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By Kermit Allen

Historically, major natural gas transmission companies have been faced with the problem of meeting peak demands when the source of natural gas is located hundreds of miles away from the marketing area. Transcontinental Gas Pipe Line Corp.'s position was further complicated when offshore gas supply wells were shut-in during hurricane alerts. Transco's solution to this problem was the construction of salt storage wells adjacent to their pipeline near Eminence, Miss. Storage caverns were constructed using conventional solution mining methods. Two 13 3/8-in.-diam cased wells were completed and a 1,000,000-bbl cavern was leached at an interval of 5700 to 6700 ft at the base of each well. The two caverns have a usable storage volume of 2.0 billion cu f t and each well has a deliverability rate of 375 million standard cfd. The caverns are unique in that brine is not used for product displacement-all brine has been removed from the caverns. Natural gas is stored at a maximum pressure of 4000 psia. During withdrawal the cavern pressure drops to a minimum of 1225 Asia-the volume of gas between these two pressures becomes "usuable or top gas." The Eminence storage terminal is located on the Eminence salt dome about 30 miles north of Hattiesburg, Miss. Construction began in July 1968 and was completed in October 1970.

Jan 1, 1972

By Howard A. Smith

Of late considerable experimental and theoretical interest has been shown in the rates of transformation from a single phase, usually a supercooled solid solution, into one or more phases. Such reactions may involve both diffusion and transformation of the major constituent, as in iron alloys, or it may simply involve diffusion, as in superstructure formation and in age-hardening systems. Most of the work has been confined to ferrous alloy1-9† although two investigations have been made on copper alloys10*". That such work may be of considerable practical importance has been demonstrated by Bain12, by the workers at the Kaiser Wilhelm Institut fur Eisen-for~chung'13, 14, and by the everyday use of precipitation and age-hardening principles15. Experiments in this country have generally followed Davenport and Bain's technique of rapid supercooling followed by isothermal treatment. In Germany16, 17 the work has been extended to the study of the influence of accurately controlled and measured rates of cooling. The work on steel indicates that there are two subcritical temperature ranges where reaction starts sooner after quenching and proceeds at a more rapid rate than at other temperatures. At suberitical temperatures above Ar" (temperature of martensite formation) where reaction is dependent upon atomic migration there is a period of time of which the length depends upon the alloy content and the temperature, before which no reaction has been detected. Davenport and Bain' find that different sorts of atoms in solid solution in gamma iron affect the length of this " prereaction" period differently, manganese probably being the most effective in lengthening it. It is very difficult to believe that nothing occurs within these "prereaction" regions, for if this were so there is no reason why any reaction at all should be observed. In the light of experimental facts and theoretical considerations it is certainly

Jan 1, 1935

By Howard A. Smith

Of late considerable experimental and theoretical interest has been shown in the rates of transformation from a single phase, usually a supercooled solid solution, into one or more phases. Such reactions may involve both diffusion and transformation of the major constituent, as in iron alloys, or it may simply involve diffusion, as in superstructure formation and in age-hardening systems. Most of the work has been confined to ferrous alloy1-9† although two investigations have been made on copper alloys10*". That such work may be of considerable practical importance has been demonstrated by Bain12, by the workers at the Kaiser Wilhelm Institut fur Eisen-for~chung'13, 14, and by the everyday use of precipitation and age-hardening principles15. Experiments in this country have generally followed Davenport and Bain's technique of rapid supercooling followed by isothermal treatment. In Germany16, 17 the work has been extended to the study of the influence of accurately controlled and measured rates of cooling. The work on steel indicates that there are two subcritical temperature ranges where reaction starts sooner after quenching and proceeds at a more rapid rate than at other temperatures. At suberitical temperatures above Ar" (temperature of martensite formation) where reaction is dependent upon atomic migration there is a period of time of which the length depends upon the alloy content and the temperature, before which no reaction has been detected. Davenport and Bain' find that different sorts of atoms in solid solution in gamma iron affect the length of this " prereaction" period differently, manganese probably being the most effective in lengthening it. It is very difficult to believe that nothing occurs within these "prereaction" regions, for if this were so there is no reason why any reaction at all should be observed. In the light of experimental facts and theoretical considerations it is certainly

Jan 1, 1935

By J. E. Brantly

THE oil-producing industry may logically be 'divided into four independent branches: (1) Acquisition of possible productive lands by lease, fee purchase, concession, or otherwise and the perfection of titles thereto. (2) Studies of the geology of the properties, leading to the location of exploratory wells. These involve reconnaissance and detailed surveys and the use of geophysical instruments, where conditions do not permit surface determination. (3) Drilling of exploratory or test holes and, later, exploitation wells. (4) Actual recovery of the oil from the wells by flowing, pumping, or other methods. These four divisions of the industry are unrelated in detail of accomplishment, but they are entirely complementary, one to the other, and must, in any efficient' organization, harmonize in their respective efforts toward the desired ultimate end. The relative order for the first two branches is not necessarily the proper one; in fact one should have knowledge of the favorable possibilities of a given property before it is acquired, and preferably, also, final opinions as to then proper location for an exploratory well, if such is justified in the light of

Jan 1, 1937

By W. L. Austin

The advance made in recent times in this branch of metallurgy is indicated by the attention the subject is receiving from important American copper-producing companies. Reference to the files of publications devoted to the mining industry discloses that some 20 American companies are actively investigating the amenability of their ore, or other material, to leaching methods, and that plants of varying capacities up to 10,000 tons per day arc under construction or are projected. Several leaching works are in commercial operation. It has been frequently pointed out that no method of leaching is universally applicable, for the reason that each ore differs in some particular from apparently similar ore found elsewhere, and also because local conditions are rarely the same even where the ore closely approximates in character that being worked at some other point. For this reason the older companies are approaching the matter in a conservative manner, experimentally determining for themselves the salient features in each instance. In considering a leaching proposition three factors at once fix the attention: (1) disengaging the metal from mineralized forms in which it is found in nature; (2) recovering the metal in a commercial state after it has been dissolved; (3) the apparatus best adapted to carrying out the several operations. Bringing the Metal into Solution This feature.has been found to present no serious difficulties. Numerous solvents for copper are known, and it has been repeatedly demonstrated on a commercial scale that from 80 to 90 per cent. of the metal contained in an ore can be rapidly brought into solution. It is interesting to note, however, that all of the companies above referred to have selected sulphuric acid as the basis for a lixiviant. Where oxidized ore practically free from precious metals is treated simple leaching with

Jan 1, 1915

By M. J. R. Morris

THE year 1939 has seen the iron and steel industry driving for efficiency with unabated zeal. "Efficiency" is here used in the sense of enabling the customer to do more with less, either supplying him with more economically priced steels or with higher priced steels that will do a job more economically. The plain carbon steels have been improved tremendously in quality be- cause of recent control tests. All steel companies have been urged to hold to .closer chemical control, closer standards, soundness, and more control on grain size, and now attention is being directed to closer control of hardening properties. Better control of open- hearth operations undoubtedly will result in an increase in the application of special carbon steel. Further, with a better understanding of quenching, the present trend to study the quenching of this class of steels will be ex- tended. These steels will then be used for purposes to which they are best suited. Utilization of special carbon bars and large shapes seems to be developing less slowly than special car- bon in the form of strip. There are many reasons for this and the future development of this trend will be important. Continued development of the manufacture of parts from strip and sheet to replace forgings, and of formed; structural members such as channels or welded pipe, is notable. Special carbon sheets with nonaging properties have been produced during the year; they maintain a higher degree of ductility over a longer time and are less sensitive to the changes which took place in the former product when stocked.

Jan 1, 1940

By James L. Poole

INTRODUCTION Companies in the mining industry are subjected at times to currency exchange rate risks and interest rate risks. The former occurs any time a firm deals in more than one currency. The latter occurs anytime a firm is financing itself with borrowings that have a floating interest rate (although a fixed rate can be a problem at times). FOREIGN EXCHANGE RISKS There are two general reasons why exchange rate risks (FX risk) can occur: First, a firm may be building a mine or plant in another country where financing for the plan is denominated in funds other than the country hosting the plant. For example, if a Canadian firm is building a smelter in another country which is being financed with Canadian dollars, the C$100 million for labor, which must be paid in the local currency, has subjected the firm to a C$100 million FX exposure risk. If after the cost estimates were made the local currency appreciates 30% against the Canadian dollar, the cost of labor has increased to C$130 million. (Of course, the local currency could also devalue during this period making the labor cost component less than estimated.) The other reason exchange rate risk arises is due to the fact that the costs of production in one country producing minerals may be incurred in one currency while the production is sold in another currency, such as coal being exported from Canada to Japan under contracts denominated in Yen. In this example, the Canadian firm is exporting coal to Japan and being paid in yen in 30 days at a contract price of 100 Y per ton. Furthermore, assume that the mining firm anticipates a depreciation of the yen against the Canadian dollar of 5% in the next 30 days. Therefore, the mining firm stands to lose 5% of the value of its shipment in a month's time not including carrying costs. In both cases, the mining company risks an adverse change in the exchange rate, that is, the currency the company holds may decrease in value relative to the other currency. There are a number of ways to mitigate the exposure to foreign exchange which can be utilized by the mining company. Optimally, a company should try to match all their inflows and all their outflows in the same currency. For example, if a Canadian firm has mining costs and debt service costs both denominated in Canadian dollars then 100% of their receipts would need to be in Canadian dollars. If a Canadian firm has 70% of its cash outflows in Canadian dollars and 30% of its cash outflow in American dollars in the form of a loan amortization then their receipts would need to be 70% in Canadian dollars and 30% in U.S. dollars. This general principle of matching cash receipts and cash costs in the same currency works fine in a perfect world but what of the real world when these cannot be matched? In actual practice, however, the financial markets have developed a number of ways in which foreign exchange risks can he managed or reduced. FORWARD MARKETS One method is to use the forward markets which are made on a world-wide basis by the commerical banks for foreign exchange. If a firm wanted to lock in the current exchange rate for the receipt of a foreign currency at some point in the future, they could do so by contracting on the forward market with a bank selling that foreign currency at the current rate at the future date. For example, assume that a Canadian firm is exporting coal to Japan which would pay yen in 90 days. If a firm wanted to lock in today's exchange rate they could contract with a bank to sell on the forward market yen in 90 days. When the yen was received the contract would be executed by selling the yen to the bank and receiving the previously agreed upon number of Canadian dollars. Generally speaking, the forward market can be used to sell forward about 12 months. The costs of selling (or buying) forward

Jan 1, 1985

By D. L. Gardner, H. L. Barr

The following report covers the history of the development of the mine, present equipment, methods and costs of mining and milling. In addition, a description of the ore deposit is given with emphasis on the origin of the fractures, mode and types of ore occurrence, and mechanics of granite emplacement. An endeavor has been made to present a complete and accurate statement of the San Mauricio mine, the highest grade gold mine in the Philippine Islands. Credit is gratefully acknowledged to the mine staff for descriptions and details regarding their particular field of work. All analyses were made by Mr. T. A. DeVore, head chemist, San Mauricio Mining Co. Messrs. Edward Wisser, J. E. Fyfe, A. F. Skerl and W. B. Meek, geologists, have contributed geologic information and ideas, for which thanks are extended. The Executive Committee of Marsman and Co., Inc., Managers of the Company, has kindly given permission for publication. Mr. J. B. Stapler, Division Manager, Marsman and Co., has had the courtesy to read the manuscript and to give critical and helpful suggestions. Location of Area and Scope of Work San Mauricio Mining Co. controls a group of 113 claims that lie immediately north of the town of José Pafiganiban (formerly Mambulao), Camarines Norte, Luzon, P. I. (Fig. 1). Exploration work commenced in the spring of 1934; active development began in the fall of that year and has continued to the present date. Mill construction was begun Ocl,. 15, 1935, and production started March 10, 1936. Total production to June 1, 1939, is P10,499,105.15 ($5,249,552.57).

Jan 1, 1941

By D. L. Gardner, H. L. Barr

The following report covers the history of the development of the mine, present equipment, methods and costs of mining and milling. In addition, a description of the ore deposit is given with emphasis on the origin of the fractures, mode and types of ore occurrence, and mechanics of granite emplacement. An endeavor has been made to present a complete and accurate statement of the San Mauricio mine, the highest grade gold mine in the Philippine Islands. Credit is gratefully acknowledged to the mine staff for descriptions and details regarding their particular field of work. All analyses were made by Mr. T. A. DeVore, head chemist, San Mauricio Mining Co. Messrs. Edward Wisser, J. E. Fyfe, A. F. Skerl and W. B. Meek, geologists, have contributed geologic information and ideas, for which thanks are extended. The Executive Committee of Marsman and Co., Inc., Managers of the Company, has kindly given permission for publication. Mr. J. B. Stapler, Division Manager, Marsman and Co., has had the courtesy to read the manuscript and to give critical and helpful suggestions. Location of Area and Scope of Work San Mauricio Mining Co. controls a group of 113 claims that lie immediately north of the town of José Pafiganiban (formerly Mambulao), Camarines Norte, Luzon, P. I. (Fig. 1). Exploration work commenced in the spring of 1934; active development began in the fall of that year and has continued to the present date. Mill construction was begun Ocl,. 15, 1935, and production started March 10, 1936. Total production to June 1, 1939, is P10,499,105.15 ($5,249,552.57).

Jan 1, 1941

By W. A. Thomas

STEAM is, and doubtless always will be, the basic power in the anthracite industry, either directly applied through engines and pumps or electrically. The rapidity with which electric power is being applied to the mining and preparation of anthracite leaves little doubt as to its utility and economy. There is practically no operation, except possibly the drilling of hard rock, that has not been successfully electrified and the matter of drilling is handled economically with electrically driven compressors and the standard compressed-air drills. Conservation and the seemingly ever-increasing cost of production, justify careful consideration of the possible results of the more extensive use of electric power in the industry. It is not planned to discuss, herein, the relative economies of individual applications but to consider the relative economy and flexibility of steam and electric power. The reports available for the year 1920 indicate a production of slightly over 80,000,000 tons of anthracite, of which 8,843,500 tons were used for power and heating purposes; in other words, over 11 per cent. of the production was used at the mines. Some of this was used to generate electric power at the mines, about 160,000,000 kw-hr., while 150,000,000 kw.-hr. was purchased from the public utility companies. One large producer, who is buying some electric power and generating some, used over 13 per cent. of the production for power and heating at the mines. Another producer, where considerable electric power is generated on the properties, is using less than 9 per cent. of the output for power and heating. One of the largest producers has a fuel consumption of over 15 per cent. of the output, besides which considerable power is purchased. A careful study of the field indicates that steam-operated plants use upwards of 13 per cent. of the production for power and heating, while electrically operated plants use about 1 per cent. for heating; so that, for steam-power purposes at least 12 per cent., or 268.8 lb., are used for power out of each ton produced.

Jan 9, 1921

By L. D. Fetterolf

The New Jersey Zinc Zompany operates at Depue, Illinois, an integrated zinc smelting plant using tie vertical retort reduction process. The overall operation comprises green concentrate roasting, sintering, vertical retort smelting and metal refining. In the roasting operation, the fine concentrate is pelletized, the dried pellets fluidized and autogenously roasted with air in a “fluid column” with minimal formation of dust requiring recirculation. The roasted pellets and any associated roaster dust are agglomerated in a rotating drum and laid down, in combination with coal for fuel, on a Dwight-Lloyd sintering machine which converts to a semi-fused mass - a physical state more suitable for vertical retort smelting. The smeltins plant of 27 vertical retorts rated at 8 T zinc each per day on average requires the following major processing steps - mix preparation and briquettine, briquet coking, vertical retort reduction, vapor condensation and slab casting of metal. A portion of zinc production is converted to 99.99+ percent purity by boiling and fractional distillation in columns consisting of externally heated, superimposed trays of high-conductivity refractory.

Jan 1, 1970

By Thomas T., Read

SUGGESTIONS that existing schools give instruction bearing on the mineral industry, or that schools for that purpose should be established in the United States, began to be made early, and it would require too much space to catalogue them all. Some of the more important may be mentioned to indicate their general character. In the "advertisement to such parents as have now (or expect to have) children prepared to be educated in the College of New York," which appeared in the New York Mercury of June 3, 1754, Samuel Johnson, the first president of King's College, the predecessor of Columbia, said that it was the "design of this college to instruct and perfect the youth," among other things, "in the arts of Numbering and Measuring of Surveying, and Navigation and Geography. . . . and in the Air, Water and Earth around us, and, the various kinds of Meteors, Stones, Mines and Minerals, Plants and Animals; and in the knowledge of all Nature in the Heavens above us, and of everything useful for the Comfort, Convenience and the Elegance of Life . . . " Though the concept that natural science should be used to enlarge the bounds of human life was thus implicit at Columbia from the very beginning (John Stevens graduated from it in 1768, James Renwick in 1807, Horatio Allen in 1823, and A. W. Craven in 1829), it was only during the period of Renwick's professorship of Natural and Experimental Philosophy and Chemistry (1820- 1853) that much attention was given to applied science.* Among the Austin papers, published by the American Historical Association,2 there is a draft in Stephen F. Austin's handwriting of a proposed memorial from the legislature of Missouri to Congress, not only urging "the propriety and utility

Jan 1, 1941

By John F. Brass

INTRODUCTION The Jim Walter Corporation is a Florida based organization with diverse interests. They have operations in many states and overseas, but the heart of the company is in the southeast. The major part of the corporation's business is home building and everything that is related to it. In 1969, the Jim Walter Corporation gained an interest in coal mining through the acquisition of the U. S. Pipe & Foundry Company which had two slope mines to supply its requirement of metallurgical coal. In the early 1970's it was decided to enlarge the coal mining activities and work was started on the Blue Creek project. This involved sinking four new deep mines (originally there were to have been five but it was later decided that the property could be satisfactorily worked by four mines). They are all located in west central Alabama between Tuscaloosa and Birmingham. They have a combined projected output of 7314 million tons of very high grade metallurgical coal per year to be reached by the mid 1980's. These new mines are all to work the Blue Creek seam which is a very gassy seam and in the area to be mined is found at between 45m (1500 ft.) and 731m (2400 ft.) below the surface. Longwall is the only practicable method of mining to produce the planned outputs in the conditions prevailing and each mine is planned to have three longwalls as the primary production system. Continuous miners will be used just to do the development work for the longwalls. No. 3 Mine is the most advanced of the mines and started the first longwall early in 1979. The second unit started in the middle of 1980 and the third is scheduled for mid 1981. The first longwall at No. 4 Mine is expected to commence production early in 1982. This paper attempts to relate some of the problems that have been encountered and the lessons that have been learned.

Jan 1, 1981

By R. G. O’Meara, M. M. Fine

ONE of the principal activities of the Bureau of Mines connected with the recent war was to help to increase the supply of strategic and critical minerals. Fluorite was one of the most critical of the nonmetallic minerals because of the increased demand for it as a flux in basic open-hearth and electric steel furnaces and as a raw material for the production of artificial cryolite used in the aluminum industry. Wartime developments in the technology of hydrofluoric acid, such as the use of the anhydrous acid as a catalyst in production of high-octane gasoline and the use of organic fluorides as carriers for insecticides, also increased the demand for acid-grade fluorite.[t] In 1943 the consumption of acid-grade fluorite was advancing at a more rapid rate than production, and was only slightly less than production during the latter half of the year.1 The outlook for the postwar market for fluorite is encouraging. Steel production is expected to remain high until the domestic demand for commodities not manufactured during the war is satisfied. The uses for hydrofluoric acid are expected to increase under the impetus of war-initiated research. In consideration of these and other factors some authorities predict a postwar demand for fluorite equal to about 60 to 75 per cent of the wartime production.1,2 Others believe that the postwar fluorite industry will be permanently expanded over its prewar status.3 ACKNOWLEDGMENT This paper is one of many reporting on various aspects of the Bureau of Mines program directed toward the more effective utilization of our mineral resources. The program has been under the general supervision of R. S. Dean, Assistant Director, since July 1942. The scope of the paper falls in the province of the Metallurgical Branch, whose activities embrace the separation of difficultly beneficiated ores, the production of pure metals from domestic deposits, the exploitation of marginal ore reserves, the recovery of secondary metals, and the improvement of present industrial metallurgical practice. The investigation was initiated at the request of Mr. J. H. Steinmesch, vice-president and general manager, Minerva Oil Co., Eldorado, Ill. His hearty cooperation and helpful suggestions, and those of Mr. O. E. Anderson, mill superintendent,

Jan 1, 1946

By H. M. Myers, J. E. Funk

The two-phase flow of a drilling fluid in a diamond drill bit is investigated by deriving and solving the steady-state continuity and momentum equations. Parameters in this analysis are rotational speed of the bit, local rate of addition of drill solids, non-Newtonian nature of the drilling fluid and drilling rate. The describing equations relate the flow and pressure drop to the design characteristics of the bit. The equations are integrated numerically yielding the flow-rate pressure drop characteristics for the bit, flow distribution in the bit and velocity and static pressure as a function of position in each flow channel of the bit. Results are presented for a particular bit design. This paper shows that under normal drilling conditions certain parameters may be neglected in the hydraulic calculations for a diamond drill bit. Therefore, shortened forms of the equations presented can be used to fit the proper diamond bit to the drilling fluid hydraulic system. INTRODUCTION Like the conventional bit, the diamond drill bit is a key component in the circulating system of a well. The conventional rock bit is fitted to the circulating system by selecting the flow nozzles which provide the system with the proper flow-rate pressure drop relationship. Fluid behavior across the face of the diamond bit must be better understood so the bit can also be fitted to the circulating system. Data from field-operated diamond bits are presently available and do yield some information regarding the flow-rate pressure drop relationship. However, the number of factors affecting this relationship is quite large. Drilling parameters and conditions such as bit penetration rate, bit weight and rotational speed are important. Moreover, flow channels in the bit are part of the cutting head, and introducing drilled solids into the flow channels reduces the flow area, causes additional drag and influences the pressure drop. Many tests would have to be performed if field tests were required to study all parameters which might influence fluid behavior in the bit. A logical approach to this problem is to investigate analytically the fluid behavior in the bit, including parameters that are present under normal drilling operations. This approach, which seems to offer the best method for future studies, is presented in this paper. Following is the general procedure. 1. Equations describing the most general flow channel are written and include the addition of drilling solids (which is related to penetration rate), rotation of the bit, design parameters of the bit and non-Newtonian properties of the fluid. 2. A typical bit is designed and the bit parameters are substituted into the equations. 3. Parameters are assumed (penetration rate, rotational speed of the bit, mud weight, etc.). 4. The describing equations are numerically integrated to obtain the pressure drop across the face of the bit as a function of flow rate. 5. The pressure-drop contribution of each component (friction, acceleration, etc.) is obtained from the numerical solution, and those factors which largely influence the total pressure drop are identified. Classifying the drilling fluid is important in establishing the friction factor relationship since the frictional pressure losses are the main contributors to the total pressure drop. High-density drilling fluid is commonly assumed to be a Bingham plastic. 1-3 Govier4 presented a method for selecting a friction factor in the laminar flow region from the rheology properties of the mud and a modified Reynolds number. Metzner5 presented a criterion for selecting the friction factor in the turbulent flow region. The bit design used in conjunction with the solution of the equations has divergent flow channels. Stall, which is the backflow of fluid in the channels due to eddies that occur on the outer perimeter of the flow stream, can occur in these divergent channels (or diffusers). When stall does occur the static

By E. A. Stevens

IT has been ascertained in recent years that certain rocktypes, geological formations and structural conditions may be used as fairly reliable guides, when prospecting in recognized mineral belts or mining districts, with a reasonable certainty of discovering "pay-ore;" and that such is considered as a practically established conclusion may be inferred from a perusal of the recent reports of the U. S. Geological Survey and the literature of the several scientific societies discussing minim, geology, and kindred subjects. Cripple Creek is no exception to this conclusion, and the rock-type or association, rather than the structural condition, is the most infallible guide.† These guides consist of four, possibly five, dike-rocks, three of which are extremely basic, while the fourth is an acid rock of an entirely dissimilar character. The basic rocks are nepheline-basalt, limburgite, feldspar-basalt and tephrite. There are grounds, however, for believing that the two latter are subdivisions of one type, and therefore will be described under one head. The acid rock is quartz-porphyry. Nepheline-basalt is-a rock encountered in but few localities elsewhere on this continent, and occurs in narrow dikes cutting various formations. When typical‡ it is composed of

Jan 1, 1913

By K. C. Heald

THE places where, yesterday, oil was unknown contain tomorrow's fields. Unquestionably, some states that now yield little or no oil have great potentialities, and developments in these states, although perhaps of less immediate interest than those in regions where great pools now exist, may easily be of greater ultimate importance than the results of exploration closer to known fields. Not long ago, Montana had only a quarter of an oil pool, and that was regarded by many as an accident that had strayed from Wyoming. More recently, the northern line of Louisiana was a dead line that would not be crossed by any Louisiana operator who valued his reputation for sanity. Within the past few months, Colorado has shown that it is far from being a negligible factor in the oil supply of the Rocky Mountain states, and it is now known that western Kansas, long shunned by many reputable geologists and operators, should be reckoned with. There may be a vast difference between what a wildcat well yields and what the well signifies. The fact that no commercial production is encountered may be lamentable and may well be disastrous to an individual or a company, but the same well that spells ruin to one may convey to another the information that will result in opening a new field. In presenting the conclusions, in this paper, the writer recognizes fully the possibility of erroneous deductions, particularly since he has had contact with only a few of the wells that are mentioned. Information comes principally from the scout. maps and files maintained at the Geological Survey by M. E. Latimer and G. K. Drach, without whose cooperation this summary would not be possible, supplemented by some personal contact and second-hand information gained by. conversation and correspondence. However, it is felt that the data contain few errors, and that the conclusions are at least reasonable.

Jan 3, 1924

By J. S. Harris

AS a result of the study of social problems to which so much thought has been given in this country and Europe in the last half century, many employers of labor have come to think that some provision should be made for their workingmen in case of injury. There has been a growing tendency so to administer the laws governing industrial pursuits in these countries as to add self-interest on the part of capitalists, to the plea urged by humanity, that every possible care should be taken to guard the workers from accident; but as no care can guarantee immunity, there is a necessity to supplement these precautions by some method of providing pecuniary aid that shall be available when disabling accidents do occur. It was once a favorite idea of theorists on political economy, that in the ideal state of society every man should take care of himself, and that the less care or control there was assumed by any man over others' private affairs, the better; but this gospel of selfishness has had its day, and it is now generally recognized that in the existing state of affairs the stronger and richer cannot escape the duty of being to some extent, the keepers of their less fortunate brethren ; and, on the other hand, that an assumption of care for them involving to some extent an exercise of authority, is not a thing to he necessarily and always resisted. Out of these convictions, many efforts for the amelioration of the condition of workingmen have grown—which or one result have produced various plans which combine the con-

Jan 1, 1884

By David C. N. Cockburn

INTRODUCTION This paper analyses certain of the financial considerations which will commonly apply in relation to the following questions: - what equity structure or project vehicle should be adopted for the exploration and/or exploitation of a project by more than one unrelated participant? - what vehicle should be adopted by a participant for its participation in a multiparty project? Due to local, politically motivated laws in certain jurisdictions, or due to the overriding requirements of a dominant participant, there may be little choice of the underlying multiparty structure which may be adopted for the exploration, appraisal and/or development phases of a project. Nevertheless, even in such circumstances, attention should be given, at least in the preparation of the related documentation, or in considering methods of participating or funding the project, to certain of the points discussed below. This discussion of financial considerations in the context of the more commonly adopted multiparty structures concentrates primarily on fiscal, financial accounting, financing and funding aspects. TYPES OF PROJECT VEHICLE FOR MULTIPARTY INTERESTS The well known types of vehicle adopted for the participation in a project by more than one participant (assuming that the participants are effectively unrelated) are as follows. Joint Venture (unincorporated joint venture) By far the most commonly adopted structure for mining ventures, a joint venture is usually defined and documented in terms to distinguish it from a partnership for important tax and legal reasons. In essence, this is a contractual association of more than one participant to carry out a specific commercial project or purpose. The relationship between the separate participants and their respective rights, interests, obligations and liabilities are agreed between the participants in one or more contracts (viz Joint Venture Agreements or Joint Operating Agreements together with ancillary documentation). Unlike other project vehicles of participation, in most jurisdictions there is no specific body of law governing joint ventures. The participants thus enjoy contractual freedom to negotiate whatever deal they may wish between themselves. Jointly-Owned Project Company (corporate joint venture) A very familiar vehicle, this is a separate and distinct legal and tax entity incorporated under the company laws of the place of incorporation to undertake specific objects, and granted specific powers, in relation to the Project. Although certain rights, interests and obligations may be circumscribed in the governing corporate instruments by the promoter participants, the corporation laws of the relevant place of incorporation, and the selection of such governing laws (assuming freedom of choice) and future political changes in such corporate laws, should be carefully considered. The use of a company in a multiparty structure may be peripheral to the project itself as a specific purpose vehicle (for example, a joint sales agent or marketing company or a joint borrowing vehicle) or it may form a central function such as in the case of a tolling company which will own the project for legal and taxation purposes and raise financing with the backing of the shareholder participants commonly by the adoption of take-off, throughput and/or user agreements. Partnership This is a legal relationship, subject to the often wide-sweeping restrictions of the relevant local partnership laws, under which the participants have agreed to carry on a business venture together with a view to profit. The effect of the relevant partnership laws, as well as the various types of partnerships and the

Jan 1, 1985

By F. W. Maclennan

ORE production from the property of the Miami Copper Co. began early in 1911. Until 1925 this ore came from the so-called high-grade orebodies, which contained a little over 2 per cent. copper. This ore was mined by the following methods. 1. Top slicing after mining the peaks by square setting, which produced 4,524,347 tons, including ore from square setting. 2. Shrinkage stoping with sublevel caving of the pillars, which produced 2,230,577 tons. 3. Undercut caving with hand tramming, which, produced 15,427,672 tons. Estimating December tonnage, the total ore mined to the end of 1929 will amount to slightly more than 43,000,000 tons. The first method was described by E. G. Deane1 and the second by D. B. Scott,1 and the third, together with a general, description of the mine, by J. H. Hensley, Jr.1 The geology of the district has been worked out by. Dr. F. L. Ransome.2

Jan 1, 1930