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By W. F. Boericke

WORLD production of silver in 1929 totaled 256 million ounces. In 1928 production was 258 million ounces, and in 1927, 254 million ounces. With an actual decrease in the amount of silver produced last year, as compared with 1928, and an increase over 1927 of less than one per cent, obviously there has been no overproduction of the metal in the popular sense. But the price of silver tells a different story. For 1927, the average quotation was 56.37 cents; it was 58.17 in 1928, and 53.0 in 1929. During the last year it reached a high point of 57 cents in January, and fell steadily, without interruption to the downward trend, to a low of 47 cents in December. Since then it has dropped to an all time low of 43 cents on February 6.

Jan 1, 1930

By D. Van Dooren

The final goal of the research project is to develop a 3D FEM model that is able to predict the kinetics and micro-structural evolution during the bainitic transformation. The input parameters consist of thermodynamic and atomic mobility data obtained from the ThermoCalc and mCTRA databases combined with structural mechanics data extracted from the stress-strain curves of the fcc and bee phases. In this paper the general principles of the model are outlined and some interesting preliminary results are shown and commented. The full implementation of the model has presently not been achieved yet. In the model the bainitic transformation is considered as a sequence of martensitic (re)nucleation and growth of a ferritic subunit followed by the carbon rejection into the surrounding austenite. The (re)nucleation of the subunits will be described through a non-classical martensitic nucleation criterion. Once a nucleus has been activated at a specific location in the material, a full-sized subunit is instantaneously formed through a displacive mechanism. The stress state in the system that arises due to the transformation strain can be calculated by a 3D FEM programming code. Immediately after the formation of the subunit, another 3D FEM programming code calculates the carbon diffusion from the supersaturated ferrite into the surrounding austenite. The resulting stress state and carbon profiles will be used to determine where and when a new subunit will nucleate based on a renucleation criterion. Keywords: Bainitic Transformation, Modeling, Eshelby, Carbon Diffusion

Jan 1, 2003

By P. Ramsaywok, G. Legodi

Spiral concentrators are widely used in the coal industry treating fine (-1mm) coal. Their application was a limitation to the product quality until the introduction of low-cut spirals which allow a lower quality ash product to be produced, thus expanding the market. The Exxaro Grootegeluk 1 (GG1) plant has a two-stage traditional rougher-cleaner spiral circuit using conventional SX4 spirals to produce semi-soft coking coal product at 12.5% ash by mass. The overall plant product is 10.3% ash meaning that the coarser sized coal dense medium separation circuits must compensate. A low density cut-point spiral targetting 10.3% ash would thus be beneficial to the overall complex. The spirals were tested in the two-stage plant environment and in a pilot plant. This paper discusses the findings and compares a two stage four-turn low density cut and conventional spiral. The two spiral technologies were unable to sustain a 10.3% ash product. Pilot test work was also conducted on GG1 coal, demonstrating that an eight-turn low density cut-point spiral achieves the targetted 10.3% ash under controlled conditions. Keywords: Spiral, low-cut, coal

Jan 1, 2020

By Frank H. Madison

The percentage depletion deduction on Federal Income Tax Returns under the provisions of the 1939 Internal Revenue Code and of Sections 611 to Section 615, inclusive, of the revenue act of 1954, have created innumerable administrative difficulties, and a new interpretation of "gross income from the property" in that the Courts have expanded the ideas of what constitutes "gross income from the property" to a degree unheard of and unthought of prior to the enactment of these two codes. Originally, under the Revenue Acts of 1917, 1918, and 1920 depletion was allowable, based upon mine valuations as of March 1, 1913; if the mine was owned prior to March 1, 1913; upon cost, as of the date of acquisition if purchased subsequent to March 1, 1913; and upon a "discovery" basis if the mine was discovered after March 1, 1913, The "jab" for mine valuations as of March 1, 1913 and for discovery valuations and depletion was not as bad as it has been made out to be. Thousands of valuations and estimates of reserves were made and agreed upon between taxpayers and Internal Revenue Service engineers and as the years went on the answers have been found to be "reasonable." However, human nature being what it is each case was a battle of wits - of a sort - and many resulted in severe differences of opinion and litigation. As tax rates increased the situation was not bettered. I could talk for several hours on this phase of depletion but it is all past now andwould not give any real service or better understanding of the matter.

Jan 1, 1958

By W D. Ortlepp

Seismicity associated with deep block cave mining operations in hard rock can give rise to dynamic loading of the mining openings. A description is given of the source and damage mechanisms associated with such seismic events, and the possible demands placed on the rock support by the resulting dynamic loading. In addition, production level drifts are often subjected to large static deformations during mining. Appropriate support, able to sustain large static deformations, and capable of absorbing the energy released during dynamic loading, is described. The performance of these support types has been determined by means of large-scale dynamic loading tests, and large deformation static laboratory tests. Finally, a support system which is considered to be appropriate for extraction drifts in block cave layouts subjected to dynamic loading is described.

Jan 1, 2000

By D?Arcy R. George

A survey of the copper mining industry in Western United States revealed that uranium is almost universally present in the solutions resulting from leaching the waste ore dumps to recover copper. The U308 content ranges from about 2 to 15 ppm and a potential production of up to 1,000 tons of U3O8 per year is indicated. A six-week pilot plant test at the Bingham Canyon mine of Kennecott Copper Corporation showed that the uranium is readily recoverable by ion exchange techniques. The design of the new types of countercurrent ion exchange columns and operation of the pilot plant are described.

Jan 1, 1967

By I. S. M. K. Ilankoon

In heap leaching the transport of the acid from the drippers to the surface of the ore particles is a major factor in the overall performance of a heap. This flow behavior is complex as the flow is unsaturated and occurs along a tortuous set of inter-particle channels and connections. Previous modeling of this system has used equations from oil and ground water flow to model these systems, but the applicability of these models with the larger particles found in typical heaps is suspect as these systems are not necessarily capillary dominated. In particular, as the characteristic particle size goes from below to above a few centimeters, the flow changes from capillary to gravity dominated. This means that typical heap leaching heaps cover this interesting, but complex, transitional fluid flow regime. In this paper a set of experimental studies of this flow, including PEPT (positron emission particle tracking) based tracer experiments, highly accurate liquid holdup measurements and axial dispersion experiments using salt tracers will be presented. In this study, flow through mono-dispersed particle beds was carried out. In particular, the hysteresis in the liquid holdup as the liquid flow rate into the particle bed is varied is investigated, since this hysteresis means that the relationship between flow rate and holdup is history dependent, an effect not included in models currently used to describe fluid flow in heaps. A theoretical model that describes this hysteresis will also be presented. Keywords: heap leaching, hydrometallurgy, modeling

Sep 1, 2012

By T. Tafi

The Ute-Ulay project area is located approximately five miles west of Lake City, in Hinsdale County, Colorado. The Ute-Ulay Mine site is approximately one mile east of the project area. The elevation of the site is 9,200 feet and is adjacent to Henson Creek (Figure 1) [ ] The Ute-Ulay Mining complex is an inactive gold, silver, and zinc mining/milling operation, that operated from the 1880?s until the 1970?s, and sporadically into the late 1990?s. The mining complex comprises several levels of underground mines, a flotation mill, and an abandoned town site. Due to the narrow, steep sided canyon, milled tailings were pumped upstream one mile in a sluice box to a wider section of the canyon, and deposited into five tailings impoundments and one berm located between the impoundments. An estimated 9,000 cubic yards (yd3) of fine grained tailings were located in the impoundments adjacent to the creek. The Ute-Ulay project area consisted of the mill tailings impoundments located upstream from the historic mine.

Jan 1, 2011

By Javier Illanes Pizarro, Gustavo Huerta Valer, Jorge Cárdenas Miranda

Bench stability is the basis of sustainability in an open pit mining operation. Taking care of the pit walls while maintaining fragmentation results can prove a challenge. In this study, technical proposals have been developed for extra hard rock mass (UCS>175MPa) with presence of unfavorable structural planes in high copper grade zones. The base case shows low compliance of fragmentation results and a significant loss in berm width, with over size boulders causing low primary crushing rates. Paradigms in current drill and blast design were overcome to improve fragmentation results and achieve objectives.

Feb 6, 2023

Discussion of the paper of W. R. Shimer and F. O. Kichline, presented at the New York Meeting, October, 1913, and printed in Bulletin No. 81, September, 1913, pp. 2361 to 2377. ALLERTON S. CUSHMAN,* Washington, D. C.:-I have been much interested in Mr. Shimer's valuable contribution. The apparent fact that the oxides of certain metals which are not reduced by hydrogen per se, are reducible when the oxides are dissolved in iron in small quantity, is brought out for the first time, and is worthy of the careful attention of investigators. The Ledebur method has been subjected to considerable criticism, owing to the alleged fact that it did not measure the oxygen combined with impurities. Personally I have found the method extremely helpful in spite of the minute quantities of oxygen with which it deals. Mr. Shinier points out that the highest oxygen he obtained by over-blowing was 0.074 per cent., while the minimum quantity in a properly finished steel was in the neighborhood of 0.02 per cent. The Ledebur method is used as a constant check on the quality of heats made in practice under my direction. In dealing with a very pure commercial iron, we should expect to find and would find difficulty in galvanizing sheets made from a heat running 0.07 per cent. oxygen. In fact, we do not like to have the oxygen rise above 0.03 per cent. I am inclined to agree with the author that excessive oxygen leaves a bath of metal in a very short time, but nevertheless I believe it takes only a very little combined oxygen to begin to make its presence felt in the pickling and galvanizing department, when sheet metal is the product manufactured. As Mr. Shimer points out, the higher the carbon, the lower the oxygen danger, and it is partly for this reason that the manufacture of carbon-free metal in the open-hearth furnace has to be so very carefully watched and controlled from the furnace through to the finished product. It is quite possible that, there is a critical temperature of dissociation between iron and oxygen, although the critical points may vary in baths of different carbon content. Unfortunately, the accurate determination of the temperature of a molten bath at the time of pouring or teeming is a very difficult matter. For a long time I have been wishing that there were some reliable data which would indicate the effect of the tem-

Jan 12, 1913

By Atta Ur Rehman, Kwame Awuah-Offei

This work evaluates the effectiveness of similitude theory in predicting the draft of a rubber tire loader’s bucket during initial penetration. The work uses 1:16 and 1:8 scale models of an 18-t capacity load haul dump, scaled with the Buckingham Pi theorem, to evaluate the prediction of draft and penetration under different operating and different dynamic conditions. We hypothesized that the observed relationships between draft and longitudinal penetration and the operating and dynamic conditions will hold true for an upscaled model. Similarly, we hypothesized that the results of experiments conducted with the smaller scale model should predict the draft on an upscaled model.

The following is based on two examples of emission control with coal fired power stations as practised in Germany at Heilbronn Block 7 power station and the Rheinbraun coal combined power station with integrated high-temperature Winkler system (HTW). Heilbronn Block 7 demonstrates the successful emission control of sulphur and nitrogen oxides and the (HTW) system the reduction of the specific carbon dioxide emission. Both were sparked off by legislation which demanded certain emission control standards. Since the early eighties environment protection has been a matter of heated public debate in the European Community. A recent survey in Germany showed unemployment as being the only subject matter more frequently in the minds of people than environment protection. A new kind of forest devastation in areas away from industry has caused investigations by several government departments and private enterprise. Because of lack of conclusive evidence so far, the principle of PRECAUTION has replaced the CONCLUSIVE evidence as a base for new legislation concerning the environment. The new legislative standards for nitrogen oxide emissions in Germany for example have reduced NOx emissions of power stations from 1000 mg NOx per cubic metre of flue gas in the beginning of 1983 to 200 mg NOx per cubic metre of flue gas in April 1984. These new standards were enshrined in legislation when research provided some evidence linking nitrogen oxide emissions through photo-chemical reactions with forest devastation. Thirty European countries signed a treaty in 1983 expressing their concern about air pollution and their willingness to co-operate with each other in controlling large scale emissions.

Jan 1, 1991

By Edward Thomas

Yucca Mountain Overview The U.S. Department of Energy?s Yucca Mountain Project is a geologic repository project designed to receive, handle, package, transport, and emplace spent nuclear fuel and high level radioactive waste. The planned repository would be located in Yucca Mountain on the western edge of the Nevada Test Site, about 90 miles northwest of Las Vegas, Nevada, and would include both surface and subsurface areas. Yucca Mountain rock formations consist of successive layers of volcanic rocks (called tuffs) approximately 14 to 11.5 million years old, formed by eruptions of volcanic calderas to the north. With the volcanic rock the potential for methane emission is not an issue and the subsurface repository is a non-gassy (methane) classification. This paper will provide a summary of the development ventilation system design that provides fresh air for subsurface construction activities, and the emplacement ventilation system design that removes heat generated by the waste packages. The subsurface layout, illustrated in Figure 1, contains 108 emplacement drifts, one Performance Confirmation(PC) observation drift, nine intake/exhaust shafts, and three access ramps. The existing Yucca Mountain facilities, shown in bold lines in Figure 1, include a 7.8 km long, 7.62 m (25 ft) diameter U shaped tunnel that is formed by the North and South Ramps at both ends of the Exploratory Studies Facility (ESF) drift and a 1.5 km long, 5.0 m (16.4 ft) diameter Enhanced Characterization of the Repository Block drift (ECRB) that were constructed from 1994 through 1998. These drifts were used for site characterization activities and have been incorporated into the subsurface repository configuration. The unexcavated perimeter access main and exhaust main drifts are typically 7.62 m (25 ft) diameter TBM excavations and the emplacement drifts are 5.5 m (18 ft) diameter TBM excavations. The turnouts leading into the emplacement drifts are to be excavated by either mechanical, or drill and blast methods and serve as the launch chambers for the emplacement drift TBM excavations.

By YONGQIONG YANG, Ning Wang, CHONGGUANG LUO, LI ZHU, Hanjie Wen, SHENGJIANG DU, Hannian Gu

Niobium in kaolin clay from the Late Permian sequences was reported in the range of several hundreds of micrograms per gram and was considered as a potential resource for its high concentrations and large areal distribution. Ti-bearing minerals associated with kaolin clay were identified as the main host phase for niobium in some case studies. However, the correlation between the concentration of niobium and titanium is poor, and the types of Ti-bearing minerals and modes of occurrence of niobium are not clear. Typical kaolin clay samples from the Late Permian sequences from southwest China were characterized, and the final products derived from kaolin clay sample were investigated using XRF, ICP-MS, XRD, SEM, and TEM (EDS). The results reveal that there were three types of TiO2 mineral phases in the clay samples: (a) massive TiO2 minerals and (b) aggregates of nano TiO2 minerals did not contain niobium while (c) granular TiO2 minerals were the source of niobium from the EDS analysis. The granular TiO2 minerals included anatase and rutile, both of which were the sources of niobium in kaolin clay in the current study. The findings are of great theoretical implication for source and origin study of Ti-bearing minerals and guidance for separation and recovery of niobium from kaolin clay.

Nov 30, 2020

By A. V. Kurkov

The secondary action reagents (SAR) are organic diphilic compounds capable of altering ac-id-base and donor-acceptor properties of the main collector and consequently the energy of collector interaction with the mineral?s surface, its hardness and fixation forms ratio through associates formation via the hydrogen bonds. When the basic flotation conditions are being established, convergence of the electronic structure of the collector and the mineral being extracted due to minerals surface preconditioning with modifiers and the most efficient collector choice. At the next stage of the selective flotation condition establishment SAR is selected for a more precise adjustment of the energy of the collector fixation on the mineral. Such an approach makes it possible to solve efficiently various issues of flotation separation of non-sulfide minerals. In particular neutral organic substances containing groupings C==O, S==O, P==O (ethers of carboxylic and phosphonic acids, amides of carboxylic, phosphonic and sulfonic acids) were proposed as SAR. In order to enhance the flotation process selectivity in the conditions of water recycling including the selectivity of carboxylic collectors especially in the environment of high hardness water flotation, it was proposed to use SAR with long hydrocarbonic radical and groups with enhanced electronic density within the molecule: N-methylolamides of alkylphosphoric acids and ethers of methylphosphonic acid. Introduction of small amounts of these compounds alongside with the main fatty-acid collector enhance the performance of fatty-acid flotation of fluorite, beryl, columbite etc., lowers the collector consumption, and completely compensates the depressive effect of recycled water. Di-2-ethylhexyl ether of methylphosphonic acid?CH3P(O)(OC8H17-i)2 (hexarane) was more thoroughly researched as such an agent within fatty-acid flotation process. Following aspects of the flotation system were studied: interaction of oleic acid and sodium oleate with hexarane in the liquid phase (infrared spectroscopy); heat emission under the interaction of hexarane-oleic acid ? sodium oleate ? calcium salts (isoperiboric diathermic colorimeter); colloid-disperse state of the collector influenced by hexarane (nephelometric analysis); dynamics of the mineral surface hydration due to the agents (method of indicator negative adsorption); hexarane effect upon the interaction of fat-ty-acid collector with calcium salts (complexometric method with Trilon-B); floatability of pure minerals (quartz, microcline, beryl, columbite) in Hallimond tube; hexarane effect upon oleic acid (sodium oleate) adsorption (nephelometric method for identification of the residual content of oleic acid and its forms within the solution). Upon the research it can be definitely concluded that the adjusting effect of such compounds as hexarane within the non-sulfide minerals flotation process is mainly determined by their interaction with the main collector both within the pulp and at the mineral surface with associates formation due to the hydrogen bond. The consequence is calcium oleates destruction with the release of the most active collector under flotation in hard water environment which determines the efficiency of hexarane joint application with fatty-acid collector under recycled water supply. Therefore the introduction of the class of secondary action reagents is supported by their operation mechanisms and flotation process function and determines a new approach to the development of efficient conditions of selective flotation separation of non-sulfide minerals.

Jan 1, 2014

By S. R. Amos, N. O. Lotter, A. L. Hannaford, J. F. Oliveira, D. W. Broughton

"Ivanplats Ltd appointed Xstrata Process Support to perform the flowsheeting development work for their hypogene and supergene geomet units of the Kamoa Copper deposit, located in the Democratic Republic of the Congo. Through systematic flowsheet development using modern Process Mineralogy, the optimised milestone flowsheet delivered a saleable concentrate grade of 32.8% Cu at 85.4% recovery with hypogene ore, and a saleable concentrate grade of 45.1% Cu at a recovery of 83.4% for supergene ore. The significant value of this development is that a single flowsheet will treat both hypogene and supergene ores and produce saleable concentrates. Further work to advance the flowsheet performance has been identified for investigation in the near future.INTRODUCTIONLocation and Description of the Kamoa DepositThe Kamoa copper resource is located some 40 km west of the city of Kolwezi, in the south west of the Katanga Province of the Democratic Republic of the Congo, in the region of Central Africa. Drilling at Kamoa in 2008-2009 had discovered laterally continuous, sediment-hosted, high-grade stratiform copper mineralisation in a newly discovered copper district that forms a previously unrecognised western extension of the famous Central African Copperbelt – which hosts such world-class deposits as Kolwezi, Tenke-Fungurume, Konkola and Nchanga. This discovery showed that the western end of the Copperbelt in the Congo does not terminate at Kolwezi (Friedland & Broughton, 2009). The resource contains hypogene and supergene geomet units with a transitional zone located inbetween the (upper) supergene and the (lower) hypogene. In the hypogene unit, the major copper sulphides are bornite, chalcopyrite and chalcocite, whilst in the supergene, the sequence is led by chalcocite, then bornite, and finally chalcopyrite. Covellite is present in both units as a minor copper sulphide. Both geomet units will be mined and treated in one concentrator, either as blends or as campaigns."

Jan 1, 2013

By C. D. Woodward

THE Anaconda Copper Mining Co. purchases 25,000 kw. of electric power for its mining operations at Butte Mont. This power is delivered, over duplicate feeders, in the form of 60-cycle, 2400-volt, three-phase current, to five compressor plants, where most of the energy is used for driving air compressors. At the compressor plants are located the switching apparatus for controlling the 2400-volt power and distributing it to the various mines. At these points, also, there are a number of motor-generator sets for converting the alternating current to 275-volt. direct current for the haulage systems. Pole lines convey the power from the compressor plants to outdoor transformer substations at most of the mines. When it is not economical to distribute the power at the lower voltages in the mines, transformers and motor-generator sets are placed at strategic points .underground. All power is purchased on a maximum-demand basis, therefore there is installed at one of the compressor plants an eight-element totalizing graphic wattmeter. This instrument records simultaneously the value of all power taken at the numerous points of delivery, which not only eliminates the diversity factor but permits load dispatching between compressor and pumping plants, and thus materially reduces the maximum demand from the power system. As most of the mine hoisting is done, by 90-lb. compressed-air winding engines, the air-compressor equipment for the winding engines and mining operations is quite extensive. The standard air compressor has a rating of 7500 cu. ft. per min. of free air, and most of the compressors are directly connected to synchronous motors. The synchronous motors are designed for 80 per cent. leading power factor, thus facilitating power-factor correction of total mine load. Consequently by cooperation with the power company, the voltage of the power received at the compressor plants is constant.

Jan 2, 1922

By Danny A. Riley, James R. Sanger, Hani S. Matloub, Lin-Ling Zhang, Ji-Geng Yan

This experimental study was done to determine pathological feature of vibration injury to the peripheral nerves in the hind limbs of rats exposed to 7 days of vibration. Materials and Methods Animals: Twenty four male Sprague-Dawley rats weighing 350-400 grams were randomly divided into two groups: sham control group and vibrated group. To document vibration-induced changes in the experimental model, the sciatic nerve was used because it contains both motor and sensory fibers and is relatively superficial in the posterior thigh. Customized Vibrating Platform: The hind limbs of the rats in the vibrated group were exposed to vibration in a custom-built vibrating apparatus consisting of two platforms: a smaller vibrating platform on which the hind limbs of the rat are secured, and a larger platform on which the remainder of the body rests. The vibration parameters (frequency 43.5 Hz, amplitude 1.5mm, acceleration 4.75G, velocity 6cm/sec., and displacement of 3.0mm) of this model were measured. Methods: Rats were anesthetized with 35mg/kg of intraperitoneal Nembutal (phenobarbital) and their hind limbs fixed to the vibrating platform by Velcro loops. Both hind limbs rest on the vibrating platform while the remainder of the body rests on the larger platform. The rats were vibrated 4 hours a day, for 7 days, with close monitoring of the vibration parameters. The 4-hour duration of hazardous vibration was based on recommendations from the British Standards Institution. The sciatic nerve of rats not exposed to vibration, but similarly anesthetized and secured to the vibrating platform, acted as controls. At the end of seven days of exposure to vibration, nerves from both the vibrated rats and the control rats were harvested after perfusion of the lower half of the body using glutaraldehyde as described below. Neural Fixation: The aorta was cannulated, and the inferior vena cava was nicked and the animal was initially perfused with 0.9% buffered sodium chloride. This was followed by perfusion of a filtered mixture of 3% glutaraldehyde and 3% paraformaldehyde fixation solution, The tissue was subjected to post fixation by routine. The neural tissue was then submitted for light and electron microscopy. Results While light microscopy showed minimal histological differences between vibrated (n=12) and control nerves (n=12), the changes revealed by electron microscopy were dramatic. These included thickening of the epineurium, as well as thickening of the myelin sheath as compared with normal nerve. Also, the axon plasma was detached from the myelin sheaths, and many vacuoles were seen between the myelin laminae(Fig.1); These changes were found in all vibrated animals, and in the whole segment of each vibrated nerve. Myelin balls, consisting of

Jan 6, 2006

RISKGATE is an interactive online risk management system developed by the Minerals Industry Safety and Health Centre (MISHC; University of Queensland) to maximise health and safety performance in the mining industry through implementing continual improvement in management of major unwanted events. A comprehensive knowledge base has been captured for risk management of tyres, collisions, fires, isolation, strata underground, ground control open cut, explosions, explosives, manual tasks and slips/trips/falls. This will be extended to outburst, coal burst and bumps, interface displays and controls, tailings dams and inrush in 2013. RISKGATE presents substantive and leading edge controls to assist industry stakeholders in the design, management and reporting of organisational and regulatory compliance requirements. From a broader industry perspective, RISKGATE provides an environment for knowledge capture and knowledge exchange to drive innovation and best practice in the identification, assessment and management of risk. By capturing operational knowledge from industry experts, RISKGATE provides a cumulative corporate memory at a time of high personnel turnover in the coal industry. All major Australian mining companies are contributing topic experts to this broad industry initiative. In the first 24 months, nine coal mining companies nominated over 80 different experts who contributed over 400 days of individual time to the knowledge capture workshops. RISKGATE is the largest single Australian Coal Association Research Program (ACARP) occupational health and safety (OHS) initiative to date.

Aug 1, 2013

By Wallace E. Pratt

TO SERVE their primary function of balancing supply with demand. crude-oil prices must not only return full cost plus a reasonable earning to the efficient producer but they must also offer an additional reward to stimulate exploration sufficiently to maintain adequate reserves. High prices increase the volume and efficiency of exploration; low prig e- -Idle exploration. Over the last decade average prices for crude oil have been much lower than for the proceeding ten years, and lower even than the average over the life of industry. Under these circumstances no one should be surprised to learn that over this same recent period of discovery of new oil fields has also lagged and fallen below its average level for the previous decade. Crude oil prices have been too ion to support the required activity in wildcatting.

Jan 1, 1941