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INTRODUCTION Trade financing is a particularly important component of short-term financing for a minerals company since errors, extra costs, or payment delays/defaults can easily wipe out the profit margin on a particular shipment or can cause problems when arranging purchases of e.g. reagents. It is required to make any minerals operation function and does not have to be cross-border to require proper management. Sources of working capital are as follows: 1. Extended credit terms from suppliers 2. Inventory loans from banks, finance companies 3. Accounts receivable financing or factoring 4. Credit lines or overdraft facilities from banks. TRADE CREDITS These are provided under the familiar terms "net 10 days" or payment due by the "10th day of the following month." Thirty days for payment is usual but longer periods can be negotiated with regular suppliers. Shipment may be made on open account with specified periods for settlement. In the mining industry, a custom smelter gains trade credit by paying for concentrates three months after the month of shipment. INVENTORY LOANS Various forms of inventory finance are provided via "floor-plan" or warehouse financing. A set percentage, usually 60%-80%, of a good-quality, readily saleable inventory item (e.g. bullion, concentrates, ingots) will be provided by a bank or finance company which will usually have security over these products and has a right to inspect the goods from time to time. Legal security will he achieved by warehouse receipts, floating liens, chattel mortgages, trust receipts, or through collateral management service companies. The latter certify control over stock or distribution outlets and often carry insurance against fraud. Costs range around 1.5% - 2.0% p.a. or more plus some fees to cover out-of-pockets or other costs. ACCOUNTS RECEIVABLES Accounts receivable financing is based on the company's generation of satisfactory receivables which are continuously assigned to a bank or finance company ("factoring"). Because of the risks in being able to collect receivables, such as payments to a smelter for its blister copper shipments to a refinery, this form of financing costs as much as 3% - 5% of the debt amount purchased plus an additional charge for processing paperwork. Receivables can be purchased with or without recourse and on a notification or non-notification basis to the client's customer to, respectively, pay the invoice directly to the bank or not. LETTERS OF CREDIT Letters of Credit ("L/C's") are a common feature of international trade finance whereby a bank, at the request of the buyer, issues a written undertaking to an exporter to pay a specified sum of money within a set time on presentation of previously specified documents. This undertaking means that the exporter is no longer relying on the credit standing and integrity of the foreign importer. A dispute about shipment does not otherwise affect the obligation to pay upon presentation of a "clean" set of documents. These documents include the hill of lading and other documentation, often on standard "form" bases. There are a number of conventions and techniques in L/C's such as irrevocable/revocable L/C's, time L/C's, confirmation/advising L/C's and transferable L/C's. These are tools to adjust for the varying risks that the importer will not pay. Other routes where one is comfortable with an importer include documentary sight hills (D/P hill), documentary term bills (D/A bill), and, of course, open account.

Jan 1, 1985

By T. E. Schwarz

The publication of the report by Mr. F. L. Ransome1 was welcomed by many engineers who had mined in the heart of the San Juan country, braved its long and snowy winters, climbed its lofty peaks, run the gauntlet of its snow-slides, and studied its problems of geology, while making dividends for their English or American clients. This report helps one to understand why the bonanzas occurred, and why the inevitable " borrasca " presents itself where least expected. The Red Mountain district of Ouray county, a very productive section from 1884 to 1893, occupies considerable space in the report mentioned. The character of the ore-occurrence.

Jan 1, 1906

By P. Ramachandraraa, T. R. Anantharaman

THE technique developed by Duwez, Willens and Kle-ment' for rapid solidification of molten alloys in small quantities by ejecting them on to a highly conducting substrate with the aid of a shock wave has come to be known as "liquid quenching" or "splat cooling" in literature and has already been applied to alloys of many binary systems.' The very high cooling rates of the order of l060 to 1080 per sec obtained in this technique and the consequent drastic undercooling of the melt have led to such striking results as formation of new amorphous and crystalline metastable phases and extension of solid-solubility limits in many alloy systems. The cooling rates in these experiments can, however, be neither accurately measured nor effectively controlled and hence the occurrence of either more than one metastable phase or appreciable differences in constitution in splat-cooled alloys of the same composition cannot be ruled out.3 In fact, workers in two laboratories have reported formation of two different cubic metastable phases in liquid-quenched Au-Si alloys containing 17 to 20 at. pct si.4,5 The present note deals with some new and interesting results obtained in a Ag-21 at. pct Ge alloy and a Au-27 at. pct Ge alloy subjected to the liquid-quenching treatment at different cooling rates. Two alloys of nearly the same composition had earlier been rapidly solidified by the standard "gun technique" in the same laboratory and shown to solidify in nonequilibrium structures, viz., an hcp phase (a = 2.987Å;c =4.718Å) in the Ag-Ge system6,7 and both hcp (a = 2.885Å; c = 4.754Å) and tetragonal (a = 11.627A; c = 22.491Å) phases in the Au-Ge system.3 Apart from different substrates (copper and stainless steel), different melt temperatures (50º to 500°C above the liquidus), and different capillary sizes (0.4 to 1.5 mm diam) in the "gun technique", slower cooling rates of the order of l050C per sec were also obtained in the present work by replacing the substrate by water at room temperature in a modification of the technique due to Olsen and Hultgren.8 No attempt was made to measure the cooling rate in any experiment. The products varied from fine powder (>40 pct by wt—200 mesh) obtained by quenching in water to thin flakes and foils (11.0 sq mm to 4.0 sq cm) produced by splat cooling. They were subjected to the Debye-Scherrer method of X-ray examination in each case. In case of the Ag-Ge alloy, in addition to the expected metastable hcp phase,6 a coexistent tetragonal phase (a = 5.093,Å; c = 7.009Å) was detected in some experiments. Eight weak X-ray reflections from this phase could be identified, two of them being the same as reported earlier.7 With increase in the cooling rate, the dominant hcp phase seems to be first accompanied by traces of silver or germanium and then either homogeneous or mixed with traces of this new tetragonal phase. The splat-cooled Au-Ge alloy showed generally the expected hcp and tetragonal phases,3 but sometimes traces of germanium were also present. Further, two new tetragonal phases with the following lattice param ters could be clearly identified in samples quenched

Jan 1, 1970

By M. C. Flemings, F. R. Mollard

Two-phase Pb-Sn alloys, ranging in compositiotz from 12 to 26 at. pct Pb, were unidirectionally solidified in a convection-fvee system, with thermal gradients in the liquid of up to 480°C per cm. Plane front solidification Loas achieved in all alloys at sufficiently steep gradient and slow growth rate. Conditions causing breakdown of the interface to a cellular or dendritic structure were roughly as predicted by a sinlple constitutional supercooling criterion. Structures of alloys of near-eutectic composition, solidified with plane front, exhibited a lamellar structure; the alloys furthest from the eutectic exhibited a rod-like morphology. Assumptions used in a previous paper for calculations of solute redistribution in two-phase plane front growth are shown to be reasonable for Pb-Sn alloys. Results of calculations are in good agveement with experiment. These show that variations in growth rate during solidification of the composite produce marked changes in average composition of the solid. IN a previous paper, Part I,' conditions necessary for plane front solidification of two-phase alloys were discussed and calculations given on solute redistribution in this type of solidification. This paper, Part 11, describes experiments on Pb-Sn alloys, designed to check the assumptions of the analyses presented, and to demonstrate their applicability to a given alloy system (Pb-Sn). APPARATUS AND PROCEDURE General. A vertical crystal growing unit was built for the study as described below, and "normal solidification" employed throughout (i.e., the ingot was completely melted except for a portion near the bottom end and then solidification initiated). The furnace was designed to permit achieving very low interface velocities, and steep gradients, in essential absence of convection; it is sketched in Figs. 1 and 2. Simple heat flow considerations indicated choice of a small-diameter specimen (ingot) to achieve high thermal gradients; ingot size chosen was 0.3 cm in diam. The ingots were held inside silica tubes 0.06 cm wall thickness. The requirement for an essentially convection-free system was met by use of the vertical furnace with the heat source over the heat sink, as well as by use of the small diameter ingots. In addition, by selection of tin-rich Pb-Sn alloys, the diffusion boundary layer (lead-rich) was denser than the bulk liquid and would not cause convection. The only apparent driving force for convection in this system was the small transverse temperature gradient resulting from heat flow into the samples from the furnace. Such convection must have been small, however, since 1) no temperature fluctuations in the melt were noted in the recordings, which would have indicated turbulent convection, and 2) experimental results obtained and described below could not have been achieved in presence of significant convection. Ingot Preparation. Pb-Sn alloys ranging from 12 to 26 at. pct Pb were prepared from high-purity lead and tin (99.9999 pct pure metal). Each alloy was prepared by first melting the pure metals in the proper ratio in air, in a Pyrex container. The melt was then stirred thoroughly with a graphite rod and cast into a preheated graphite mold. Ingots were then prepared from these castings for use in the actual experiments; each ingot consisted of a rod of alloy, 15 cm long in a 25-cm-long transparent fused-silica tube, 0.3 cm ID and 0.06 cm wall thickness. One chromel-alumel thermocouple, made with 0.004-in.-diam wire and protected by a two-hole alumina tube, was inserted into each ingot. The 1.5 cm of the thermocouple nearest the bead were protruding from the alumina tube and were coated with a very thin layer of boron nitride paste which provided electrical insulation while allowing good heat conduction. The electrically welded junction size was about that of each wire and the cross section of the two wires represented about 0.3 pct of the sample cross section. Including the coating, the thermocouple cross section still represented less than 0.5 pct of the ingot cross

Jan 1, 1968

By S. F. Reiter, W. R. Hibbard

A survey of the effect of heat treatment on the room temperature hardness of Fe-Mo alloys has been made. Constant strain rate tensile tests were performed between room temperature and 1800°F. These data were analyzed to determine the effect of temperature and composition on the strain hardening coefficient and strain rate sensitivity. Constant load creep-rupture tests were made on these alloys and the results related to composition and structure. A relation between the high temperature strength of the precipitation hardened alloys and the volume of precipitate has been observed. IN view of the extensive use of ferritic materials at elevated temperatures, it is surprising to note the limited amount of information relating the variables of plastic deformation, i.e., composition, structure, temperature, stress, strain, and strain rate. Hollomon and Lubahn' showed how the several variables of plastic flow might be treated analytically. No data were available on carbon-free iron and its alloys in a form suitable for this analysis. Several German investigations2-" constitute most of the experimental work relating high temperature properties to the constitution of these types of materials. In order to obtain new data, the iron-rich alloys of the Fe-Mo system were selected for detailed investigation for the following reasons: 1—Some of the important effects of molybdenum on the mechanical properties of iron have already been studied.' , 821 2—By suitable heat treatment of selected alloys, it is possible to study strengthening effects of four types: AT -a transformation, B—substitutional, C—precipitation, and D—dispersion of hard inter-metallic compound. Materials and Treatment Four-pound ingots were vacuum cast, employing the same melting schedule previously used.? The raw materials were electrolytic iron and lamp-grade molybdenum. The ingots were forged to l/z in. sq. rod and one portion swaged to 0.350 in. diam rod for the production of 1 15/16 in. long button-head specimens. The button-head specimen blanks were solution treated for 16 hr at 2100°F in hydrogen of —70°C dewpoint and then water quenched. They were subsequently plunge ground to the standard 0.160 in. diam test bar. Micrographs of the solution treated alloys are given in Figs. la through Id. The higher molybdenum alloys contained large equiaxed ferrite crystals similar to those in Fig. Id. A portion of the % in. rod was hot rolled to 0.100 in., sandblasted, and cold rolled to 0.020 in. Strip tensile specimens having a 0.020x0.200 in. cross-section and a 2.25 in. gage length were machined from the sheet. The alloys containing molybdenum were subsequently annealed 1 hr at 1560°F. The iron strip was annealed 4 hr at 1300°F in wet hydrogen. The resultant structures are shown in Fig. 2a through h. The ASTM grain sizes were 1 to 3 as solution heat treated or 3 to 4 as annealed. The chemical analyses of the alloys are given in Table I. Carbon contents were obtained after the heat treatments in hydrogen. Alloy 15.9 pct Mo was tested as a cast alloy.'

Jan 1, 1956

By J. E. Johnson

THE production of metal-working tools has been revolutionized within the last 18 years, since the invention by Taylor and White of a process of heat-treating steel tools, which resulted in increasing their cutting capacity several fold over what it had been before. This was an exceedingly important invention, although it consisted principally, in establishing this fact overheating when it accidentally, occurred in the ordinary:-process of forging, spoiled the steel, but if carried very much farther or to-a point that would have been considered absolutely ruinous to the steel under the old ideas, it resulted in imparting a cutting power several times as: high as had ever been obtainable before. The quality that gives the steel this power eventually received the name of "red hardness." This name originated in the fact that tools possessing this property retain their resistance to deformation even when subjected to, such severe cutting stresses that the metal just back of the point is heated, under certain conditions, to a visible red. It is interesting in this connection to note that the edge of the tool itself does not become red because it is continually cooled by the fresh metal into which it is forced. The result of Taylor and White's invention was an intensive study, of tool steels all over the world and, although there was-great diversity of analysis in the high-speed steels of the early days, these steels today generally have an approximately similar composition, the principal constituents being froth 15 to 20 per cent. of tungsten, from 4 to 6 percent. of chromium, from 1 to 2 per cent. of vanadium, and from 0.50 to 1 per cent. of carbon. It is probably safe to say that standard brands of such high-speed steels will do from five to ten times as much work in a given time as the carbon steels, and even the Musket steels, which were the sole dependence up to the beginning of this century, when the Taylor-White process was discovered. With the increasing cost of labor, it is not surprising that these steels have driven froth the market, for all but limited purposes, the older types of steel.

Jan 2, 1919

By Samuel Thomas

The specimen of anthracite coal which I hold in my hand, insignificant as it may appear to the casual observer, speaks volumes to me and to the initiated, as it suggests and represents the entire evolution of the use of anthracite coal in the manufacture of pig-iron, the growth and development of which it is my purpose to review here to-day. During our recent visit to the Mountain Copper Co.'s works at Keswiek, I picked up this piece of coal from a pile of anthracite lying in the yard, asked Mr. Edwards, the manager, a countryman of mine, where it came from, and, to my surprise and delight, discovered that it had been brought all the way from Wales, and had come out of the identical vein which my father opened near Yniscedwin, about eighty years ago. I had no idea, before this incident, of contributing to the already full and complete programme of the day; but, being requested by our distinguished President and Secretary to do so, I consented to relate here the story which this remarkable find naturally brought back to my mind.

Jan 1, 1900

By Walter Miller

AFter a year's continued impact of war, the task of the petroleum-refining industry stands out clearly and looms up in larger aspect. This time it is not, as it was so largely in the first World War, simply a matter of increased quantity—more and more of the same petroleum products that had substantially been standard for years. In this era the emphasis is largely on newer and improved materials which had been produced, if at all, in comparatively insignificant quantities, and for which manufacturing equipment was not available on a large scale. At the beginning of 1942 four great product needs (besides a number of lesser ones) confronted the industry: 100-octane aviation gasoline, toluene for T.N.T. production, high-quality lubricating oils for aviation and Army equipment service, and petroleum chemicals for synthetic rubber manufacture. The difficulty in presenting a review of engineering progress in petroleum refining during 1942 is that there is so little one is free to say about so much which has been and is being accomplished. At the opening of 1942 the program was to increase the then existing capacity of 50,000 bbl. a day of aviation gasoline to over 150,000 bbl. daily by building new plants at an estimated installation cost of $150,000,000. Later in the year. after the announcement by President Roosevelt of a large increase in the program for war-plane building, additional contracts were made between the Reconstruction Finance Corporation and rehers to raise the capacity to 250,000 bbl. per day. The greatly increased scope of the war activities in all parts of the world, the obligation of the United States as the arsenal of the United Nations, and the greater importance and use of bomber, transport, and cargo planes will undoubtedly bring about plans and installations for a further increase in production of aviation gasoline over the present announced plan. In this connection, Jesse Jones, Reconstruction Finance Corporation Chairman, announced that as of Oct. 31 the R.F.C. had through its subsidiary Defense Plant Corporation entered into contracts for the construction, expansion, or equipping of 28 plants to increase 100-octane aviation gasoline production, but gave no data on 'capacity involved or completion dates. His list did not, of course, include a number of existing plants, and some installations being made by companies who are themselves financing the construction. Production from existing operating installations was materially increased in a number of instances as a result of pooling knowledge of improvements in operation and also by the exchange of Components going into 100-octane blend to enable greater quantities of aviation gasoline to be produced from the over-

Jan 1, 1943

By Walter Miller

AFter a year's continued impact of war, the task of the petroleum-refining industry stands out clearly and looms up in larger aspect. This time it is not, as it was so largely in the first World War, simply a matter of increased quantity—more and more of the same petroleum products that had substantially been standard for years. In this era the emphasis is largely on newer and improved materials which had been produced, if at all, in comparatively insignificant quantities, and for which manufacturing equipment was not available on a large scale. At the beginning of 1942 four great product needs (besides a number of lesser ones) confronted the industry: 100-octane aviation gasoline, toluene for T.N.T. production, high-quality lubricating oils for aviation and Army equipment service, and petroleum chemicals for synthetic rubber manufacture. The difficulty in presenting a review of engineering progress in petroleum refining during 1942 is that there is so little one is free to say about so much which has been and is being accomplished. At the opening of 1942 the program was to increase the then existing capacity of 50,000 bbl. a day of aviation gasoline to over 150,000 bbl. daily by building new plants at an estimated installation cost of $150,000,000. Later in the year. after the announcement by President Roosevelt of a large increase in the program for war-plane building, additional contracts were made between the Reconstruction Finance Corporation and rehers to raise the capacity to 250,000 bbl. per day. The greatly increased scope of the war activities in all parts of the world, the obligation of the United States as the arsenal of the United Nations, and the greater importance and use of bomber, transport, and cargo planes will undoubtedly bring about plans and installations for a further increase in production of aviation gasoline over the present announced plan. In this connection, Jesse Jones, Reconstruction Finance Corporation Chairman, announced that as of Oct. 31 the R.F.C. had through its subsidiary Defense Plant Corporation entered into contracts for the construction, expansion, or equipping of 28 plants to increase 100-octane aviation gasoline production, but gave no data on 'capacity involved or completion dates. His list did not, of course, include a number of existing plants, and some installations being made by companies who are themselves financing the construction. Production from existing operating installations was materially increased in a number of instances as a result of pooling knowledge of improvements in operation and also by the exchange of Components going into 100-octane blend to enable greater quantities of aviation gasoline to be produced from the over-

Jan 1, 1943

By R. D. Lord

The search for the best practical means of storing sulfide bearing tailings, where there is no residual excess of carbonate material is discussed in this paper• Usually the sulfide content decomposes, with the aid of bacterial action, and the resulting sulfuric acid escapes, along with any heavy-metal solutes, through embankments that are usually porous to some degree• The problem is typified in the tailings of the uranium operations of Elliot Lake, Ont., where mining started some 20 years ago• The approach to tailings disposal paralleled the practice for other hydrometallurgical plants treating gold and base-metal ores• Impoundment areas were designed to retain solids, and a clear and neutral overflow was considered satisfactory practice• Now experience has shown that these areas, some of which have been idle for over a dozen years, release acids in seepage and overflows to an unacceptable degree• To protect natural water courses, neutralizing plants are operated wherever required• Lime slurry is fed continuously into the tailings outflows in a quantity sufficient to raise the pH to 8•5 and precipitate heavy metals that may be in solution• The objection to this procedure is that the plants will require servicing indefinitely, unless a better remedy is found• The problem differs only slightly from that common to base-metal concentrators in that here the ore has been leached with sulfuric acid for the recovery of uranium• Any native content of calcareous material has been digested, and only that added for final neutralization is available to maintain a pH unfavorable to bacterial activity• Chemical oxidation slowly lowers the pH and when this reaches a level of 4•5 or less, bacteria become active and greatly accelerate the formation of acid. The bacterial process is probably at least ten times as fast as the chemical oxidation• Location and Processing The operations referred to, uranium and one copper mine, are located at approximately 46°N and 82°W longitude• This is typical Canadian Shield country, a land of lakes, deeply glaciated and rocky, with sparse soil which supports mixed forest cover• Drainage is to Lake Huron, 25 miles to the south• Average temperature is 45°F, ranging from -40° to +95°F• Annual precipitation is 38 in•, about half of which is snow• The ore is Precambrian, quartz-pebble conglomerate, with mineralization in the matrix• From 5 to 10% pyrite is present• All known means of pre-concentration have been tested, but a bulk sulfuric acid leach has proved the most efficient. Tailings have from the outset been neutralized before release• Current practice is to add ground limestone to bring the pH to 4•5, and then lime to raise the value to 10•5• Environmental regulations have recently been increased and the foregoing meets the new standards• Separate measures are taken to precipitate radium• Remedial Measures Since the outstanding environmental problem is the oxidation of pyrite by bacterial action, the solution is to contain the products, or arrest the process• Given the ambient temperature, favorable half of the time, four items are essential to the activity• 1) Pyrite• 2) Moisture pH < 4•5. 3) Oxygen• 4) Bacteria• Removing any one of these out of the range of tolerance will bring the reactions under control• A variety of proposals considered, and a number tested for the arrest of the process, are: (a) render embankments impermeable, (b) provide an impermeable cover, (c) cover with an oxygen absorbing layer, (d) provide a vegetative cover, (e) flood the site, (f) remove pyrite from current tailings, (g) add excess limestone to current tailings, (h) poison the bacteria• Bank Seal-On existing impoundment areas, where the embankments are several thousand yards in length, it is believed that any program of injecting sealants can have small chance of success• However, a moisture barrier is an indicated specification for future construction, and this can be highly expensive• Surface Seal-Depending on the configuration of the deposit, the downward travel of water should be prevented, and oxygen excluded• Burying a plastic membrane just below the surface has been considered, as has the application of a liquid sealant that would penetrate the surface. The objection to these remedies is the excessive cost of dealing with large areas and the expectation of only temporary benefit as a result• Frost penetration is over 4 ft, and frost action breaks up asphalt paving and all but heavy concrete in a few years• Organic Layer-An oxygen-absorbing layer, such as bark fines from paper mills has been proposed as a surface treatment• Cultivated into the tailings such material might be expected to arrest subsurface oxidation for some years• Estimates are 100 tons per acre of bark fines, or 35 tons per acre of sawdust, and these enormous quantities do not so far give assurance of providing a long-term remedy• Vegatative Cover-Several obvious benefits would result from a good growth of grass or other vegetation on abandoned tailings• While restoring the natural green of the tract the growth would prevent wind-blown dust and reduce erosion• Subsurface oxidation should be reduced, as well as the upward movement of ground moisture as occurs in dry weather. To this end, considerable research and field testing has been carried out to arrive at a formula - a prescription which will provide a self-sustaining growth on the tailings surface, or at least one that would survive with reasonable maintenance attention. Many test plots have been run with different combinations of surface treatment and seed mixtures. Generally, by addition and close cultivation of limestone, lime, and fertilizers, technical success has been demonstrated• Plants with a high tolerance for acid soil seem the more hardy, and a pH above 3 is indicated so that nutrients can be absorbed• Recommendations are for 12 to 15 tons of

Jan 1, 1977

With the exception of the mentions of coal in Illinois in the period 1660-1680, already referred to, the first coal found in the United States was in the James River, Virginia, field. In 1699 a large tract of .land above the present city of Richmond was allotted for a settlement of French Huguenots by the colonial, government, near the present Manakin, about fourteen miles above Richmond. They soon found coal, tradition says it was uncovered by a hunter pulling out a small tree in a. steel) bank near a stream, and Colonel William Byrd, F.R.S., the most prominent man of his day in the colony, wrote to the Colonial Council of Virginia, May 10 and 11, 1701: "The 10th of May, last., I with Coll. Randolph, Capt. Epes, Capt. Webb, &c., went up to the new settlements of ye French Refugees at ye Manaken Town.... We went tip to ye Cole, w&apos;ch is not above a mile and a half from their settlement on the great upper Creeke, w&apos;ch, riseing very high in great Raines hath washed away the Banks that the Coal lyes bare, otherwise it&apos;s very deep in the Earth, the land being very high, and near the surface is plenty of Slate.", Some of the Frenchmen were evidently familiar with the use of coal, as on May 22, 1702, "David Menestrier a black smith and one of ye french Refugees Inhabiting at Luciana Petitioning his Excellency that he may have leave to use ye coal mines lately discovered there for his forge his Excellency by and with ye advice of ye Council loth hereby give Leave to ye said David Menestrier to take what coales he shall want. out of ye said Coal mine for ye use of his forge according to ye Prayer of ye said Petition."2 There was some uncertainty about the grant of these lands to the Huguenots which caused the request for leave to use this coal, as a Virginia patent in its usual form allowed the owner to mine all minerals excepting gold and silver, which were subject to royalties for the Crown. After the visit to the coal above mentioned, "Wm. Byrd, understanding the land had not been granted to the French, took out a patent for 344 acres, including the same, (the coal) which patent was dated October 20, 1704".3

Jan 1, 1942

COMPARED with the equipment used in most industrial processes, the open-hearth furnace has a relatively short life. The most important quality of an open-hearth refractory, therefore, is its rate of failure. This discussion of the physics and chemistry of the individual refractory materials will keep uppermost the question "Why, how, and where does it fail?" CAUSES OF FAILURE The principal causes of failure of open-hearth refractories are, in their order of importance : 1. Reaction with iron oxides. 2. Reaction with slag. 3. Flow and failure under load. 4. Melting. 5. Spalling. 6. Mechanical breakage. Reaction with Iron Oxides and Slag. Reaction with iron oxides and slag is by far the most important cause of failure. Liquid iron oxide comes near to being the "universal solvent" sought for by the alchemists. Among the materials commonly used in the open-hearth furnace, magnesia has the greatest resistance to this liquid and fireclay the least. The relations of iron and oxygen at high temperatures are illustrated in Fig 14-18. The liquid iron oxide that forms wherever iron is in contact with air or combustion gases cannot be given a definite formula. The percentage of oxygen at steelmaking temperatures may range from 21 to 28 (iron 79 to 72), depending upon the temperature and the oxygen pressure and also upon whether or not the liquid is in equilibrium with metallic iron. Oxide mixtures exist not only in the solid and liquid phases but also in the vapor phase, for metallic iron and its oxides have

Jan 1, 1964

COMPARED with the equipment used in most industrial processes, the open-hearth furnace has a relatively short life. The most important quality of an open-hearth refractory, therefore, is its rate of failure. This discussion of the physics and chemistry of the individual refractory materials will keep upper- most the question "Why, how, and where does it fail?" CAUSES OF FAILURE The principal causes of failure of open-hearth refractories are, in their order of importance: 1.Reaction with iron oxides. 2. Reaction with slag. 3. Flow and failure under load. 4. Melting. 5. Spalling. 6. Mechanical breakage. Reaction with Iron Oxides and Slag. Reaction with iron oxides and slag is by far the most important cause of failure. Liquid iron oxide comes near to being the "universal solvent" sought for by the alchemists. Among the materials commonly used in the open-hearth furnace, magnesia has the greatest resistance to this liquid and fireclay the least. The relations of iron and oxygen at high temperatures are illustrated in Fig 14-18. The liquid iron oxide that forms wherever iron is in contact with air or combustion gases cannot be given a definite formula. The percentage of oxygen at steelmaking temperatures may range from 21 to 28 (iron 79 to 72), depending upon the temperature and the oxygen pressure and also upon whether or not the liquid is in equilibrium with metallic iron. Oxide mixtures exist not only in the solid and liquid phases but also in the vapor phase, for metallic iron and its oxides have

Jan 1, 1951

By Stephen Zorn

INTRODUCTION The process of financing mining projects in developing countries has changed greatly in the past 15 years. New methods of financing, notably the use of syndicated Eurocurrency project loans, have appeared, and direct equity financing by transnational mining corporations has become less significant. These changes are of particular importance to developing countries which have many mineral deposits still awaiting development, or even discovery. If major new mines are to be financed, host governments will need to obtain more sophisticated information than has hitherto been widely available as to the various sources of finance currently available and as to possibilities for innovative approaches to financing, such as the combination of several different kinds of financing in a single package. This paper reviews the major sources of mining finance potentially available to developing countries and highlights those problems in obtaining adequate financing that developing country producers have begun to experience in the last few years and that are likely to persist through the 1980s. Section I surveys the major types of mining finance; section II reviews specific financing problems, including (a) the withdrawal of the transnational corporations from developing countries, (b) inflation and the size of new projects; (c) developing country indebtedness, and (d) competition among projects in different countries. SOURCES OF DEVELOPING COUNTRY MINING CAPITAL1/ There is a wide range of financing mechanisms which are potentially available to developing countries with economically viable mining projects., Moreover, these financing mechanisms have not been fully exploited by developing countries, and more aggressive pursuit of financing by the governments of these countries may well reveal greater possibilities in respect of any particular project than may initially have appeared. However, virtually all the funds available from these sources are available only to projects which meet the standards of viability acceptable to lenders and others in the business community. If a project does not, for example, promise to generate a discounted cash flow rate of return of at least 15 per cent on total funds employed, or if it does not appear likely to generate sufficient cash flow in the early years of production to cover debt service requirements with a comfortable margin in reserve, most of the sources of financing will not be available. Only where a government has its own financial surplus (as in the case, for example, of the industrialization program of the Saudi Arabian government) can it effectively undertake projects which do not satisfy the definition of economic viability that is accepted at any given time by the worldwide financial community. Internal Sources In Developing Countries Internal financing capacity in developing countries is restricted to a relatively small number of countries - typically those large enough to support a well-rounded industrial sector, in which mining is only one of a number of dynamic industries. While there are large mining companies in certain other countries, the ability of such companies to finance new projects (or even, in some cases, to generate the cash necessary to maintain existing levels of production) is highly problematical. Within developing countries, the possible sources of internally-generated mining finance are the following: (1) state-owned enterprises; (2) private capital; (3) the banking system, and in particular those financing agencies that have a special involvement with the mining sector; and (4) direct budgetary appropriations.

Jan 1, 1985

By Lester A. Blackner

Discussion of the paper of LESTER A. BLACKNER, presented at the San Francisco meeting, September, 1915, and printed in Bulletin No. 102, June, 1915, pp. 1249 to 1290. SIDNEY J. JENNINGS, New York, N. Y.-In the historical part of the development of the caving system discussed by Mr. Blackner, I notice the absence of one man&apos;s name, Charles Henroten. Mr. Henroten used the caving system in South Africa in the. Kimberly mines, and realized from his work there that ground would cave when properly prepared. I think it is due him that his name should be mentioned in connection with an exposition of this system in America.

Jan 12, 1915

By J. B. Newkirk, A. H. Geisler

The alloy Cu4Pd has a disordered face-centered-cubic structure when quenched from temperatures between 478ºC and the melting point (about 1100°C). Below 478ºC an ordered phase is stable. The results of a Debye-Scherrer X-ray analysis indicate that the ordered phase has a tetragonal unit cell described by the space group C24h — P42/mt with 2 Cu in 2a, 2 Cu in 2f, 4 Cu in 4j (x = 0.2, y = 0.6), 4Pd in 4j (x = 0.4, y = 0.2), and 8 Cu in 8k (x = 0.1, y = 0.3). The orientation relationship between the face-centered-cubic phase and the ordered tetragonal phase is given by: [100],,. // [130]al,. COO1Ia.d.//COO1I,,.. • The behavior of Cu,Pd is typical of ordering alloys except that the transformation is very sluggish. The increase in hardness and the microstructural and X-ray diffraction effects are interpreted in terms of coherency strains caused by the ordering. AN anomalous construction in the Cu-Pd phase diagram (Fig. 1) was reported in 1939 and has been allowed to stand without further published attention since that time. The odd figuration about the composition 10 to 27 atomic pct Pd is derived mostly from the work of Jones and Sykes.1 Evidently several features of this binary system require further study if the constitutional forms are to be well understood. The present paper includes a study of one of these features, that is, the crystal structure of a single ordered alloy containing nominally 20 atomic pct Pd. This choice of composition was suggested by the work of Harker and associates who determined the structure of Ni4Mo2 and Ni4W.3 The nature of the ordering process in Cu4Pd was studied also by observing the hardness, microstructure, and Debye-Scherrer patterns of specimens which had been aged at various temperatures after quenching from an initial disordering treatment. Experimental Methods A 20 gram ingot of Cu4Pd was made by melting spectrographically standardized copper from Johnson, Matthey, and Co., and commercially pure (99.5 + ) palladium in an argon-filled quartz tube. Chemical analysis showed that the ingot contained 80.0 atomic pct Cu. The ingot was rolled about 60 pct to a strip 0.060 in. thick and was homogenized for 16 hr at 950°C in low pressure argon. Rods cut from the rolled strip were worked into wire 0.015 in. in diameter, and specimens for hardness and microscopic examination were cut from the remaining strip. All specimens, with the exception of some of the wire, were given an initial disordering treatment by heating for 16 hr at 950°C, followed by water quenching. A 10 cm length of as-drawn wire was water quenched after being held in a temperature-gradient furnace4 for 89 days. Room-temperature Debye-Scherrer photograms were then made at points along the wire to determine the temperature below which the ordered phase was stable. Although the accuracy of temperature determination in the gradient was only about ±10 °C, the temperature gradient was sufficiently gradual that the sensitivity was much better and locations which had differed by as little as 1°C could be distinguished. An analysis of the crystal structure of the well ordered alloy was made by X-ray diffraction using a specimen cut from this wire. The change of Debye-Scherrer pattern as ordering progressed was studied by using isothermally aged samples of initially disordered wires. The wires were sealed under low-pressure argon in small quartz tubes for heat treatment. After the aging treatment, the tubes were quenched in water and photograms were made at room temperature in a 10 cm diam camera using filtered Cu kX. (A = 1.540511) Hardness was measured on a Vickers hardness tester using a 10 kg load and 2/3 in. objective lens. Reported values are the average of at least three impressions made on flat specimens 0.060 in. thick. After the hardness of a heat-treated sample had been measured, it was resealed in low-pressure argon and returned to the furnace for continued aging at the same temperature. In this way, two samples served for all aging times at each temperature. Hardness specimens which had been aged 500 hr or more were used for metallographic examination after the final aging treatment. A dilute potassium-dichromate etching solution was used.

Jan 1, 1955

By Sadtler, C. B.

IT is generally assumed that in most metals and alloys a given tensile stress produces a given deformation irrespective of the length of time during which the stress is applied. This assumption is justified in most of the important engineering applications of metallic materials; however, in the case of some metals and alloys used or tested at temperatures over or slightly under that at which recrystallization can occur the assumption is not warranted.1 This paper deals with the variations of deformation produced by a constant tensile stress acting for varied lengths of time in the special case of thin aluminum alloy sheet of the duralumin type, which had been subjected to different thermal and mechanical treatments. The material investigated was in the form of a sheet approximately 0.002 in. thick, which had been cold-rolled from a thickness of 0.020 in. It has been found that at a sufficiently high constant tension such material deforms continuously with the elapse of time and that the rate at which this deformation occurs is greatly influenced by the previous thermal and mechanical treatments.

Jan 1, 1927

At their last meeting, the Directors of the Institute passed the following resolution regarding Robert W. Hunt, who was president of the Institute in 1883 and 1906. This resolution was engrossed and presented to Captain Hunt at a dinner given to him in Chicago, December 9, on the occasion of his eightieth birthday. Resolution At that time it was announced that $5000 had been guaranteed as the nucleous of a fund, the income of which will be used for prizes to be awarded each year, under the supervision of the American Institute of Mining Engineers, for the best papers on iron and steel subjects. The Board of Directors of the American Institute of Mining Engineers extend to their distinguished colleague, Robert W. Hunt, a hearty greeting upon his eightieth birthday anniversary. They congratulate him upon his notable achievements as a pioneer in ,the manufacture of iron and steel, and his long and admirable service both as a practical director and as a wise critic and counselor in that art. They remember with gratitude his successful administration, for two separate periods, of the Presidency of the Institute, and they recall with pride the honor conferred upon it through the award to him of the John Fritz Gold Medal. Not least is their satisfaction in the retrospect of forty-four years of his membership in the Institute, with its unbroken record of loyal friendship acid delightful companionship; and they pray, that this record may be continued for happy years to come. In witness whereof, they have ordered this minute to be entered upon the records of the Board, and a copy duly attested to be sent to Captain Hunt.

Jan 1, 1919

By H. Larson, J. Chipman

The ferrous and ferric oxide concentrations of slags, expressed as j = Fe+++/(Fe+++ + Fe++), have been established through gas-slag equilibrium at 1550°C in a range of oxygen pressure of 10-I to 10-9 equilibriumatm. The value of j is increased by basic additions (BaO, CaO, MgO, MnO) and decreased by acidic oxides (SiO2 and TiO2). Oxygen pressure is shown graphically as a function of composition for slags which are analogous to those at the slag-gas interface of the open hearth furnace. THE progress which has been made in recent years in understanding the chemistry of metallurgical slags has been based largely on studies of slag-metal and slag-gas equilibria. There is a considerable body of knowledge which is applicable to reactions occurring at the slag-metal interface in open hearth steelmaking. There is little information concerning reactions of the slag with the furnace atmosphere and hence little basis for an understanding of the transfer of oxygen, sulphur, or hydrogen between gas and slag. The oxygen pressure of the open hearth atmosphere is normally of the order of 10-1 to 10-3 atm which differs by several orders of magnitude from that of about 10" atm at the slag-metal interface. The chemical properties of the slag, for example, the ratio of ferric to ferrous iron and the ability of the slag to hold sulphur in solution, are greatly affected by changes in oxygen pressure. This investigation was undertaken to enlarge our knowledge of the effect of oxygen Pressure on steel-making slags. Using air or controlled mixtures of CO a CO2 a range of oxygen Pressures from 10.&apos; to 10.&apos; was covered. Review of the Literature There are only a few references in the literature which pertain directly to this investigation. The most important is that of Darken and Gurry1,2 on the system iron-oxygen. This work included the determination of the phase diagram of the system and also a study of the field of homogeneous melts and their oxygen pressures. Their apparatus and procedure were very similar to that used in this study. Iron oxide was melted in a platinum crucible under an atmosphere of CO2:CO, CO2:H2, H2O, CO2, air or O2 depending upon the partial pressure of oxygen desired. After equilibrium was reached, the sample was quenched and analyzed for ferrous and ferric oxide. By appropriate calculations these authors were able to determine the oxygen and iron activities in the various slags, heats of formation of the oxides of iron, and heats of solution of iron and oxygen in the liquid slags. In a subsequent paper&apos; the same authors made a less thorough investigation of the effects of additions of lime and manganese oxide on the composition of iron oxide melts. Only a few experiments were made and those in a narrower range of temperature and oxygen pressure. Darken&apos; has investigated the fusion temperature of iron oxide in contact with silica under various atmospheres. He found that the temperature changes from 1120° to 1447°C as the gas composition changes from CO2/CO equal to 20.8 to pure oxygen. A comprehensive paper by White" predates the work of Darken and Gurry. The decomposition of ferric oxide into oxygen and lower oxides of iron was studied from 1000° to 1650°C and under oxygen pressures from 2 to 76 cm of mercury. The effect of

Jan 1, 1954

Far reaching changes in the executive machinery of the Federal Government are proposed in bills recently introduced in each House of Congress. The Department of the Interior will become the Department of Public Works, if the legislation proposed is enacted; the main idea is to assemble all engineering activities of the Government in one department. Such bureaus of the Interior Department as are non-engineering in character are to be placed under the jurisdiction of appropriate departments, while engineering bureaus from other departments are to be included in the Department of Public Works. The bill proposes that the Patent Office is to be removed from the Interior Department and placed under the Department of Commerce. The Bureau of Pensions is assigned to the Department of the Treasury. The Bureau of Education goes to the Labor Department. The Bureau of Indian Affairs is transferred to the Department of Labor, with the proviso that the engineering and construction work and the land and mineral surveys now performed under the direction of the Bureau of Indian Affairs are to he prosecuted under the Department of Public Works. St. Elizabeth&apos;s Hospital and the Freedman&apos;s Hospital in Washington are assigned to the Treasury Department. Columbia Institution for the Deaf and the Howard University go to the Bureau of Education, under the provisions of the bill. On the other hand, the Department of Public Works is to absorb the Supervising Architect&apos;s Office of the Treasury Department; the Construction Division, River and Harbor Improvements, Mississippi River Commission, and California Debris Commission of the War Department; the Bureau of Standards and the Coast and Geodetic Survey of the Department of Commerce; the Bureau of Public Roads and the Forest Service of the Department of Agriculture.

Jan 8, 1919