Search Documents

By J. L. Casado-Sánchez

Financial capital is highly volatile and if the investor does not get adequate compensation for the risk faced he may consider withdrawing his capital assets from the company and consequently produce a structural change in any sector of the economy. We study the variation in profitability of assets in terms of the changes that occur in the markets. The choice of models used is justified by the extensive theoretical and empirical use of them throughout the history of financial economics. We have used the capital asset pricing model (CAPM) and the model based on the arbitrage pricing theory (APT) to determine the beta value. These models have been applied to the monthly returns of 27 mining companies listed on the New York Stock Exchange (NYSE) or London Stock Exchange (LSE), using data from the period covered from January 2006 to December 2010. The results of time series and cross sectional regressions for CAPM and APT produce some errors, suggesting that many companies have failed to obtain an adequate cost of capital. Also the results show that higher risk firms tend to have lower profitability. These findings make it unlikely to be maintained over the long term the current status and could drive structural change in the mining sector in the form of mergers.

Aug 1, 2013

By R. A. McGuire

THE recorded production of the Sheep Creek camp from 1900, when the Yellowstone Mining Company first put its mill into operation, to the present day is in excess of $17,500,000. Of this total, $2,500,000 can be attributed to the early period from 1900 to 1916, at which time increased costs of labour and material due to the Great War forced abandonment of any operations on a large scale for a number of years. Since the camp was revived in 1929, at which time the Reno mine started large-scale operations, and the early 'thirties', when the increased price of gold induced the commencement of operations on other properties in the district, total gross production has been in excess of $15,000,000. In addition to the above totals, intermittent shipments were made by lessees and small operators, principally during the period of inactivity from 1916 to 1929, but no records of this production are available. The Sheep Creek camp would rank fifth in the Province-behind Rossland, Portland Canal, Bridge River, and Hedley-in gross gold production, but, because of relatively inexpensive mining and milling costs, would occupy a more prominent position in regard to total dividends paid. Operating mines at the present time include Reno Gold Mines, Gold Belt Mining Company, Kootenay Belle Gold Mines, and Sheep Creek Gold Mines. Each one of these companies, with the exception of Kootenay Belle, represents a consolidation of several smaller properties, all of which were in existence for a number of years prior to 1929. These four companies, at the present time, own, or hold options on, practically all the important claims in the district with the exception of a very few claims and fractions still held by private owners.

Jan 1, 1942

By James E. Lonergan

Linear goal programming is a multi-objective optimization technique where the constraints of a linear programming formulation of a problem are considered as additional objectives. The optimal solution is the one that comes closest to satisfying all the objectives. An interactive computer program was written to utilize this technique in solving the feed blending problem faced by power plants de- pendent on multiple sources of coal supply. This program determines the amount of coal from each supplier to utilize in the blend. Examples of the use of the program in both long and short term coal procurement planning scenarios are given.

Jan 1, 1984

By LeoJ. Miller

Exploration for an ore deposit commences with an outline of the regional ore controlling environment and is followed by the application of tools to focus the target area. One of the most essential focusing is the mapping of the mineral assemblages within the area of the ore. Key elements of mineralizing fluids, either epigenetic or syngenetic, enter into mineral assemblages that extend far beyond ore deposits. Portions of these assemblages may consist of new matrix minerals or alteration of previously existing minerals. Today, ore deposits are divided into genetic classes and each class is d8fined by a specific geological environment. Ore deposits within a given class are associated with a mineralogy, that is characteristic of the ore deposit class. So faithful is the mineral assemblage surrounding, or within an ore deposit, that recognition of the assemblage may be sufficient to define the class. Porphyry copper deposits have long been noted for their halos of alter-ation minerals. The outermost ring of chlorite, epidote and calcite extend thousands of feet away from the main ore zone. The mineral associated with porphyry copper deposits have been well documented by our distinguished speaker Paul Kerr, at Santa Rita (1), and Silver Bell' (2), and by excellent papers from S. C. Creasey, 1959 (3), Sales, 1948 (4), T. S. Lovering, 1949 (5), our Co-Chairman John Guilbert, 1970 (6), and many others. Several recent porphyry copper mines have been discovered in recent years by utilizing the mineral assemblage model described by Lowell and Guilbert, 1970 (6). Dave Lowell applied his own model of mineral halos for the discovery of Kalamazoo at San Manuel (7), Arizona, and Casa Grande West, Arizona. The purpose of this paper is to outline the application of mineralogy for discoveries of deposits other than porphyry copper mines and in particular, to ore discoveries in which mineralogy has played a key roll.

Jan 1, 1981

By Bruce Mathema, Steven Huynh, Terry Cheng, Gerry Gomez

"The use of PM40N, a specialty precious metals promoter in conjunction with a standard Xanthate based collector was extensively investigated in the flotation of a complex, silver-bearing, lead-zinc ore containing naturally occurring graphitic gangue. The ore, considered difficult to treat with conventional reagents, was tested at plant scale to determine the impact of the promoter on silver recovery, lead grade and also on the amount of zinc misplaced to the final lead concentrate.Initial laboratory-scale rougher flotation testing implied significant improvements in the recovery of silver and lead with a marginal amount of zinc displaced. Subsequent mini pilot flotation tests further revealed that a gain in selectivity and recovery could be achieved by adjusting PM40N promoter dosage and incorporating a cleaner flotation step, further improving rejection of sphalerite. Plant trials resulted in an improvement of 3% in Silver recovery coupled with a 2% increase in recovered lead whilst maintaining lead grade in the lead circuit.To date, the use of PM40N as a promoter has enabled the processing operation to significantly increase its plant economics. The partial replacement of the standard Xanthate based collector has also reduced the overall quantity of Xanthate required in the standard circuit by approximately 10% - which is a positive impact on the environment. It is envisaged that further optimization of plant parameters will favor stable operation and continue to boost revenues generated by subsequent improvements in silver metallurgy."

Jan 1, 2014

By Chee Theng

"In 2013, Coeur Mining had more than $55 million in general and administrative (G&A) costs and less than $100 million in cash flow. This year, its G&A costs stand at $30 million, down by more than 40 percent, its all-in sustaining costs have shrunk by more than 30 percent, and its cash flow is above $200 million. To realize this, the company aggressively reduced both its corporate overhead cost and operating cost and repaid more than $300 million in debt.The more robust balance sheet meant the precious-metals producer was well positioned to reap the rewards of an upsurge in commodity prices in the early part of 2016. Its stock price soared from $1.75 in January to $15.98 in August. Although the stock price has since dropped to around $9 due to a stronger dollar and a more hawkish Federal Reserve that recently raised U.S. interest rates, shifting the opportunity-cost argument away from buying gold and silver, Coeur remains attractive to analysts in light of its prudent spending and improved fundamentals.Focus on balanced portfolioCoeur is the largest primary silver producer and one of the largest gold-producing companies in the United States and one of the largest silver companies in the world. Incorporated in 1928, the U.S.-listed company has a total of five operations: three in the United States, one in Mexico and one in Bolivia. About two-thirds of its revenue comes from the United States.The company is conscientious about having a balanced portfolio, so no single mine accounts for more than about 30 percent of its business. Being in three different jurisdictions provides further diversification, and its revenue split of about 60 percent from gold and 40 percent from silver gives it some metals mix. This year, it expects to produce about 466 t (15 million oz) of silver and 10.3 t (330,000 oz) of gold."

Feb 1, 2017

By Thomas A. Edison

We have not yet begun. to realize the possibilities of automatic machinery, in part because we have not developed the designing brains, and in part because we have not sufficiently simplified industry to make possible the economical use of such machinery. The principle of the Jacquard loom, has scarcely been utilized except in weaving silk and in the player piano. It is the principle of bringing into action the various parts of a machine in accordance with a pattern traced on a steel card by perforations or as on the paper roll of a player piano. This principle gives us a control which can be applied to any kind of machine. It is a' great reserve principle for the future. But even now, with the machinery that we have at command, anyone can cut the number of employees in two, at the same time doubling his output, by installing semi-automatic or automatic machinery. And no one knows how far this process can go on. Cutting down the number of men is not just putting some poor fellows out of a job. It is increasing the number of good jobs by increasing the production per capita to a point where really satisfactory wages can be paid out of it, and this in turn- increases the amount of work required to be done and creates new jobs. Thus, cheapening in- creases the demand.

Jan 1, 1929

By Ernest M. Spokes

Starting in 1980, a committee of the National Research Council studied the question of why some underground coal mines are safer than others and what could be done to improve the ones with poorer performance. The results indicated that safety is improved by management commitment to safety, by cooperation between labor and management on safety matters, and by quality training of employees and managers. Younger mines have higher accident frequencies, but are less likely to be killed or permanently disabled by a lost-time accident. Methods for improving safety performance are proposed.

Jan 1, 1983

By W. J. Kuit

Since closure in 1968, the Wedge Mine, situated adjacent to the Nepisiguit River in New Brunswick, has been flooding with acidic water containing toxic levels of heavy metals. Cominco Ltd. has undertaken a series of pollution control measures to mitigate the threat posed to the river quality. Included has been a successful treatment campaign in 1976 which discharged in excess of 30 million gallons of high-quality effluent from the accumulated volume of mine water. The sources of contamination have been identified as actively leaching waste dumps. A comprehensive program of permanent corrective measures has been prepared which will culminate in mine backfilling. Once completed, the unacceptable burden of water treatment in perpetuity at a non-producing property will be removed.

Jan 1, 1977

By J. H. Jacobs

This report records a chapter in the history of the development of an electrolytic manganese industry in the United States. Nearly all the manganese requirements of the United States have been imported. Although there are large quantities of manganese ore in the United States, most of it is low-grade and cannot be used for the production of ferromanganese. Since the electrolytic production of manganese carried out by a process developed in the laboratories of the Bureau of Mines offers a method whereby the extensive low-grade deposits may be utilized and since commercial development had proceeded slowly, the Bureau constructed a new and larger pilot plant at Boulder City, Nev., where abundant electric power was available. An authorization in November 1940 covered a plant of only several hundred pounds daily capacity. Additions to some sections author¬ized by subsequent appropriations have enabled the plant to produce over 2,000 pounds a day for extended periods.

Jan 1, 1946

By John O. Marsden

Technology development and innovation has played a crucial role in the copper industry throughout history. The effective development and implementation of new technologies allows mankind to produce copper at progressively lower cost of production at a given feed grade and mineral type. This progress serves to counteract cost escalation over time and, depending on the magnitude of the cost benefit, allows ore cut off grades to be reduced thereby improving the availability, accessibility and utilization of mineral resources. The development of step change technologies that can offer >$0.15/lb total cost benefits provides a significant opportunity for producers to achieve competitive advantage, but it has been argued that rapid dissemination of technology makes such competitive advantage unsustainable over time. This paper presents the results of a recent study that evaluates a number of historical and emerging step change technology case studies in the copper industry and quantifies the associated cost benefits for users, the impact on the production cost curve, and the duration of such cost benefits for various categories of implementers: first mover, fast follower, conservative followers and laggards. The results provide a compelling case for major, mid-tier and emerging copper producers to invest in technology development initiatives if they wish to achieve and sustain competitive advantage over the long term. INTRODUCTION AND BACKGROUND A key issue for mining companies is how much time, effort and cost to spend on research and technology development (R&TD). The economic drivers for technology development and implementation are poorly understood in our industry and the business case is clouded by some notable and well-publicized failures (McNulty, 1998). Mining companies are in business to deliver financial returns to investors. This means delivering short term results on a quarter-by-quarter reporting basis as well as sustaining and growing the company to retain and reward a sustainable longer term investor base. The cyclical nature of the commodity metal markets makes it challenging to maintain investment in research and step change technology development: Mining companies must manage through the highs and the lows of price cycles, typically ranging from 5-15 years in length. The discounted cash flow approach to investment evaluation results in weak financial justification for R&TD expenditures. A clear and compelling rationale to support longer term investment in research and step change technology implementation is required.

Jan 1, 2019

By Daguang Lu

The section of sintering and BF (blast furnace) is very important in iron-making process. In practice, the scheduling is so extensive that three faults unfavorable to continuous product will be easier to happen. This paper introduces the integration Petri Net and GA (genetic algorithm) as suitable tools for simulation and optimization of scheduling to section of sintering- BF under a certain hot iron or-der. The situation of the iron plant Chongqing Iron and Steel Company is researched in approach above mentioned. By analysis, the conclusion is drawn that scheduling with optimized values can maintain continuity of key operations , can satisfy order of hot iron in maximal degree and can keep the best stability of key storages.

Jan 1, 2009

By L. P. Davidson

ThE new electrolytic zinc plant of the American Zinc Company of Illinois commenced operation in April 1941. The simple flowsheet using the standard current density and the economic reasons that dictated it are given herewith. The Evans-Wallower Zinc Co. built an electrolytic zinc plant at Monsanto, Ill., in 1929 and operated it for about two years. The plant stood idle from 1932 and was purchased by the American Zinc Co. in 1940. Because of the condition of the equipment, excepting the motor generator set, a complete rebuilding was necessary. The Fairmont City plant of the American Zinc Co. could treat the leach residues, the purification cake and the skimmings from the melting furnace in its various plants. This possibility permitted a simple flowsheet with good economic results. The flowsheet is shown in Fig. I. The calcined concentrates are leached in mechanically agitated tanks with spent electrolyte and such ferric iron solution as necessary. When the acid has been neutralized and the iron coagulated, the fluid is discharged to settling tanks. The underflow from these thickeners is filtered on a Moore filter; the filter cake leaves the plant for retreatment and the filtrate joins the thickener overflow. Zinc dust is added to this solution until the copper and cadmium are precipitated. The pulp is filtered through Shriver presses, which deliver the purified solution to stor- age tanks, and the copper-cadmium-zinc cake is shipped for retreatment and recovery of these three metals. The purified solution is electrolyzed; the regenerated acid is returned for use in the leaching plant and the cathode zinc, after stripping, goes to the melting furnace, from which it is cast in slabs. The skimmings from the melting furnace are shipped to the Fairmont City plant for reduction to metal in the retort furnaces. The choice of this simple flowsheet was made possible only because of the facilities of the Fairmont City plant. The long leaching pried, with high acid content and high temperature which characterize the high-density process, gives a higher zinc extraction but also dissolves more impurities, which must be removed. The same is true to a lesser degree of the multi-step leaching of the western low-density plants. By the sacrifice of some initial extraction, solutions can be obtained that are relatively easy to purify and give good ampere efficiency. This loss in initial extraction is made up in the retreatment of the residues in the Waelz plant. The impurities that accompany the zinc thus extracted are inconsequential when the Waelz product is treated in a distillation plant. It was recognized that this flowsheet would require a somewhat greater amount of sulphuric acid—-eithcr as acid or as sulphate sulphur in the calcine—because of poorer washing. The sulphuric acid plant at Fairmont City could deliver 60" Bè. acid to compensate for the sulphate loss and the cost would be less than the cost of more intensive washing.

Jan 1, 1943

By L. P. Davidson

ThE new electrolytic zinc plant of the American Zinc Company of Illinois commenced operation in April 1941. The simple flowsheet using the standard current density and the economic reasons that dictated it are given herewith. The Evans-Wallower Zinc Co. built an electrolytic zinc plant at Monsanto, Ill., in 1929 and operated it for about two years. The plant stood idle from 1932 and was purchased by the American Zinc Co. in 1940. Because of the condition of the equipment, excepting the motor generator set, a complete rebuilding was necessary. The Fairmont City plant of the American Zinc Co. could treat the leach residues, the purification cake and the skimmings from the melting furnace in its various plants. This possibility permitted a simple flowsheet with good economic results. The flowsheet is shown in Fig. I. The calcined concentrates are leached in mechanically agitated tanks with spent electrolyte and such ferric iron solution as necessary. When the acid has been neutralized and the iron coagulated, the fluid is discharged to settling tanks. The underflow from these thickeners is filtered on a Moore filter; the filter cake leaves the plant for retreatment and the filtrate joins the thickener overflow. Zinc dust is added to this solution until the copper and cadmium are precipitated. The pulp is filtered through Shriver presses, which deliver the purified solution to stor- age tanks, and the copper-cadmium-zinc cake is shipped for retreatment and recovery of these three metals. The purified solution is electrolyzed; the regenerated acid is returned for use in the leaching plant and the cathode zinc, after stripping, goes to the melting furnace, from which it is cast in slabs. The skimmings from the melting furnace are shipped to the Fairmont City plant for reduction to metal in the retort furnaces. The choice of this simple flowsheet was made possible only because of the facilities of the Fairmont City plant. The long leaching pried, with high acid content and high temperature which characterize the high-density process, gives a higher zinc extraction but also dissolves more impurities, which must be removed. The same is true to a lesser degree of the multi-step leaching of the western low-density plants. By the sacrifice of some initial extraction, solutions can be obtained that are relatively easy to purify and give good ampere efficiency. This loss in initial extraction is made up in the retreatment of the residues in the Waelz plant. The impurities that accompany the zinc thus extracted are inconsequential when the Waelz product is treated in a distillation plant. It was recognized that this flowsheet would require a somewhat greater amount of sulphuric acid—-eithcr as acid or as sulphate sulphur in the calcine—because of poorer washing. The sulphuric acid plant at Fairmont City could deliver 60" Bè. acid to compensate for the sulphate loss and the cost would be less than the cost of more intensive washing.

Jan 1, 1943

By I M. Platten, Y Xie

Sampling protocols that are designed to suit the mineralisation style will result in a reduction of the nugget effect and hence resource risk. The a priori need for all sampling programs is the effective characterisation of the mineralisation type(s) to support optimisation. This requires a program of sampling for sampling followed by holistic characterisation. At each end of the coarse-gold to fine-gold spectrum, the samplability of a deposit ranges from relatively simple for fine-grained disseminated gold particles, through to extremely difficult for coarse nuggety mineralisation. Many deposits contain a proportion of both particle size types. The proportion and size of coarse gold particles has a direct impact on the effectiveness of sampling, where coarser particles will require larger samples and more specialised protocols. The nature of mineralisation geology/mineralogy and associated gold particle sizing can only be determined by sampling to facilitate optimised protocols. Mineralogical studies, focusing on particle size, particle clustering and distribution in host minerals, are required as part of wider paragenetic and metallurgical investigations. This paper discusses the role of mineralogical studies in the characterisation of gold ores for sampling optimisation through a series of case studies.

Jan 1, 2008

WHEN one leaves the busy street and enters a library, the closing of the door behind him marks his passage into another world. Outside is the world of phenomena and appearances-of thronging pedestrians bustling about their business, of gregarious sights and sounds, of insistent auto-mobiles. Inside, on dusty shelves, is the stored learning of civilized man-the recorded ideas of countless generations. It is somewhat of a magic world. Here are the theories and secrets for which thousands of men toiled and gave their heart's blood. To produce one book on one phase of an ob-scure-subject may have required the best efforts of a group of men unique in their period. To prove one theory, or es-tablish a single application of a theory, may have taken the devotion of a genius who sacrificed his life to his work. This theory is perhaps stated in one paragraph of unassum-ing type, and the library contains millions of such para-

Jan 11, 1927

By H. F. Seifert

THE classification and preparation of non-ferrous scrap metals is a subject of interest to every individual and corporation that employs in its processes of manufacture non-ferrous metals and alloys and accumulates in such manufacture scrap from these materials for disposition in the form of turnings, borings, short ends, punchings, clippings, grindings, washings, etc. All too frequently the disposition of such scrap is left to individuals who have no knowledge of the subject either from a metallurgical or a commercial standpoint, or both. Much money is thus lost which with a little more intelligent effort might be saved, and in this day of fierce competition and small profits such an opportunity cannot be ignored. The Mineral Resources of the United States for the year 1925, the latest issue available (Part 1, page 221), gives the secondary non-ferrous metals of certain classes recovered in the United States for the year 1924 to 1925 as shown in Table 1. The figures are tabulated simply to give the reader some idea of the scope of the secondary non-ferrous metal industry. Approximately 900,000 tons of an annual value of $244,000,000 were recovered in the year cited. In 1916 (again using the Mineral Resources of the United States as authority) the tonnage reclaimed was approximately 632,000 tons and the value, because of the high prices for metals prevailing at that time, amounted to $265,000,000. It is not the purpose of this paper to discuss smelting and refining operations or the feasibility of an organization, primarily engaged in some other activity, conducting smelting and refining operations to convert its own non-ferrous scrap metals and alloys. The classification and preparation of these non-ferrous materials is a preliminary step, regardless of what subsequent operations the material may pass through or where these operations may be conducted. For that reason the subject can be readily discussed without any reference to subsequent activities. Space must be provided, with suitable handling facilities, scales and the necessary storage bins where the material may be accumulated. The scope of the activity, the nature of the industry and the tonnage handled will determine, in a large measure, what preparation, if any, it may be desirable to give these scrap materials to put them in the best marketable condition. By preparation is meant largely what, for the want of a

Jan 1, 1928

Ore textures in Australian BIF-derived ores are quite complex and have formed the basis for ore genesis models, which includes hypogene upgrading or supergene upgrading then regional metamorphism for the microplaty hematite ores and supergene upgrading for the martite-goethite ores. Despite a high level of ore texture knowledge, little is known about the spatial distribution of ore textures within deposits or their relationship to downstream processing. This paper describes a new iron ore texture classification system to better understand the vertical textural zonation characteristics of Australian BIF-derived deposits, the interpreted role of recent supergene upgrading processes on modifying primary ore textures and their implications for downstream mineral processing. The iron ore textural classification scheme presented uses textural groupings defined on the basis of similarities in mineralogy, ore texture, porosity, mineral associations and hardness. The scheme is non-genetic and has been successfully applied to deposits in the Pilbara, Yilgarn and Gawler cratons. The main ore texture groups include dense martite/hematite, microplaty hematite, microplaty hematite-goethite, martite-goethite, goethite-martite and goethite-rich. Each group can be further subdivided into physically hard to softer subcategories. The ore textural groups can be divided into those interpreted to be associated with primary replacement of BIF and secondary textures resulting from more recent modification by near-surface hydration or dehydration processes. A schematic vertical section through BIF-derived deposits consists (from surface) of detritals underlain by a carapace, both of which may have been eroded, followed by a hydrated zone with replacement of primary ore martite and microplaty hematite by vitreous goethite. The hydrated zone is underlain by 0.2 - 6 m thick zones of intense dehydration and textural infilling of porosity with hematite and hydrohematite. Immediately below the dehydration zone is a strong zone of leaching, where more porous and friable ore textures occur, followed underneath by a gradational contact with primary ore. Secondary supergene processes can impact on beneficiation with hydration and leaching resulting in more difficult density separations at the concentrator stage due to reductions in density differences between ore and gangue and loss of heavy media into pores. Supergene modification of primary BIF-derived ore textures can substantially change lump metallurgical properties, with hydration and dehydration favourably increasing lump yield but reducing resistance to thermal shock whilst leaching will give the opposing outcome. The lump properties of ore textural groups appear to be relatively consistent within and between the iron ore deposits examined.

Jan 1, 2002

By R. D. Leitch

"The pollution of streams has received much attention during the last few years, and although there are many other and more serious forms of pollution, the problem of acid mine drainage is important in certain sections of the country, particularly in Pennsylvania. At the request of the United States Public Health Service the Bureau of Mines undertook to determine some of the factors contributing to formation of acid mine waters, the yearly variations in quantity and quality of drainage, effect of mining methods, and various other questions arising in connection with the problem; some attention was also given to its economic phases.In acknowledgment, the writer wishes to thank Dr. R. R. Sayers, Chief surgeon; A. C. Fieldner, chief chemist; and W. P. Yant, supervising chemist, health laboratory section of the Pittsburgh Experiment Station, all of the Bureau of Mines, under whose direction the work was conducted.Because no data of a like nature had previously been determined, and with the thought that such data would throw additional light on the general subject, a stream having a number of mines draining into it was selected for observation in both high-sulphur and low-sulphur bituminous-coal districts, as designated in commercial rating. These mines and streams were visited in both wet and dry seasons to note the quantity and variations in acidity of mine drainage and the subsequent effect on streams. Maps of these streams with the sampling points are shown in Figures 1 and 2. In a report of this nature a great deal of tabular data is best emitted, but reference to the maps will serve to indicate the factors that determined sampling points, such as tributary streams and gobs."

Sep 1, 1928

By W. D. Robbson

DR. G. W. RAMSEY (l): A study of our non-treatment silicosis autopsy material for the years 1940-43 inclusive, in addition to the common findings of fibrosis, nodules, and emphysema, shows marked thickening of the alveolar walls. This change is due to one or more of the following factors: congestion, edema, accumulation of both small and large monocuclear cells within the interstitial tissues and large monocuclear cells attached to the lining membrane of the alveolar sacs. This alteration in the alveolar walls, we believe, is one of the most important factors in producing impaired pulmonary function. Comparison of our first autopsy material of a case receiving twenty aluminium treatments beginning June, 1943, shows a striking change in the alveolar walls. In all areas free of silocotic nodules and fibrous tissue, the alveolar walls approach normal thickness and are free of cellular deposits. No change was noted in the old processes and none was expected. We believe that these changes in the alveolar walls were brought about by the aluminium therapy and that they constitute a major factor in the improved pulmonary ventilation noted in treatment cases.

Jan 1, 1945