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By D. A. Stevenson, T. Alden, J. Wulff

A portion of the liquidus curve has been determined for the binary alloy systems Ni-Pb and Cr-Pb. The solubility of nickel is 0.53 atomic pet at 372° and 18.63 atomic pet at 1200°C. Chromium shows low solubility, 0.634 atomic pet at 1210°C. Molybdenum and tungsten were also studied and found insoluble in lead, less than 0.005 atomic pet at 1200°C. INCREASED use of liquid metals of low melting X point for heat transfer, coating, joining, and other purposes has renewed interest in the solubility of structural metals in these liquids. A study of Hansen1 and current literature indicates that few liquidus curves at the low melting end of the binary diagrams have been accurately delineated. This statement applies particularly to the binaries of lead. The present paper is limited to nickel, chromium, tungsten, and molybdenum in lead. In early studies2, 3 of the lead end of the Pb-Ni system, a monotectic at 1340°C was established. Tammann and Oelsen' determined the solid solubility of nickel in lead at 20°C to be 0.023 wt pet. Recently Pelzel5 determined the liquidus curve from the eutectic temperature of 327° up to 727°C using a segregation method. In the present paper this part of the curve has been checked and extended to 1244°C. The Pb-Cr system was first studied by Hindrichs.6 He pointed out the existence of a monotectic at 1470°C and indicated a tentative liquidus. Recent corrosion studies of Fe-Cr alloys in lead suggest that chromium is more soluble than iron in lead.7-8 The solubility of tungsten in lead according to Inouye8 is about 30 wt pet at 1200°C. Appreciable solubility of molybdenum in lead might therefore be expected. Experimental Various experimental techniques have been employed in the determination of solubility in liquid metals. For low solubility, thermal analysis is unsatisfactory. A segregation method was used by Pelzel3 in his study of the Pb-Ni system. In this procedure separation of liquid and solid is possible due to difference in density. In the technique of Kleppa10 a single piece of material is maintained in contact with the liquid metal in evacuated Vycor vials. After equilibration, solid and liquid are separated by tilting. Keck and Broder" measured the weight of a piece of the solid solute before and after immersion in a pure solvent bath; the weight loss was a measure of the solubility. All of the above procedures are time-consuming since they permit only one determination per run. Numerous samples for analysis may be taken from the melt in the method described by Gurinsky and CO-workers.10 The rate of extraction of samples is limited only by the time required for equilibration. In the present work, a modification of this method was employed. A 150-g charge of analytical reagent grade lead and the added metal* were contained in an Alun- dum crucible. It rested on firiely divided silica at the closed end of a 45 mm Vycor tube, 500 mm long. The top of the tube was provided with an inlet and

Jan 1, 1959

By F. E. Lathe, L. Hodnett

This paper summarizes extensive data supplied by 40 copper converter plants in 18 countries, and includes a partial analysis and comments on the effect of converter slag composition and temperature on the fomzation and elimination of magnetite and the life of basic and neutral refractories. APRELIMINARY draft of this paper, including data from 26 companies which had submitted replies to a questionnaire, was presented at the Annual Meeting of the AIME held in New York in February, 1956. Publication was delayed in the expectation that additional replies would be received, and justification for the subsequent delay may be found in the fact that the present revised paper contains data from 40 converter plants situated in 18 different countries. The suggestion that a questionnaire be sent to the major copper and copper-nickel plants outside the U.S.S.R. and associated countries arose at the Los Angeles Annual Meeting in February, 1953, where several papers dealing with converter construction and operation were presented. In private discussions which followed, a group of metallurgists and refractories engineers raised the question why practices varied so much at different plants. Why did magnesite brick give superior service to chrome-magnesite in some plants but chrome-magnesite prove superior in others? Would metallurgical studies point the way to the development of still better refractories? Could magnetite formation be prevented in converter slags and reverber-atory furnace mattes? If this was feasible, why was a heavy circulating load of magnetite tolerated, when, in all probability, it increased copper losses in the reverberatory slags and, in some cases, made it necessary to shut down the furnaces periodically to clean out the accumulated magnetite? Was the sole purpose of coating brick with magnetite that of

Jan 1, 1959

By J. J. Reilly

The Vesta Mines of the Jones & Laughlin Steel Corporation operate in the Pittsburgh Seam in Washington County, Pennsylvania. This seam is overlain with a drawslate, 12" to 16" in thickness, which slimes readily when wet. Because of the need for a uniformly good quality metallurgical coal, the amount of reject, together with the top and particle sizes of the raw coal feed, is a serious problem at the Vesta Preparation Plant. The Preparation Plant operates two, seven and one-quarter hour shifts per day and processes 2,100 tons per hour of raw coal feed. The third shift is, used for planned maintenance of equipment. Since the water clarification equipment is so vital in insuring a uniform product, there is no alternative but that it be in operation at all times. To insure this continuous operation,. well-planned maintenance is a necessity. For years, Plant Management has kept performance records of the various units to determine the renewal dates of vital component parts, the length of wear, the various materials used in the manufacture of the equipment, and the labor cost for renewal. These records have been of inestimable help in planning an effective maintenance program to insure continuous operation of the various units.

Jan 1, 1959

By J. B. Gayle

PRESENT flotation processes depend almost entirely on the buoyant properties of air bubbles to effect separations of mineral and gangue, but there is no convenient method for measuring aeration in flotation cells. Consequently the relation between aeration and cell performance has not been definitely established. In connection with a comparative study of kerosene and froth flotation processes, a modification of the displacement method' was developed in which air escaping from the cell surface is measured with a wet-test meter. The arrangement shown in Fig. 1 is satisfactory for use with a number of cells and is not critical, except that care must be taken to use connections and tubing large enough to avoid excessive back pressures. Attempts to use smaller tubing resulted in back pressures that caused displacement of the liquid level in the receiver, so that some air was lost around the sides, an occurrence readily visible when measurements were taken with only water passing through the cell. With the arrangement shown, the manometer indicated an average reading of about 1/2-in. water pressure. No loss of air was evident. Fig. 2 presents typical data for a standard Denver sub-A 24x24-in. unit cell operated at impeller speeds from 0 to 710 rpm. Each plotted point represents the average for five readings distributed over the entire cell surface. Readings were taken with only water passing through the cell. Results of this type have been used in a study of the influence of operating variables on cell performance and in detecting inherent differences in the operating characteristics of cells of various kinds. Although the information presented in Fig. 2 resulted only with water passing through the cell, the apparatus is suitable for use during flotation of coal when various reagents are present. Possible modi- fications that might prove convenient under special circumstances include varying the size and shape of the receiver and substituting a calibrated, inverted, water-filled carboy or other gas-measuring device for the wet-test meter. If such modifications result in excessive back pressures, some form of draft should be applied at the discharge end of the measuring system.

Jan 1, 1959

By J. H. D. Hargrove, A. F. Snowball

Atmospheric pollution control has become increasingly important in re-cent years with laws and public opinion having required the reduction of contaminants from industrial gas effluents. Treatment methods have advanced to make possible, with proper plant design and operation, a satisfactory removal of these contaminants. Gases from Cominco's metallurgical operations at Trail, approximating 900,000 c.f.m., are treated by baghouses, electrostatic precipitators, cyclones, or wet scrubbers. The tabulated data include gas and dust conditions, plant performance, and some details of plant equipment. Discussion emphasizes the special features, scope of application, and basic design principles of the treatment methods, all based on Cominco experience. Recovery of over 99 per cent of the fume and dust is achieved by the major installations from which effluent gases go to atmosphere. Cooling of gases for baghouse recovery and conditioning for electrostatic precipitation are mentioned. Co3ts are tabulated for some of the installations on the basis of a unit of 1,000 cubic feet of gas. Suggestions are made on the procedure for assessing a smoke treatment problem and for selection of suitable equipment.

Jan 1, 1959

A device is described which is suitable for the automatic sampling of dust in dust laden flue gases. This device, called a Venturi Sampler, consists of two pipes each fitted with a suitably designed venturi.Both pipes are placed in the flue where one acts as an open-ended reference tube and the other as the actual sampling tube.The gas sampling rate is automatically controlled so as to maintain a zero differential pressure between pressure tappings in the two venturi throats. The venturies are so designed that under these conditions the gas velocity in the sampling pipe is always equal to the free gas velocity in the flue-that is isokinetfc sampling conditions are maintained.INTRODUCTIONThere is a constant need in industry for regular and accurate assessments of dust losses, both to assist in improving operating efficiencies in order to minimize losses, and to obtain accurate metallurgical balances. In many cases where sampling is carried out in dust laden gases, the existing sampling methods are both laborious and inaccurate, and often make no provision for changes in flue gas velocity while sampling is in progress.In the majority of cases where a measurement of dust losses in a stack or flue is required, a preliminary velocity survey is made with a pitot tube to establish the gas velocity at each of the points at which samples are to be taken. The sample of gas (and dust) is withdrawn through a tube connected via a flowmeter to an exhausting apparatus. Some means of removing the dust from the gas sample is placed in circuit ahead of the exhausting apparatus. This is often an alundum or paper thimble housed in a gas-tight container.The purpose of the flowmeter is to measure the actual flow of gas during sampling so that the sampling velocity at the inlet to the sampling tube may be calculated, and the flow corrected so that the sampling velocity will agree with...

Jan 1, 1959

By A. H. Daane, J. F. Haefling

BECAUSE of the wide use of platinum in industry and research, the physical properties of this metal, including its vapor pressure, have been studied in some detail.' The other members of the palladium-platinum group of metals have not been studied as extensively, and only qualitative information is available on the vapor pressure of palladium. Data given in literature by Vines1 and Brewer2 on the vapor pressure of palladium are based on the qualitative observations by Holborn and Austin3 and Crookes4 on the rate of volatilization of palladium filaments in various atmospheres. The general observation that palladium is the most volatile metal of the palladium-platinum metal group was corroborated by Bell, Love and Normand who studied the separation of isotopes of the platinum-group metals by a mass spectrometric method. We have measured the vapor pressure of palladium using the Knudsen effusion technique. In this work, the effusion vessel was suspended from a quartz-fiber microbalance into an induction furnace, and the amount of vapor effusing from the vessel was determined by direct weighing of the vessel during the measured heating times. This technique has been described in a report from this laboratory." The vapor pressure of palladium was calculated from these measurements using the equation P...... = 17.14 -W- (77m)'u [1] a t where ? is the weight loss in grams of vapor of molecular weight m from a vessel having an orifice of a sq cm, during t sec. The derivation of this equation from kinetic theory has been described in a previous report from this laboratory: as well as in texts discussing the kinetic theory of gases.%" Test Vessel—In the search for a suitable material for the effusion vessel, it was found that tantalum reacted with palladium metal to form intermetallic compounds, and graphite was readily dissolved in palladium metal to form what appeared to be a liquid phase at a temperature several hundred degrees below the melting point of palladium. On cooling, the graphite gathered into spherical balls in the palladium, with crystals extending radially from the center of these balls, some of which were a millimeter or more in diameter. However, palladium metal vapor did not attack the graphite vessel, so graphite could be used where it did not contact condensed palladium. Tungsten did not appear to react with palladium vapor or molten palladium at its melting point, but it was not convenient to use a tungsten-vapor pressure vessel because of the difficulty of fabricating this metal. Since the vapor-pressure range to be studied (10 2 to 10 ' mm) did not appear to extend above the melting point of palladium, a combination of tungsten and graphite served to provide a very satisfactory effusion vessel. The lower half of the graphite vessel was lined with some strips of tungsten foil and the sample of palladium consisting of a coil of sheet was placed in the tungsten liner; in this way, no contamination of the palladium by carbon occurred. Procedure After outgassing at 1500C, the tungsten-lined graphite effusion vessel was loaded with 300 mg of

Jan 1, 1959

By M. Cohen

THERE seems to be a natural urge for the human mind to wonder about the beginning of things. When an explosion occurs, we immediately inquire "what set it off?" If a person contracts a disease, we are likely to ask "how did it happen?" On a much loftier plane, when we reflect about the universe, there is the inevitable question "what, or rather Who, started it all?" In principle, these varied queries have at least one attribute in common: they are attempts, whether earnest or casual, to search out the origin of events in nature. Accordingly, they involve not only scientific, but philosophical and even re1igious matters of deep concern. It is evident that, in a broad sense, the phenomenon of nucleation is enmeshed in this enticing concept of "the beginning", but we must extract the scientific component of the problem for our present purposes. Nucleation, as in the case of phase transformations, is best regarded from the standpoint of kinetics. There are then two main steps, which may come in either order: (a) Experimentally, one attempts to measure the frequency with which transformation centers spring into existence; and (b) theoretically, one seeks a model that will account for this observed birth-rate. Temperature, composition, strain, and prior history are some of the important variables that must be considered both experimentally and theoretically when dealing with nucleation in the solid state. Such interaction of theory and observation is an integral part of science in general, but it is particularly significant in the nucleation problem because the very beginning of a phenomenon invariably occurs on too localized a scale in both space and time to be detected with available techniques. Thus, there is little hope of making direct measurements on the nucleus during its birth or to ascertain the exact nature of the process; one can only infer the details of nucleation from the model whose predicted behavior seems to harmonize best with the measured rate of nucleation and its dependence on known parameters. In the field of solid-state nucleation, both theory and experiment call for much ingenuity, but somehow the conceptual schemes have spawned faster than they can be tested by observation. This is not to say that there are many basically new ideas in modern nucleation theory; rather, as we shall see, it is because the required fine-scale measurements are of immense technical difficulty. Quite likely, some of the nucleation models existent today have survived only because of the latitude permitted by meager data. There is great need to bring theory and experiment into better balance in this important area of physical metallurgy. Although one can

Jan 1, 1959

By K. U. Snowden, J. N. Greenwood

CRACKS which form in lead exposed to fluctuating stress frequently follow a rectangular pattern. It is well known that under ordinary atmospheric conditions these cracks are intercrystalline. On the other hand after fabrication the crystal grains in lead are in general irregular polygons. The observed facts appear to be mutually contradictory. Re-examination of some lead failures has confirmed that the rectangular cracks are intercrystal- line. It follows therefore that under fluctuating stress some of the grains lose their irregular outlines and become approximately regular polygons of cubic type. G. R. Gohn and W. C. Ellis* suggest that this is due to recrystallization during the life of the part, in such a way that the new grain boundaries are aligned at 45 deg to the longitudinal strain prior to the formation of the fatigue crack. Experiments at Baillieu Laboratory—Some recent experiments carried out in the Baillieu Laboratory in conjunction with the Broken Hill Associated Smelters have thrown some light on this transition. A test piece of pure lead was polished chemically

Jan 1, 1959

By D. J. Bauer

This report covers a phase of an extraction project carried out as part of a research program on rare-earth technology. The current project--the production of pure cerium compounds--is an intermediate step between ore processing and metal reduction. In this connection, a study on a separatory-funne1 scale was made on nonreducing extractants for recovering cerium (IV) from tri-n-butyl phosphate (TBP) and of methods for recovering the cerium nitrate from the strip solution. Dilute sulfuric acid was found to be 100 percent effective in stripping cerium (IV). Several precipitants were effective in recovering the cerium from the strip solution, and ethanol was especially promising. A scaled-up investigation was made into the use of spray-tower type equipment to perform the function of extracting, washing, and stripping. This equipment, referred to as the pressure-bubbler, utilized the system developed on the separatory-funnel scale. Feed solutions were prepared from a bastnasite concentrate by two techniques. Of these, the sulfated bastnasite solution was most successful, resulting in 86-percent recovery of the cerium at 99.7+-percent purity.

Jan 1, 1959

By Harold J. Rose

"A VETERAN newspaperman once summed up a lifetime of observation and experience in these words:""What man can imagine, man can do"".That statement might well serve as the theme of a talk on research potentials of the coal industry or any other industry. It is not my intention today to make a series of predictions of things to come. Experience of the past few decades has shown that long-range predictions made be-fore engineering groups usually fall short of the mark; that is, the actual technical achievements in any period tend to surpass the boldest predictions that any responsible engineer would have made, say twenty years earlier.Instead, I will point out some recent accomplishments or refer to research that is in progress or now being planned in order to suggest important trends to be expected in the next few years. Based on this rapidly increasing tempo of achievements you can make your own extrapolations into the future."

Jan 1, 1959

By R. E. Lindstrom

A study of ion-exchange resin crosslinkage and eluant flow rate, resin-bed shape, and addition of separating ions to feed stock was undertaken to determine their effect on the separation efficiency of ion-exchange on bastna-site-rare-earth elements. Results show that 12-percent divinylbenzene (DVB) crosslinkage resin is detrimental to separation efficiency at flow rates over 2 to 5 ml./min./sq. cm.; whereas, separation with 4-percent DVB crosslinkage resin is relatively unaffected by flow rates between 2 and 10 m1./min./sq.cm.

Jan 1, 1959

By L. G. Marshall

Gypsum mining and processing has been one of the principal industries in Iowa for more than 75 years. For most of that period, Iowa has ranked among the five leading States in the production of crude gypsum and of calcined-gypsum products. The Fort Dodge area accounted for 11 percent of the gypsum products produced in the United States in 1956. Before 1927 the output by the major companies came from underground operations, using a room-and-pillar stoping method. At present, all production comes from quarries. The quarry methods at the various properties are similar. This paper describes the quarrying, methods employed in the district and the type of equipment used by each company. The sections on history and geology are, in part abstracts from State annual reports and an Iowa Geological Survey publication.3/

Jan 1, 1959

By A. L. Service

The four periods of test operation described in Report of Investigations 5219 indicated that planer mining of phosphate rock was feasible. Corrective measures proposed for design deficiencies indicated in test 4 had to be evaluated, however; and, before the attempt to design a prototype production model, it was considered advisable to test the original machine under more severe operating conditions. Planer A was modified, therefore, during the latter half of 1955, and one additional period of experimental operation was conducted in the Anderson mine of the Montana Phosphate Products Company near Garrison, Mont., during the first 4 months of 1956. Test 5 was made in a stope, where the phosphate bed had been offset in a number of places by minor faults. Considerable difficulty was found in negotiating the irregularities caused by these faults, and productionwise the test was not as successful as some of the previous ones. Information obtained, however, was valuable in designing model B.

Jan 1, 1959

By E. H. Illsley

This bibliography is the first report of a Bureau of Mines research project on thermoelectric materials. Interest in such research has increased because of recent success in the design of commercial products, including generators and refrigerators, using the principles of thermoelectricity. This success made possible by the discovery of semiconductors that have much higher [effincies] than the metals and alloys formerly studied. Thermoelectricity is a term that includes a large number of phenomena relating heat to electrical energy. However, the moat important applications arise from two effects discovered by Seebeck in 1822 and by Peltier in 1834. When pieces of two unlike materials are joined at their two ends to form a continuous circuit, both of these effects may be observed. If the two junctions are maintained at different temperatures, an electromotive force known as the Seebeck voltage is generated. If, on the other hand, a current is made to flow through the circuit, the junctions of the materials will be found to differ in temperature. This phenomenon is called the Peltier effect.

Jan 1, 1959

By E. Buehler

THE floating zone refining technique'-4 has provided a new experimental approach to the purification of many reactive materials especially those with high melting points. The method avoids the use of a crucible and at the same time it provides a favorable environment at the freezing interface for the growth of single crystals. The physical properties of refractory metals such as molybdenum and tungsten have long been of interest from a fundamental point of view and because of their widespread use in vacuum electronics. Single crystals are often desirable for study. Prior to the introduction of zone melting, single crystals of these metals were usually grown in the solid state at temperatures slightly below the melting point by strain annealing3 or by the application of a moving temperature gradient. Such techniques were mostly successful on wires, ribbons, or rods having small cross-sectional areas. Recently, larger samples of tungsten, molydbenum, tantalum, columbium, and rhenium were melted by a floating zone process which employed electron bombardment heating.10 Single crystals were obtained in many instances

Jan 1, 1959

By James H. Courtright, Kenyon Richard

L. H. Hart (Chief Geologist, American Smelting & Refining Co.)— Because of a widely recognized association between breccia pipes of one form or another and many important copper deposits, conditions under which breccia pipes develop have been of great scientific interest for many years. Since these phenomena first attracted attention, many theories have been advanced to explain their origin. This is not unexpected, since it is likely that they have been formed by and under a wide range of conditions. Moreover, the entire subject is confused by the fact that the term brec-cia pipe is applied to a wide variety of occurrences. To discuss any part of the subject intelligently, therefore, it is necessary to start with definitions of the terms used. In their discussion of the Toquepala deposit, Richard and Courtright have carefully defined the terms they have used in their presentation of a very logical geological history of Toquepala breccias. This is a real contribution, as there is no reference in the literature known to the writer where the history of a series of breccia pipe epochs, confined essentially within one channelway, may be read with the degree of certainty that appears to be possible at Toquepala. Although the following comments are intended primarily to emphasize points brought out in the article by Richard and Courtright, certan subsequent detailed mapping by Hollister and Houston7 within the main central mineralized area of the Toquepala deposits not only supports most of Richard's and Courtright's con- clusions but also contributes additional facts that strengthen and broaden the whole concept of the origin of the Toquepala breccia pipes. In detailed mapping by Hollister and Houston,' the most significant feature disclosed is a well developed system of concentric fracturing in rocks peripheral to the main breccia pipe throughout an arc of 300°, interrupted only by the late dacite agglomerate in the north quadrant. Although Richard and Courtright noted that such fractures were developed in the southern and southeastern areas, continuity in the east and west quadrants is established by consistent orientation of the stronger set of fractures and joints. The existence of these structural weakness trends is emphasized by the emplacement of dike-like phenomena in and along members of this fracture system. Richard and Courtright described one of these dikes in the southeast quadrant. They referred to it as a ring-dike, composed of dacite porphyry. This suggests an apparent structural control of at least a part of the dacite porphyry intrusion by features related to the Toquepala breccia pipe center. This raises a perplexing question, since the dacite porphyry intrusion had been presumed to antedate breccia pipe activity. However, if this ring-dike is related to the breccia pipe center, it may indicate that some part of the dacite porphyry intrusion advanced in a manner resulting in an intensely localized stress center, which produced the concentrically arranged fracture system. The ring-dike would then appear to be evidence strongly sug-

Jan 1, 1959

By James Westfield

Following is a resume of activities of the Division of Coal-Mine Inspection that have had a favorable effect on health, safety, and the reduction o1 injuries at coal mines: 1. The Federal Mine Safety Code for Bituminous Coal and Lignite Mines of the United States was issued originally by the Director of the Bureau of Mines July 24, 1946, after consultation with management and labor representatives of the coal-mining industry. The code has been used by Federal coal-mine inspectors while inspecting bituminous coal and lignite mines as a basis for determining the existence of unhealthful and unsafe conditions and practices in these mines. A revised code was issued by the Secretary of the Interior October 8, 1953, after further consultations with representatives of management and mine workers and was incorporated by reference in the 1952 and subsequent bituminous coal wage agreements. The agreement of May 29, 1946, between the Secretary of the Interior, acting as Coal Mines Administrator under authority of Executive Order 9728, and the United Mine Workers of America, covering bitumi¬nous coal and lignite mines in Government possession, charged Federal coal-mine inspectors with the responsibility of making periodic investigations of the mines and reporting to the Coal Mines Administrator any violations of the Federal Mine Safety Code. Federal coal-mine inspectors also had temporary authority to close mines found to be imminently dangerous, but such authority (under Executive Order 9728) was removed June 30, 1947, when Government control of the mines was terminated.

Jan 1, 1959

By Russell R. Trengove

The largest potential reserves of manganese in Nevada are in the Pioche district. To date, these large reserves of 10-to l2-percent manganese cannot be upgraded economically. Other large, low-grade deposits, such as the Virgin River and Boulder City deposits in Clark County, cannot be considered immediate sources of manganese. Reserves of the principal manganese deposits in Nevada, based on the most reliable estimates, total about 17 million tons analyzing 7.6 to 13.6 percent manganese. Most of the deposits are of a type that cannot be prospected systematically but have been prospected and developed in the course of productive mining operations. To realize production from low-grade deposits that are amenable to concentration, a ready market must be provided. Thus far, Government stockpiles have been the major outlet for these low-grade ores. Research and experimentation over a period of years have led to development of several processes technologically applicable to these low-grade ore bodies, but their economics is not sufficient to allow competition with imported ores on the open market.

Jan 1, 1959

By L. C. Raymond

Valuations in the mineral industry differ from those of other enterprises because mines and oil wells have a definitive 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 writeoffs 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 properly 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, sulphur, 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. PRESENTVALUEOFAMINERALPROPERTY In essence the present value of a mineral property is a sum of money in today's dollars that future earnings from the property are worth. It differs

Jan 1, 1959