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By AIME AIME

ON Thursday, Oct. 9, oil men from far and wide gathered at Beaumont, Texas to participate in a three-day celebration of the fortieth anniversary of the completion of the famous Lucas gusher well at Spindletop field just south of Beaumont, and to pay tribute to Anthony F. Lucas, for whom the Lucas Medal of the A.I.M.E. is named. In the afternoon the gathered host drove to the site of the discovery well to dedicate a 58-ft. granite monu¬ment erected on the spot where the original derrick stood. Representatives of the A.I.M.E. took a prominent part in the dedication ceremonies, giving the two principal addresses of the afternoon's program. Everette DeGolyer, past President, paid a personal tribute to Capt. Lucas, as a pioneer producer, an engineer, and a friend and well wisher of all young engineers. He gave a splendid picture of the useful and full life of Capt. Lucas who always took a great interest in the activities of the Petroleum Division of the Institute, from its inception to the time of his death.

Jan 1, 1941

By Charles H. Fulton

The process of crushing ore in cyanide solution was first used at the Crown mine, New Zealand, in 1897, by Mr. F. R. W. Daw; and, two years later, Mr. John Hinton tried it experimentally at the old Dakota plant, Central City, South Dakota. To Mr. Hinton belongs the credit of introducing this important modification in the Black Hills, this being its first successful application in the U. S., and its results have been so satisfactory that it has become established as the proper manner in which to treat the dense oxidized siliceous ores of this district. Five mills are now crushing ore in cyanide solution, namely, the Horseshoe, 120 stamps (60 in operation); the Dakota, 30 stamps; the Maitland, 40 stamps; the Hidden Fortune, 60 stamps; the Lundberg, Dorr & Wilson, one 6-ft. Monadnock roller-mill; and several others intend to adopt this practice. The dry-crushing process still holds its place for the treatment of the more porous and open siliceous ores; and two mills continue to dry-crush dense siliceous ores. Character of the Ores. The occurrence of the ores of the Cambrian strata in the northern Black Hills has been frequently described.' In practice they are classified, according to their appearance, into " red " and " blue " ores, the former being oxidized and the latter unoxidized. At the present time, usually the red ores only are treated at the mills, although occasionally small quantities of blue ore, which have become intimately mixed with the red in mining, are included. Generally the extraction of values by the direct treatment of raw ore is from 70 to 75 per cent. for red ores, and from 25 to 50 per cent. for blue ores. The ores consist mainly of a siliceous matrix containing, as a +1SOUTH DAKOTA SCHOOL OF MINES, RAPID CITY, SO. DAK.

Jan 1, 1905

?Aaronson, Alfred E , Oil Producer, Pres, Tuloma Oil Co Tulsa, Okla '18 ||Abad, Leopoldo F , College of Mm , Univ of California Berkeley, Cal '23 ||Abadilla, Quirico A , Geol Dept, Cia Mexicana de Petroleo "El Agmla," S A , Edifico "El Aguila," Esq, Caller Aurora y Comercio, Tampico, Tamps , Mexico '20 ||Abbey, Robert Graham, Student, Case School of Applied Science Cleveland, O '21 Abbott, Clarence E, Gen'l Supt, Iron Mines Div, Tenn Coal, Iron & R R Co, 1405 Minnesota Ave , Bessemer, Ala '04 Abbott, Louis Benjamin, Chief Engr , Consolidation Coal Co , Elkhorn Div Jenkins, Ky '15 Abbott, Robert R , Met Engr , Peerless Motor Car Co Cleveland, Ohio '12 ||Abbott, Wells Osborn, Student, Univ of Arizona Tucson, Ariz '23 Abe, Asaka Ashiya, Mukogun, Hmyogoken, Japan '14 Abeel, George H, Jr , Cons Min Engr 4612 W 17th St , Los Angeles, Cal '18 Abel, Albert E , Asst to Pres , Valley Mould & Iron Corpn Sharpsville, Pa '19 ?Abeloff, Miran S 322 W 45th St, Ness York, N Y '21

Jan 1, 1923

By L. D. Godshall

The latest revised edition of Mr. C. A. stetefeldt's book on the Lixiviation of Silver-Ores, which appeared very recently, contains no mention of the volatilization of silver in chloridizing-roasting—an omission which is the more remarkable in view of the fact that in former editions of the work this important subject was noticed. Moreover, Mr. Stetefeldt has discussed it to some extent in his paper on " The Stetefeldt Furnace," * in which he criticised certain statements made by me before the Colorado Scientific Society in May, 1893, in a paper entitled " A Review of the Russell Process;" ? and Mr. Morse, in his paper on " The Lixiviation of Silver-Ores by the Russell Process at Aspen, Colorado," $ has given statistics showing the loss of silver by volatilization (including the dustloss, which Mr. Morse estimates at not more than 1 per cent.) on more than 30,000 tons of ore roasted, to have been 9.16 per cent. The matter must certainly be deemed important enough to warrant me in returning to it, and offering, with the aid of the figures made public since my first paper, a reply to the criticisms of Mr. Stetefeldt. The passages of my paper which he deemed to be " ques-

Jan 1, 1897

Jan 1, 1967

By Norman D. Fitz Gerald

The lack of a continuous operating balance in petroleum refining, which is analyzed in this paper, is by no means a feature solely of this division of the oil industry. Serious disequilibria of a capital as well as an operating nature exist both in the producing and marketing departments, while problems in the former and to some degree the latter are complicated by political involvements. Attention has previously been directed to the unstabilizing influence of present proration formulas in stimulating unnecessary drilling.' While equilibrium in petroleum refining operations has been fairly well maintained in the past decade, examination of departures may prove fruitful. Economic analysis is the application of time and motion study to the functioning of management, rather than labor. Properly applied it may reveal changes in policies that would increase the utility of the properties and facilities of the industry for stockholders, employees and the public, while contributing a stabilizing influence to the general economy. The study of economic equilibrium is essentially one of measurement and interpretation, requiring adequate data and the development of a technique of analysis that employs statistical and mathematical methods as a supplement to the broad descriptive phase of economics. Economic equilibrium in petroleum refining is a dual concept. It embraces both the over-all balance between total storage and total demand for major products and the internal balance between the demands and inventories of the various products. The latter is the more complex of the two for it is concerned with proportionating the supplies of the several products stemming from the joint source to the demands for the individual products which are subject to wide variations. All the products are essentially nondurable goods, and they are used both by producers and consumers but in varying proportions. Motor fuel is very largely a consumer's good, while residual fuel oil is almost entirely a producer's good, the other products falling between these extremes. The peculiar-

Jan 1, 1939

By Norman D. Fitz Gerald

The lack of a continuous operating balance in petroleum refining, which is analyzed in this paper, is by no means a feature solely of this division of the oil industry. Serious disequilibria of a capital as well as an operating nature exist both in the producing and marketing departments, while problems in the former and to some degree the latter are complicated by political involvements. Attention has previously been directed to the unstabilizing influence of present proration formulas in stimulating unnecessary drilling.' While equilibrium in petroleum refining operations has been fairly well maintained in the past decade, examination of departures may prove fruitful. Economic analysis is the application of time and motion study to the functioning of management, rather than labor. Properly applied it may reveal changes in policies that would increase the utility of the properties and facilities of the industry for stockholders, employees and the public, while contributing a stabilizing influence to the general economy. The study of economic equilibrium is essentially one of measurement and interpretation, requiring adequate data and the development of a technique of analysis that employs statistical and mathematical methods as a supplement to the broad descriptive phase of economics. Economic equilibrium in petroleum refining is a dual concept. It embraces both the over-all balance between total storage and total demand for major products and the internal balance between the demands and inventories of the various products. The latter is the more complex of the two for it is concerned with proportionating the supplies of the several products stemming from the joint source to the demands for the individual products which are subject to wide variations. All the products are essentially nondurable goods, and they are used both by producers and consumers but in varying proportions. Motor fuel is very largely a consumer's good, while residual fuel oil is almost entirely a producer's good, the other products falling between these extremes. The peculiar-

Jan 1, 1939

By T. Kunitake, H. W. Paxton

The self-diffusion coefficient of chromium in various alloys in the iron-chromium system has been measured. A variation in Dofrom 10-4 for pure chromium to a maximum of 102 near 60 pct Cr appears with a range of activation energy from about 50 to 80 kcal per mol. The general pattern of behavior observed is not consistent with present theories of diffusion by a vacancy mechanism. Suggestions are made for further clarifying experiments. RECENT work on the self-diffusion of chromium,' ?-uranium2-4 and ß-zirconium,23, 26 has indicated that these elements have very low Do (10-3 to 10-4) compared to that conventionally expected for vacancy diffusion. Pound et al.5 have suggested that this may be due to ring diffusion being operative, and have proposed a model which gives Do of the correct order of magnitude. The essential difference between this model and Zener's earlier model6 is that whereas Zener assumes tight coupling between atoms in a ring to establish a vibrational frequency, Pound's model allows the atoms to vibrate essen- tially each in their own normal modes. The probability of each atom moving in the correct direction to cause a ring of n atoms to rotate by 2p/n must then be calculated as a "synchronal entropy" which may be -20 e.u. for a 4 atom ring. In iron, the latest determinations of self-diffusion yield Do in the range 18 to 522.7-9 The most accurate is probably that of Borg and Birchenall8 which is 118 ± 3. This value is not inconsistent with that expected for a vacancy mechanism. Since iron and chromium are very closely similar in size, are both transition metals, and their solution is thermodynamically ideal at temperatures of interest in diffusion, it appeared that a determination of self-diffusion coefficients, Do and Q as a function of composition would be of substantial interest to diffusion theory. The following measurements were made with this purpose in mind.

Jan 1, 1961

By A. Eilers

In a former paper on Western Smelting Works, I mentioned the great difficulty of obtaining accurate information in regard to the economy of the processes in practice; and to-day, although nearly two years have elapsed since my former paper was written, I am sorry to say that very little improvement has taken place in the keeping of accounts, and in the direction of a more systematic management in the majority of these works. But I am quite certain that by this time even the most sanguine furnace managers must have become convinced, from the experience of the last year, that somewhere in their processes there are enormous losses. Rates for the purchase of ores in 1873 were not as high as they were in former years in certain parts of the country ; labor was no 'higher than formerly; the demand for unparted lead was good throughout the year, with the only exception of the time of the panic, in the fall of 1873; yet there are, of between 40 and 50 works, not more than two or three in Utah and Nevada to-day, that have paid a reasonable interest on the capital invested.

By A. Filers

IN a former paper on Western Smelting Works, I mentioned the great difficulty of obtaining accurate information in regard to the economy of the processes in practice ; and to-day, although nearly two years have elapsed since my former paper was written, I am sorry to say that very little improvement has taken place in the keeping of accounts, and in the direction of a more systematic management in the majority of these works. But I am quite certain that by this time even the most sanguine furnace managers must have become convinced, from the experience of the last year, that somewhere in their processes there are enormous losses. Rates for the purchase of ores in 1873 were not as high as they were in former years in certain parts of the country ; labor was no higher than formerly ; the demand for unparted lead was good throughout the year, with the only exception of the time of the panic, in the fall of 1873; yet there are, of between 40 and 50 works, not more than two or three in Utah and Nevada to-day, that have paid a reasonable interest on the capital invested.

Jan 1, 1875

ALTHOUGH the committee appointed by the President of the American Iron and Steel Insti-tute, to consider the twelve-hour day work in the steel industry and report conclusions and recommenda-tions, has made a very careful and painstaking study of the facts and figures developed, it is not yet ready to make what it would designate a final report. Apparently the underlying reason for the agitation which resulted in the appointment of this committee was based on a sentiment (not created or endorsed by the workmen themselves) that 'the twelve-hour day was an unreasonable hardship upon the employees who were connected with it; that it was physically injurious to a large percentage of the employes; and that it interfered with family associations essential to the welfare of the children; that for these reasons it was, in a sense, opposed to the public interest. TWELVE-HOUR DAY NOT NECESSARILY INJURIOUS Whatever will be said against the twelve-hour day in the steel industry, investigation has convinced this committee that the same has not of itself been an injury to the employes, physically, mentally or morally. Whether or not, in the large majority of cases, twelve-hour men devote less time to their families than the employes working fewer hours is perhaps questionable. A part of the manufacturing of iron and steel is necessarily continuous. Therefore, practically, there must be two shifts of twelve hours or three shifts of eight hours. The workmen, as a rule, preferr the longer hours because it permits larger compensation per day. It is asserted with confidence that there is less phys-ical work, as a total per day, and less fatigue from the work of the twelve-hour day in the steel industry, than pertains to the large majority of the eight-hour men. This is because in the former case there are more rest periods during the twelve hours on duty.

Jan 6, 1923

By T. L. McCall

THE late Walter Herd1 in 1929 gave a full description of past and present conditions in No. 2 mine, Springhill, Nova Scotia, developed theories regarding the cause of these bumps and made certain suggestions regarding possible methods of future development. Recapitulating briefly from Mr. Herd's paper, the seam is bituminous coal, averages 9 ft. in thickness and has a well defined parting containing fusain about 14 in. from the roof. This roof coal is somewhat stronger than the rest of the seam and has a tendency to cling to the roof. The pitch of the seam where it is now being worked is about 20°. The first manifestations of bumps began when the room and pillar workings had reached a depth of cover of 1900 ft. and under continuously increasing depth of cover these bumps increased to such an extent, both in number and severity, that in the year 1924 it became apparent that some change in the system of extraction was necessary. After closely studying all the factors involved and benefiting largely by valuable out-side advice obtained by the Provincial Department of Mines of Nova Scotia,2 the system of working was changed from room and pillar to longwall retreating. Mr. Herd's paper described in detail three remarkable bumps in the year 1928 in April, July and October that affected the 5700-ft. and 5900-ft. East levels, the last bump being so severe both in intensity and in extent of damage done that this district was abandoned. The longwall workings to the west of the slope had been stopped in the year 1926 owing to an inbreak of water, coming from the flooded waste of No. 3 seam lying some 400 ft. vertically overhead. This inflow was not excessive, but a large quantity of water being impounded in the old workings it was considered advisable to take the prudent course and not incur the risk of possibly increasing the flow by further working. This district has remained idle ever since.

Jan 1, 1934

By A. T. English

X-ray dif action techniques were used to investigate ordering and domain coalescence for the B2 (CsC1) superlattice in this alloy. Essentially complete disorder is obtainable by drastic quenching. isothertmal ordering occurs very rapidly at temperatures between 565° and 680°C, only a few seconds being required for development of substantial long-range order. A very fine antiphase dormain structure, found in samples annealed for short times, undergoes coalescence with further annealing. Domain "size" is found proportional to (t)1/2 . This Yate law can be derived by adapting the formalism of Hillert's analysis 01- metallurgical grain growth. For this Purpose the material is descvibed in terms of a "Swiss-cheese " structure, consisting of two multiply connected, mutually intertwined domain volumes. The observed activation enevgy for coalescence, 70 kcal per g-atom, agrees with an estit~lated value ,for volume diffusion in disordered rrzaterial. It is suggesled that the experimental value vejlects the substantially disordered environment of mobile vacancies located in the moving antiphase domain boundary. The alloy Fe-Co-2V is bcc below about 900'C and orders into a B2 (CsC1) superlattice below about 730c It has important applications in magnetic components, including many requiring extensive cold rolling.* example, Marcinkowski and Brown6 observed a re1atively small as-quenched domain size of about 250Å in B2 Fe3A1. Since there appear to be no published data on domain coalescence in B2 alloys, this process was studied in detail. MATERIALS AND EXPERIMENTAL TECHNIQUES A commercial high-purity alloy, nominally 49 Fe-49Co-2V, was obtained from the Arnold Engineering Co. in the form of cold-rolled sheet 0.004 in. thick. Samples were annealed for 1 hr at 800°C in dry H2 to produce disorder and quenched into iced brine. They were then annealed in a nitrate-nitrite salt bath for various times at temperatures between 525° and 625°C. Estimates of the LRO parameter S and the APD size D were made using established X-ray diffraction techniques. Superlattice peaks are best observed using CoKa radiation, for which the value of (fFe-fCo) is maximized. Peak-to-background intensity ratio was improved by filtering CoKß from the incident beam to eliminate sample fluorescence, and by using a pulse-height analyzer. The LRO parameter S was computed from the ratio of integrated intensities I 100/I 200- Owing presumably to systematic errors associated with the presence of crystallographic texture and X-ray extinction, only rough agreement was obtained between experimental and theoretical (absolute) intensity ratios. For this reason certain experimental refinements (e.g., use of balanced filters) were considered superfluous and were omitted. Emphasis was placed on maximizing intensity in order to reduce the time taken to accurately determine the contour of the very small (loo), peak. This was done by point counting 105 counts at appropriate intervals. Background intensity averaged about 1200 cps.

Jan 1, 1967

By C. A. Wert, K. C. Hsieh

Mineral particles in coal have enormous variation in size. Some are large enough to be seen by eye, others can be seen with the optical microscope and still others are so small that they can be resolved only by electron microscopy. We paid particular attention to particles of clays and sulfides less than 1 pm in size. This paper describes typical minerals and reports on the application of the techniques of electron microscopy to coal.

Jan 1, 1984

By C. H. Mathewson

MICROSCOPIC rnetallography has been exploited quite well enough to bring about a very general understanding that the typical metal or alloy is composed of minute crystalline particles blended into a coherent microstructural mosaic. One does not have to be a specialist in metallography to realize that the properties of such an aggregate are essentially a summation in appropriate form of individual effects derived from the shape, size, placement or orientation and cohesive characteristics of the component particles. It is clearly of great importance to consider the various forms of discontinuity which may occur at the boundaries between these crystalline particles. When a number of particles each possessing the same orderly arrangement of atoms are brought together into a close-fitting system of purely haphazard contacts, not unlike a handful of snowflakes compacted into a snowball, the particles are said to possess random orientation. There are no generally accepted views concerning the arrangement of the atomis or the constitutional reaction between atoms where one crystal meets another, but these contact regions are characterized by strength rather than weakness and it is customary to require the presence of many rather than few boundaries in preparing metal for useful service. Under certain circumstances all of the particles in a metal may be nearly alike in orientation. Other general tendencies of orientation may be associated with particular forms of mechanical and thermal treatment. In contrast with these cases of fortuitous or statistical diversity of orientation, we often find adjacent particles united along a plane which possesses a grouping of atoms belonging equally well to both structures. This, of course, determines a fixed relationship between the two orientations and it is always possible to derive one from the other by some form of rotation or reflection prescribed by the symmetry of the crystal structure under consideration. Particles united in this manner are known as twin crystals although the term refers to the form of association rather than the number of individuals concerned.

By W. M. Phillips

Processing kaolin clays from the sedimentary deposits of Georgia and South Carolina is described in this article. While the major processing steps are touched on briefly, emphasis is given to the dewater-ing of the clay-water slurries (slips) formed in the processing of kaolin clays. The dewatering steps discussed include gravity settling, centrifugal dewatering, vacuum filtration and thermal drying. Particular attention is given to vacuum filtration and the variables affecting filtration of these kaolin clays. Kaolin consists essentially of the mineral kaolinite, which is a hydrated aluminum silicate (Al2O3 . 2SiO,). Commercial deposits of kaolin occur in several areas of the U. S., but approximately 90% of the kaolin produced in this country comes from Georgia and South Carolina. These deposits are of sedimentary nature and occur in a geological fall line in the Tuscaloosa formation at elevations between 300 and 450 ft above sea level. Over two million tons of kaolin clays are used by industry in the U. S. each year. A big percentage of this tonnage is used in the paper industry for coatings in making glossy and high quality grades of printing papers. In addition, large tonnages are used as pigments; as fillers for rubber, plastic and fertilizers; and in ceramics. Properties of kaolin that make it widely used in the above applications are its particle size fineness, natural whiteness, chemical stability and non-abrasiveness. In addition to these desirable properties, it is relatively inexpensive. The finer coating grades of clays range in price from $15 to $28 per ton while the coarser filler grades sell within a range of $7 to $13.50 per ton. Pure kaolin particles are small hexagonal flat platelets. Above the 2-p size, the particles usually consist of stacks of plates, while below the 2-p particle size they occur as individual flat, hexagonal plates. Since these individual platelet particles provide the most desirable coating and flow characteristics, major importance is given to particle size fractions of 2 p and smaller. Generally, coating grade clays are those with all particles smaller than 15 p and at least 70% of the particles less than 2p. These coating grades also have 50% or more of the particles smaller than 1 µ in size. The extremely fine grades of coating clay currently being produced approach the range of 100% smaller than 2p. The filler grades of kaolin have 100% of the particles passing 325 mesh but have less than 70% of their particles below the 2-p range. Fig. 1 is a schematic representation of the major processing steps involved in preparing kaolin clays for marketing. MINING All kaolin mining is open pit. The ratio of overburden to clay will average 3:1, but this ratio can, of course, be much higher depending upon the grade of the clay and the size of the deposit. Most of the commercially mineable deposits occur from 20 to 120 ft below the ground surface. Both draglines and pans are used in removing the overburden and mining the clay deposit itself. After mining, the most common method of transporting the clay to the processing plant is by blunging or re pulp-

Jan 1, 1963

By L. C. Raymond

Valuations in the mineral industry differ from those of other enterprises because mines and oil wells have a definite life so cannot be considered a perpetuity. This requires that in any mineral-property evaluation the recovery of invested capital is necessary during the life of the property. Capital write-offs for nonextractive industries are assumed to be continuously plowed back to sustain the operation and produce yields on the capital invested. The extractive or mineral industry, however, generally attempts to return to the investor both interest and principal during the life of a property. Normally this is done currently and the dividend includes both items. Where the mineral property possesses large reserves and the life factor approximates a perpetuity, the return on investment is generally comparable to that of industrial stocks. The valuation of a mineral property, at best, is based on educated estimates and judgment factors. This is particularly true as it relates to estimating selling prices over a long term or assessing the quality of management. Also, it is possible to make various assumptions as to rapidity of working out the deposit, varying time for start-up of operations, varying earning rates, so as to obtain different results with the same basic facts. Thus it is not surprising that two engineers, irrespective of their abilities, may not agree exactly even when given the same facts, but their results should be close enough to be used in establishing a fair value for trading purposes. The valuation is no better than the source of basic data and the soundness of judgment factors. Fundamentally the basic principles of mineral valuation are similar for base metals, sulfur, oil, or any other mineral. Each mineral, however, requires an engineer to have a knowledge of such factors as its occurrence, distribution, mining and processing methods, and marketing problems in order to gather and analyze all the facts and data that have a bearing on the earning potential of the property. Present Value of a Mineral Property In essence the present value of a mineral property is a sum of money in today's dollars that future income from the property are worth. It differs from the total anticipated earnings by the amount of the interest that the unrecouped investment could be expected to earn during the period of recoupment. Thus, if one could accurately estimate what a mineral property will earn during its life, after deducting all operating, administrative, capital, interest, and tax charges, the determination of present value would be a relatively simple mathematical calculation. Normally, where the expected life of the mineral property extends beyond 20 or 25 years, the discounted value of earnings beyond this period is relatively small. The petroleum industry generally discounts the annual cash flow of an operation rather than earnings since, for tax-saving purposes, earnings are kept

Jan 1, 1976

By J. M. Gaines, C. H. Herty

It is a matter of frequent record in the literature that manganese will desulfurize molten iron under proper conditions. Particularly has much been written with regard to this action in the mixer, and numerous reports have been published describing experiments in which advantage was taken of this phenomenon in order to obtain a purer iron for the open hearth. The question of sulfur elimination in the ladle has, however, received comparatively little attention. The reaction by which sulfur is removed is considered to be: FeS + Mn = MnS + Fe. The manganese sulfide, being but sparingly soluble in the iron, and of a lower density, will rise from the body of the metal and collect as a slag on the surface. It is therefore an action taking place solely in the metal, and independent of interaction between slag and metal. As will be shown later the presence of slag on the metal tends to offset the effect of manganese elimination. It is this fact which distinguishes desulfuriza-tion in the ladle from desulfurization in the mixer, for it has been shown1 that the amount of sulfur eliminated in the mixer is closely tied up with the composition of the slag. Experimental Procedure In order to ascertain the extent of and the factors controlling this elimination in the ladle, several casts were sampled carefully at the blast furnace and again when the ladles were being emptied, either at the mixer, open hearth, or foundry. If the sulfur content varied from ladle to ladle at the blast furnace the average sulfur content of each ladle was obtained by integrating the curve "sulfur vs. time " for the cast under

Jan 1, 1927

By C. Richard Tinsley

INTRODUCTION Project financing has been defined by various authors in this book. It is founded on reliance upon the project's own future cash flows and secondarily on the collateral value of the asset base developed. It is chiefly provided by the banking community who, after an assessment of the risks involved (See Chapter 9) analyse the company's presentation (See Chapter 10) in order to structure a financing package often at a leverage of up to 80% debt. This paper describes the various support and structuring techniques used to delimit and abate the risk components perceived from the banks' experience on project development especially for the period before cash flow is generated (pre completion). ADVANTAGES The advantages of project financing extend beyond the offloading of risks to banks. Among the advantages are the following: 1. Longer loan maturity than conventional, unsecured financing; 2. Loan disbursement and repayment tailored to specific mine; 3. Ability of a joint venture without a "track record" to raise financing; 4. Obtain financing where further direct borrowing (corporate credit) limited by existing indentures; 5. Possibility of arranging finance off-balance sheets; 6. Leverage return on equity; 7. Obtain tax savings with certain project financing structures; and 8. Obtain flexible loan repayment conditions. It can also be said that from the point of view of the company, project financing has certain disadvantages which can be summarised as follows: 1. Perceived higher cost (risk premium) compared with straight corporate credit; 2. More documentation; and 3. Need to negotiate risk-sharing aspects. The main attraction of project financing is the ability to pass certain risks on to the lenders within a flexibly funded transaction. (For a more detailed description of the specific risks see the author's paper at the beginning of Chapter 9. The same risk system is followed here.) The typical project financing has corporate support prior to completion and will usually carefully control the resultant cashflow after completion to ensure the bank does not unnecessarily assume further risks of an equity nature. WITHIN THE COMPANY'S CONTROL Operating Risk This is broken into three interrelated segments for ease of description. Technical Component: This must be specifically addressed if new technology or unproven adaptations are to be used. The banks will have scrutinized the sampling and bulk testing work, perhaps grilling the geological, mineral processing, metallurgical, and mining engineering staff or consultants directly. A number of supports are available such as: TECHNOLOGY GUARANTEE: Either the company itself or the process developer will guarantee that the technology will work for a period of, say, six months to two years after startup. If not, then financial penalties will apply although these are rarely sufficient to repay the loan. Many process developers are weak financially and may have little substance to back such a guarantee.

Jan 1, 1985

By Oscar Marzke

STUDIES on the precipitation of a face-centered from a body-centered structure-a common occurrence in alloy systems-are essential to the development of a theory for the formation of segregate structures. The separation of the alpha phase from the beta of the copper-zinc system is an example of this type of precipitation. EARLIER STUDIES ON THE SUBJECT R. F. Mehl and 0. T. Marzke1 in 1931 presented a paper giving the results of some investigations carried out by them on the segregate structures produced when the alpha and gamma phases of the copper-zinc system and the alpha phase of the copper-aluminum system precipi-tate from the beta phases of these systems. They showed that the alpha phase precipitates as needles close to the [111] directions of the beta phase. In the discussion of that paper some doubt was expressed about the nature of the segregate. More investigations were undertaken to determine the character of the precipitate in the copper-zinc system and also the orientation relationship between the matrix and precipitate. The present paper gives the results of these investigations. Since the publication of the earlier paper, several other papers on this subject have been published in this country and abroad. Haneman and Schroder2 reported that the alpha phase precipitates as needles along the [111] directions of the beta phase and that these needles align themselves to form plates on the {111} planes of the matrix. Mathewson and Smith3 pointed out that the {111} plane does not contain the [111] direction and that it would be quite impossible, therefore, for needles in the [111] direction to form plates on the {111} plane. They suggested

Jan 1, 1933