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By Leon W. Dupuy

Many articles have been written describing peculiar and particular types of drilling. Little correlation has been made between the character of ground to be drilled and sampled and the type of drilling most desirable for procuring satisfactory samples. In development work, the engineer and metallurgist often desire the recovery of a sample in as physically natural a condition as possible, particularly when the sample must provide material for process tests as well as chemical and physical analyses. This paper describes the results of experimentation in drilling unconsolidated materials carrying titanium minerals in the Magnet Cove area, Ark. The drilling was most difficult in that the ground varied much in consistency, and it was vitally necessary to recover a physically natural sample. Ordinary churn drilling recovered a sample that could be analyzed chemically, but the sample was not in its natural state. The problem was successfully solved by utilizing and further developing methods used in the oil and clay industries.

Jan 1, 1949

By Robert Gillham, Victoria Yablonsky, Grover R. Castle

INTRODUCTION The commercial paper market, unique to the United States, is a direct exchange of funds between high-grade borrowers and large lenders; because it eliminates both the bank's role as middleman and also some significant transaction costs, commercial paper is the lowest cost short term instrument in the world. For this reason, virtually all borrowers would like to enter the market, but only issuers with the highest rating from Moody's and Standard & Poor can attract purchasers at the best rates. COMMERCIAL PAPER The commercial paper market, in existence for over 100 years, has traditionally been used for short-term financings, with most paper maturing within 30-45 days. Under the U. S. Securities Act of 1933, (section 3(a)3) industrial paper can avoid registration only if it matures within 270 days and is used for current transactions. It was first used to finance the short-term seasonal working capital needs of manufacturing companies. Since World War II, commercial paper use has grown steadily, serving in the 1950's as the market in which finance companies financed the explosion in consumer credit purchases of heavy consumer durables. LETTER OF CREDIT BACKING As far as is known, the use of letters of credit to support energy-related commercial paper began about 13 years ago with an arrangement to finance the nuclear fuel for Con Edison's Indian Point 3 Plant. Goldman, Sachs was the architect of this financing and Chemical Bank provided the letter of credit support. After an early burst of interest, this type of financing wobbled severely in the difficult credit markets of the mid-seventies before regaining serious momentum in 1976 and 1977. A mining project would not normally qualify as a borrower in the commercial paper market because of its credit standing and because its large capital needs require long term financing. However, lately, commercial paper has begun to take the place of a bank term loan in limited recourse project financings. L/C backed commercial paper took this new and startling turn in 1982 when it was used as part of the $700 million financing for the development of the Newlands-Collinsville coal mines of Mount Isa Mines Ltd. in Australia. This was the first use of L/C backed commercial paper in a long-term limited recourse project financing. First Boston acted as financial advisor and, again, Chemical Bank provided sole letter of credit support of $155 million. The $785 million BHP financing for the acquisition of the Queensland (Australia) coal assets of Utah International from General Electric Company followed the next year; there we acted with two other Front Banks to provide $270 million of L/C support. These two important transactions indicate that not only has commercial paper become an integral part of a long-term financing package, but also that it is no longer the exclusive domain of the best known U. S. companies. Lesser-rated companies and a multitude of foreign borrowers have gained access to this "exclusive club." How has this become possible? OPERATION OF AN L/C An instrument of the commercial banks, the "direct pay" letter of credit, has enabled lesser-rated companies to issue commercial paper in their own names. The letter of credit allows the issuer to substitute the credit rating of the supporting bank for its own. The L/C in effect allows a lesser-rated company to rent the bank's credit rating. This upgrading is possible because the bank is unconditionally obliged to pay the note-holders at maturity and then turn to the Issuer for reimbursement. The Issuer commonly "rolls over" a new short-term issue and reimburses the supporting bank from the sale of the new issue until cash flows from the project allow the borrower to reduce the level of paper outstanding. The commitment for an L/C facility, up to 12 years in the case of the Broken Hill transaction, governs the life of the commercial paper tranche of the financing. The term of the L/C commitment thus has the power to extend the ordinary 30-45

Jan 1, 1985

By C. G. Bieber, J. R. Mihalisin, R. T. Grant

A growing demand for longer service life of gas turbines has placed increasingly rigorous requiret~rents upon superalloys employed for that application. Long-titne testing at high temperature has revealed that phase transformations occur in all superalloys. A common one of particular interest is o formation. Presented here are studies made to identify a and to characterize its formation and effect on properties in three cast nickel-base superalloys—IN 100 alloy, alloy 713C, and alloy 713LC. Methods are discussed by which o can be eliminated or inhibited in IN 100 alloy and alloy 713C. Evidence was obtained to indicate that some types of o may be more detrimental than others. Limitations in the electron vacancy approach to o prevention are pointed out, and it is shown how alternative approaches, such as reducing a complex superalloy matrix to the form of a pseudo-ternary system permitting equilibrium diagram treatment, lead to additional insights into the formation of in these alloys. AROUND 1960. Beiber1 developed IN 100 alloy, which still remains one of the strongest commercially available nickel-base superalloys. The principle used in the design of this alloy was to produce large quantities of y' phase in a y matrix through the use of copious amounts of aluminum and titanium. In 1963, ROSS' showed that when certain heats of this alloy were held for a long time at 1650°F they formed an acicular phase, subsequently identified as a.3 a is a hard and brittle phase first discovered in the Fe-Cr system by Bain and Griffiths.4 They termed it the "B" constituent. Subsequently this same phase was found in other systems, primarily those of the transition elements, and acquired the name "a" by which it is now known. The crystal structure of the a phase was first determined in the Fe-Cr system in 1950.5 It was shown to be tetragonal with a c/a ratio of about 0.52. as is the case with a found in other systems. This characteristic crystal structure is now the means by which a is identified. In superalloys, such as IN 100 alloy. large amounts of o impair the high-temperature creep strength and drastically reduce room-temperature tensile ductility. Discovery of o phase in some heats of IN 100 alloy quickly led to investigations of other superalloys for similar transformations. It was found that many of the stronger, more highly alloyed. super-alloys were indeed susceptible to o formation. This investigation has been concentrated on three commercial alloys: IN 100 alloy, alloy 713C, and alloy 713LC. J.R.MIHALISIN,MemberAIME, and C.G.BIEBER are with The International Nickel Co., Inc., Paul D. Merica Research Laboratory, Sterling Forest, Suffern, N. Y. R. T. GRANT, Member AIME, is with The International Nickel Co., Inc., Pittsburgh, Pa. Manuscript submitted May 22. 1968. IMD A detailed study has been made of the phase transformations and their relation to a formation along with a consideration of electron vacancy approaches for predicting a-forming propensity in these alloys. EXPERIMENTAL PROCEDURE Phase transformations were studied by light and electron microscopy, electron diffraction, microprobe investigations, and X-ray diffraction. Specimens for light micrographic examination were prepared by conventional grinding and polishing followed by etching with glyceregia (2:l HC1/HNO3 + 3 glycerine by volume). Photomicrographs of stress-rupture specimens were taken adjacent to the fracture unless otherwise noted in the text. Negative replicas for electron microscopy were taken from surfaces electropolished with a solution of 15 pct H2SO4 in methanol. For carbon extraction replication, a solution of 10 pct HC1 in methanol was used. A Siemens Elmiskop I was used for all electron microscopy. Selected-area diffraction studies were made at 80 kv using evaporated aluminum for standardizing the patterns. A nondispersive electron microprobe attachment was used to analyze the extracted precipitates chemically. The fluorescent X-rays were recorded using a flow counter containing P10 gas (90 pct Ar-10 pct methane) with a beryllium window and a single-channel pulse-height analyzer. The pulses from the analyzer were passed to a scaler-ratemeter and differential curves of counting rate vs pulse amplitude were obtained. The base line of the analyzer was driven with a synchronous motor at 0.5 v per min and a channel width of 0.5 v. The time for 105 counts was printed out for each 0.5-v increment. The microscope was operated at 80 kv with beam currents of 1 to 20 pa. This equipment detects elements from atomic number 13 to 40. X-ray diffraction studies were usually made on residues electrolytically extracted in 10 pct HC1 in H2O, although in one case a pattern was obtained from an etched surface of a metallographic specimen. A Siemens Crystalloflex IV was used with iron-filtered CoKa radiation. X-ray patterns were recorded using a goniometer speed of : deg per min. The scintillation counter and pulse-height analyzer operated at a channel height of 10 v and a channel width of 12 v. The equipment was calibrated with a powdered gold standard. The residues usually contained a number of phases. several of which could not be found in the ASTM card file. In addition, as is shown for the case of a phase in IN 100 alloy, other phases had a somewhat different lattice parameter from that reported in the ASTM card file, making it difficult to separate and identify constituents by comparison with ASTM d spacings. For these reasons, phases were identified on the basis of the lattice parameter obtained by indexing the ob-

Jan 1, 1969

By John B. Pearse

IN order to get an idea as to the strength of steel rails, it will be well to review the tests to which iron rails have been subjected. In England, Mr. Ashcroft found that the best 80 pound rails broke under a 300 pound weight, falling 15 feet. In Germany the Society of Railway Managers determined on and have long applied a test of 1000 pounds falling 101 feet, as the standard which all first-class iron rails must reach. In this country no inspection nor test is applied, but tests made show that iron rails from our most reliable makers, break under a 6 foot fall of a 1500 pound drop as an extreme test, most of those tested breaking under a far less test; some breaking with less than a 3 foot fall of the same weight. Everywhere where steel has been used, engineers have come to the conclusion that some test is required to show the regularity and strength of the product. As compared with iron, the tests which steel will stand are wonderful. After numerous experiments partially based on the experience of the rail-mill at Graz, belonging to the Southern Railway of Austria, the Society of German Railway Managers fixed upon a test of 2000 pounds falling 13 1/2 feet. They found that this test represented the steel which suited their necessities, and also found that with steel of otherwise average purity, this test represented about one-half per cent. of carbon, and made it a rule to take no steel containing under three-tenths of a per cent, of carbon, because it was too soft. They expressed a hope that a harder steel could soon be made tough enough to stand the same test. In England, a test was adopted of 2240 pounds, falling 15 to 17 feet on the rail on heavy bearings. This test has been found satisfactory under heavy traffic on average road-beds, and has been invariably

Jan 1, 1873

By E. Miller, J. M. Eldridge, K. L. Komarek

The thermodynamic properties of- liquid Mg-Pb allojs have been determined by an isopiestic method from 18 to 42 at. pct Pb and by a thevmodynumic analysis of the phase diagram frofiz 0 to 100 at. pct Pb. In the overlapping composition range the magneszupn activity values derived by the two methods are in excellent agreement, thus mutually supporting the correctness of the Mg-Pb phase diagram previously determined by the authors and of the acticitzes deriz~ed isopiestically. SEVERAL studies have been made of the thermody-namic properties of liquid Mg-Pb alloys. Wagner and Engelhardt,1 Lantratov,2 Knappwost,3 Sryvalin et al.* and Wilson5 used the electromotive-force method, Scheil and Wolf8 and Schmahl and Sieben" applied the transpiration technique, and the present authors8 utilized the phase diagram to determine the activity of magnesium in the Mg-Pb system. The results of these studies are not in very good agreement and could not be incorporated into a general systematic analysis of the thermodynamic properties of the homologous series of the Mg-Group IV B systems Mg-Pb,8 Mg-Sn,° Mg-Ge,10and Mg-Si.11 The thermodynamic properties of the Mg-Pb system were therefore re investigated by an isopiestic technique which has been developed for similar studies in the Mg-SnB and Mg-Ge10 systems- Lead specimens, contained in iron or graphite crucibles, were heated in a temperature gradient in an evacuated and sealed titanium reaction tube and equilibrated with magnesium vapor of known vapor pressure to form alloys of compositions which depended on their temperatures, the temperature of the magnesium vapor source, and the thermodynamic properties of the system. EXPERIMENTAL PROCEDURE Magnesium (Dominion Magnesium Ltd., Toronto, Canada) of 99.99+ pct purity and lead (American Smelting and Refining Co.) of 99.999 pct purity were used. In the early experiments, Runs 2 and 3, the alloys were contained in uncovered high-purity iron crucibles. Alloys formed in the uncovered iron crucibles had to be chemically analyzed owing to the slight volatility of lead under the imposed experimental equilibration conditions. The compositions of these alloys were determined by a gravimetric analysis of lead as lead chromate. To avoid this problem, the remaining runs were made in covered graphite crucibles machined from high-density (1.92 g per cu cm) graphite rods (Basic Carbon Corp., Sanborn, N.Y.) which had a maximum ash content of less than 0.04 pct. The non- i reactivity of graphite with lead and magnesium has been previously established,' and the experimental procedure has been described in full detail.' In the runs using covered graphite crucibles it was found that the weight increases of the crucibles and their contents after equilibration equaled the magnesium contents of the alloys within the accuracy of the chemical analysis (i0.3 at. pct Pb). Clearly, the small lid openings of the graphite crucibles prevented significant lead losses during a run, and the weight increase was therefore taken as the magnesium content of the alloys. EXPERIMENTAL RESULTS At thermodynamic equilibrium the magnesium partial pressure of the specimens equaled that of the reservoir. Since the magnesium reservoir was always maintained at the temperature minimum of the system, the activity of magnesium of any specimen was given by the ratio of the magnesium reservoir pressure to the vapor pressure of pure magnesium at the specimen temperature. The standard state was chosen as liquid magnesium and the vapor pressure of liquid magnesium

Jan 1, 1968

By F. Keller, R. H. Brown

BECAUSE of the extensive use of Alclad 24s alloy sheet in aircraft construction, there is much interest in the metallurgical changes caused by heat-treatment of this product.1,2 One of these changes is the result of the diffusion of soluble elements from the core into the coating during treatment. This paper deals with the thermal treatments that may influence diffusion and with the practical effects of diffusion on the serviceability of the product. As is well known, Alclad 24s-T sheet has a core of high-strength alloy combined with surface layers of relatively pure aluminum. The microstructure of a cross section of this product is shown by Fig. I. hot only does the relatively high-purity coating have a high resistance to corrosion, and hence serves as a mechanical barrier between the core metal and the corroding environment, but in addition this coating I exerts electrochemical protection over areas where the core may be exposed, such as cut edges. In addition, the coating affords electrochemical protection to projecting heads of *417S-T, 17S-T and 24S-T rivets, or attached members made from these alloys. Under some conditions of heat-treatment, however, diffusion of copper into the coating will alter the electrochemical relationship between the coating and the core to the extent that only partial protection will be obtained under some corrosive conditions. The reason for the electrochemical protection lies in the fact that the coating layers of pure aluminum are anodic to the alloy core. The addition of copper to aluminum produces alloys in which the potential is lower than that of the pure metal. Moreover, as the amount of copper in solid solution in z4S alloy is increased, the potential of the alloy becomes more cathodic. When heat-treated at 920°F. and quenched in cold water, 24s-T is about 0.16 volt cathodic to pure aluminum. However, copper will diffuse from the core into the coating, and if it reaches the surface the potential will be altered in a cathodic direction. Thus the potential dif-erence between the core and coating may be less than 0.16 volt, depending upon the thickness of the coating, and the time and temperature of heat-treatment. Of the methods available for determining the extent of diffusion of copper from the core into the coating of Alclad 24S-T, two are generally used; namely, the metallographic and the solution potential method.3 METALLOGRAPHIC METHODS Metallographic methods will reveal the progress of diffusion of copper into the coating. For instance, the diffusion zone in the coating intermediate between the coating surface and the core is shown in Fig. I. This photomicrograph is of a polished and etched cross section of 0.040-in. Alclad 24S-T sheet. Diffusion proceeds into the coating more rapidly along the grain boundaries than through the body of the grains. consequently, the diffusion zone is not of uniform width

Jan 1, 1944

By W. B. Heroy

ONLY through the mineral fuels can large amounts of energy be transported to great dlstances and stored for long periods for future use. Coal has the advantages over oil of greater safety of handling and smaller losses in storage. But oil is, in the present stage of technical advancement, the more economical source of liquid fuel for internal-combustion motors. No method for direct use of coal in such motors has been developed that can compete with petroleum products. The automoblle engine and the airplane motor are designed to make the most effective use of gasoline.

Jan 1, 1944

SAN FRANCISCO SECTION Roy H. ELLIOTT, Chairman - T. A. RICKARD, Vice-chairman W. H. SHOCKLEY, Secretary-Treasurer, 959 Waverley St., Palo Alto, Cal. D. A4. RIORDAN C. F. TOLMAN, JR. A joint meeting of the local sections of the several national engineering societies represented in San Francisco was held at the Engineers'. Club on Thursday evening, Sept. 26, 1918. The subject for the evening, "Fuel Conservation," was ably discussed by a-number of representatives of the Federal Administration and by engineers interested in the generation and utilization of all kinds of power on the Pacific Coast. The following extracts from papers presented at this meeting have been selected as being of the greatest interest and value to members of this Institute. Problems of the Fuel Administration ALBERT E. SCHWABACHER.-America's war needs call for 100,000,000 more tons of coal this year than in 1917, and 200,000,000 tons more than in 1914, when the war started, and this increase must come from a weaker man-power than that of 1917. It must be transported by a railroad system that has not been improved since the war started, and has been burdened with inconceivably greater demands than were made upon it before the war. This tremendous increased demand must be met by most intensive work in three directions; increased production, efficient conservation, and a distribution system which will insure against lost motion. While every European country has decreased its coal production since the war began, the United States has mined 50,000,000 tons more coal, during the first year of the war, and will increase this by another 50,000,000 the present year. Every 8 days there are being mined and transported as great a weight of coal as of the entire wheat crop of the United States. Of the 735,000,000 tons of coal which must be made available for consumption by our railroads, ships, war industries and people, 100,000,000 tons will come from the anthracite fields, the remainder from the bituminous fields. In 1917 there were produced about 330,000,000 bbl. of oil, and this year an additional amount over last year's production, of approximately 23,000,000 bbl. will be required. Water power developed 5,000,000 hp., the demand greatly exceeding the available supply.

Jan 12, 1918

By C. E. Ells, A. Sawatzky

The effect of neutron irradiation on tensile properties of the Zr-2.5 wt pet Nb-0.5 wt pet Cu alloy has been evaluated for integrated neutron fluxes up to 3 x 1020 n per sq cm (E > 1 Mev). Specimen temperature during irradiation was normally 300°C. The material was studied both in annealed and in quenched and aged conditions. When the alloy (fab-ricatedfrom sponge zirconium) is quenched from a temperature =40°C below the a + ß/ß transformation and aged 6 hr at 535oC, neutron irradiation up to the maximum studied has little effect 071 reduction in area, although there is a drop in uniform elongation and the yield strength is increased by = 25 pct. Conversely, irradiation of the alloy in an annealed condition can result in much greater changes in properties, with yield-strength increases of up to 200 pet. The dose dependence of irradiation hardening obeys the saturation equntion proposed by Makin and Minter to explain hardening in copper and nickel: Act = C[1 - exp(-Døt)/1/2 A rnodel is proposed to explain the effect of niobium content and metallurgical condition on irradiatiotz behavior. THE Zr-Nb alloys form a class of material susceptible to marked strengthening by quench and age heat treatment. With niobium concentrations as low as 2.5 wt pet, strengths can be developed which are double those of annealed zircaloy-2.1 Since the neutron-capture cross section of the Zr-2.5 wt pet Nb alloy is nearly identical to that of Zircaloy-2, significant gains in power-reactor neutron economy could be obtained by replacing stressed in-reactor components of Zircaloy-2 with the heat-treated Zr-Nb alloy. When the solution heat-treatment temperature is in the high (a + ß) phase, then the tensile properties of the quenched (and aged at 500°C) material have been shown to be relatively insensitive to neutron irradiation.1-3 Addition of small quantities of copper to the binary Zr-2.5 wt pet Nb alloy gives a useful reduction to the corrosion rate in air and carbon di- oxide,&apos; and a ternary alloy of composition Zr-2.5 wt pet Nb-0.5 wt pet Cu was chosen for one component in the Douglas Point Reactor. This application utilizes both the corrosion resistance to a moist air-carbon dioxide environment and the strength developed by a quench and age heat treatment. By suitable choice of solution heat treatment and aging temperatures, tensile properties of the ternary alloy can be made nearly identical to those considered as optimum for the binary alloy. One effect of the copper addition, however, is to give marked changes in the aging kinetics of the alloy.&apos; For this reason, it appeared that neutron irradiation might promote overaging in the ternary alloy, particularly at the elevated service temperature (=300°C). This paper describes the effect of neutron irradiation on the tensile behavior of the Zr-2.5 wt pet Nb-0.5 wt pet Cu alloy in several metallurgical conditions pertinent to its use as a reactor material. The metallurgical conditions included those for which aging occurs in the unirradiated material, and fully annealed conditions for which a higher degree of thermal stability could be expected. 1) EXPERIMENTAL Two batches of alloy were used, both made from sponge zirconium. The fabricator&apos;s analysis of principle constituents showed no significant difference between the two batches, Table I. The rod material was rolled to 1.5 in. diam, and then swaged to final sizes of 0.5 to 0.375 in. diam at nominal temperatures of 785" and 625°C for the AM and AS batches, respectively. Subsequent hydrogen analyses at CRNL confirmed that the hydrogen concentration of the as-received rod was indeed <20 ppm. However, it was found that the (a + ß)/ß transus for the AM material was approximately 25°C lower than that of the AS material, indicating rather more difference in oxygen concentration than given in Table I. Except for a small difference in yield-point behavior, the tensile prop-

Jan 1, 1965

By A. T. Yu

As the first loads of Noamundi iron ore rumbled into the new 54-in. Gyratory Crusher on March 30, 1968, one of India&apos;s largest and most modern iron ore processing complexes began operations. The completion of the $13 million mining and processing complex brought to a successful conclusion the second chapter of a phased expansion program initiated in 1958 by India&apos;s gigantic Tata Iron and Steel Co. The completed complex will yield annually 2.5 million tons of washed, sized ore and sinter fines destined for Tata&apos;s furnaces at Jamshedpur. Hewitt-Robins Div. of Litton Industries was awarded the turnkey project on the basis of world- wide competitive bids. Eighty miles southwest of the city of Jamshedpur, Noamundi lies on an approximate geographic grid of 22º-5&apos; latitude north and 85º-30&apos; longitude east. The mine is approximately 600 ft above sea level.

Jan 11, 1968

By F. B. Harris

MINE surveying and engineering at the various properties of the United States Smelting Refining and Mining Company has developed and increased in importance steadily as mining methods have changed and expanded, both in the development of ore bodies and in the methods and styles of stoping. Most important to satisfactory engineering practice, and secondary -only to accuracy and precision, is the preservation of all data relative to surveys and calculations so that it is readily available for use at all times and in -such form that it is permanent, easily found, and usable. The first consideration for a proper, accurate, and practical start for surveys and efficient engineering at any property is an accurate triangulation net and system of co-ordinates. This has been our practice and the first step seas to select a base line, readily accessible and easily measured, situated preferably on an even grade where the difference of elevation between the two -end monuments was not too great and -the distance was long enough for practical use. Permanent concrete monuments were built for these base-line points so constructed that they could be easily recognized and were visible. Precise levels were run on this base &apos;line and the elevation (sea level datum) if possible was established at each end monument. The distance was carefully measured many times, back and forward, by using a tape that had been standardized by the National Bureau of Standards. The tape was supported at ,each 25-ft interval on stakes which had been brought to grade between each measuring point. All conditions were

Jan 1, 1948

By Brian J. Gorval, Robert L. Kemeny

INTRODUCTION Financing, or providing adequate capital at low cost for developing and bringing a natural resource property into production, is a fundamental requirement for profitable operation. Under the present economic environment the cost of financing any project is gaining more importance than ever. The fundamental keys for success in mining are "the Four M&apos;s": Mineral, Market, Management and Money. In recent years, with capital and operating costs skyrocketing, increased emphasis on obtaining adequate and low cost capital funds for bringing in a prospect is essential. For a small mining company there are limited sources for raising funds. In most cases these companies have neither a substantial asset base, nor any cash flow, and they are deemed as risky investments. The issue of shares of capital stock of such a company is probably the most common method of raising funds via the public purse. Alternatively, debt could be used and a source of such capital might be private investors or financial institutions. The company which intends to raise funds from the investing public by way of the sale of equity, subsequently lists those shares for trading on a stock exchange. Going and staying public commits a company to a multitude of complex laws, rules and reporting requirements. The governing bodies are the watch dogs for the public. The largest of such an organization of this kind in the world is the Securities and Exchange Commission (SEC) in the United States. In Canada, the Securities Laws come from within provincial jurisdiction. Most provinces have their own Securities Act, and Securities Commission. It is the Commission which administers the Act, and hence controls the distribution and trading of securities within the province. Extra provincial registration is required for trading and distribution in more than one province. In British Columbia, prior to a public offering, the approval of the Superintendent of Brokers (SOB) and of the VSE must be obtained. THE VANCOUVER AND TORONTO STOCK EXCHANGES There are five stock exchanges in Canada which supply a trading forum in which mining companies may operate. The stock exchanges are located in Montreal, Toronto, Winnipeg, Calgary, and Vancouver. Of the five stock exchanges, the Vancouver Stock Exchange (VSE) and the Toronto Stock Exchange (TSE) are the most heavily used for resource-based issues and are the focus of this paper. The objective of this section is to provide a brief background on the VSE and TSE. The Vancouver Stock Exchange The VSE is Canada&apos;s predominant stock exchange for financing resource-based, junior issues. Since 1907, the VSE has acted as a source of funds for mining, exploration and energy companies throughout Canada and the world. Currently, there are over 1400 companies listed on the VSE. During 1983, over 3.1 billion shares traded at a value exceeding CDN$3.96 million. The VSE has developed a reputation as one of the few exchanges where a speculative resource venture may obtain a listing and subsequent financing in a relatively short time, generally five to ten months. The SOB, the Investment Dealer&apos;s Association of Canada (IDA), and the VSE all regulate trading at the Exchange. Any irregularities in a company&apos;s stock dealings are investigated and trading may be halted by the VSE until a satisfactory explanation has been received from the suspended company. Companies can be suspended from trading or delisted for various reasons. One reason is misrepresentation of facts in documentation submitted to the SOB, VSE, or to the public, through news releases.

Jan 1, 1985

By FOSTER HEWElT

THE scope of this paper is the description of two districts in Peru in which deposits of vanadium have been found, and the consideration of much laboratory-work that I and others have done to determine the nature of these deposits. It is with regret that I present some of the data in a state of evident incompletion, particularly the analyses of a few of the minerals, which leaves some doubt as to whether the true nature of the minerals is understood. I make no apology, however, since in this case, as in many others referring to ore-deposits, conclusive opinions cannot be stated until a great amount of work has been done, and the deposit has been thoroughly exploited. I believe that the data and the tentative conclusions here presented indicate a unique and interesting condition which may assist others in work along similar lines; and further, what is of more practical importance, stimulate a search for a metal which, though long considered rare, is probably so merely because proper care has not been taken to recognize it. An excellent bibliography on the occurrence of vanadium in nature is given by F. W. Clarke in his paper, Data of Geo-chemistry;1 and in the preparation of this paper I have consulted many of the references contained in the Bibliography of the Chemistry of Vanadium, by M. Moissan.2 A brief review of the subject having special reference to the metallurgy of vanadium is contained in the small book by P.. Nicolardot.3 One of these vanadium-deposits has already been briefly

Mar 1, 1909

By W. C. Spence, Burt C. Mariacher

Methods employed to beneficiate ores utilize relatively few fundamental principles to effect size reduction and concentration. In crushing and grinding only impact and compressive forces with a minor amount of shear are employed. In concentration, gravity, magnetic, electrostatic and flotation constitute the major methods of concentration with minor use of sizing, hand picking and adhesion. This industry, as all others, can expect in the near future to see the development of new techniques for improved efficiency, cost reduction, and exploitation of raw materials hitherto considered unmanageable. NATURAL AND INDUCED RADIOACTIVITY At the Canadian Department of Mines in Ottawa in 1946, C. M. Lapointe developed a picker belt system whereby radioactive ores could be concentrated by electromechanical means. This invention ultimately led to development of what is now refer- red to as the Lapointe Picker and which has been used commercially at Port Radium and Port Hope for the upgrading of jig concentrates. Basically, the system consisted of conveying sized uranium ore on a belt under a radioactivity detection device which in turn electronically operated a kicker or plunger that separated the ore from the gangue constituents. Thus, a new principle for mineral concentration, radioactivity, was introduced commercially.

Jan 7, 1962

By PAUL P. ZElGLER

Rapid growth of the aluminum industry continued through 1948 with an acute shortage of the metal in all forms marking the year. Estimates based on shipments made during the first nine months indicate that, in 1948, the industry shipped more than two billion pounds of aluminum products or roughly four times the amount shipped in the greatest peacetime year prior to the war. The rapid expansion of the aluminum industry is particularly reflected in the production of sheet. Last year, the industry as a whole shipped an estimated 40 per cent more sheet than was produced in the peak war year of 1944.

Jan 1, 1949

Discussion of the paper of G. P. Hulst, presented at the Salt Lake meeting, August, 1914, and printed in Bulletin No. 92, August, 1914, pp. 1865 to 1871. L. S. AUSTIN, Salt Lake City, Utah.-One question that I would like to ask is in regard to the sampling kettle which stands beside the softening furnace. How is the sample taken or melted? G. P. HULST.-The sampling kettles in question are of 45 tons capacity and are fired with coal. The lead bullion comes in on a high line in car-load lots of 30 to 40 tons. The entire lot is trucked from car, weighed over scales and thrown into the sampling kettle, which has been previously cleaned. The kettle is fired and the bullion melted, then heated up until no frozen bullion&apos; remains in the .bottom or adheres to the sides of the kettle. The kettle is scraped clean, sides and bottom, and the wet dross is skimmed Doff clean into molds. The kettle is stirred thoroughly during the period in which 24 to 30 samples of approximately ½ assay ton are taken. These samples are taken in a long-hand loci iron mold, providing for taking six to eight "gumdrops." The mold is inserted and heated to the same temperature as the molten metal, and gumdrops are clipped out and cooled in the mold by dipping &apos;the bottom of. the mold into Water. The samples should be free from fins. The gumdrops represent the contents of the kettle, and in assaying, they should not be clipped, but weighed up and the result computed. The dross bars are weighed and sawed according to old hammer and punch sample template. The sawdust represents a sample of the dross. In eases of high gold in the bullion there is a slight correction in the assay. This method of sampling was developed at the Omaha plant of the American Smelting & Refining Co., W. T.. Page, Manager, in 1903 or 1904, for adjusting differences in checking smelter sampling. L. S. AUSTIN.-The base bullion which you treat is very clean. It has been remelted, and skimmed before shipment. How rapidly can you get it through the softening furnace, and how does it compare with ordinary base bullion? G. P. HULST.-Twenty-four hours is the softening limit on these charges. In other words, it is charged into the furnace, heated up, and the first and second skimmings are taken off, and it goes into the kettle the next day; that is, 24 hr. elapse from the time the bullion is charged to the time it is in the kettle. L. S. AUSTIN.-It seems to be a long time to hold such a pure bullion. I suppose, though, it comes around conveniently so that you have a time for all the other operations of refining. Isn&apos;t that the case? MR. HULST.-Every refinery is based on those principles.

Jan 11, 1914

With the coming of the month of &apos;October the various sections are beginning active work for the winter. The Colorado, Washington, Montana, and New York Sections are all doing good work in raising funds for the hospital bed at Rheims which is to be a memorial to the members of the A. I. M. E. who gave their lives in the great war. We hope that all the other sections will begin to work with this object in view and will make even a better record than they did with the Belgian Relief Fund. It was with much regret that the President, Mrs. James F. Kemp, and the Secretary, Mrs. Sidney J. Jennings, were obliged to forego the pleasure of attending the Chicago meeting in September. They were, however, ably represented by Mrs. Arthur S. Dwight who gave an informal talk after which was formed the Illinois Section, which has our best wishes for all success-" Over the top and the best of luck!"

Jan 11, 1919

By John K. Hammes

INTRODUCTION This introductory paper presents a description and definition of what the finance function is and what it specifically means for the mining industry. In its simplest terms, finance is, "management of money matters". As an area within the discipline of business administration it draws heavily on the related fields of economics and accounting, and to a lesser extent on marketing and production. MINING FINANCE DEFINED In preparing to write about what finance means to the mining industry, I asked a number of mining people the question, "What does mining finance mean to you?" Most responded that mining finance was "How a company borrowed money for mine development", and perhaps half those questioned included "raising equity" in the definition. It is not surprising that the mining industry concept of finance is the providing of funds needed for the objectives of the business, for that was once a view shared by authorities in the field of business administration. Further, it is certainly the area where much of the emphasis has been placed in the past ten to fifteen years as the industry struggled with the development of more remote and more refractory or lower-grade orebodies while profitability and internal cash flow were below expectations. No wonder project finance became such a popular topic. Twenty years ago it is probable that the emphasis would have been on mine valuation, for that subject was the area of finance then most often examined in industry publications. Papers concerning the pros and cons of payback, internal rate of return, and discounted cash flow appeared regularly. Let&apos;s examine the following situations, each the result of a financial decision: - Funding the exploration program in a developing country was accomplished by buying the next six-months budget needs in local currency. One week later the currency devalued 30 percent. If the purchase had been delayed or the local currency borrowed short term, a substantial saving would have been made in funding the program. - A major mining company borrows heavily to finance both expansion of its primary mining business and its entry into several new industry segments. When markets for all of the commodities it produces turn down for a prolonged period, there is concern over the adequacy of cashflow to cover debt service in addition to other company needs. The company&apos;s financial officers, however, had arranged very large committed credit facilities from numerous financial institutions which assured the availability of funds for several years. This enabled the company to implement a strategy to conserve cash, sell assets and survive until conditions improved. Further, short term suppliers of credit also were comfortable with the assurance that longer term credit was there to support them. -A medium size mining company financed several mines independently with limited obligations on the part of the parent company. The company decided to refinance the operations under one agreement. More flexible terms, lower interest cost and a longer tenor financing were achieved in return for assuming the risk as a direct obligor. - The exploration and development group of a large mining company proposes to develop a new mine in a country in which the company does not presently operate. When the investment is rejected they are advised that one reason was that the reinvestment assumption inherent in the discounted

Jan 1, 1985

By Carl Swartz

FOR many years kettles used in the melting and refining of lead and other nonferrous metals and alloys have been made of cast iron. The logic of this probably lies in the fact that cast iron has been known as a material of construction for vessels of this type much longer than steel, and satisfactory fabrication from it has been more easily accomplished and better understood. As the capacity of lead refineries has increased, it has been only natural to increase the size of kettles. Today kettles of 150 to 250 tons are not uncommon. As the size of the kettles increased and better shapes were designed, the uniformity of material of construction became more important. Records kept over comparatively long periods of time have shown that the length of service of kettles has not been uniform. Many causes contribute to this and the importance of each has not yet been evaluated. Kettle design, kettle setting, method of firing and material of construction have been changed from time to time to obtain better service, but the variation in length of service is still great. A kettle may fail during the first few heats or may last through more than one thousand heats. The purpose of this article is not to present the conclusions of a finished piece of research on kettle manufacture and use, but to present a series of observations made over considerable time in the hope that others will publish data and that all may be correlated into a logical scheme which will result in better service and longer kettle life.

Jan 1, 1931

By C. W. Thompson

The two-way belt conveyor for coal mine service simultaneously carries coal from faces and transports men and supplies into the mine, largely eliminating the necessity for rubber-tired supply and man haulage equipment and the necessity of maintaining additional headings. SINCE 1920 use of belt conveyor transportation has increased steadily, and capacity in tons per hour per unit has increased at about the same ratio. Belt conveyor systems for simultaneous two-way material transportation have been widely discussed, but heretofore have proved impractical for specific operations. Studies of a proposed means of disposing of wash-ery waste on the return trip of a main haulage conveyor, as yet uninstalled, led to the application of two-way belt haulage to Weirton&apos;s underground supply and mantrip problems. Except for a single-tracked main haulage entry, Weirton mine is essentially a full-belt haulage operation with attendant problems of supply and man-trip haulage that could not be handled with conventional belt conveyors during the regular work shift. It was necessary, therefore, to maintain rubber-tired haulage equipment and haulageways serving multiple-shift continuous operations. The conventional underground belt conveyor is primarily intended to transport coal from working faces to surface. Belts are usually reversed to haul men to face areas at the start of the working shift or to transport supplies. The two-way belt conveyor for coal mine service is not yet offered for sale as a unit by any manufacturer and must be built on order. This conveyor, with return run traveling parallel but opposite in direction to the outgoing or coal haulage run, permits not only haulage of coal from faces, but simultaneously permits transportation of men and supplies into the mine at any time, see Figs. 1 and 2. This eliminates, to a great extent, the necessity for rubber-tired supply and man haulage equipment and the maintenance of additional headings. Unlike conventional installations the return belt is in the open for inspection and maintenance. It is less subject to edge wear, since it runs on regular troughing idlers, see Fig. 3. The only points where the edge of the belt can rub are at the drive unit and the tail units where improved design should eventually eliminate edge wear entirely. Individual conveyor sections are lighter, since all that is needed is a tubular stringer on each side to carry troughing idlers only, no cover plates being necessary. The return run is carried on an assembly identical to that carrying the coal haulage run. These assemblies are definitely easier to handle and are cheaper than installations for the same length of conventional belt conveyor. The four pipes required for the complete conveyor frame may serve only as supports, or, with proper couplings, may be used for mine water discharge line, pressure line for face spraying, telephone cable conduit, or any other purpose requiring a pipe line, see Fig. 4. Additional expense, if any, for the increased number of pulleys needed to turn the belt over for the return service is more than offset by reduced expense for rubber-tired supply and mantrip haulage. The two-way belt haulage system is confined to a single heading on intake air, isolated from all other headings by stoppings on each side, and open for air circulation only at the main haulage way and at the faces. One additional heading, also on intake air, is maintained as an emergency rubber-tired haulage way, all other headings being center-posted and used as airways only until retreat work begins. This method, of course, can and should be used with any belt conveyor, since it provides two independent intake airways for escape in case of fire on the belt or elsewhere. Belt heading is heavily timbered even under good top conditions and space between the two runs permits center posting for the full length

Jan 1, 1954