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By M. P. Hardy, C. J. H. Brest van Kempen, H. N. Maleki

To evaluate the influence of uniformly tensioned roof bolts on roof stability, mechanically anchored roof bolts were installed using the conventional bolter and a specially developed thrust and torque controlled retrofitable box mounted on a bolting machine. Thirteen thousand bolts were installed over 19 crosscuts in a 4 heading development in an operating coal mine. Geological , bolt and mine parameters were recorded at bolt installation, and bolt tension histories, roof sag and other changes evident in the rooms, crosscuts and intersections were recorded over a 2 month period. In all, 24 variables and 11 responses were quantified at 67 bolt clusters. These data were analyzed statistically to determine the significant variables influencing roof stability. As the mine development was safe and stable during the monitoring period, roof sag after two months was used as an index to quantify "stability." The variables of significance were shown to be coefficient of variation of bolt tension, bolt anchorage capacity, roof lithology, roof shape, standard deviation of bolt tension, and dip of roof lithologies. It was concluded that of the variables with which the mine operator has control, bolt tension uniformity was the most significant parameter at this mine. Other variables, such as intersection type and time between mining and bolting , were not significant, whereas, some other potentially significant variables such as horizontal stress or roof joint frequency did not vary sufficiently for their influence on stability to be evaluated.

Jan 1, 1986

By Martin H. Rogoff

This publication combines a critical review of the literature on the microbiology of coal with an introduction to those areas of microbiology related to studies of coal as a biological material. The attack on coal by microorganisms as yet remains doubtful. Only the low-rank coals contain an indigenous microbial flora, and even these organisms are not peculiar to coal, but are common soil and water forms. No experimental data have as yet been presented, either in the literature or in the present work, which unequivocally demonstrate the oxidation of coal by microorganisms. Reasons for the resistance of coal to such attack, including insolubility, physicochemical structure, steric hindrance of enzyme action, and the presence of antibiotic materials in coal are discussed. Microorganisms do attack large aromatic molecules and the mode of oxidation of aromatic ring systems by bacteria is presented. Well-defined pathways are known for the oxidation of polycyclic compounds with one to three rings, and these paths with their key intermediates are described and related to the possible oxidation of coal.

Jan 1, 1962

By J. A. Jr. Church

I. EARLY FURNACES. . COPPER blast-furnace construction in America has long recognized a general standard in the rectangular water-jacketed shaft with separate forehearth. The details, however, and especially those relating to shaft dimensions, have had to meet a great variety of conditions, and show no uniformity whatever. Selecting a few of the present day Western plants, we find furnace lengths varying from 12.5 to 87 ft., widths at tuyere level from 42 to 84 in., and heights above tuyeres from 5 ft. 4 in. to 22 ft. 4 in. ; and comparing present designs with those of the past, we meet contrasts no less striking. Unlike its transverse section, the length of a furnace has come to depend rather on the size of unit desired than on the requirements of smelting ; and if the question of length be ignored, several of the various existing designs can be grouped together on the basis of a common transverse section. This section, having a width at tuyere level of 56 in. and a height above tuyeres of 18, ft., was developed at Great Falls, and the story of its development contains some interesting features. Ground was broken for the Great Falls works in the spring of 1891. About a year later, the concentrator was able to begin operation, followed within the next few months by the Brueckner, reverberatory, and converter departments, and in April, 1893, by the first blast fur-

Jan 7, 1913

By J. A. Jr. Church

I. EARLY FURNACES. COPPER blast-furnace construction in America has long recognized a general standard in the rectangular mater jacketed shaft with separate forehearth. The details, however, and especially those relating to shaft dimensions, have had to meet a great variety of conditions, and show no uniformity whatever. Selecting a few of the present day Western plants, we find furnace lengths varying from 12.5 to 87 ft., widths at tuyere level from 42 to 84 in., and heights above tuyeres from 5 ft. 4 in. to 22 ft. 4 in. ; and comparing present designs with those of the past, we meet contrasts no less striking. Unlike its transverse section, the length of a furnace has come to depend rather on the size of unit desired than on the requirements of smelting ; and if the question of length be ignored, several of the various existing designs can be grouped together on the basis of a common transverse section. This section, having a width at tuyere level of 56 in. and a height above tuyeres of 18 ft., was developed at Great Falls, and the story of its development contains some interesting features. Ground was broken for the Great Falls works in the spring of 1891. About a year later, the concentrator was able to begin operation, followed within the next few mouths by the Brueckner, reverberatory, and converter departments, and in April, 1893, by the first blast fur-

Jan 7, 1913

By Thomas L. Hutchinson

The mechanical design of a roof support is basically a matter of a statics and dynamics problem, assuming of course, that the imposed loads and mining conditions are known. Here in the Appalachian coal fields the general conditions are known well enough to allow the majority of the proposed new faces of longwall to be furnished with standard commercially available supports equipped with suitable variants and options. While not trying to negate the primary importance of thoroughly investigating a potential face and the selection of the correct equipment for that face, it still becomes clear that an equally important aspect of the design of an adequate ground control program has in the past too of ten been overlooked, having been overshadowed by the ?endless? selection process of the roof supports proper. The equally important aspect which this paper discusses is the overall design of a mining system, which design incorporates not only the size and capacity of the equipment but the following points as well, namely: Equipment adaptability to mining scheme, Equipment va. human constraints, Operation at the designed levels, and Coordination of operation, maintenance and support design. Unless the coordination of these factors is considered in the design and selection of the equipment, a lopsided and inefficient operation is possible. How can we afford to put an 8-10 million dollar investment up to chance as to whether it will yield optimum results or not?

Jan 1, 1981

By John V. Beall

Copper production in the. United States in 1972 amounted to 1,658,000 tons according to the USBM. This figure is up over 1971 but falls below 1970 production of 1,719,101 tons. This report is essentially about the status of copper mining operations in the U.S. and is an update and expansion of the report "Southwest Copper-A Position Survey" published in [A=], October 1965. At that time, the trend was toward using larger equipment to mine lower grade ore and toward the expansion of dump leaching practice. That trend continues today but, it is overlain by intensive activity to comply with existing environ¬mental legislation and uncertainty over proposed revisions of venerable laws governing mining. In the U.S. today there is, practically speaking, no excess smelting capacity so that expansion of copper production through the startup of new mines is inhibited. Owners of a large undeveloped orebody would have to decide before going into production whether to sell the concentrates offshore, which has many problems, whether to try one of several unproved chemical processes for producing refined metal from concentrates or embarking on the construction of a traditional pyrometallurgical plant in the face of considerable uncertainty over the pollution standards that eventually must be met. The situation is such that not only is the present rate of U.S. copper production threatened but the ability to meet projected increased demand in the years ahead may have been severely retarded.

Jan 4, 1973

Perhaps one of the most important conferences or symposia which our Institute has conducted, was the joint Aus. LM.M./AJ.M.E. meeting held in Canberra in May 1978, with the theme International Resource Management (Woodcock, 1978).We were privileged to witness active participation in the meeting by outstanding personalities from the mining and metallurgical industries of Australia and New Zealand, the United States of America, Canada and the United Kingdom and to hear addresses on subjects of international significance to the mining and metallurgical industries.Our Institute is one concerned with professionalism.The principal objects of The Institute as described by our founders include, "promoting the arts and sciences connected with the economical production of the useful minerals and metals, and the welfare of those in the industries, by meetings for social intercourse, and the reading and discussion of professional papers, and to circulate by means of publications amongst its members and associates, the information thus obtained".Sir Maurice Mawby (1968) said in his Presidential Address to the Institite, "the most important aspect of these objects was the promotion of the arts and sciences of the mining industry".Why is it then, that a large proportion of the papers given at the meeting in Canberra dealt with world wide social aspects of the mining and metallurgical industries, rather than the technology, the arts and sciences of mining and metallurgy as principal factors in international resource management?The answer is quite simple of course, and that is that the social and political factors are the principal factors which create the demand for basic raw materials and in the long term determine the costs and prices of the commodities which our professional abilities are drawn upon to produce.

Jan 1, 1979

By Sabrina Warwas, Thomas Kuhn

"Due to rising prices and increasing demand of raw materials over the last years, marine mineral resources including manganese nodules have become a focus of study for industry and science. Marine ferromanganese nodules consist of micro-layers of different chemical and mineralogical composition which incorporate metals of high economic interest (Ni, Cu, Co, Zn, Mo, Li, rare earth elements; Hein & Koschinsky, 2015).The varying composition of the layers depends on different growth processes, such as hydrogenetic (metal precipitation from the water column under oxic conditions; Mn/Fe = 3), diagenetic (metal precipitation from the sediment pore water) under oxic (Mn/Fe 3-10) or suboxic (Mn/Fe = 10) conditions; (Wegorzewski & Kuhn, 2014) or hydrothermal (metal precipitation from low-temperature hydrothermal fluids; Kuhn et al., 2003).METHODSIn this study, manganese nodules from three different locations of the Atlantic Ocean (Galicia Bank; Vema-Fracture-Zone and Brazilian Basin) were analyzed for their geochemical and mineralogical composition. Detailed information about the samples are given in table 1. The geochemical and mineralogical composition of bulk nodules were determined by XRF, ICP-MS/OES as well as XRD and the single micro-layers by high resolution analyses with electron microprobe and LA-ICP-MS."

Jan 1, 2017

By Jan A. Nemcik

Steel mesh has been used successfully for many years to control friable roof conditions and prevent loose roof and rib material from caving into the roadway. Despite its extensive use, the installation of steel mesh is difficult to automate and many other products have been evaluated as an alternative for skin control. Ideally, the properties of these new products should be similar or better than those of the steel mesh. In particular, development of a strong and resistant shell that minimizes movement along the fractured rock and coal surfaces between the bolt anchors is recommended. A strong surface adhesion and the strength of a reinforced polymer skin can provide the necessary toughening mechanism required to enhance roadway surface support by forming a reinforced polymer/rock surface layer. Most of the Thin Spray-on Liners (TSL) evaluated in the mines are weak with slow curing times, and the plastic mesh currently used to support the coal ribs is relatively weak. Therefore, neither material can seriously compete with steel mesh. Currently, a new polymer product that cures in seconds and forms an instantaneous strata binder that surpasses the properties of steel mesh is under development at the University of Wollongong.

Jan 1, 2009

By Huaming Yang

The vanadium-doped SnO2 nanoparticle was synthesized by the co-precipitation reaction and subsequent calcination from the vanadium(III) chloride and tin(IV) chloride. The crystal size, pore size distribution, micrograph and properties of the nanocrystalline powders were examined by differential thermal analysis (DTA), thermogravimetric analysis (TGA), X-ray diffraction (XRD), desorption isotherm (Barrett-Joyner-Halenda method) and transmission electron microscopy(TEM). Thermal treatment of the precipitate powder at 600°C led to the formation of V -SnO2 nanoparticle of -10mm in crystal size. Most of the pores in the nanoparticle are about 5~15nm in diameter. Effect of doped vanadium on the crystal size of the nanopartic1e was discussed.

Jan 1, 2003

By Huaming Yang

The vanadium-doped SnO2 nanoparticle was synthesized by the co-precipitation reaction and subsequent calcination from the vanadium(III) chloride and tin(IV) chloride. The crystal size, pore size distribution, micrograph and properties of the nanocrystalline powders were examined by differential thermal analysis (DTA). thermogravimetric analysis (TGA). X-ray diffraction (XRD), desorption isotherm (Barrett-Joyner-Halenda method) and transmission electron microscopy (TEM). Thermal treatment of the precipitate powder at 600'C led to the formation of crystal0nmincrystal size. Most of the pores in the narmparticle are about 5~15nm in diameter. Effect of doped vanadium on the crystal size of the nanoparticle was discussed.

Jan 1, 2003

By G. Derge, Ling Yang, G. M. Pound

The specific conductance and its temperature dependence were measured over the entire composition range of the molten Cu2S-CuCI system. At a typical temperature of 1200°C, 10 rnol pet of the ionically conducting CuCl reduced the specific conductance from about 77 ohm-lcm-l for pure Cu2S to about 32 ohm -1cm -1, and 50 mol pet CuCl reduced the conductance to that for pure CuCI—about 5 ohm 1cm1. The nature of electrical conduction in molten Cu2S, FeS, CuCI, and mixtures was studied by measuring the current efficiency of electrolysis at about 1100°C. The Cu2S, FeS, and mattes were found to conduct exclusively by electrons, but addition of 1 5 wt pet CUS to Cu2S produces a small amount of electrolysis. Addition of CuCl to Cu2S suppresses electronic conduction, and ionic conduction reaches almost 100 pet at a CuCl concentration of about 50 mol pet. These facts are interpreted in terms of electron energy level diagrams by analogy to the situation in solids. RESULTS of electrical conductivity studies on molten Cu-FeS mattes as a function of composition and temperature have been reported.' The specific conductances ranged from about 100 ohm-' cm-' for pure Cu2S to 1500 ohm-' cm-1 for pure FeS. This is in sharp contrast with the low specific conductance of molten ionic salts for which the transfer of electricity is by migration of ions in the field. In general, these ionically conducting molten salts, such as NaC1, KC1, CuC1, etc., have a specific conductance of the order of magnitude of 5 ohm-' cm-'. It was concluded on the basis of this evidence that molten FeS and Cu,S exhibit electronic conduction. Pure molten FeS has a small negative temperature coefficient of specific conductance, resembling metallic conduction, while pure molten Cu2S has a small positive temperature coefficient, resembling semi-conduction. The molten Cu2S-FeS mattes follow a roughly additive rule of mixtures, both with respect to specific conductance and temperature coefficient. Savelsberg2 has studied the electrolysis of molten Cu2S and Cu2S + FeS. He concluded that while molten Cu2S is an electronic conductor, there is some ionic conduction in molten Cu2S + FeS3 owing to the formation of the molecular compound 2Cu2S.FeS and its dissociation into Cu1 and FeS2-1 ions. The present work does not verify his results. Chipman, Inouye, and Tomlinson" have studied the specific conductance of molten FeO and report a high specific conductance, about 200 ohm-1 cm-1 of the same order of magnitude as that found for molten mattes, and a positive temperature coefficient. They interpret these results in terms of p-type semiconduction in the ionic liquid by analogy to the situation in solid FeO.1 imnad and Derne' detected appreciable ionization in molten FeO by means of electrolytic cell efficiency measurements. In order to verify the conclusion that electrical conduction in molten Cu2S and mattes is electronic, and to gain further insight into the structure of molten sulfides, the following investigations were carried out in the present work: 1) The specific conductance, s of the molten system Cu2S-CuC1 was measured as a function of temperature over the entire composition range. As discussed later, molten CuCl is an ionic substance. It was thought that if molten Cu2S were simply ionic in nature, addition of small amounts of CuCl might not have a catastrophic effect in lowering the high conductance of the Cu2S. On the other hand, if much electronic conduction occurs, addition of the ionic CuCl should have a large effect in destroying the electronic conduction. 2) The electrolytic cell efficiency of the following molten systems was measured at about 1100°C in specially designed cells: Cu3; Cu2S + FeS, 50:50 by wt; FeS; Cu2S + CuS, 15 wt pet; Cu2S + CuC1, 5.9 to 46.4 mol pet; and CuC1. This gives a direct measure of the fraction of current carried by ions in these melts. Further, the cell efficiency, extrapolated to zero ionic current, is given by cell efficiency = (s leasile + s elexstronic). [1] s lucile for molten CulS would be expected to be no greater than that for molten CuC1, whose s lonle is about 5 ohm-' cm-1, as will be seen in the following. u,.,,.,.,.......for molten Cu,S is of the order of 100 ohm-' cm-'.' Thus, a large increase in cell efficiency from 0 to values of 10 to 100 pet upon addition of CuCl to Cu2S would indicate destruction of the electronic conductance. Conductance Measurements Experimental Procedure—The apparatus and experimental method were the same as those described in detail in connection with the study of electrical conduction in molten Cu,S-FeS mattes.' A four terminal conductivity cell and an ac poten-

Jan 1, 1957

By N Clarke, R Dineen, W Jones

The Mt Lyell copper mine in western Tasmania has discharged acid drainage (AD) into the Queen and King Rivers and Macquarie Harbour for over a century. Presently, dissolved copper loads of about 1000 tonnes per annum and dissolved aluminium loads of >2000 tonnes per annum are contained in the AD, which is derived from underground workings (~60 per cent) and historic waste rock dumps (~40 per cent). Flows vary from about 100 L/s during dry periods, to >400 L/s during the wet winter. The site is presently operated by Copper Mines of Tasmania (CMT) who are not responsible for the acid drainage generated from the mine site. Although western Tasmania is famous for its mining history, tourism and aquaculture have emerged as the new industries on the West Coast, with a major tourism railway (the Abt) recently opened along the banks of the Queen and King Rivers. The emergence of these industries in a æclean greenÆ Tasmania has resulted in a strong community and government push to remediate the acid drainage. Remediation investigations and efforts at Mt Lyell were initiated by the Department of Primary Industries, Water and Environment (DPIWE), previously known as DELM, in 1995, and have included the quantification of environmental impacts arising from the AD, and the investigation and costing of potential remediation options. A primary focus of the work has been to identify cost-neutral options which recover metals from the AD in a saleable form to help defray on going treatment costs. This paper summarises these activities in generally a chronological order, highlighting findings of the program that are potentially applicable to other acid drainage sites.

Jan 1, 2003

By F. L. Sizer

SOME old-time views which have recently come into my possession have inspired me to record that part of the early history of Leadville, Color- ado, with which I am familiar, the years 1878 to 1882, in the hope that others will add to what is here mentioned. My first appearance in Leadville was in June, 1878, immediately after graduation from the University of Michigan, and I found a congenial and lively crowd of young men, already there. The old log hotel, at the corner of Pine and State streets, housed some distinguished guests in the summer and fall of 1878. It was my good fortune there to make the acquaintance of James B. Grant, afterwards Governor of Colorado, in July of that year, when we were both glad of the accommodation afforded by cots in the second floor loft of the hostelry presided over by Herman Hibschle. Grant was then building his smelter and our associates were Eddy and James, August R. Meyer, and Berdell and Witherell. The Grand Hotel-Harris and Walsh, pro- prietors-was the first-class hotel of the place; but in a very few months there were many competitors.

Jan 1, 1924

Characterizing coal mine roof rock is extremely important for hazard assessment, reinforcement, and entry design. The Coal Mine Roof Rating (CMRR) is an innovative rock mass classification that has found acceptance in the coal mining industry. A disadvantage of the original CMRR is that it cannot be determined in advance of mining, because it requires underground observations. An entirely new set of procedures have now been developed to determine the CMRR from exploratory drill core, as described in this paper. The new procedures employ Point Load Tests (PLT) to determine strength parameters that account for approximately 60% of the rating. Both diametral (parallel to bedding) and axial (perpendicular to bedding) PLT are conducted. The diametral tests allow estimates of bedding plane cohesion and rock anisotropy, both of which are critical to estimating susceptibility to horizontal stress. Traditional core logging procedures are used to determine discontinuity spacing and roughness. To ensure compatibility with the original CMRR, the new rating scales were verified by comparing drill core results with nearby underground exposures. To assist mine planners in using the new CMRR procedures, a large database of strength ratings of roof rocks was assembled through extensive point load testing and logging. Over 2000 point load tests (both axial and diametral) have been made on 30 common coal measure rock types from mines representing most U.S. coalfields. This database has been merged with the popular core rating system of J.C. Ferm into a field guide for geologists and engineers. By using the pictorial classification system of Ferm to identify the rock, typical CMRR can be compared with values calculated using the new CMRR procedures.

Jan 1, 1996

In 1801, Hatchett discovered the oxide of a new element while he was examining a heavy black mineral from Haddam, America, which had been presented to the British Museum. He named the mineral Columbite and the metal Columbium. A year later a Swedish investigator, Eckeberg, while working with a new mineral resembling columbite-yttrotantalite discovered a new element, to which he gave the name of tantalum.In 1844, Rose announced the existence of two new elements in a sample of columbite from Bodenmais. One was similar to Eckeberg's tantalum and the other was called Niobium. Wollaston, in 1909, attempted to show experimentally that columbium and the tantalum were identical, but it was soon proved that they were two separate elements. Subsequently a number of investigatiors found other "new elements" in tantalum and columbium bearing ores, but these were shown to be mixtures of the twin metals.Since Hatchett's Columbium and Rose's Niobium are identical, it is more fitting to use the name assigned to this element by the earlier investigator. However, the term niobium is still retained in Germany and England.The separation of tantalum and columbium has been one of the major problems for analytical chemists since the discovery of the two elements and it is only in recent years that tantalum of a high degree of purity has been produced. High purity columbium metal is probably still to be obtained.Until 1903 tantalum was merely a laboratory curiosity, but about this time its use in incandescent electric light bulb filaments was discovered. Eight years later it was replaced by tungsten, which was better and cheaper. For a time the electrolytic valve action of tantalum was used in the charging of storage batteries, but the chief uses of the metals' to-day are for corrosion resistant apparatus, in vacuum tubes and as carbides in the manufacture of hard cutting and shaping tools.Most of the recent work on the metals has been done by C. W. Balke, in America. Tantalum has been studied more than columbium. OCCURRENCE OF TANTALUM AND COLUMBIUMI. NATURE OF ORESTantalum and columbium occur, nearly always together, as the oxides in combination with other metallic oxides. The only known exception to this is the reported occurrence of metallic tantalum with gold in the Ural Mountains. Unlike most other metals, no compounds with sulphur are known to occur in nature. Tantalum and columbium minerals occur usually...

Jan 1, 1943

To provide an engineering solution to wood crib design and deployment strategies that will ensure safety for underground coal mine workers. This is accomplished by preserving necessary ground control requirements while minimizing support costs or by developing new support strategies to enhance ground support in difficult conditions. A secondary objective is to be able to quantify wood crib support performance to define support requirements for alternative support systems. These objectives have been achieved through a simple-to-use computer program called the wood crib performance model (wcpm).

Jan 1, 1997

By John R. Hoskins

The Bureau of Mines conducted an investigation to more exactly define the influence of some end conditions on the laboratory-determined uniaxial compressive strength of rock samples. Limestone, marble, sandstone, and granite were used to provide a range of specimen modulus of elasticity from 2.7 X 106 psi to 10 x 106 psi. Four variables were studied: Nonparallelism and surface texture of specimen ends were the specimen variables investigated; the end platen size and the adjustable or spherical head friction were the machine variables studied. It was concluded that the loading ends of small laboratory models and samples should be prepared with surface irregularities that do not vary from a plane surface by more than 0.001 inch. It was also concluded that nonparallelism of the specimen ends should not exceed 8 minutes for a rigid head load or 15 minutes for an adjusting head load. The measured compressive strength of specimens prepared with these tolerances will be statistically the same with any diameter or thickness of platen and any degree of head friction if initial alinement of the specimen is assured.

Jan 1, 1968

Readers of recent Bulletins have doubtless observed that the problem of improving both material and moral condition of employees is receiving close attention from influential members of the Institute. This will lend interest to certain developments and investigations that have been reported elsewhere.

Jan 5, 1918

By Franklin J. Stermole

L. Alan Weakly, member SME, is a senior staff engineer, Exxon Co. Weakly chaired a Mining Engineering committee formed to solicit materials for six planned "personal skills" articles, to be used in ME this year. What follows are Weakly's introductory comments to the series. Upon graduation from college several years ago, I thought that I was sufficiently prepared to embark in my chosen profession. A short time later I realized that several years of on-the-job training was going to be required before I could use my technical training effectively. It never occurred to me that, professionally, I was seriously lacking in any other skills. My spelling could use a little upgrading, but this was not a serious deficiency. I have been very fortunate to have had two employers that recognized that their engineering professionals did lack other skills and made every effort to give them training to correct these deficiencies. The skills I am referring to are those in administration and interpersonal relationships. Most mining engineers and geologists receive very little, if any, college training in these areas. In addition, many companies do not provide this training and many mining engineers and geologists are unaware of their deficiencies. It is for this reason the subject of personal skills development is being introduced in Mining Engineering. The mining engineer or geologist can pursue one of two basic career directions, managerial or technical. In today's technically sophisticated society and highly competitive business climate, both orientations require administrative and interpersonal skills. Most of us are technically qualified and we continue to upgrade our technical skills. But many studies indicate that we, as a group, are significantly weaker in administrative and interpersonal skills than other professional groups. In addition, these studies indicate that engineers, in general, take longer to reach managerial levels and fewer do so. This series in Mining Engineering, then, should help readers strengthen and broaden their professional capabilities. In all industries, including mining and petroleum, economic analysis of potential investment projects is done to select the projects that will give maximum future value from the investment of available capital. Rather than looking directly at the future values to be generated by investing capital in alternate ways for economic decisions, evaluators usually use either rate of return, present value, annual value, a profit to investment ratio, or various break even analysis results to reach economic analysis decisions in evaluating alternative investments. Alternative economic evaluation techniques are used in industry to properly analyze the economic potential of various investment projects. "Discounted Cash Flow" analysis is the phrase commonly used to describe these techniques. Whether you want to analyze projects in mineral, petroleum, real estate, refining, pipe-line transportation, or any other industry, proper application of discounted cash flow analysis techniques enables you to fairly compare the economic potential of alternative projects as well or better than you can using any other project evaluation approaches. It should be pointed out that investment analysis generally involves more than economic analysis. Financial and intangible considerations sometimes are as important or more important to investment decision-making than economic considerations. Economic analysis refers to evaluation of the profit generating potential of projects, that is selecting which alternative projects will generate maximum future value possible from available investment capital. Financial analysis, on the other hand, relates to analysis of where money is going to come from to finance various projects. Regardless of the economic potential of a project, if financial analysis indicates that we cannot finance the project, it likely will be shelved for financial reasons even though it may be economically satisfactory. Many evaluators use the terms "economic analysis" and "financial analysis" interchangeably, but this author considers that to be undesirable. Intangible analysis relates to project factors that are difficult to quantify in

Jan 2, 1984