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By F. W. Schaller

TETRAGONALITY is an important aspect of the models of transformation, strengthening, and tempering of ferrous martensite. When the c/a

Jan 1, 1963

By C. S. Matthews, M. J. F. Rosenbaum

The purpose of thir work wax to lcarn it~lzut infori~lation could he obtained from various typs of pilot water floods and to attempt to find the optunum pilot patter11, for a revervoir which had previously been depleted by a solution gas drive. The study was made in the laboratory with mathemetical methods a dynamic analog and a potentiotnetric analog. Results werp tested against the field llistorics of a nrrnlber of pilot water floods. At a reasonable valrre of currzulative injection, the total production rate for the one-injector five-spot should reach about 6.5 per cent of injection rate, and for a four-injector five-spot, about 9 per cent. Accurate estimates of ultimate recovery cannot be made on the basis of such snzall prorluction rates. However, with a pilot composed of nine ir1jector.s and 16 producers the production rate is approximately 50 pcr cent of injection rate at a reasonable value of camulative injection. Sonle inforn~ation for extended performance predictions might he obtained from such a large pilot. These conclusions were drawn on the basis of results obtained for unit mobility ratio, and a sturly using tlre potentiometric analog was made of the effect of other mobility ratios to determine the range of applicability of these predictions. For the four-injector, five-spot pilot with the ratio of production to injection rate (before water breakthrough) is about twice that for with it is about two-thirds; and with M0= 10, it is about one-third For high mobility ratios, it was found that the production rate increased considerably as water-cut increased. These result can be used to modify, qualitatively, the inter.pretntions based on curves for the unit rnobilit\. ratio CaSeS. It was found that the maximum ratio of production rate to injection rate obseriled in field pilot floods was of rhe scime order as that prerdicted by these methods. The time required to reach thisr maximum did not generally agree with the time predicted for a homogeti~orir reservoir. The differcrlce between predicted and observed time of response gives an indication of the permeability profile and of the condition of the producin,g wells. Pilot water floods of the pattern type are generally carried out in reservoirs which have been depleted by solution gas drive and are at low pressure. Under these conditions, oil and water can be considered incompressible. It is assumed that, as the water is injected, an oil bank forms ahead of it and that there is a distinct interface between the water zone (or bank) and the oil zone (or bank) and between the oil zone and the region ahead of the oil zone. It is further assumed that only gas is mobile in the unflooded (gas) region, only oil is mobile in the oil bank and only water is mobile in the water bank. The saturations and the mobilities associated with each zone are assumed uniform. We idealize our reservoir to be homogeneous, horizontal and of constant thickness. Effects of gravity within the producing layer are assumed negligible. If the actual time-dcpendent flow problem is approximated by a acries of steady-state problems. the potential and stream function in the oil bank and water hank satisfy Laplace&apos;s equation in two dimensions. We can therefore use a poteiitiometric analog of this system. Potentiometric models have yielded uscful results in this laboratory&apos; and clsewhere in the study of a variety of secondary recovery problems. For the case where M = I, we generally prefer to use theoretical mcthods as well as a simpler dynamic analog. Except where otherwise noted, the ratio, side of five-spot/wellbore radius. is taken to be 3,600. a figure which corrcsponds to a normal-size wellbore in a 10-acre well spacing. THEORETICAL EVALUATION OF VARIOUS PILOT PATTERNS, Mw0 = 1 <&apos;he theoretical models which we used to examine the performance of various pilots are shown in Fig. 1. Image theory was used to determine the ratio of production rate to injection rate as a function of the volumc of the flood. The ratio of production rate to injection rate was chosen because this is an easily measurable quantity which is characteristic of a pilot

Discussion of the paper of DORSEY HAGER, to be presented at the Colorado meeting, September, 1918, and printed in Bulletin No. 138, June, 191S, pp. 1109 to 1118. WALLACE E. PRATT, Wichita Falls, Tex. (written discussion*).¬Mr. Hager has touched upon interesting problems related to the broad subject with which he has entitled his paper. As to the existence of the important structural feature in the buried Bend series, which Mr. Hager constructs from well-logs, and designates as the "Bend Arch," there seems to be general agreement among a number of observers. Indeed, M. G. Cheney1 and Robt. T. Hill2 have each published structural maps of the Bend Arch that do not differ essentially from the map shown in Mr. Hager&apos;s Fig. 1. The reflection, in the overlying, unconformable Cretaceous, of certain folds in the Pennsylvanian, with which the petroleum accumulations has to do, is an important observation on the part of Mr. Hager, since, as he says, much critical territory is covered by Cretaceous, and it is highly desirable that the underlying Pennsylvanian structure be mapped, if possible. If the folds in the Pennsylvanian are of post-Cretaceous age, then it should be possible, in spite of the intervening unconformity, to determine approximately the position of buried folds beneath the Cretaceous overlap. The idea of post-Cretaceous folding would not be out of accord with the suggestion by Carroll H. Wegemann that the folding of the Permian beds in southern Oklahoma was still in progress as late as the Tertiary.3 But most observers have related the folds in the Pennsylvanian and Permian beds at the surface, both in North Texas and southern Oklahoma, to the process of. emergence of the land area at the end of the Permian. It seems more probable that the reflection of Pennsylvanian folds in the unconformable Cretaceous which Mr. Hager observed is due to long continued persistence of stresses which were largely relieved at the close of the Permian, than that the principal period of folding was post-Cre-taceous; this being the case, it seems likely that only folds of greatest intensity in the Pennsylvanian will, be decipherable in the Cretaceous overburden, and that many promising structural features are so concealed by the Cretaceous as to escape detection except by drilling.

Jan 8, 1918

By Morris Cohen

STAFF: Editor, Gerhard Derge Acting Editor, Paul G. Shewmon Carnegie Institute of Technology Schenley Park Pittsburgh 13, Pa. Editorial Assistant, M. A. Redmerski Production Editor, Otto T. Johnson THE METALLURGICAL SOCIETY: Karl L. Fetters, President; J.S. Smart, Jr., Past-President; R. C. Cole, Vice President; R. L. Hennebach, Treasurer; R. W. Shearman, Secretary. PUBLICATIONS COMMITTEE OF THE METALLURGICAL SOCIETY: W. O. Phil-brook, Chairman; H. L. Bishop, R. C. Cole, J. N. Hobstetter, W. A. Krivsky, E. R. Morgan, F. C. Langenberg, R. E. Lund, Paul Queneau, L. L. Seigle, R. L. Smith, and T. V. Wainwright. Review and selection of manuscripts is under the supervision of the following Publicotions Committes: Extractive Metallurgy Division: R. E. Lund, Chairman; M. E. Wadsworth, Vice Chairman; D. H. Baker, Jr., G. M. Bell, R. E. Grace, W. A. Krivsky, R. A. Lewis, Charles O&apos;Neill, A. W. Schlechten, R. E. Shinkoskey, and W. W. Stephens. Iran and Steel Division: T. V. Wainright, Choirman; H. L. Bishop, R. E. Boni, T. E. Dancy, D. W. Murphy, Johannes M. Uys, J. B. Wogstoff, and R. G. Ward. Institute of Metals Division: J. N. Hobstetter, Chairman; P. A. Beck, J. J. Becker, G. F. Bolling, J. 0. Brittain, J. B. Clark, R. S. Davis, A. E. Dwight, R. W. Fountain, L. R. Girifolco, J. C. Gurland, H. S. Kalish, E. L. Harmon, J. J. Heger, A. A. Hendrickson, L. Himmel, J. P. Hirth, H. H. Johnson, Jr., R. R. Nosh, T. N. Rhodin, R. H. Richman, H. C. Rogers, W. Rostoker, C. Sherby, C. W. Spencer, L. Slifkin, J. K. Stanley, R. Steinitz, H. C. Stumpf, and R. Swalin. Published bimonthly by the Americon Institute of Mining, Metallurgicol, and Petroleum Engineers, Inc., 345 East 47th Street, New York 17, N. Y. Telephone PLaza 2-6800. Subscription $30 peryear for non-AIME members in United States and North, South, and Centrol America; $32, foreign; $30per$7.50 for AlME members. Single copies, $6.00, single copies foreign, $6.50. The AlME is not responsible for any stotement made or opinion expressed in its publications ... Copyright 1962 by the American Institute of Mining, Metallurgical, and Petroleum Engineers, Inc. . . . Registered cable address, AlME New York . . . Indexed in Engineering Index, Industrial Arts Index, and Chemical Abstracts . . . Second class postage paid at New York, N. Y., and Ann Arbor, Mich. Volume 224, Number 4.

Jan 1, 1962

Arizona E. P. MATHEWSON, Chairman F. W. MACLENNAN, First Vice-chairman CLYDE E. WEED, Second Vice-chairman E.D. GARDNER, : Secretary-Treasurer Box 4097, University Station, Tucson, Ariz. ARTHUR CROWFOOT G.H. DOWELL HENRY F. EASTER R.D. LEISK Boston Meets first Monday each month, October to May, inclusive GEORGE, W. METCALFE, Chairman ROBERT S. WILLIAMS, Vice-chairman F. LEROY FOSTER, Secretary-Treasurer Rooms G-202, Mass. Inst. of Tech. Cambridge, Mass. FREDERICK K. MORRIS GEORGE A. PACKARD

Jan 1, 1934

By Ronald J. Roman, Craig Olsen

Alterations were performed on a previously developed heap leaching model representing sulfuric acid solution leaching of a malachite sandstone ore. The alterations were made in order to approach a more realistic solution to the leaching equations used in the model and to provide a means of obtaining a constant acid con- centration in the model&apos; s simulated heap effluent solutions. This constant acid concentration is desired if the effluent solutions are to be treated in a solvent extraction-electrowinning plant. An economic study was made showing a use of the leaching model for an imaginary heap leach operation. The example illustrates a method of selecting heap leaching parameters if data are available on mining costs, dump costs, capital cost, etc. This was achieved using an incremental investment technique.

Jan 1, 1974

By David Turnbull

STAFF: Editor, Gerhard Derge Carnegie Institute of Technology Schenley Park Pittsburgh 13, Pa. Editorial Assistant, M. A. Redmerski Production Editor, Otto T. Johnson THE METALLURGICAL SOCIETY: J. S. Smart, Jr., President; C. C. Long, Past-President; K. L. Fetters, Vice President; T. D. Jones, Treasurer; R. W, Shearman, Secretary. PUBLICATIONS COMMITTEE OF THE METALLURGICAL SOCIETY: C. L. McCabe, Chairman; H. L. Bishop, K. L. Fetters, J. J. Harwood, W. A. Krivsky, F. C. Langenberg, R. E. Lund, W. O. Philbrook, L. L. Seigle, R. L. Smith, and F. L. Vogel. Review and selection of monuscripts is under the supervision of the following Publications Committees: Extractive Metallurgy Division: C. L. McCabe, Chairman; R. E. Lund, Vice-Chairman; D. H. Baker, Jr., W. A. Krivsky, R. A. Lewis, Paul Queneau, A. S. Russell, R. E. Shinkoskey, W, W. Stephens, and M. E. Wadsworth. Institute of Metals Division: L. L. Seigle, Chairman, Paul A. Beck, I. I. Bessen, J. 0. Better-ton, Jr., J. B. Clark, R. S. Davis, A. E. Dwight, R. W. Fountain, R. B. Gordon, C. D. Graham, Jr., R. W. Guard, J. C. Gurland, E. L. Harmon, J. J. Heger, A. A. Hendricksan, M. Herman, J. N. Hobstetter, H. H. Johnson, Jr., R. R. Nash, T- N. Rhodin, R. H. Richman, W. Ros-toker, P. G. Shewmon, C. W. Spencer, L.SIifkin, J. K. Stanley, C. D. Starr, and H. C. Stumpf. Iron and Steel Division: H. L. Bishop, Chairman; R. E. Boni, F. C. Langenberg, J. B. Wagstaff, and T. V. Wainwright. Published bimonthly by the American Institute of Mining, Metallurgical, and Petroleum Engineers, Inc., 29 West 39th Street, New York 18, N. Y. Telephone: PEnnsylvania 6-9220. Subscription $20 per year for non-AIME members in United States and North, South, and Central America; $25, foreign; $5 for AIME members. Single copies, $4.00, single copies foreign, $5.00. The AIME is not responsible for any statement made or opinion expressed in its publications . . . Copyright 1961 by the American Institute of Mining, Metallurgical, and Petroleum Engineers, Inc. . . . Registered cable address, AIME New York .. . Indexed in Engineering Index, Industrial Arts Index, and Chemical Abstracts . . . Second class postage paid at New York, N. Y., and Ann Arbor, Mich. Volume 221, Number 3.

Jan 1, 1962

By David Donoghue

THE. years 1901, 1910, and 1924 may be considered as the beginning of new eras in the history of the oil industry of the Gulf Coast of Texas and Louisiana. Spindletop, in 1901, with its enormous cap-rock production revealed the possibilities of the salt domes. The lateral sand development at Vinton, in 1910, renewed interest in the then known domes which were non-producing, or were producing from the cap rock or from sands above the cap rock. The discovery of three domes, Nash, Orchard and Long Point, in the year 1924, by means of the torsion balance and the seismograph, is the beginning of intensive explorations of the Gulf coastal plain by geophysical methods. Domes other than those mentioned have no doubt been found during the last few months of the year but tests have not been drilled to confirm the evidence of the instruments. DISCOVERY OF DOMES BY GEOPHYSICAL METHODS The Rycade Oil Corpn. operated the first torsion balance on the Gulf Coast in October, 1922, and the Roxana Petroleum Corpn. brought in one of these instruments and began work in December, 1922. The U. S. Coast and Geodetic Survey made some gravity observations at Damon Mound, in 1923, with a pendulum apparatus. In March, 1924, the Marland Oil Co. placed the first seismograph on the Gulf Coast and the Gulf Production Co. followed with one in May. In June, 1924, the Gulf Production Co. began operations with a torsion balance. The Atlantic Oil Producing Co., The Texas Co., and others have experimented with several types of instruments involving various principles. During the next few years, a great advance in geophysical methods may be expected, especially if one of the newly discovered domes should be productive. The first dome discovered was the Nash, in Fort Bend County, Tex., about 6 mi. east of Damon Mound. A slight elevation and two shallow wells containing sulfurous waters made the locality somewhat interesting from the standpoint of surface indications, and the torsion-balance measurements indicated the presence of a dome. On July 20, 1924, the Rycade Oil Corpn. No. 1 Wisdom encountered lime at a depth of 634 ft. and anhydrite at 639 ft. The hole was abandoned on Sept. 8, 1924, at 769 ft. in anhydrite. A cavity in the anhydrite caused much delay and the final abandonment of this test.

Jan 3, 1925

Jan 1, 1970

For his achievement in building the Panama Canal, Major-Gen. George W. Goethals was presented, on May 22, the John Fritz medal, the highest mark of distinction in the engineering profession. In the absence, in Europe, of Clemens Herschel, chairman of the Board of Award, Charles F. Rand presided over the meeting. Col. John J. Carty, who was chairman of the Board of Award at the time the medal was awarded to Gen. Goethals, and who ordinarily would have presented the medal, was detained in Paris by Government work, so the presentation was made by Ambrose Swasey. When calling the assembly to order, the Chairman said: This medal has been awarded by a Board representing four of the National Engineering Societies: American Institute of Mining and Metallurgical Engineers, American Society of Civil Engineers, American Society of Mechanical Engineers, and American Institute of Electrical Engineers. The medal was established in 1902, in honor of that great American engineer, John Fritz, and has never been awarded except to very distinguished men. In. 1902, the first award was made to John Fritz for scientific and industrial achievement. In 1905, to Lord Kelvin for his work in cable telegraphy and other scientific attainments. In 1906, to George Westinghouse for the invention and development of the air brake. In 1907, to Alexander Graham Bell for the invention and introduction of the telephone. In 1908, to Thomas A. Edison for the invention of the duplex and quadruplex telegraph, the phonograph, the development of a commercially practical incandescent lamp, the development of a complete system of electric lighting, including dynamos, regulating devices, underground system protective devices and meters. In 1909, to Charles T. Porter for his work in advancing the knowledge of steam engineering and in improvements in engine construction. In 1910, to Alfred Noble for notable achievements as a civil engineer. In 1911, to Sir William H. White for notable achievements in naval architecture. In 1912, to Robert W. Hunt for his contributions to the early development of the Bessemer process. In 1914, to Professor John E. Sweet for his achievements in machine design. In 1915, to Dr. James Douglas for notable achievement in mining, metallurgy, education, and industrial welfare. In 1916, to Dr. Elihu Thomson for achievement in electrical invention, in electrical engineering and industrial development, and in scientific research. In. 1917, to Dr. Henry M. Howe for his investigations in metallurgy, especially in the metallography of iron and steel. In 1918, to J. Waldo Smith for achievement as engineer in providing the City of New York with a supply of water. And now to General Goethals for achievement as the builder of the Panama Canal_

Jan 7, 1919

By T. F. McCormick

THIS year, 1950, is the golden anniversary of the construction and operation in this country of a tube mill for the sole purpose of fabricating aluminum alloy tubing. For a short period prior to the beginning of this mill, aluminum alloy tubing was obtained from foreign sources or produced in mills fabricating other metals. Indeed, it was a very short period because aluminum itself was a newcomer in the field of metals. The first sheet rolling mill had been in operation just eight years and a rod rolling mill for the production of wire and cable had been functioning one year. The first tube mill for aluminum was built by the Aluminum Co. of America in May 1900 and started production with four draw benches and five men, including the mill superintendent. The building itself was a lean-to attached to a sheet-rolling mill at New Kensington, Pa. The cost of equipment, including the draw benches, dies, mandrels, and other tools, was about $5000. This figure seems absurd in the present day but nevertheless it was questioned at that time whether or not such a large sum should be spent to embark on a new and uncertain venture. The initial production system for the new mill consisted of casting round hollow ingots in a tilting-type iron mold, reducing the ingots to bloom size outside the plant, and finally drawing to size on the draw benches. This method of producing aluminum alloy tubing survived just two years, as blooms of satisfactory quality were not obtained consistently. It was superseded by the cupping method in which a 24-in. diam circle cut from a rolled plate was formed into a tube bloom using first a small cupping press and then a push bench. It was stated that tubing so produced was limited to a maximum diameter of 2 3/4 in. and to wall thicknesses varying from 12 to 24 gage. However, for the first time all the operations were performed at one plant and the result was a quality product. Later larger cupping presses and push benches were obtained and the method continued to be the principal one for aluminum alloy tubing for almost a quarter of a century. During the interim the use of a Alan Mannesmann -type billet piercer was explored and it was used to some extent, but failed to produce consistently a smooth inside surface suitable for drawing with aluminum alloys. Experiments started during the latter stages of World War I in the production of tube blooms with a hydraulic extrusion press, led to the use of this type of equipment to make tube blooms for further drawing during a change-over period extending from 1925 until 1930. At this time the cupping method was discarded completely. From these humble beginnings, the aluminum alloy tubing business expanded until well over six million pounds were produced in a single month in the United States during World War II. The major portion of this production was in strong alloys which did not appear in the tubing picture until 1022, when 17S alloy tubing was introduced for aircraft construction.

Jan 1, 1951

By C. D. Broadbent

INTRODUCTION The slope stability research plan at Kennecott was developed to serve the specific needs of large, open pit mines; primarily those developed in faulted and highly-fractured intrusive deposits. The program emphasis is on applied research; being defined in this case as research into the engineering mechanics of discontinuous rock and into the related rock property survey and slope design techniques. The program has been developed in phases, with each phase organized to explore more thoroughly the most significant findings of previous work and to improve on techniques found to be applicable. The current work is based on principles developed early in the program and that show promise of having engineering and economic value. A brief summary of the conceptual principles of the program is given to put our current work in context. This is followed by a review of the two cooperative programs done with the U. S. Bureau of Mines. Most recent work is described and interpreted in terms of practical slope design. Although failure-free slopes are a desirable goal, it is recognized that some failures will occur when overall slope designs approach a calculated safety factor of one. A discussion of failure control research is therefore offered. BACKGROUND In 1965 Kennecott management specified that a slope stability technology must be used to achieve optimum development of ore resources. The subject was carefully explored and by 1960 it had been established that there was no technology readily applicable to open pit slope design. Therefore, in 1962, Kennecott Copper Corporation and the U. S. Bureau of Mines agreed upon a cooperative research program having the objective of developing a mine slope stability science. One of the first decisions made by the cooperating groups was that the research must be conducted primarily in the field and not in the unrealistic environments of a laboratory. Accordingly, the Kimbley Pit, an abandoned mine once operated by Kennecott&apos;s Nevada Mines Division in Nevada, was selected for the full-scale research. Fortunately, there was near-universal agreement on the basic stability parameters and thus on the areas to be investigated. These parameters were acknowledged to be: (1) anisotropy (generally due to faults or joints), (2) stress, and (3) water; in that order of importance.

Jan 1, 1972

By A. V. Henry

THE kaolins of the southeastern United States were known to civiliza-tion as early as the latter part of the eighteenth century-and yet the Fig. 1.-KAOLIN PRODUCTION AND IMPORTS. commercial history of Georgia kaolins may be said to begin in the year 1900. The U. S. Bureau of Mines reported for that year a production of 6885 tons of "miscellaneous" clays in Georgia. A comparison of these figures with those of 1934, when the production rose to 284,556 tons (65 per cent of the domestic production), indicates the growing economic and technologic importance of this raw material. Fig. 1 clearly shows that a part of the increase is due to a normal growth in the use of kaolinitic clays and a part is due to replacement of clays formerly imported.

Jan 1, 1937

By C. H. Hewitt, J. T. Morgan

The Fry cocurrent in situ combustion project was carried out in a 3.3-acre portion of a lenticular body of Robinson sandstone of Lower Pennsylvanian age. This particular sand body is about 12,000 ft long and 3,500 ft wide; it varies in thickness from 0 to 55 ft, trends northeast-southwest, and occurs at depths between 880 and 936 ft. The reservoir is made lip of three distinct types of sandstone, each having characteristic reservoir properties. (See Table I.) Textural gradients, sedimentary structures, erosional basal contact, absence of marine fossils, and geometry of the sand body all indicate that the sandstone is of fluvial origin and part of an extensive complex of river-deposited sedirnents. Geographically oriented cores reveal that the direction of depositing currents was to the southwest, parallel with the sand-body trend. Directions of maximum pernleability also parallel the northeast-southwest trend. The layered nature of the sandstone reservoir and its directional properties have controlled the areal distribution of produced gas, the ignition behavior, and the vertical profile and horizontal extent of the conbustion zone. INTRODUCTION This paper is the first of a series of three papers that describe Marathon Oil Co.&apos;s Fry in situ combustion test. This first paper contains the results of a detailed study of the geology and reservoir characteristics of the Robinson sandstone reservoir in which the Fry test was conducted. The second and third parts of this series report on the field operations&apos; and performance. The geologic work reiated to cores cut through the combustion zone, and to the effect of reservoir properties on the combustion process is included in the third paper.&apos; GEOLOGIC STUDY OF THE FRY RESERVOIR The close spacing of continuous cores in the Fry combustion site provided an unusual opportunity to study the details of distribution of lithology and reservoir properties within a petroleum reservoir. The objectives of the study were: 1. To determine the distribution of rock types within the Robinson sandstone in the Fry area; 2. To determine the relationship of porosity and permeability to rock properties and establish the distribution and homogeneity of reservoir properties; 3. To determine the origin of the Robinson reservoirs so that attempts could be made to predict the size, shape, distribution, extent and continuity of Robinson reservoirs; and 4. To determine what effects, if any, the reservoir rocks might have on the combustion process, so that the process might be better evaluated. AVAILABLE MATERIALS Continuous cores were cut from 14 wells in the vicinity of the Fry site. Ten of the cores are from within the 3.3-acre pattern; six of the 10 were cut prior to combustion, and four were cut through the combustion zone. Cores from the Emma Fry No. 15, Wampler 0-2 and Fry B wells (Figs. 1, 2 and 9) were geographically oriented by the Eastman Oil Well Survey Co. Maps, electric

Jan 1, 1966

By David Donoghue

EFFORTS made in the year 1930 and in previous years restricted pro-duction in most of the fields of Texas to a point that was satisfactory, at the beginning of 1931, to the majority of producers and buyers. In the Panhandle, North Texas and West Central Texas districts, a few operators with refinery affiliations or contracts either ignored, or by virtue of injunction suits, did not comply with the Railroad Commission&apos;s orders, and there was some oil sold at less than posted prices, which, with the Oklahoma City difficulties, caused the first general price reduction. More could have been done perhaps to help the situation on the Gulf Coast and in the Laredo district, but natural advantages are not readily surrendered.

Jan 1, 1932

By Henry J. Sandri

ACQUISITION JUSTIFICATION There are many reasons why companies consider acquisitions as a means to expand their operations. Some wish to reduce the impact of business cycles on their businesses. Others seek firms within the same industry for expansion and increased market share. Still others diversify in order to avoid takeovers. Whatever the reasons or justification, an evaluation of an acquisition candidate should be systematic and thorough. To many financial managers the concept of a systematic acquisition evaluation indicates the need for a regular set of evaluation criteria. While these are available from numerous sources, one basic parameter frequently overlooked is the application of these criteria to an industry which is different from the acquirer. This becomes particularly important when evaluating firms within the mineral industry. The mineral industry is significantly different from other industries to require different valuing techniques. • This paper will present a number of reasons why an acquisition candidate in the mineral industry should be evaluated differently from other acquisitions, including by other mineral firms. Additionally, this paper will review the most appropriate means of valuing a mineral firm. • Firms considering the acquisition of a mineral firm should understand the nature of the industry before ever making a tender offer. Some of the general considerations include the following: • Level of Capital Intensity: In the mid-1980&apos;s the start up cost for a gold mine has been between 20-200 million dollars and 500-1,500 million dollars for a bauxite operation. • Global Nature of Competition: Except for certain industrial minerals, most minerals and metals are traded worldwide and many on national exchanges, such as COMEX. • Start-Up Time: Many mining operations in developed and developing countries have long lead times, 7 to 10 years in some cases, prior to the start-up of production. • Long Term Nature of Investment: For most mineral operations payback usually occurs at least 7 years after production has started. Additionally, many mining operations will continue producing for 80-100 years. • High Level of Risk: The number of factors that a mining firm cannot control such as grade, volume, world supply and demand, plus the long payback periods tend to classify mineral firms at a higher than average risk compared to other investments. • Cyclical Nature: The mineral industry is cyclical in nature, experiencing long troughs and explosive peaks, thus making timing a critical issue. • Labor Intensive: Even with the large capital requirements needed to operate a mine, most mines are labor intensive in proportion to their capital equipment. • Location: Obviously, the nature of this industry requires operators to work in difficult locations, frequently far from civilized localities, in poor weather conditions and without proper supply and distribution infrastructure. One of the most important considerations is an understanding of asset replacement and asset value. Unlike manufacturing concerns, firms in the mineral industry are working toward the elimination, through depletion, of their asset base. Product flexibility is not available to a mining operation. A mineral firm basically has two options as its resource base is depleted: 1) replace the asset with new production, or 2) deplete the asset and close down operation, as in the South African gold mining model referred to later in this paper. An understanding of the

Jan 1, 1985

By L. G. Jones

An approximate method of calculation is developed in this paper which allows duplication of radial unsteady-state gas flow computer results where Darcy&apos;s law applies, such as those reported by Aronofsky and Jenkins and Bruce, Peaceman, Rachford, and Rice. Moreover, the new calculation method can be used to obtain results for radial unsteady-state gas flow obeying the quadratic flow law proposed by Duwez and Green. Means are discussed for predicting well behavior at single or superimposed flow rates in finite or infinite reservoirs, determining reservoir rock properties from well-test data, reproducing and interpreting back-pressure test data, and determining the radial extent and reserves of gas reservoirs from well-test data. Example calculations are presented for gas flow following both Darcy&apos;s law and the quadratic flow law. INTRODUCTION Since the publishing of U. S. Bureau of Mines Monograph 7,1 most gas-well testing methods have been based on the equation q = y (pl2 - pw2)a, where q = production rate, pl and pw, are formation pressure and sandface pressure, respectively, and y and a are constants to be obtained from test data. These methods, used for predicting both deliverability and "open-flow" capacity of gas wells, have been useful and accurate in many cases but unsatisfactory in others. Even at best, however, they do not supply information about the formation or lead to an understanding of nonsteady-state gas flow in porous media. Many theoretically based studies2-4 of gas flow obeying Darcy&apos;s law have been made.&apos; Since the partial differential equations which result from combining Darcy&apos;s flow law with the continuity equation are nonlinear, most of the published research consists of either numerical solutions or analytical solutions for linear approximating equations. Such solutions have been of limited value in field work due to their unhandy form and their failure to correlate most field data. There is evidence5,6 which indicates that Darcy&apos;s law is inadequate to describe gas flow at some flow rates of practical interest. A quadratic flow law: which reduces to Darcy&apos;s law at low rates, is more successful in accounting for experimentally observed behavior. This flow law has been applied successfully to a few hypothetical reservoir cases in work which has recently been published.10 However, these numerical solutions of the equations involved have been successful only on a special analog computer. Routine applications to field cases would be awkward and have not been attempted. The present paper describes an approximate method for computing nonsteady-state gas flow solutions which has been completely successful in predicting the results for both Darcy flow and quadratic flow obtained by elaborate numerical methods. The new calculation method allows determination of the observable variables in gas-well testing at constant rates. It is similar to the scheme of using a succession of steady states suggested by Muskat7 in that it makes use of steady-state and material-balance equations. It also is similar to the work of Aronofsky and Jenkins2 in that the new method includes Aronofsky and Jenkins&apos; stabilized flow equation as a special case. It improves upon both of these calculation schemes in that it accurately describes all portions of reservoir history and suggests means of determining reservoir rock properties from well-test data. This paper deals only with production from a reservoir, in which case the rate is defined as being negative. The reservoir studied here is a homogeneous, disk-shaped porous body of uniform thickness, with all boundaries sealed except the inner radial boundary of the well.

Temperatures in the Open-hearth Furnace. By Robert B. Sosman. (Metals Tech. Aug. 1948, T.P. 2435) Steelmaking Direct Oxidation in the Basic Open Hearth Process. By E. R. Hughes and F. G. Norris. (Metals Tech., June 1948, T.P. 2380) With discussion Operation of Oxygen-enriched Open-hearth Furnaces. By J. S. Marsh. (Metals Tech., Aug. 1948, T. P. 2416) With discussion Role of Thermochemical Factors in Basic Open Hearth Production Rate. By T. E. Brower and B. M. Larsen. (Metals Tech., Oct. 1948, T.P. 2451) Structure, Segregation and Solidihcation of Semikilled Steel Ingots. By M. Tenenbaum. (Metals Tech., Sept. 1947, T.P. 2273) With discussion The Origin of Silicate Inclusions in Basic Electric-arc-furnace Steel of Higher Carbon Contents. By Axel Hultgren. (Metals Tech., Aug. 1948, T.P. 2418) A Method for Determining the Origin of Surface Defects in Rolled Steel Products. By C. L. Meyette and V. L. Elliott. (Metals Terh., June 1948, T.P. 2368) With discussion Gases in Steel The Sampling and Analysis of Steel for Hydrogen. By G. Derge, W. Peifer and J. H. Richards. (Metals Tech., June 1948, T.P. 2362) With discussion Apparatus for the Hot-extraction Analysis for Hydrogen in Steel. By C E. Sims and G. .I. Moore. (Metals Tech., June 1948, T.P. 2369) With discussion A Quantitative Experimental Investigation of the Hydrogen and Nitrogen Contents of Steel during Commercial Melting. By C. E. Sims, G. A. Moore and D. W. Williams. (Metals Tech., Feb. 1948, T.P. 2347) With discussion The Effect of Hydrogen on the Ductility of Cast Steels. By C. E. Sims, G. A. Moore and D. W. Williams. (Metals Tech., Sept. 1948, T.P. 2454) Sulphur in Ironmaking Kinetics of the Transfer of Sulphur across a Slag-metal Interface. By Lo-ching Chang and K. Goldman. (Metals Tech., June 1948, T.P. 2367) With discussion Some Correlations between Variables Affecting Sulphur in Blast Furnace Iron. By T. E. Brower and B. M. Larsen. (Metals Tech., Sept. 1948, T.P. 2465) Tracer Study of Sulphur in the Coke Oven. By S. E. Eaton, R. W. Hyde and 11. S. Old. (Metals Tech., Sept. 1948, T.P. 2453) Transformation of Austenite Anisothermal Formation of Bainite and Proeutectoid Constituents in Steels. By Leonard D. Jaffe. (Metals Tech., Dec. 1947, T.P. 2290) With discussion Austenite Transformation Above and Within the Martensite Range. By R. T. Howard, Jr. and M. Cohen. (Metals Tech., Oct. 1947, T.P. 2283) With discussion

Jan 1, 1949

By K. C. Ko, M. K. McCarter

Experimentation with seismic velocity measurements at Kennecott Copper Corp.&apos;s Bingham mine disclosed that some recognized slide areas are characterized by low velocity profiles. A new traverse technique employed during the investigation allows rapid and precise measurements of a quantity referred to as "apparent velocity." This value is a weighted average of the actual velocity in the overbreak zone near the surface and in the intact rock at depth. The low points on the velocity profile are apparently the result of lower actual velocities and deeper overbreak in less competent material within the slide zones. Experience verifies the usefulness and practicality of the technique in delineating adverse areas prior to detectable failure. The technique may be employed as a rapid and economic means of slope stability surveillance in large open pit mines.

Jan 1, 1973

By Frederic Dewey

HAVING shown1 the difficulty of assaying so-called cyanide bullion and the extreme variations often found in the results, an investigation was undertaken to discover if possible the causes of these variations by a series of tests upon the specific action of various metals during cupellation. Zinc.-In order to test the effect of zinc, 48 assays were made in sets of 6, 2 rows of 3. The charge for the middle cupels consisted of 500+ mg. Au, 1,125 mg. Ag, 10 mg. Cu. To the end cupels 50, 75, 100 and 125 mg. Zn were added, and a set of each proportion was cupelled with 4 and 8 grants Pb. The cupels were assayed and showed the following gold contents in milligrams, the figures being arranged as the cupels stood in the muffle: TABLE 1 50 Mg. Zn 75 Dig. Zn 100 Mg. Zn 125 Mg. Zn 4 grams, Pb 0.2S 0.25 0.2S 0:29 0.27 0.34 0.33 0.28 0.41 0.31 0:30 0.36 0.30 0.33 0.34 0.31 0.31 0.29 0.35 0.37 0.42 0.41&apos; 0.34 0.38 8 grams, Pb 0.40 0.43 0.42 0.38 0.36 0.43 0.35 0.34 0.41 0.33 0.37 0.37 0.54 0.17 0.59 0.44 0.43 0.43 0.38 0.39 0.41 0.57 0.38 0.46 _ In many instances the zinc does not appear to affect the cupel gold, but various exceptions are apparent, generally in the cupels in the back row. With 100 and 125 mg. Zn, in some cases the Zn burned with its characteristic flame before it could alloy with the other metals. Also, less fusible oxidized lumps were observed during the cupellation and some cupels showed a scum. In order to lessen the premature burning out of the Zn, an alloy of 2 parts Ag to 1 part. Zn was used. A uniform charge of 500,+ mg. Au,

Jan 7, 1917