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By Sorentino C

Mineral valuation may appear to be a special field of financial valuation when in fact it is a subset of general investment decision theory. The only significant difference in mineral valuation is that in the case of valuing an on-going mineral asset, ie a mine, often there is no initial capital outlay involved. One is required to determine what the mineral asset as it stands is worth. But this is the same problem as determining the maximum one could pay today and not incur a loss over the life of the asset. In other words one needs to determine the Net Present Value (NPV) of the asset. The two most widely used discounted cash flow methods, NPV and Internal Rate of Return (IRR) came of age with the rapid adoption of the personal computer and spreadsheet programs. The two methods are directly related as the IRR is a special case of NPV. NPV measures the absolute increase in real wealth that can be expected from a certain investment, which makes it particularly suitable for mineral asset valuation, but ignores the efficiency of the investment. In contrast, IRR gives the expected efficiency of the investment but ignores the increase in wealth aspect. IRR has two serious theoretical weaknesses; multiple IRR's and a very rigid assumption about the rate of return of reinvested proceeds, plus if no initial equity expenditure is involved there is no IRR. The choice of the ""hurdle"" rate can also be a problem and in certain circumstances one can obtain different rankings of mutually exclusive projects using IRR and NPV. Although NPV and IRR supposedly measure financial risk, in fact they only address a very narrow area of risk, namely the time value of money given the real discount rate. They side step the issue of what the real discount rate should be and varying degrees of risk. The classical way to establish the real discount rate is to use the weighted average cost of capital.

Jan 1, 1994

By William Bergeson

This paper presents the challenges of the Homestead Avenue Interceptor Extension (HAIE) project in downtown Hartford, Connecticut. The new 72-inch (1,830 mm) sewer pipeline project consists of installing approximately 3,010 linear feet (920 m) of PVC lined reinforced concrete pipe using pressurized face microtunneling. The entire alignment is located within soft to very soft, varved silt and clay. To the extent possible, the alignment was selected to avoid bedrock, glacial till, miscellaneous fill,buried steel piles, and utilities. Challenges for this project include low ground cover, crossing major transportation routes, and limiting settlement to prevent damage to historical buildings and critical utilities. The machine was selected for the ground conditions. Design calculations were performed for selecting the reinforced concrete pipe class and for evaluating settlement. The potential for settlement damage was evaluated using both conventional analysis and finite element analysis

By Harvey P. Knudsen, Young C. Kim

This paper illustrates the application of geostatistics to a roll front type uranium deposit located in Wyoming. The steps involved in calculation of experimental variograms, variogram modeling, and verification of the resulting models are described in detail. The resulting spherical variogram models for grade thickness and thickness show strong geometrical anisotropies. The major axis of anisotropy for both variables is approximately parallel to the axis of the roll front and the minor axis perpendicular to the roll. This model confirms the technique of drilling "fences" across the roll front, where the drilling is much closer together than the fences along the roll.

Jan 8, 1979

By Reed S. C. Rogers

The breakage parameters of phosphate ore were determined by batch first-order grinding studies in a laboratory ball mill according to the procedures described in the text by Austin, Klimpel and Luckie, using a slurry density of 70 weight percent. The results were scaled to five larger mills of 0.56 m diameter by 0.91 m length (2 ft. by 3 ft.), 0.82 m by 1.52 m (3 ft. by 5 ft.), 3.36 m by 7.90 m (11.5 ft. by 25 ft.), 4.41 m by 9.10 m (14.5 ft. by 30 ft.), and 5 m by 11.1 m (17 ft. by 36 ft.), assuming equilibrium ball charges for the full-scale mills. The results were used to predict product size distribustions and capacities for batch grinding in the 0.56 m and 0.82 m diameter mills and open circuit grinding in the 0.82 m diameter and larger mills using a one-large/two-small reactors in series model fitted to the residence time distribution measured in the 4.41 m diameter mill. The simulated results were compared to plant data for ranges of mill capacities. It was found that the simulated product size distributions were in good agreement with the experimental values below the 70% passing sizes, but did not agree so well in the top sizes. The predicted capacities were in approximate agreement with experimental values for the pilot-scale mills, were about 7 percent too high for the 3.36 m and 4.41 m diameter mills and about 25 percent high for the 5 m diameter mill. Use of the Bond method with the measured Work Index of the phosphate ore gave capacity predictions that were 45 to 150 percent too high.

Jan 1, 1985

By Harry Roeser

Short cuts for determining the constants of oil decline curves, with the method of least squares as a starting point, are presented and applications made to practical examples. The nature of the raw data does not justify rigid adherence to the orthodox theory but does lend justification to convenient methods of approximation within reasonable limits. If the conventional form y = kxn were changed to y = k(x + c)', methods of determining the curves would be simplified and greater uniformity in calculated results would probably follow. As A result of the publication, several years ago, of some articles on determining the constants of empirical formulas, the determining the constant's of types of curves used for estimating the production decline of oil wells was brought to the writer for study. Methods requiring a minimum of time and labor and a maximum of rigor were sought, as it appeared that the nature of the data from which such curves are computed and the relative uncertainty of occurrence of the events predicted from them did not justify close adherence to the theory on which the solution of such problems is ordinarily based. The technical deficiencies of the solutions presented in this paper, from the standpoint of the method of least squares, are readily apparent to those familiar with that method, but their presentation in detail here is irrelevant to the subject matter. However, it is the author's conviction, after a rather exhaustive study of the problem, that the value of the solutions lose little by the approximate application of the conventional theory. It must be understood by those who use these formulas that the solutions herein given, and the formulas based on them, are merely facilities to aid the valuation engineer in forecasting future events. It is assumed, also, that before application is made of them, prescient judgment based on the circumstances in each case, shows that the forecast has some probability of realization. On this basis only will these formulas be found useful.

Jan 6, 1924

By Hill KC, Foster DA

Methods for ore reserve estimation are classified. The amount of information needed to asses ore reserves is analysed. Reference is made to gold sampling. Consideration is given to nugget effects and ore reserve estimation procedures where they are significant. Computer methods are discussed

Jan 1, 1997

By C. A. Hartnagel

In 1939 the production of crude oil in New York totaled 5,105,000 bbl. This marks the third consecutive year production of crude oil has exceeded 5,000,000 bbl. and only once has this total been surpassed—in the year 1882, three years after the discovery of oil in Allegany County, when the annual production was more than 6,000,000 barrels. The most gratifying feature of the industry was the increased demand for lubricants, which resulted in advanced prices for crude. From a price at the beginning of the year of $1.68 per barrel, six advances totaling 82c brought the year's closing to $2.50 per barrel. A further increase in price on Jan. 1, 1940, to $2.75 per barrel places the local industry in a strong position for the year's operations. Most of the oil production of the state is now obtained by water-flooding, and the industry is practically stabilized. No new pools have been discovered in over 25 years, and border drilling indicates little prospect of extending the boundaries of the fields beyond their present limits. Deep drilling to the Oriskany sandstone in and close to the present oil fields hay failed to find oil in substantial amounts. Altogether, the oil pools of New York have produced during the 60 years that they have been exploited approximately 125,000,000 bbl. of oil. Following the flush production of 1882, the annual production gradually dccrcased and the year 1912 marked an all-time low of only 782,000 bbl. In 1919, as a result of flooding operations, a definite upward trend in oil production was recorded. During that year also the production of oil by water-flooding methods as approved by Legislative action. In the 21-yr. period beginning with 1919, oil production in the state ha.: totaled 60,338,000 bbl. Thus it will be seen that by the aid of flooding methods nearly as much oil has been produced in the last 21 yr. as in the preceding 40 yr., although the Iatter period included the flush production in 1882. As there is little hope of extending the area of the present producing oil fields of the state, producers and refiners are concerned regarding the future life of the fields. It is encouraging to observe that earlier esti- Published by permission of Director of New York State Museum, Albany, N. P. Summarized at meeting; manuscript received at the office of the Institute March 20. 1940.

Jan 1, 1940

By C. A. Hartnagel

In 1939 the production of crude oil in New York totaled 5,105,000 bbl. This marks the third consecutive year production of crude oil has exceeded 5,000,000 bbl. and only once has this total been surpassed—in the year 1882, three years after the discovery of oil in Allegany County, when the annual production was more than 6,000,000 barrels. The most gratifying feature of the industry was the increased demand for lubricants, which resulted in advanced prices for crude. From a price at the beginning of the year of $1.68 per barrel, six advances totaling 82c brought the year's closing to $2.50 per barrel. A further increase in price on Jan. 1, 1940, to $2.75 per barrel places the local industry in a strong position for the year's operations. Most of the oil production of the state is now obtained by water-flooding, and the industry is practically stabilized. No new pools have been discovered in over 25 years, and border drilling indicates little prospect of extending the boundaries of the fields beyond their present limits. Deep drilling to the Oriskany sandstone in and close to the present oil fields hay failed to find oil in substantial amounts. Altogether, the oil pools of New York have produced during the 60 years that they have been exploited approximately 125,000,000 bbl. of oil. Following the flush production of 1882, the annual production gradually dccrcased and the year 1912 marked an all-time low of only 782,000 bbl. In 1919, as a result of flooding operations, a definite upward trend in oil production was recorded. During that year also the production of oil by water-flooding methods as approved by Legislative action. In the 21-yr. period beginning with 1919, oil production in the state ha.: totaled 60,338,000 bbl. Thus it will be seen that by the aid of flooding methods nearly as much oil has been produced in the last 21 yr. as in the preceding 40 yr., although the Iatter period included the flush production in 1882. As there is little hope of extending the area of the present producing oil fields of the state, producers and refiners are concerned regarding the future life of the fields. It is encouraging to observe that earlier esti- Published by permission of Director of New York State Museum, Albany, N. P. Summarized at meeting; manuscript received at the office of the Institute March 20. 1940.

Jan 1, 1940

By Yu Yamashita

There have been increasing in melting recycled scraps in copper smelting processes, and thus growing interests in the chlorine behavior. In this study, chloride dissolution in FeO-Fe2O3-SiO2slag (SiO2sat.) at 1523 K has been measured with varying in PCl2 from 1.13x10-8 to 1.30x10-7atm. and the oxygen partial pressures encountered in typical copper smelting furnace, i.e. PO2=10-8 to 10-10 atm. Discussion is made on the chloride capacity of FeO-Fe2O3-SiO2 slag in terms of its characteristics and the dissolved chlorine species. It has been shown that the mostreasonable dissolution reaction and chloride capacity can be expressed by the following reactions, where chlorine dissolves in the form of Cl-; here, aO2-, oxygen ion activity, is shown a function of oxygen partial pressure in the atmosphere. [ ]

Jan 1, 2006

By R. S. Sandhu, L. E. Baker, W. Y. Shieh

The finite element method of analysis was introduced by Clough.1 Within a short period, it has developed into a powerful solution technique in structural and continuum mechanics. It has been used to solve boundary value problems in two and three-dimensional elasticity.2-5 Anisotropy and heterogeneity of materials were allowed for at the earliest stages. 1,4 Its application has been extended to allow for cracks,5 creep and viscoelasticity, 6,7 incremental construction,6-8 nonlinear elasticity3,9 effect of joints in rock,10 and to materials with different behavior in tension and compression.7 Because of its versatility, the finite element method has found increasing application in the field of rock mechanics. In fact, several of the more significant developments have been motivated by problems in this field. Elasto-plastic material behavior based on the incremental or rate-type theory of plasticity rather than the deformation theory was considered by Reyes and Deere11 A material law based on a generalization 12 of the Mohr-Coulomb criterion was used. In this chapter, the formulation of material laws developed by Reyes and Deere 11 is used. An efficient analysis procedure, incorporating recent developments in finite element analysis, is developed for plane-strain conditions. To demonstrate its effectiveness, the procedure is applied to three cases, one for which an exact solution is available, another for which field observations had been made, and a third one for which a parallel study was made, using an accepted limit-equilibrium method.

Jan 1, 1970

By John Wulff, David A. Stevenson

The rates of solution of copper, nickel, and three copper-nickel alloys in liquid lead were studied at 527° and 727°C under dynamic conditions. The relative velocity at the solid-liquid interface was varied from 8.65 to 125 cm per sec. Analysis of the data for the pure metals indicates that the solution rate is transport corztrolled at lower velocities, but a transition to mixed control occurs at higher velocities, higher temperatures, and higher percent saturation. 1 HE present work concerns the effect of relative velocity at a solid-liquid interface on the dissolution kinetics of pure solid materials in liquid metals. This general problem is of interest in electrode kinetics, in electrolytic processes, and more recently in the field of liquid metal corrosion. Considerable work has been done on dissolution kinetics in aqueous environments because of the obvious importance to electrolytic processes.1,2 In purely metallic systems investigation has been more limited. There are, of course, extensive data from loop tests which are used in an engineering evaluation of liq- uid metal corrosion. Here, however, the dissolution process is complicated by several interdependent processes. In general, one of two factors is considered to be rate limiting in the dissolution process: the transport of material from the solid-liquid interface into the bulk liquid, or an activation process directly at the interface. A number of studies of the dissolution rates of solid metals in liquid metals under static conditions have been published.3- Since the attendant hydrodynamic conditions imposed by thermal gradient convection and concentration gradient convection are difficult to analyze, it is doubtful if a clear interpretation of the experimental findings of these papers in terms of the mechanism involved in the dissolution process can be made. A clearer picture of the dissolution process is provided by

Jan 1, 1962

By Klenowski G, Gilmour G. A

The Metropolitan Water Supply, Sewerage and Drainage Board, Perth, has recently con- structed two major sewerage tunnels in the metropolitan area and a further one is under construction. These tunnels were constructed in sand, sandstone and limestone. The Tamala Limestone is a Pleistocene calcareous dune sand which now varies in com position from loose sand to cemented rock. Investigation techniques included surface mapping, auger and diamond core drilling, seismic refraction geophysics and mechanical testing. The variable nature of the ground caused difficulties in all aspects of the investigation, particularly in core recovery and seismic work. The Beenyup Tunnel, 2.25m in diameter and 3440m long was excavated with a Dosco TBM 1800 machine and shield with precast concrete Charcon Universal bolted segment lining. The Burns Beach Sewer Tunnel, 1.27m in diameter and 860m long was hand excavated with precast reinforced concrete lining pipes jacked continuously behind an excavation

Jan 1, 1981

By Paul D. Foote

Most of the treatises on metallurgy intimate that simultaneously with the development by the atomic physicist of a really satisfactory theory of the atom will be inaugurated a new epoch in the science of metals. Metallurgically and metaphorically, we shall dwell in the Utopia of Sir Thomas More. It is my privilege this afternoon to demonstrate that this state has not arrived. An atom is a miniature planetary system consisting of a positively charged nuclear sun about which revolve electrons each carrying the negative charge e. The charge on the nucleus is + Ze where Z is the atomic number and the number of planetary electrons in a neutral atom is equal to Z. These electrons are arranged in several groups having different binding energies. Ordinary x-ray phenomena relate to processes occurring deep within the atom, usually with electrons in the so-called K or L shells. Such electrons in the heavier atoms are so closely bound to the nucleus that the forces exerted by neighboring atoms in a solid are relatively inappreciable. For most practical x-ray investigation, the atom may be considered as in the gaseous phase completely isolated from its neighbors. The K radiation from an element in the gaseous state, in the solid or liquid phase, or even in combination with other elements in all its possible valences, is almost identical.‡ Visual and ultraviolet spectroscopy is concerned with disturbances of the most loosely bound outer or valence electrons of the atom, always in the vapor state. The remarkable progress of the last year in both theo-

Jan 1, 1926

By Mutton B. K

A systematic approach to the collection, presentation and application of structural geology data is employed in the extraction of narrow en echelon Ag-Pb-Zn orebodies by rut and fill stoping at Mount Isa. The aim is to locate, document and predict areas of adverse ground thereby enabling adequate ground support to be installed in advance of production mining. The important structural features are identified and their relevance illustrated by case histories of previous failures. The methods of collection, documentation and application of data are discussed.

Jan 1, 1977

By W. D. Sylwestrowicz

In tests on polycrystalline copper and aluminum, the ratio of the yield stress to modulus of elasticity was found to be strongly dependent on tempemture. Also, it was shown that the change of the yield stress with temperature of a material at a given temperature and deformed to a given yield stress, but not necessarily to the same strain, does not depend on previous mechanical thermal history. Likewise, for a material at a given temperature and deformed to a given yield stress, the rate of work hardening is independent of the temperature of prior stressing. It has been shown by Los and Orowan1 and by Dorn, Goldberg, and Tietz2 that the temperature dependence of the yield stress-strain curves of crystalline materials reflects two effects: not only does the yield stress of a material in a given structural state depend on the temperature, but the structural state (and the corresponding strain hardening) after a given amount of plastic straining also depends on the temperature at which the pre-straining has been carried out. Thus, for instance, if a specimen of a ductile metal has been strained along the stress-strain curve 1 at room temperature to point A, Fig. 1, and then the straining continued in liquid nitrogen along curve NR, the yield stress A' immediately after lowering the temperature is lower than the yield stress A" of a specimen that has been strained by the same amount in liquid nitrogen (along curve 3). AA' represents the effect of the temperature change upon the yield stress of the specimen pre-strained at room temperature; A' A" is the excess strain hardening acquired if the pre-straining has been carried out in liquid nitrogen instead of at room temperature. The dependence of the yield stress (i.e., of the structural state acquired during preceding straining) upon the conditions (speed, temperature) of a pre-straining is the reason for the nonexistence of a so-called "mechanical equation of state" for plastic deformation. A 'mechanical equation of state" is a relationship of the form F(s,E, e, T) = 0, or s = f(E, E, T) [1] It was first suggested by Ludwik3 that plastic deformation might obey such an equation; this, however, was conclusively disproved by experiments of Kochendorfer.4 Additional disproofs were given in

Jan 1, 1959

By J. E. Tobey

UNQUESTIONABLY, manufactured gas will stage a comeback of such huge proportions as to dwarf its previous history. Timing will depend on two things: the diminishing supply of natural gas and the perfecting of processes for large-scale production of high-Btu gas from, coal. What the timing will be, and how soon the new era will begin for manufactured gas, no one knows. It may be just around the corner and it may be several years, but it is certain to come. It will depend on economic changes, and any major world upheaval might accelerate it tremendously. Supplemental gas for pipelines will come no doubt from two sources at least: (1) synthetic-fuel plants of the coal-chemical group, which produce chemicals and liquid fuels with a tail gas high in methane as a by-product; and (2) large-scale gasification plants, which will produce high-Btu gas entirely or as a major product with chemicals and liquid fuels as by-products. There is important activity at the present time, in the development of new processes and the improvement of those now in existence. The first large-scale gasification plants of the second category probably will be strategically located in the coal fields on or near the long-distance transmission gas lines, and these plants probably will operate jointly with large natural gas storage fields. Inasmuch as virtually all the major gas-transmission lines cross one or more coal fields, such locations will not be difficult to find. It will be a practical necessity to produce a high-Btu gas -that is, 750 to 1000 Btu-in order to maintain the capacity of the main transmission lines and local city distribution systems and further to eliminate the problem of appliance changeovers in the cities. If gasification plants on a medium or smaller scale prove to be economical, local gas utilities no doubt will consider .the construction of such plants to supplement their supply of natural gas. If low-temperature distillation processes like those now being developed by the Pittsburgh Consolidation Coal Co. are successful, and there is reason to believe that they will be, utilities that supply both gas and electricity to communities would find this method particularly attractive, as they could burn the char product directly under power boilers, thereby minimizing thermal

Jan 1, 1953

By Cornelius Kelley

I HAVE been asked to discuss "What Can be Done to Revive the Mining Industry," particularly from the standpoint of the copper industry. It is impossible to consider this problem, if in fact there can be one, from an isolated position. The mining industry is but a part, although a very important one, of that exceedingly complicated machine characterized as commerce, which comprises within its operation and functions the-multitudinous activities that, combined, make up the sum total of the production, manufacture, distribution, sale and utilization of goods and products resulting from the agrarian, industrial and commercial effort of mankind. We survey a world today with its disturbed mass of humanity permeated with discontent, passions loosened by brutal combat not yet brought under control, class hatreds aroused, national prejudices in a state of stimu-lated excitement, governments for the most part enfeebled, some destroyed to their foundations, with fragile structures raised in place of those that seemed enduring, and which have disappeared. A burden of indebtedness incurred in defiance of all economic law exists, to meet the exactions of which, levies of taxation that constitute a grievous burden upon effort and industry are exacted by the needs of those nations that are most favored, while printing presses are busy manufacturing currency that either has, or approaches, a negative value among those less favored. This picture, while not pleasant, is one that should be looked at squarely and carefully appraised in estimating the immediate future. For four years the world marshalled, and exerted without stint, its combined endurance, vitality and resource in an effort of destruction, which violated no less the orderly working of physical and economic laws than it did the conventions of social and civic relations. To have imagined that without travail the orderly processes that governed the relations of mankind could at once be reestablished and begin functioning, was, as has been demonstrated, fallacious; perhaps no more so than the error that is committed today by those opportunists who fail to take cogni-zance of basic conditions which must be remedied be-fore the world can resume its progress to a universally prosperous and satisfactory condition. Please do not gather from this somewhat unpleasant recital that I regard the future with gloomy foreboding or entertain pessimistic doubts, for, emphatically, I do not.

Jan 2, 1922

By Lightfoot BW, Bultitude-Paull J

The Sirosmelt top submerged lancing system has many applications in the smelting of base metal and complex materials. It has particular advantages for smaller scale smelting and the treatment of recycle materials in smelters where its low capital and operating costs and its operational flexibility are of immediate benefit. The system can be fueled by oil, gas or coal, as well as by mixtures of fuels. For many applications, the use of coal as a fuel has operating cost advantages over oil and gas, but conventional pulverised coal feeding systems entail very large capital expenditure and this militates against the use of coal. The methods available for improving on conventional technology for coal firing of Sirosmelt systems are discussed and operating experience with alternative systems are outlined. The use of coal as a reductant in the Sirosmelt system is also discussed.

Jan 1, 1987

By Pollard D, Meadows N

The presence of impurities which are electropositive to zinc in acid zinc electrolyte causes changes to deposit morphology and reduced current efficiency. Glue may be added to control some impurity effects, but assaying for animal glue concentration is difficult and seldom done. Measurement of the activation overpotential for zinc deposition by cyclic voltammetry is used in some plants to monitor electrolyte quality and control glue additions.The deposit morphology and current efficiency of zinc deposition from commercial electrolyte were investigated for various glue additions in the presence of increased levels of antimony. Cyclic voltammetry was investigated as a method of optimising glue additions in the presence of antimony.Scanning electron rnicroscopy showed deposits characteristic of the impurity element present and the glue addition rate. Cyclic voltarnmetry measurements showed some correlation between current efficiency and activation polarisation potential. The importance of using tankhouse electrolytes where results are to be related to tankhouse operation was noted.

Jan 1, 1988

R. W. Raymond, New York City: From a study of Mr. Johnson's paper, I conclude that his apparatus is simple in construction and operation, and imitates in a revolving machine the movements of hand-shoveling. It does what a man would do in removing sand from the waste-water with a perforated shovel. I am sorry to say that I fear the present condition of the brown-ore mining industry in the East, as long as

Jan 1, 1899