business more skillfully, in a more and more sophisticated manner. Whenever feasible, qualitative concepts must be replaced by their quantitative equivalents, improvements, and extensions.

Jan 6, 1960

[NOTE.-The names of authors of papers are printed in small capitals, and the titles of papers, in italics. Casual notices, giving but little information, are indicated by bracketed page numbers. Large Roman numerals are volume numbers; small Roman numerals after volume numbers following titles indicate the page on which the presentation of the paper is mentioned; Arabic figures refer to the text of the printed papers.] A Use Classification of Coal, (ASHLEY) LXII [xiv]; LXIII, 782; Discussion: (HALL), 794; (ZERN) , 795; (ASHLEY), 795 Absorbent material, liquid-oxygen explosives, LXXI, 1251. Absorbents for liquid-oxygen explosives, LXIX, 292, 299. Absorption : cupellation : gold, special cupels, LIX, 194. primary and secondary, LIX, 213. ratio of silver to gold, LIX, 212. silver, specla1 cupels, LIX, 195. Absorption method, gasoline from natural gas, LIX, 584, 585. Absorptzon of Sulfur from Producer Gas zn Open-hearth Furnaces (NEAD), LXX, 176; Discussion: ( WATERHOUSE), 184 ; (REYNDERS) , 184; (KINNEY), 184 Accelerated wearing tests, bearing metals, LXIX, 973. Accident prevention, results, Utah, LXVIII, 360 Accident Prevention, 1919 (SINN), LXIII, [xiii] Accidents: causes in coal mines, LXXI, 1229. classification, Anaconda Copper Mining Co., LXVIII, 9. coal mining: comparison with metal mining, LXVIII, 360. pillar mining, LXVIII, 323. relation to method, LXVIII, 323 shafts, LXVIII, 207, 209 Utah, LXVIII, 363 - concentrating mills, Utah, LXVIII, 362 liquid-oxygen explosives, LXIX, 330, 339 losses through, LVIII, 65 metal mining, LXVIII, 361, 363. mine: causes, LIX, 652. curve of decrease, LIX, 655 days of greatest frequency, LIX, 657 human element as cause, LIX, 652, 653. intemperance as cause, LIX, 658 labor relation, LIX, 652 prevention, LIX, 653. record, New Jersey Zinc Co., Franklin mine, LIX, 655 time of greatest frequency, LIX, 657, 658 Utah, LXVIII, 360 prevention, LVIII, 65 report blanks, Anaconda Copper Mining Co, LXVIII, 13, 15. statistical base, Anaconda Copper Mining Co, LXVIII, 9 time lost, LVIII, 70 transportation, Clifton-Morenci district, LXX, 851.

Jan 1, 1926

By J. E. Lamar

THAT Illinois is an important mineral producing state is well known. A value of over $237,000,000 for the mineral products in 1926 indicates the magnitude of the industries. Coal mining is the largest mineral industry, and the value of its product was about 63 per cent of the total mineral production of the state. Oil and gas constituted about 8 per cent and the non-metallic minerals about 29 per cent. This 29 per cent represents the production of a varied group of mineral industries of wide geographic distribution through the state.

Jan 1, 1929

By Charles Willis

THE time is no longer when a man can act as an independent unit; the appreciation of the interdependence of one man upon another has emphasized the importance of the social unit. Epidemics have made us recognize that even a man's health is not distinctly his own to control as he pleases. The physical examination of workmen previous to employment started with an effort to prevent the spread of tuberculosis, for tuberculosis may be .detected in its early stages and cured. But it was soon found that many other diseases were detected and the saving of lives made possible. The physical examination does not mean the elimination of the unfit-on that basis it would utterly fail- but rather the measuring of a man's physical fitness and placing the man where he can do the best for himself, his fellow worker, and the company. Industry as a whole cannot expect to live up to the standard of physical examination set for the army, nor should it expect to do so, for in all branches of industry there are types of work that do not require -the same amount of endurance as does army work, and the placing of men with physical limitations in the work for which they are' capable permits a higher average of physical fitness for the work requiring physical excellence.

Jan 7, 1919

By David White

IN these days, when detailed investigations of stratigraphy, structure, and sand conditions so frequently result in the discovery of new oil fields, and applause from oil companies and the public, geologists do well to walk humbly, and punctiliously to admit that the geologic principles controlling the distribution of oil and gas have as yet been discovered only in part, and that what remains yet to be learned is probably vastly more than what is already known. The few experiments already at-tempted have been fragmentary, and somewhat desultory, and however positive each of us may be with respect to certain theoretical conclusions, many of the fundamental questions as to the origin and mode of occurrence of petroleum are subject to radical disagreement. Of the chemical changes attending the generation of petroleum from organic matter, little is actually known. Most of the postulated formulas are liable to be misleading, through ignorance of essential factors. Open-mindedness is therefore a prime essential at the present stage of our science. Nevertheless, adopting the hypothesis that oil originates in some manner fundamentally connected with the organic theory, and in possible departure from such open-mindedness, the writer will pay no attention to the so-called inorganic theory, since every attempt to apply this theory to the study of old oil fields, or to the discovery of new ones, affords cumulative evidence of its inadequacy. In this paper, some of the factors affecting the occurrence of petroleum that the writer believes worthy of consideration by the prospector for oil in any new region will be discussed. Some of these, which are less generally understood, will be considered somewhat in detail. Other points, the significance of which cannot now be determined, require more field study, and for that reason are here brought to the attention of the field geologist. On the other hand, certain theoretical points which do not bear especially on the oil possibilities of a new region will be given little

Jan 2, 1920

By A. U. Seybolt, J. L. Walter

The effects of the addition of 0.5 pct ThO2 (by volume) on the grain structure and texture of heavily rolled tungsten sheet were studied. Powder metallurgy ingots were rolled to sheet, 0.001 in. thick, and samples were annealed at temperatures from 1200" to 2500°C. The heating rate to the anneal temperature was varied from 3°C per min to 6500°C per min. The orientations of the largest grains were determined by X-ray diffraction. The disposition and loss of the ThO2 particles were determined by electron transmission microscopy and the activation energy for remozlal of the thorium was measured by mass spec-troscopy. Heating rates below about 800 C per min produced large, highly elongated grains. Higher heating rates produced much smaller, less elongated grains. The grain structure and texture of the slowly heated samples were identical to the structures and textures of heavily rolled tungsten foil conventionally doped with aluminum, silicon, and potassium but the recrystallization temperature was about 200°C lower. There was stringer-like dispersion of larger ThO2, particles superimposed on a uniform dispersion of fine particles. The particles increased in size and decreased in number with time at temperature. The loss of particles was accompanied by formation of grain boundary voids and surface pits. The activation energy for removal of the ThO2 was about 40 kcal per mole. THE addition of small amounts of aluminum, silicon, and potassium to tungsten has a profound effect on the grain structure of heavily rolled sheet1 or drawn wire."4 Thus, "doped" tungsten sheet, rolled to 0.001 in. and recrystallized, develops a structure consisting of large, highly elongated grains of a specific preferred orientation.' It has been shown that the elongated grain structure was caused by a dispersion of particles, identified as mullite (Al6si2O13),1,4 in strings parallel to the rolling direction in sheet or to the wire axis. Identical results were obtained for iron which was doped with glass and rolled to 99 pct reduction of thickness and recrystallized.5 Again, the glass particles were disposed in strings parallel to the rolling direction. The strings retarded boundary migration in the lateral direction but grain growth was able to proceed relatively unhindered along the direction parallel to the strings.1,5 In both the doped tungsten and the glass-doped iron, the particles were highly plastic during the high-temperature deformation. Since mullite melts at about 1800°C and the glass employed melts at about 810ºC, the particles were probably molten during the recrystallization anneals (above 1800°C for the doped tungsten and 850°C for the glass-doped iron). There are indications in the literature that particles not plastic at hot-working temperatures (up to about 1550°C for tungsten) may also impart elongated grain structures by primary recrystallization of worked alloys. Examples are dispersions of tantalum carbide in chromium,6 and ThO2 in nickel where elongation ratios of recrystallization grains of up to 20:l were obtained.7 Strings of ThO2 particles in W-ThO2 wire have been seen by Rieck.8 In view of the available evidence, it was of interest to extend the previous studies of doped tungsten and glass-doped iron to include W-ThO2 sheet materials. Of specific interest was the grain structure, preferred orientation, recrystallization temperature, and disposition of the thoria particles. EXPERIMENTAL PROCEDURE A) Material Preparation. About 380 g of blue tungsten oxide (approximate composition WO3) was wet with a sufficient amount of aqueous solution of Th(N03)4 to provide 0.5 vol pct ThO2. The wet mixture was stirred to distribute the doping material uniformly throughout the powder. Stirring was continued while the mixture was heated until it was completely dry. The dried, doped mixture was then reduced to tungsten powder by heating at 850°C for 2 hr in a stream of dry hydrogen. The doped tungsten powder was hydropressed in a rubber sack at pressures of 50,000 psi to produce an ingot approximately 2 cm diam by about 5 cm long. Next, the pressed cylinder was heated in hydrogen for 2 hr at 1350°C to render it strong enough for machining. The cylinder was machined to a square cross section of 1.6 by 1.6 cm with rounded corners. Finally, the bar was heated for 2 hr at 2150°C in hydrogen to provide a sufficiently dense mate rial to withstand the hot-rolling operation. Prior to rolling, the ingot was reduced in thickness by about 20 pct by forging at 1550°C. This served to increase the density of the material and to widen it slightly for better rolling characteristics. The forged ingot was then rolled at 1550°C to a reduction of 45 pct of thickness, following which the rolling temperature was reduced to 1300°C and the slab rolled, with several reheats, to 0.050 in. Further reduction was accomplished at 800°C in tungsten sheet packs to a total reduction of about 99.85 pct. B) Annealing Treatment and Observation of Structure. Small samples of the rolled foil were annealed in one of two ways. Some of the samples were suspended in a covered tungsten can and annealed at temperatures from 1200" to 2200°C for various times in vacuum of l0-7 to 10-6 mm Hg. The can was heated by induction and temperatures were determined by optical pyrometry

Jan 1, 1970

By AIME AIME

THE statements quoted below range widely over the field of contact between education and industry. 'Their sources are as indicated. True Education "Education must escape from its traditional warped and narrow views as to what constitutes life and preparation for life. It must train young men and women for vigorous, wholesome development of every important element of personality. It must build physical and mental health. For each student it must inform and discipline thinking in literature, in physical, bio- logical and social sciences, and in philosophy. It must awaken appreciation of beauty.

Jan 1, 1929

By D. Jeulin

For iron ore sinters to be good blast furnace burden, they need to possess certain basic properties such as cold mechanical strength, reducibility, etc. Relations between such basic parameters and sintering parameters (composition of the mix, fuel consumption, operating conditions of the sintering plant, etc.) are not always well understood. For example, one cannot explain the differences in quality noticed for sinters having the same chemical composition. In this paper a new approach is proposed for the characterization of iron ore sinters by a quantitative description of their morphology. The Texture Analyzer LEITZ T.A.S. is used for this purpose and such morphological parameters as sizes of microstructures and the size distribution of phases are measured on samples of sinters. The results indicate that these measurements can be correlated with the sinter quality.

Jan 1, 1977

John Langton, New York, N. Y. (communication to the Secretary*):—In Mr. Firmstone's discussion (Trans., xli., 912) the formula he gives for the periodical payment—his equation (2)—may be simplified in form. The expression given by Mr. Firmstone is : q=S(l+ r) 1-(1+r)-(1+r) r which is a simpler form to use in calculations. Where S= principal to bc extinguished. Q = periodical payment or charge for sinking-fund, r = rate of interest per period (i. e., interest on $1 per period). n = number of payments or periods. Kent's Mechanical Enyineer's Pocket Book, under the heading Annuities, equation No. 5, gives : " The annuity which $1 will purchase for any number of ytlars n is * Received Jiily 16, 1911.

Jan 1, 1912

By Donald Gilbert

PRIOR to July, 1919, the sampler at each mine of the Anaconda Copper Mining Co. in Butte did his work in his own way and was responsible to the mine foreman only. At that time, the sampling at all the company's Butte mines was placed in charge of a member of the geological department and stand-ardized methods of doing the work, were adopted. These standards were incorporated in a set of instruc-tions accompanied by blueprints representing typical conditions. The main features of the instructions were as follows: All samples to be cut at breast height and horizontally, regardless of dip of vein, and the horizontal width reported. A single sample to include not more than a 5-ft. width of the breast and to weigh not less than 4 lb. for this width. Where the vein is made up of two or more streaks of different hardness or mineral content, each streak is to be sampled sepa-rately and the average value of the combined width figured. If two streaks of ore are separated by a streak of waste, which is not sampled, in obtaining the average value of the breast the waste must be figured in with a zero assay. Drifts to be sampled in the breast after each round. Raises to be sampled for each floor raised. Each end to be sampled separately and the average width and value of the two ends to be used as the average of the floor. All veins cross-cut to be sampled along the side of the cross-cut, at breast height and horizontally. Where the vein strikes at an acute angle to the line of the cross-cut, the width of sample must be corrected to show the horizontal width at right angles to the line of strike of the vein. Rill stopes must be sampled across the full mining width. In square-set stopes, each set must be sampled separately along the line of the caps. Waste portions of the vein which are mined for filling must not be included in the sample.

Jan 2, 1922

By Max W. Ball

Our ever-increasing use of minerals has been the outstanding fact in our American economic development. The rise in our standard of living in the past century is without equal in human history. Nowhere in time or place has the man who works lived so well, or the man who cannot work been so well cared for. We live in a new world, even the poorest of us, that our forebears of 1849 could not have dreamed. That new world has come mainly from our use of minerals. Our per capita use of nonmineral products has grown too, but by only a modest amount. Food consumption per person has grown about 15 per cent in the past fifty years; lumber use per person ,has fallen 56 per cent and that of wood for fuel 65 per cent. Of all the products of field and forest, our use, per capita, may have increased by one fifth during the present century. In contrast, our per capita use of minerals has multiplied several times. Each of us uses 2% times as much steel and 16% times as much petroleum as our fathers used in 1900. In less than half a century our per capita consumption of all minerals has probably risen by 200 to 250 'per cent. Man once built with wood; today he builds mainly with brick and stone and steel. Once he traveled by the power of hay and oats; today he travels by the power of coal and oil. Rubber made from minerals is already better for some uses than rubber tapped from trees; before long it will be better for most and perhaps all uses. Even our ladies' graceful legs are clad in mineral fiber, where once animal or vegetable fiber would have covered them. Our high standard of living is a product of the machine.. The machine is made of minerals. The machine is driven by minerals. The machine age is a mineral age.

Jan 1, 1949

By A. Gatti

A dispersion of AI2O3 was produced within chromium by the hydrogen reduction of a solid solution of Cr2U3-A1203. The yesulting powder. was compacted, extruded, and the material tested in tension at various temperatures and in creep at 1800°F. The material is ductile above 1200°F and is at least twice as strong as electrolytic chvomium at all temperatures. Its creep resistance, rupture strength, and ductility at 1800°F warrant further work to improve its Low -temperatutre properties. BECAUSE of its high melting point and excellent corrosion resistance, chromium has long been considered as a base for high-temperature alloys. Most chromium base alloys, however, are extremely brittle at low temperatures. Elements such as nickel and iron lower the melting point of chromium and thereby limit its high-temperature usefulness. Chromium-alumina materials made by othersl, 2 have shown good high-temperature creep resistance but poor ductility and thermal shock resistance. Pure ductile chromium3 is weak at high temperatures and reverts to a brittle state if exposed to nitrogenous atmospheres. In sintered aluminum powder (SAP)4 and internally oxidized alloys of silver, copper, and nickel, fine dispersions of oxide phases can control hardness, recrystallization, and yield stress. The possibility of formation of a ductile, high-strength material by precipitating dispersions of alumina in a chromium matrix appears worthy of investigation. MATERIAL Powder Production—Chromium oxide and alumina in amounts to produce a final alloy of Cr + 16 pct AI2O3 by weight were colloid milled, filtered, dried and high fired for 16 hr at 1600°C in air. The resulting solid solution of oxides was ball-milled to a fine powder and the chromium oxide reduced to chromium by heating in pure dry hydrogen for 64 hr at 1400°C. Final Materials Produced by Powder Metallurgy Techniques—-Chromium powder, containing a disper-sion of alumina, was pressed into 1 1/8-in. diam slugs at 25 tons per sq in. and sintered 16 hr at 1400° C in pure dry hydrogen. The sintered slugs were encased in a stainless steel can, 2 in. in diam, and extruded at 1200° C through a 1/2-in. die. The 16 to 1 extrusion ratio produced a final chromium-alumina rod 1/4 in. in diam about 30 in. long. Samples of the rod were plunge-ground to small rupture bars of 0.82-in. gage length with a 0.01-sq-in. cross section. RESULTS Microstructure Studies—Fig. 1 is the microstruc-ture of the material in the as-sintered condition while Fig. 2 is the microstructure of the material as-extruded. Comparison of the as-sintered and as-extruded micrographs show the redistribution and realignment of the alumina inclusions by the extrusion

Jan 1, 1961

By M. C. Flemings, A. A. Tzavaras

Analytical and experimental procedures are descrihed for quantitative determination of volume-fraction microporosity in metals by mimorarlio-graphg. The analysis assumes spherical pores but allows for the observed fact that pores or portions of pores smaller than a given thickness do not project an image on the film. Volume-fraction microporosity was measuured in cast low-alloy steel and shown to vary from 0.6 x 10-4 to 10 x 10 depending on mode of solidification and on whether the material was air- or vacuum-cast. The aim of work described herein was to develop a method of quantitative measurement of the volume fraction of microporosity in cast metals. Microporosity, present in nearly all castings and ingots, is always interdendritic in nature and may be large enough to be seen on a polished surface with the naked eye. More generally, it is smaller in size, and its detection more difficult. Three techniques might be considered for measurement of microporosity: 1) lineal analysis of a polished metallographic surface, 2) density measurement, or 3) quantitative microradiography. As will be shown later, volume fractions of porosity in directionally solidified castings may be the order of 10-4 to 10-3; such small amounts of porosity are difficult to identify and measure on a polished surface. Density measurement is also not a suitable technique (for alloys) when the volume fraction of porosity is low. This is because the density of the base metal is often not known within the necessary accuracy, due to microsegregation or partial phase transformations. In general, it is not possible to completely eliminate microsegregation without also altering the porosity. Because of the limitations of the foregoing techniques, quantitative microradiography was employed to determine amount of porosity. In recent work, microradiography has been found to be useful for qualitative measurement of porosity, including determination of size and shape of individual pores;&apos;)&apos; however, quantitative determination of amount of porosity has not been attempted. I) CALCULATION OF VOLUME-FRACTION POROSITY The following analysis employs procedures similar to those of Cahn and Nutting3 and Hilliard.4 Major simplifications are that pores are assumed to be spherical and to be present in sufficiently small quantities that no overlapping occurs. A basic difference from the previous treatments is that the limited "sensitivity" of microradiography is considered. Assume first 1) cavities are spherical and of uniform diameter, 2) cavities are randomly distributed, 3) volume-fraction porosity and specimen thickness to pore radius ratio are sufficiently small that overlapping of the projected images of cavities is negligible, 4) sensitivity is limited (i.e., holes or portions of holes of less than a given thickness do not project an image on the film). The sensitivity, is defined as: where 5 = minimum thickness of void from which an image will be projected on the film and t = specimen thickness. Now, from Fig. 1, it is possible to distinguish between two different types of holes. These are 1) holes whose centers lie within the region t/2 > X > 6/2, where X is distance from one surface of the specimen (positive into the specimen), and 2) holes whose centers lie within the region (6 — r) < X < 6/2, Holes whose centers lie outside X = (6 -r) project no image on the film. These two types of pores are considered separately below. Type 1 Pores. When 6 is greater than 0, the image of a spherical cavity of radius r appears on the film as a circle of radius a which is smaller than r. From geometry, Fig. 1: a2=r2-52/4 [2] where a = radius of image of pore on film and r = radius of pore. Since the pores are randomly distributed and spherical V =4/3pr2Nv [3] where V = volume fraction of voids and Nv = number of pores per unit volume and the number of images of Type 1 pores per unit area of film, N&apos;A, is

Jan 1, 1965

By R. C. Mahon

During the early history of the Lake Superior district, tamarack timber was used almost exclusively in the wines. It had the strength and lasting qualities necessary for a satisfactory mining timber. But about fifteen years ago the tamarack trees were attacked by a blight which killed nearly all of them so today no tamarack timber is available. Hemlock, spruce, and poplar have neither the necessary strength nor the lasting qualities for mining timber, but a large supply of maple and birch is available. These have ample strength but, when placed underground, fail by decay in about three years. This means that, instead of replacing the timber sets once in fifteen years, it must be done five or more times in the same space of time which involves not only incraesed timber costs but more important, an increased labor cost.

Jan 1, 1949

By John C. Robison

INTRODUCTION Sensitivity analysis is a means of gauging the impact of individual risks on a financing. Key risks can occur in three time periods: - Feasibility, engineering and construction phase; - Start up phase (usually through completion); - Operating phase (post completion). If a company has agreed to cover these risks prior to completion, then less attention will be paid to the sensitivity of the project in the first two time periods. Since the operating phase of the project generates cash for both operations and debt service and generally does not begin until two to six years after the loan is signed, it is wise to look at scenarios other than the projected "base-case" scenario in order to determine the project&apos;s capability to operate successfully under a broad range of probable future events. Lenders are compensated at a fixed spread over their borrowing base and generally are not compensated if the project is successful beyond expectation. They are also subject to the loss of principal plus funding costs if the project performs below expectation. Because of this, lenders establish sensitivities around the parameters of conservative projections developed in the project feasibility studies and the cash flows resulting from these projections. The initial cash flow projections should demonstrate the project&apos;s ability to meet cash costs, debt service requirements (principal and interest), and still have sufficient cushion to cover contingencies such as strikes, price fluctuations, force majeur situations, etc. (See Schreiber, Chapter 10). The selection of the level of sensitivity analysis to be performed is the result of both objective criteria, including probabilistic analysis applied to the technical parameters, and, of equal importance, subjective criteria applied by the analysts, especially with regard to the economic and financial parameters impacting the project cash flows. RISK SENSITIVITY Assumptions used in the cash flow projections should be realistic. Risks identified by the lenders should be identified and cash flows prepared to assess whether these project risks are acceptable. Typical project risks include the following (see also Chapter 9): - Sufficient reserves - quantity and quality - Product price - Production level - Operating costs - Availability of energy and supplies - Transportation and infrastructure requirements and costs - Interest rate - Completion risks - Tax level - Political risks - Cost over-run risks - Operator experience - Management - Technological risks - Environmental permits and risks - Foreign exchange risks - Insurance coverage - Equity of sponsors - Inflation rate - Capital expenditure during project life In order to see the effect on the cash flow projections, each risk should be analyzed for its impact on the cash flow generating capacity of the project. Sensitivities can be examined to see if the resultant cash flow projection will meet the lenders minimum credit standards. 1.Reserve Sensitivity In general, lenders will not assume the reserve risk. However, it should also be noted that lenders receive loan proposals in which reserves range anywhere from proven to possible. Sensitivities are not generally run for various reserve levels and reserve estimates are either considered acceptable or not acceptable by the lenders.

Jan 1, 1985

Jan 1, 1967

By William R. Webster

An investigation has been made of 500 samples of universal and sheared plates of basic Bessemer and basic open-hearth steel manufactured by the Pottstown Iron Company, the carbon-limits being 0.07 to 0.18 per cent. Through the courtesy of Mr. W. H. Morris, President, I am able to lag before the Institute the results of these tests. The samples tested were all taken from the finished material, and the chemical determinations were made on drillings from the broken test-pieces, which were sent to the chemist without giving him the heat-numbers. The results are such as to encourage me to keep on with the work, and, if possible, to have it carried out on other steels. It is kith this view that I now offer my tables in their incomplete form. My first table mas constructed by grouping the tests according to chemical analysis in various. ways, and making a rough tabulated statement, from which the ultimate strengths were worked out and carefully compared with the actual results of the tension-tests. From data thus obtained, one table after another was worked out, and by this method of "cutting and trying" I finally arrived at the results which I now present in Table I. (p. 771). I do not claim absolute accuracy, but my approximations have proved to be so close that the figures are practical data for current use at the works. The indications are that a pure iron, without carbon, phosphorus, manganese, or silicon, if it could be obtained, would give 38,000 pounds ultimate strength. This is assumed as a base, and to it is added the effect of each of the above elements, as explained below. The upper part of Table I. gives the ultimate strength due to carbon and phosphorus, and is the same for both basic Bessemer and basic open-hearth steels. The lower part gives the increase in ultimate strength due to manganese. By adding this to the amount obtained from the upper part, we have the ultimate strength of basic Bessemer

Jan 1, 1893

By A. A. Bauer, F. A. Rough, G. H. Beatty

AS a result of recent studies, the constitution of the zirconium-uranium system has been fairly well defined. A diagram for the system is shown in Fig. 1. However, both oxygen and nitrogen are known1-3 to have a pronounced effect on the limits of both ß- and e -phase regions. It has been shown that small amounts of oxygen severely constrict the compositional limits of these phase regions in the ternary zirconium-uranium-oxygen system. A previously published tentative diagram shown in Fig. 2 illustrates the ß-phase constriction resulting from oxygen additions. Generally, iodide zirconium has been used in constitutional studies of zirconium-uranium alloys. While this is the highest purity material available, cast iodide zirconium-uranium alloys will generally average from 200 to 300 ppm 0 and from 50 to 60 ppm N. Thus, while the constitution of the zirconium-uranium system is fairly well defined, it must be realized that this definition applies to alloys containing in the vicinity of 250 ppm 0 and 50 ppm N. The present investigation was undertaken to accurately determine the boundary between the ß-plus-P and ß phases at a single temperature in the binary zirconium-uranium system by quantitatively

Jan 1, 1959