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By H. E. Powell

Basic data were recorded on the decompositions that take place during thermal decomposition of siderite (FeC03). Both the naturally occurring and a synthetically prepared mineral were studied by differential thermal, thermo-gravimetric, X-ray-diffraction, and chemical (including gas) analyses. Thermal decomposition was studied in the media of dry air, moist air, dry carbon dioxide, dry helium, and dry carbon monoxide and at atmospheric and at reduced pressures. Results showed the thermal decomposition of FeC03 to be an extremely complex process, dependent on environmental factors and side reactions that cannot now be completely controlled. Therefore, full understanding of the reaction involved must depend on additional research with advanced evaluation techniques.

Jan 1, 1965

By L. Magne, M. Maldonado, R. Varela

Real-time optimization of flotation circuits demands for accurate and reliable measurements to support the decision making process. The collection zone gas holdup is an important variable in this context as integrates the effect of machine and chemical factors on the bubble size and velocity distributions. It has been demonstrated that gas holdup not only correlates with bubble surface area flux, which defines the particle collection rate and recovery in the collection zone, but also with water overflow, a variable which has been related to the froth zone recovery. Therefore, on-line gas holdup measurements provide a reliable alternative to judge efforts leading to the optimization of flotation cells and columns. Estimation of gas holdup in flotation from electrical conductivity measurements has been proposed and extensively used in lab and industrial installations. The approach is based on the application of Maxwell's model, which relates the concentration of a dispersed phase in a continuous medium to measurements of the conductivity of the liquid medium and of the mineral pulp with and without air bubbles included. These measurements require a conductivity cell which covers a representative volume of the flotation cell, and creates a homogeneous electric field throughout this volume that ideally is not affected by the conductivity of the medium. The development of such a cell in the limiting space and geometry of a laboratory flotation cell has been problematic, but a multi-electrode arrangement offers a promising alternative. Electrodes were installed in the flotation cell of a Denver unit; the results of preliminary testing are discussed with a focus on its performance in the measurement of two- and three-phase dispersion conductivity.

Jan 1, 2015

By Howard A. Meyerhoff

AS a source of mineral wealth, the larger islands of the West Indies have never had an enviable reputation. The Spaniards took possession of them in the sixteenth century hopeful that they would yield gold; but it was not long before they knew the rather rigid limitations of Antillean gold production and were seeking-and finding ---richer deposits of the precious metals in Mexico and on the west coast of South America. Although a great deal of wealth changed hands in the West Indian islands in subsequent years, the fact may be laid to the abundance of pirates and privateers and not to the richness of local ore bodies.

Jan 1, 1941

By Alice Y. Tseng, Dan MacLean

"Corrosion protection of all deep foundation systems made of steel is THE issue when considering durability of the element in the long term. Protecting steel from corrosion and maintaining the steel tendon cross sectional area ensures a competent and durable system. The foundation of a building is usually difficult to repair and therefore high risk is taken when unknowingly choosing a non-adequate solution.Requirements according to EN 1990 (Eurocode 0 or EC 0) on construction durability requires a service life over 100 years. How can a service life over 100 years be achieved? How shall bare steel be protected in soil, which sometimes could be an aggressive environment to the steel? Which corrosion protection methods are commonly used in Europe and in North America?This paper will focus on hollow bars used as Micropiles, Anchor piles and Soil Nails. It gives an overview about the state of the practice in regards to corrosion protection (including head construction) and evaluates different options following the European Standards focusing on type of material and method of installation. Further the different corrosion protective methods such as thickness of grout body, coating types and sacrificial loss are listed with the pros and cons evaluated.Based not only on North American standards like FHWA “Micropile Design and Construction Guidelines”, FHWA Geotechnical Engineering Circular No. 7 for “Soil Nail Walls“ and Post-Tensioning Institute “Recommendations for Prestressed Rock and Soil Anchors”, but also European standards like EN 14199 “Execution of special geotechnical works – Micropiles”, EN 14490 “Execution of special geotechnical works - Soil nailing”, EN 1537 “Execution of special geotechnical work – Ground anchors“, and other relevant standards, all possibilities of protecting the hollow bars and the steel quality will be introduced, discussed and compared ."

Jan 1, 2017

By James R. Jones

It has been 2-1/2 years since the Congress passed the Surface Mining Control and Reclamation Act of 1977 (PL95-87) the Office of Surface Mining every deadline specified in the Act. Hopefully the Congress will begin to realize that specifying unrealistic deadlines does not accomplish the end desire of legislation any sooner -- it only adds to the confusion, and actually hinders orderly, efficient progress. OSM has been sued by all categories of involved parties -- environmental activitist organizations, the states, and the coal operators. This situation has resulted for two reasons: (1) insufficient time was allotted by the Congress to properly develop the regulations and program, and (2) OSM?s philosophy that it must dictate every detail of reclamation operations from Washington, even though many of its people are inexperienced with coal mining. These law- suits are now demonstrating their value. OSM is showing signs of "pulling-in-its horns" and, hopefully, will approach the revised regulations in a more realistic fasion.

Jan 1, 1980

By A. J. Kraemer

This paper is the second and concluding report of the results of the Bureau of Mines' twenty-second semiannual survey of motor fuel marketed in the United States. The first paper Was published as Report of Investigations 30634 and reported data relating to gravity, vapor pressure, and distillation range of the samples. The present paper deals particularly with results of the determination of copper strip corrosion (method 530.22),5 color (method 10.11),6 sulphur content by the lamp method, 7 copper dish evaporation residue (method 530.1),8 and "gum" content as given by the steam-oven method as developed by the Bureau of Mines. 9 The price at the time the sample was taken and the tax are also stated for each sample. The sample numbers used throughout this report are identical with those used in Report of Investigations 306310; ?for example, No. 225 of this report is the same sample as No. 225 of Report of Investigations 3063.

Jan 1, 1931

By M Field

Kimberlite pipes, as opposed to dykes, sill and secondary deposits, are the primary target for diamond exploration companies because they have simple geometries and can contain large volumes of potentially diamond-bearing ore. Once discovered, important decisions have to be made regarding the sampling of these geological entities to establish the total volume of ore present, and to define the internal geology, which can be complex in nature and controls the distribution of diamond grade. It is essential that as part of this process the uncertainty in constructed geological models are assessed. In this paper the Orapa AK1 kimberlite pipe in Botswana is used as a case study to explore a potential methodology for defining this uncertainty. The uncertainty of the rock volumes of different types can be characterised by a geostatistical approach. Geostatistical simulations, based upon a plausible representation of the geological bodies, provide different possible images of the orebody that can be considered as different realities. By testing different borehole layouts and drilling the orebody virtually on the computer, many different, but equi-probable realisations of the pipes can be produced. It is then possible to estimate the rocksÆ volumes and compare them with the actual ones. A statistical analysis of the relationship between estimation error and the number of boreholes can then be used to optimise the next sampling campaign. The rock volumes are obtained from a two-step simulation process. Firstly, the pipe geometry is simulated by means of introducing variations around the geological block model, by an original method called centre point simulation (CPS), which has been developed for this purpose. Secondly, the internal geology is then simulated within the pipe. The methodology for simulating the internal geological zones has to be adapted to the level of information and to the geological structure itself. The upper portion at Orapa AK1 is filled with sedimentary crater facies. Here plurigaussian simulation techniques can be applied that are adapted to the simulation of sedimentary facies. The central zones of the pipe are typically subvertically-oriented massive volcaniclastic deposits and breccias and the lower regions comprise a complex root zone. CPS is appropriate for these zones.

Jan 1, 2006

By Mototsugu Matsuno

A new process has been developed to treat fly ash generated from municipal incinerators, which contains not only toxic metals such as lead and cadmium, but also dioxins. The process includes the following steps; fly ash is formed into green pellets with some additives and the pellets are then roasted to eliminate or stabilize the toxic metals and to decompose dioxins. A pilot plant with a capacity of approximately 100 kg/hr was used to test the process, The tests verified that heavy metals were either volatilized or stabilized and dioxins were decomposed by high-temperature roasting. The pelletized ash was found to be non-toxic, so that it can be recycled as artificial lightweight aggregate. It was also found that volatilized metals collected as secondary ash can be recycled as smelting resources.

Jan 1, 2003

By T. Boyd, K. McTaggart, J. Qiu

"Hudbay Minerals’ Flin Flon process plant produces a copper concentrate and zinc concentrate from the three ores it processes: 777, Reed and Lalor. Unlike many Cu-Zn ores, the average Zn: Cu ratio in feed is around 2:1, whereas, in many Cu-Zn separation plants the Zn: Cu feed grade is substantially higher than 2:1. The lower Zn: Cu in plant feed is a challenge for limiting Zn recovery to the Cu concentrate. While total recoveries of Cu and Zn at Flin Flon are very good; selectivity is the key challenge and small changes in ore or plant, can result in quite variable Zn recovery to Cu concentrate, and accordingly, Zn recovery to Zn concentrate. Magnetic conditioning has been shown to be selective between the two paramagnetic minerals chalcopyrite and sphalerite. Statistical testing of magnetic conditioning was undertaken at Flin Flon with the objective of increasing Cu recovery to Cu concentrate without increasing the Zn recovery to Cu concentrate - in effect increasing Cu-Zn selectivity. This has been achieved elsewhere with magnetic conditioning with the probable mechanism being an increase in fine chalcopyrite recovery, and a reduction in entrained, ultrafine, non-activated sphalerite to Cu concentrate. The results did indeed show an increase in Cu recovery to Cu concentrate of 0.8% to high confidence, but the decrease in Zn recovery to Cu concentrate was not to high confidence. This is effectively an increase in Cu: Zn selectivity in the Cu circuit – higher Cu recovery with no change in Zn recovery. However, while there was an increase of 1% in Zn recovery to Zn concentrate with magnetic conditioning, the variability in this parameter meant that this increase, though larger in magnitude than the Cu result, was not to high confidence."

Jan 1, 2019

By Robert Hopler

Blasting powder is a slow-acting, black, granular explosive made of sulphur, charcoal and either potassium nitrate (saltpetre) or sodium nitrate. The blasting powder containing potassium nitrate is known as “A” blasting powder; that containing sodium nitrate, as “B” blasting powder. “A” blasting powder is a little denser, a little stronger and a little less hygroscopic than “B” blasting powder.

Jan 1, 2014

By John J. Sammarco, Janet S. Flynt

This report (Independent Functional Safety Assessment Guidance 7.0) is the last in a nine-part series of recommendations and guidance addressing the functional safety of processor-controlled mining equipment. It is part of a risk-based system safety process encompassing hardware, software, humans, and the operating environment for the equipment’s life cycle. Figure1 shows a safety framework containing these recommendations. The reports in this series address the various life cycle stages of inception, design, approval and certification, commissioning, operation, maintenance, and decommissioning. These recommendations were developed as a joint project between the National Institute for Occupational Safety and Health and the Mine Safety and Health Administration. They are intended for use by mining companies, original equipment manufacturers, and after-market suppliers to these mining companies. Users of these reports are expected to consider the set in total during the design cycle. • 1.0 Safety Introduction (Part 1).—This is an introductory report for the general mining industry. It provides basic system/software safety concepts, discusses the need for mining to address the functional safety of programmable electronics (PE), and includes the benefits of implementing a system/software safety program. • 2.1 System Safety (Part 2) and 2.2 Software Safety (Part 3).—These reports draw heavily from International Electrotechnical Commission (IEC) standard IEC 61508 [IEC 1998a,b,c,d,e,f,g]and other standards. The scope is “surface and underground safety-related mining systems employing embedded, networked, and nonnetworked programmable electronics.” System safety seeks to design safety into all phases of the entire system. Software is a subsystem; thus, software safety is a part of the system’s safety. • 3.0 Safety File (Part 4).—This report contains the documentation that demonstrates the level of safety built into the system and identifies limitations for the system’s use and operation. In essence, it is a “proof of safety” that the system and its operation meet the appropriate level of safety for the intended application. It starts from the beginning of the design, is maintained during the full life cycle of the system, and provides administrative support for the safety program of the full system. • 4.0 Safety Assessment (Part 5).—The independent assessment of the safety file is addressed. It establishes consistent methods to determine the completeness and suitability of safety evidence and justifications. This assessment could be conducted by an independent third party. • Safety Framework Guidance.—It is intended to supplement the safety framework reports with guidance providing users with additional information. The purpose is to assist users in applying the concepts presented. In other words, the safety framework is what needs to be done and the guidance is how it can be done. The guidance information reinforces the concepts, describes various methodologies that can be used, and gives examples and references. It also gives information on the benefits and drawbacks of various methodologies. The guidance reports are not intended to promote a single methodology or to be an exhaustive treatment of the subject material. They provide information and references so that the user can more intelligently choose and implement the appropriate methodologies given the user’s application and capabilities. The guidance reports comprise parts 6 through 9 of the series and are listed below: [< 5.1 System Safety Guidance (Part 6).—This guidance supplements 2.1 System Safety. < 5.2 Software Safety Guidance (Part 7).—This guidance supplements 2.2 Software Safety. < 6.0 Safety File Guidance (Part 8).—This guidance supplements 3.0 Safety File. < 7.0 Independent Functional Safety Assessment Guidance (Part 9).—This guidance supplements 4.0 Independent Functional Safety Assessment.] [ ]

Jan 4, 2006

By O. P. Hood

The smoke problem means different things in different places . In the neighborhood of industrial plants , especially smelting plants and cement plants , the term " smoke " is applied to material discharged from these plants , consisting of a mixture of solid particles ( dust ) , fume which has condensed from vapors , and gases of various kinds that are produced in the operations . In the ordinary use of the word , however , " smoke" refers to the visible material which escapes from the burning of coal . White smoke usually owes its color to small drops of water which have condensed from the water vapor that it formed in the burning of coal . When smoke is black, the color is due to unconsumed particles of carbon and usually when the smoke problem is spoken of , it is this black smoke produced in the burning of coal that is referred to , Many inquiries in regard to smoke are addressed to the Bureau of Mines , and the following brief summary has been prepared as covering the usual questions . For references to the smoke problem in England , I am indebted to a recent interesting paper on this topic by David Brownlie .

Feb 1, 1922

By L. C. Brichta

During a study of the Badger-Peacock area from October 1950 to June 1953, the Federal Geological Survey and the Federal Bureau of Mines completed nearly 98 miles of resistivity profiling and drilled 96 test holes aggregating 17,628 feet of bore, In addition, seismic profile measurements were made along 8 traverse lines for an aggregate length of about 16,600 feet. The geophysical surveys were conducted by the Geophysics Branch of the Geological Survey; the drilling was done by the Bureau of Mines. Electrical-resistivity measurements disclosed 21 low-resistivity anomalies and 1 high-resistivity anomaly. Correlation of the resistivity data with the geological information revealed by the drilling disclosed that the low-resistivity anomalies indicated either slumped shale deposits in limestone sinks or undisturbed deposits of shale lying in erosional depressions in the limestone. The high-resistivity anomaly indicated hard, undisturbed limestone at or near the surface.

Jan 1, 1958

By M. Myllymäki

"Pre-treatment of mill feed in a minerals processing plant enables for higher production efficiency per ton of product, reduction of consumables and diverting mineral feed types. Sensor based particle sorting allows for pre-concentration of the run-of-mine (ROM) material prior to other concentrating process. Various sensors provide different responses from the minerals in measured particles. The capability of “accepting” or “rejecting” particles based on sensor responses is investigated in specific test work for each project. Modern sorting machines use pneumatic actuators to divert the reject particles from the material stream. This paper discusses the incorporation of ore sorting test work in processing and plant design. When taking the effects of a sorting circuit into account early in the process planning phase, the downstream process can be adequately sized and impacts evaluated. Potential benefits include but are not limited to increased head grade, lower tonnage to the mill, increased mining operations, removal of deleterious elements and changed properties in the process feed. In a case study we present the Keliber lithium project in central Finland. The plant will produce 9000 tons of lithium carbonate per year from a spodumene ore. Ore sorting and flotation tests were carried out in laboratory and pilot scale. Process models were designed and simulations performed using Outotec’s HSC Chemistry Simulation software. Changes in the flotation performance (grade, recovery, impurity levels) were simulated with and without the pre-concentration of the ROM material. The metallurgical performance and mine economics of the different operational scenarios were evaluated using the Ore-Met optimizer module of the simulation software.INTRODUCTION Challenges in the recent years such as declining ore grades, increasing energy prices, scarcity of water and increasing environmental regulations raise the demand for more efficient processing technologies. Sensor based sorting offers a method for pre-concentration or waste rejection at an early process stage. The technology analyzes each rock particle separately for their unique physical and chemical properties, and diverts the particles into separate material streams by high pressure air jets. Successful implementation relies on ore heterogeneity, differential sensor response and suitable feed preparation."

Jan 1, 2018

By J. Navoyski, B. Macdonald, W. J. Helfrich, J. L. Bellanca, B. Demich

DISCLAIMER The findings and conclusions in this paper are those of the authors and do not necessarily represent the official position of the National Institute for Occupational Safety and Health, Centers for Disease Control and Prevention. Mention of company names or products does not constitute endorsement by NIOSH. ABSTRACT The pervasiveness of high-fidelity video games raises expectations of quality, detail, and lighting in virtual reality (VR) applications. However, high-quality models of mining equipment and environments are often not readily available, and developers may not be familiar with the latest techniques, such as physically based rendering (PBR). Because a consistent aesthetic is critical for maintaining immersion and controlling visual stimuli in research as well as in training, researchers at the National Institute for Occupational Safety and Health (NIOSH) created an asset development workflow. This paper details this workflow, including precision modeling and PBR techniques as well as a rigorous review process. It also describes lessons learned in the creation of photorealistic VR assets. BACKGROUND Virtual reality (VR) describes the simulated experience generated by an assemblage of hardware and software that are used to immerse the user. Over many years VR developers targeted the development of virtual environments (VE) toward various purposes: entertainment, the treatment of phobias [1], rehabilitation [2], and training [3]. A large part of the VE development includes digital assets, where digital assets refer to the non-programmed elements including 3D models, audio, and user interface. Because vision provides nearly 10Mbps of data [4] and accounts for the majority of all sensory input combined [5], a focused effort on asset appearance in VEs is warranted. Furthermore, research has shown that higher-resolution imagery increases search performance and training transfer, necessitating high-fidelity assets [6, 7]. In addition to being visually appealing, it is important that the assets and environment are also dimensionally accurate and consistent in order to elicit appropriate responses from the end users as they interact with and among these items [8, 9]. Researchers at the National Institute for Occupational Safety and Health (NIOSH) have developed VEs and digital assets under several research projects over the course of the last two decades [10, 11, 12, 13]. This work has provided researchers with a strong knowledge base for digital asset development. However, the assets themselves have had limited reuse value. Due to the extended timeframes and limited scope of these projects, the previously developed assets are not consistent in visual quality and dimensional accuracy. Moving forward, researchers wanted to minimize future development time and use of resources as well as adopt new asset development tools and game engine technology. Therefore, the aim of this paper is to document a new asset development workflow including geometry, materials, UV layout, and shader implementation combined with review steps in order to produce high-fidelity simulation assets that are accurate with consistent characteristics, using repeatable methodologies that are well documented.

Jan 1, 2019

By I Minniakhmetov, J Ashford

Orebodies constitute naturally occurring, commonly highly variable concentrations of minerals in the earth’s crust formed through varying and highly unpredictable processes. Orebody knowledge is a core foundation of a mining company’s asset base underpinning all decisions about Mineral Resource and Ore Reserves, future production, development and ultimately the profitability and competitiveness of a mining enterprise. The decision to invest in a mineral project is usually based upon a techno-economic evaluation of the project and having clear approval pathways to gain local community support and address social and environmental impacts. The main objective of the techno-economic evaluation is to determine the optimum development sequence for the particular orebody in question and to estimate the economic viability of the project and the future return on investment to its stakeholders, balancing the inherent value of the mineral in the ground against the costs of development and market pricing. With the exception of market-driven commodity prices, virtually all revenue and cost estimates fundamentally stem from the understanding and subsequent modelling of the orebody. A reliable estimate of the ore deposit grade and other geological value-drivers is the foundation upon which the business case for future mine development and operation is intricately dependent. Orebody knowledge is, therefore, the fundamental driver of the mineral project cycle, influencing the progression of studies and consequently, the resource company’s ability to declare Exploration Results, Mineral Resources or Ore Reserves which govern the source and cost of funding available to the project. Drilling provides a ‘vector’ to the true nature of the orebody and effectively buys time to manage the technical risk associated with the orebody. Despite its perceived high cost, in both time and money terms, drilling is the only available technology for acquiring the necessary orebody knowledge to support technical and economic studies and to minimise orebody-driven cash flow uncertainty and volatility. However, like all costs, pressure to minimise drilling budgets is ubiquitous across the minerals industry. Paired with inappropriate key performance indicators, drilling is often regarded as a cost to be minimised, rather than an investment to be optimised. Furthermore, as future deposits get deeper and more complex, the collection of orebody knowledge is increasingly on the critical path for project development. The increasing cost of data collection pertaining to these deposits increases the temptation to minimise orebody knowledge gathering at the cost of long-term value as the reduction or postponement of drilling results in greater orebody knowledge risk at all stages of the value chain. Indeed the true cost of the decision to drill less is rarely known until the mine is in operation, well after the mine project evaluation team has moved on. This paper aims to promote orebody knowledge as the fundamental source of endogenous project financial risk and, consequently, its critical importance in project financial evaluation. Furthermore, the report documents experimental research into the development of an econometric model for valuing orebody knowledge. Using the density of drilling data as a proxy measure of orebody knowledge, the proposed approach integrates well-established stochastic grade modelling techniques with the mathematical mechanics of Decoupled Net Present Value (DNPV) which, combined with stochastic grade modelling (conditional simulation), lends itself to the financial International Mining Geology Conference 2022 | Brisbane, Australia and Online | 22–23 March 2022 3 assessment of orebody knowledge risk. Based on this approach, a metric is formulated, representing the minimum value of the orebody knowledge added by additional drilling

Mar 22, 2022

By Chao Zhang, Jian Guo, Chaoquan Yao, Leige Xia, Xinyu Li, Jianliang Zhang

In this research, analytical reagents were used for the sintering experiments. And the sinters were using X-ray diffraction, scanning electron microscope and mineralogical microscope analysis to study the effect mechanism of manganese on the silico-ferrite of calcium and aluminum (SFCA) bonding phase formation during the sintering process. The results indicated that the increasing content of manganese would greatly reduce the content of SFCA, and promote the formation of calcium aluminum silicate and the amount of pores and cracks. The existence of manganese inhibited the silicon form into the SFCA and a great deal of Fe2O3 was participated in the crystal transition to Fe3O4. When the ratio of the added manganese was less than 3% in the mixing, the calcium ferrite was in substantially interleaving corrosion with hematite and magnetite. Both the porosity and silicate glass phase content were low simultaneously, which contributed to the sintering production.

Jan 1, 2015

By Dale W. Richardson

Ductile hafnium was not obtained consistently by the conventional Kroll process. The bimetal reduction modification produced a more ductile hafnium by lowering the impurities, especially oxygen, in the sponge metal. Hafnium oxide was chlorinated in the presence of carbon to form anhydrous hafnium tetrachloride, which was reduced by sodium and magnesium in an inert atmosphere to produce sponge hafnium metal. After vacuum distillation to remove the byproducts, the sponge was arc-melted into ingot and rolled into strip. Metallic impurities were decreased by evaporating the hafnium tetrachloride from a fused salt. An excessive amount (over 1,200 parts per million (p.p.m.)) of aluminum was contained in some of the hafnium oxide, much of which remained as aluminum chloride in the hafnium tetrachloride during chlorination. Evaporation of the hafnium tetrachloride from a fused NaCI-KCI mixture during the Mg-Na reduction greatly lowered its aluminum content, as most of the aluminum and some of the other metallic impurities were retained by the fused salt.

Jan 1, 1961

By J. Boltano

This paper discusses the study, design and implementation of the new gas handling system for the Caletones Smelter of Codelco-Chile. A discussion on design conditions for a future Sulphuric Acid Plant using Teniente Converter gases is also included. The old system which started to be modified in 1985 and relied on natural draft and used balloon flues, resulted in a limited gas handling capacity for operation under future process conditions. This system also caused excessive fugitive gases in the smelter working areas. The new system permits handling of process gases from the higher capacity Teniente Converters Installed in 1987-1989 improving the gas handling of the reverberatory furnaces and Peirce-Smith converters as well as the environmental conditions of the smelter. This system utilises improved converter gas hoods, evaporative cooling and electrostatic precipitators gas cleaning, and is based on natural draft.

Jan 1, 1992

By R. E. Allen

THERE was once a time when a practical oil man would appraise or buy a producing property on the basis of from $200 to $500 per barrel of average daily settled production. Curtailment-has, for the present at least, caused a virtual abandonment of the "barrel -of settled production" as a yardstick of, oil property value and in its place has come the "barrel of allowable production," which, although an artificial thing, is nevertheless now the principal factor governing the rate of ?pay out? or investment return. The potential production of a well, settled or otherwise, is of less importance in determining the present worth of a well than is the rate at which it may be produced. Speaking only of true potential for the moment, it is obvious that of two similar wells having the same potential, the one having the highest rate of allowable production would be worth proportionately more than the one of lesser allowable. The discount factor for deferred return and risk can easily vary the present values of the two wells by as much as 20 per cent when allowable rates are not greatly different.

Jan 1, 1934