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By Dr. O’Neil Thomas J., Donald W. Gentry

"We can easily represent things as we wish them to be..” -Aesop INTRODUCTION The first eight chapters of this book have primarily addressed the concepts and fundamentals associated with project valuation, particularly as they apply to mining-related projects. Specific emphasis was placed on the engineering and economic parameters and estimates necessary for quantifying line items in pro forma income statements and the subsequent calculation of net annual cash flows. Given these estimates of relative benefits, costs, and annual cash flows for a project, it then becomes necessary to convert these estimates into measures of relative desirability or attractiveness. The criteria and techniques typically utilized to determine project acceptability or desirability are, then, the topics of discussion in this chapter. Before proceeding it may be advantageous to put the problem of project evaluation into proper perspective by reiterating some of the fundamental concepts developed in Chapter 1. The basic premise set forth in this book is that the objective of the firm should be to maximize its value to its owners (stockholders' wealth). This value or wealth is represented by the market price of the firm's common stock; consequently, the primary objective of the firm can be restated as one of maximizing the value (price) of the firm's common stock in the marketplace over the long term. This price, in effect, is an indicator or index of the market's perception of the company's progress and a reflection of the investment, financing, and dividend decisions made by corporate management. These three major decisions are inter- related and jointly impact the market price of the firm's stock. Therefore, if the objective of maximizing the value of the firm to its stockholders is to be achieved, an optimal combination of the three decisions will be necessary. It is important to emphasize that maximizing stockholder wealth is not the same as profit maximization or even the maximization of earnings per share. Corporate managers making decisions based on the objectives of maximizing profits and/or earnings per share must recognize that these objectives do not consider: (I) the timing or duration of expected returns, (2) the business and financial risks of the promised earnings, or (3) the dividend policy of the firm. Obviously all of these factors are of concern to the company's stockholders and will have an effect on the market value or price of the firm's common stock. Maximizing market price per share, or wealth maximization, is therefore the appropriate corporate objective and

Jan 1, 1984

After a very brief historical survey and overall assessment of traffic requirements, the invitation by the British and French Governments for private groups to make proposals for a "fixed link" is described, and the resulting plethora of proposals is reviewed. The three schemes which gave some promise of being adequately backed by private finance are described as follows:

Jan 1, 1987

By Totterdell JM

The Permian-Triassic Bowen Basin and the Jurassic-Cretaceous Surat Basin evolved in a backarc tectonic setting behind an active convergent plate margin in eastern Gondwana. Several extensional (Early Permian; Eocene) and contractional (mid- Permian; Early Triassic; Middle-Late Triassic; early Late Cretaceous) intraplate deformational events are recognised in the basins. These can be correlated with similar events in the New England Orogen that was being deformed in the Late Permian- Late Triassic as a foreland thrust belt. The intraplate deformations were probably the consequence of plate interactions, including the accretion of terranes, at the ancient active plate margin, remnants of which now occur in New Zealand.

Jan 1, 1995

By C. H. Hitchcock

A brief resiclence in Virginia hasenabled me to examine some of its crystalline strata, and a few hints, concerning their correspondence with similar rocks elsewhere, may be of service to those who are studying them. In comparing the crystalline rocks of Virginin and New England, we may first recall the similarity of their geographical position. They constitute a continuous belt, being traceable through the Highlands of New York and yew Jersey, Southeastern Pennsylvania, in the counties of Bucks, Montgomery, Philadelphia, Delaware, and Chester, and Marylund. Thus the Green Mountains of Vermont and the White Mountains of New Hampshire seen] to be topographically continuous with the Blue Ridge and Midland districts of Virginia. This tract of country has been termed the Atlantic area in distinction from the Appalachian territory, whose eastern limit is the great, Lower Silurian limestone valley extending from the St. Lawrence and Champlain valleys to Alabama. The Appalachian formations were studied by the brothers Rogers, forty years since, and found to refit, unconformably upon the western flank of the Blue Ridge, the oldest of the series adjoining the gneisses, followed westerly by the other Palseozoic members in a regular ascending order, to which numercial designations were applied—Number 1 being the Cambrian, Number 2 the Lower Silurian Iimeqtones, etc?. In Vermont the same conclusion Was presented in the State reports: the Green Mountains were said to possess the anticlinal structure, and to underlie the quartzites and limestones. Inasmuch as this Atlantic area is' topgraphically continuous from the Middle to the Northern States, and is unconformably overlaid upon the west side by the same succession of strata, the presumption ii very strong that the history of bath sections has been the same, and that the entire area is of Eozoic age. Cross sections, in both districts, illustrate the existence of gigantic overturns, causing the strata of 'the Appalachian region to dip to wards the Atlantic gneisses. To the beginner it would appearthat tile Silurian group must dip beneath the crystallines, and hence many of the geologists in the beginning of the study of the stratigraphy of this easters border of the continent believed that

Jan 1, 1882

By Mark N. Alling

A few years ago, gravel mining in the ancient river beds of Sierra county was the principal industry of the county. Operating drift mines were very numerous and many large hydraulic mines were in action. Eventually the State laws put an end to hydraulic mining, it being claimed that the silt carried down the streams to the valleys filled the rivers and caused winter floods, which were damaging to the surrounding farms. The ancient river deposits which could easily be found were, in the course of 40 years, worked out or practically so. The prohibition of hydraulic mining was a severe blow to the industry in general. The deposits were not developed and the gravel-mining industry practically stood still for many years. In Sierra county, nearly all the hydraulic mines were at the points where the ancient channels were exposed to view by reason of the modern stream erosion, or, in the miner's language, where the channels "enter" or "break out of" the ridges. The claims covering them also covered large areas in which were long segments of lava-capped channels, suitable for drift mines, and the points being hydraulicked were usually the controlling points of attack. Men who have followed hydraulic mining for any length of time seldom are content to work a drift mine. Knowing the great value of their deposits and feeling that they had been robbed by the State, these men have stubbornly held to their claims. The gold that is carried in these gravel channel deposits is more or less scattered throughout the depth and width of the deposit; the percentage that can be recovered by the process of drifting ranges from 50 to 75 per cent. of the total. In hydraulicking, practically all of the deposit is put through the sluices, and as the cost per cubic yard is only about 10 per cent. of the cost of drifting, the deposits, if classed as hydraulic mines, are much more valuable than if classed as drift mines; hence the old timers have held their claims (now worthless as hydraulic mines) at prices which the drift-mining industry could not stand; and such mines

Jan 1, 1915

By E. L. Mann

Asbestos is the generic name given to a group of fibrous mineral silicates found in nature. They are all incombustible and can be separated by mechanical means into fibers of various lengths and cross sections, but each differs in chemical composition from the others. The commercial grades of asbestos consist of a spectrum of lengths and sizes and are not definitive as are most organic fibers. It is generally recognized that there are two main groups of asbestos. The first only contains the fibrous serpentine called chrysotile and comprises about 94% of the world production of asbestos. The second group contains five minerals in the amphibole series-crocidolite, amosite, anthophyllite, tremolite, and actinolite. The latter two have no commercial importance. Properties Physical The structures of asbestos fibers have been studied intensively over a number of years. X-ray diffraction patterns have been used as a means of identification and classification. Low angle X-ray scattering techniques have shown that chrysotile fibers are "hexagonally close packed" and parallel to each other, having cross-sectional diameters varying from 18Å to 300 Å units, while the amphibole fibers are many times larger in cross section, have considerably smaller surface areas, and the fibers are less symmetrical than those of chrysotile. Electron micrographs of the more common types of asbestos are shown in Figs. 1-4. Fig. 1 illustrates the softness and flexibility of chrysotile which make it suitable for textile-type products. For a number of years there was considerable controversy over the exact nature of chrysotile fiber, but the photographic evidence in Figs. 5-7 clearly show that it is tubular in structure. The curvature is the result of the mismatch in the dimensions of the silica [Si2O5] and brucite [Mg(OH)2] layers which are on the inside and outside, respectively, of a double sheet. This curvature had been predicted by Pauling (1930) years ago based on the molecular dimensions of the two component structures. In contrast to this, the structure of the amphiboles consists of two ribbon chains based on Si4O11 units separated by a band of seven cations with two hydroxyl groups attached to

Jan 1, 1983

By H. F. Haller, H. C. Pattison

The research program described in this paper is sponsored by the Advanced Research Projects Agency of the Department of Defense and monitored by the Bureau of Mines, United States Department of the Interior. PROGRAM DEVELOPMENT While Holmes & Narver is better known in other fields, the company has been active in many phases of underground excavation for over twenty years. In the 1950's, H&N participated in design and construction of nearly twenty miles of waste disposal tunnels in Southern California. As Architect-Engineer for the Atomic Energy Commission, we had design and management responsibility for many miles of tunnels and for thousands of feet of exploration and big hole drilling, from coast to coast in the States, and for gas well completions and exploration drilling for the Navy and the National Science Foundation from Pt. Barrow to Byrd Station in Antarctica. In my ten years with the company, we contributed to the development of big hole drilling techniques at a number of sites and analyzed the capability of boring machines for many of the tunnel projects. In a 1965 engineering study of a hundred miles of vehicular tunnels in rock under New York City, we investigated

Jan 1, 1997

By Galen H., Clevenger

THE first and most important thing that affects the majority of lead producers in the Rocky Mountains and the western mining regions is that zinc in an ever-increasing degree is inseparably associated with the lead. The Sullivan mine in British Columbia is not only a great lead mine, but also a great zinc producer. This mine could not reach its full measure of productiveness, nor was its great value established, until a reasonably good physical method was developed for separating the lead from the zinc prior to the recovery of each metal by an appropriate process. The western metallurgists and also metallurgists in other parts of the world have long faced the lead-zinc problem. This for many years stimulated a great deal of experimental work looking toward the development of a physical or chemical method of separating lead and zinc in concentrated form from complex ores. Space will not permit of going into this work in detail, but it is sufficient to say that with but few exceptions the western lead smelter continued smelting charges many times too high in zinc for the most efficient operation of lead furnaces. The zinc was not only lost, as the zinc content of many a western slag dump bears mute testimony, but the cost of lead smelting was increased by reason of the presence of the zinc. The owner of the ore under these circumstances could be paid nothing for the zinc and, indeed, he was penalized for it

Jan 1, 1926

RESOLUTION ADOPTED BY THE BOARD OF DIRECTORS AT ITS MEETING ON APRIL 17, 1936 Recognizing the fact that the problems of the committee named by the Board to prepare the "official ticket" fog officers and Directors of the Institute age various and difficult; and desiring to assist this committee by setting forth some of the principles that should guide the committee and some of the qualifications that should be required of candidates, the following instructions are formulated and the Secretary is directed to publish them in MINING AND METALLURGY concurrently with the publication of the names of each newly appointed Nominating Committee and to send a copy to each member of the Committee.

Jan 1, 1941

RESOLUTION ADOPTED BY THE BOARD OF DIRECTORS AT ITS MEETING ON APRIL 17,1936 AND AMENDED ON MAY 21, 1947 Recognizing the fact that the problems of the committee named by the Board to prepare the "official ticket" for officers and Directors of the Institute are various and difficult, and desiring to assist this committee by setting forth some of the principles that should guide the committee and some of the qualifications that should be required of candidates, the following instructions are formulated and the Secretary is directed to publish them in MINING AND METALLURGY concurrently with the publication of the names of each newly appointed Nominating Committee and to send a copy to each member of the Committee

Jan 1, 1952

RESOLUTION ADOPTED BY "THE BOARD OF DIRECTORS AT ITS MEETING ON APRIL 17, 1936 Recognizing the fact that the problems of the committee named by the Board to prepare the "official ticket" for officers and Directors of the Institute are various and difficult; and desiring to assist this committee by setting forth some of the principles that should guide the committee and some of the qualifications that should be required of candidates, the following instructions are formulated and the Secretary is directed to publish them in MINING AND METALLURGY concurrently with the publication of the names of each newly appointed Nominating Committee and to send a copy to each member of the Committee.

Jan 1, 1942

By D. J. McKee, D. M. Wiseman

The usefulness of simulation as a technique for metallurgical process design and optimization studies has been greatly extended over the last few years by the development of a number of general purpose simulation packages. The packages, or simulators, all have the common objective of presenting the mathematical models and simulation methods in a form which is readily usable by plant engineers and metallurgists. To date, most simulators have been concerned with steady state simulation, but packages capable of dynamic simulation are now becoming available. The paper outlines the essential features of versatile steady state and dynamic simulators. Typical applications are presented by considering examples of design and optimization studies. Limitation on the use of simulators are also presented.

Jan 1, 1991

By Victor F. Hollister

Skam deposits considered as porphyry copper deposits have been classified into three basic prospecting models: (I) the skam deposit associated with a mineralized intrusive (Pima-Mission), (2) the deposit associated with a barren igneous stock (Ertsberg), and (3) mineralized rock that seems to have no clear association with apluton (Phoenix). Pima-Mission, Christmas, and many other copper-bearing skarns developed in carbonate sequences near mineralized intrusives form an important part of the deposit. Historically, copper derived from the mineralized intrusion accounts for less than half of the metal produced by most porphyry mines, as most mineralization occurs in the intruded rocks. Skam mineralization is an important part of wall-rock metal deposition, because carbonate sequences are preferentially replaced by sulfide and skarn minerals. Exploration for skam mineralization is an important phase of porphyry copper exploration. Impure carbonate beds can become better host rocks for skam deposits than pure carbonates, and these in particular should be included in porphyry-exploration programs if the impure strata are cut by the stock. Skam deposits can also form near stocks that are barren of sulfide. In this model, the two best ore guides are strata favorable for mineralization (usually impure carbonate beds) and the intrusive contact. Faults can also act as important ore controls. Some skarn deposits form that have no clear genetic connection with a stock, although intrusive rocks are known in the district. In such cases, the best ore guides are strata and district-wide faulting. Dikes and sills are also common and mineralization can locally prefer their contacts even though the igneous rocks are barren. Skam minerals are influenced by the chemical composition of the carbonate. Forsterite, brucite, tremolite, and talc are common in skams developed in dolomitic beds. Skams derived from calcic beds often contain wollastonite, calcite, stilbite, or idocrase. Diopside, however, is a common accompaniment of copper sulfide in skam regardless of the original composition of the carbonates. Tremolite and possibly other amphiboles and chlorite can occur significantly in the zinc-lead portion of skams. Gamets occur in magnetite, copper, and zinc-lead zones of skams, but are not as diagnostic as diopside for the copper zone or tremolite for the zinc-lead zone. A general desciption of skam-deposit mineralogy can be used to construct prospecting models of porphyry copper skams. An abstract of such a description follows.

Jan 1, 1991

By William Plank

IN PAST YEARS, engineering educators and others have been able to study the problems relating to en-gineering education in the United States with only inadequate and, frequently, inaccurate data at their command. For the first time there is now available fairly full and accurate information on this subject, gathered and compiled by the Board of Investigation and Coordination of the Society for the Promotion of Engineering Education. This board, of which W. E. Wickenden is the director, has for the past four years been carrying out fact-finding investigations into "the objects of engineering education and the fitness of the present day curriculum," under a grant of funds from the Carnegie Corporation of New York. Twelve bulle-tins have already been published by the board and others are in the process of preparation. The studies made, thus far, have been of the various phases of engineering education in general as well as of the major branches of engineering. Within the past year. the board has completed a study of mining engi-neering education by means of a questionnaire sent to members of the Institute. A special committee, con-sisting of Charles E. Locke, Allen H. Rogers and the writer, cooperated with the board in drafting certain parts of the questionnaire and in selecting the mailing list. Similar studies have been made through the mem-bers of the four other national societies. The results of these studies have been published only in mimeo-graphed form, therefore, in order to place the data before the members of the Institute an incomplete sum-mary of the replies to the A. I. M. E. questionnaire is here given. The full report will be available for distri-bution at the annual meeting in February. The questionnaire was sent to 306 members of the Institute, a proportion about equal to the proportion of the membership of the other national societies can-vassed; 152 members replied to the questionnaire, 55 per cent of whom had received college degrees in some branch of engineering connected with the mineral in-dustry. Forty-seven educational institutions were rep-resented in the replies. Seventeen different positions were held by the members who replied, with 24 con-sulting engineers at the head of the list, 20 managers, 16 superintendents, 11 presidents, 10 professors, 6 deans, and others.

Jan 1, 1928

By T. B. Counselman

Continuous countercurrent decantation calculations have always been a headache to the cyanide man (and the chemical engineer) because of the simultaneous equations involved. These are tedious to solve, and there is considerable opportunity for mathematical error. This paper presents a shortcut method for making these calculations, which has been in successful use for twenty years by the author, and which is particularly valuable in selecting the best of several possible flowsheets, or evaluating the effect of various assumptions.

Jan 2, 1950

By J. A. L. Napier, J. S. Kuijpers

SYNOPSIS This paper demonstrates that the horizontal stresses induced by the creation of a tabular scope in a single mining step are always tensile at the centre of the stope span, but that compressive stresses are actively generated in hangingwalls and footwalls during sequential mining. A stress-distribution mechanism is introduced, and is used to explain the results for elastic behaviour, and for inelastic behaviour both during a single mining step and during multiple mining steps.

Jan 1, 1991

E. G. SPILSBURY, New York, N. Y.-I would like to ask Mr. Wemple what is the total loss in redistillation; not merely the weight of the lead removed, but also the loss clue to rehandling of a large amount of blue powder, and that clue to the final remelting in the tank furnace? LELAND E. WEMPLE.-The loss of zinc by redistillation, on the first operation, is approximately 5 per cent. This loss does not cover the lead

Jan 4, 1918

By H. M. Howe, W. E. C. Eustis

THE processes which form the Subject of this paper have been experimented on in the laboratory of W. E. C. Eustis, but have not passed beyond the experimental stage. The first is the invention of Mr. J. L. Thomson, of Capelton, Quebec, Canada, the others have been invented by the writers. THOMSON'S PROCESS FOR THE EXTRACTION OF NICKEL This consists essentially in first rendering the nickel magnetic, and then separating it from the materials. with which it is mechanically

Jan 1, 1882

By Matthew J. Hrebar

Dragline stripping operations account for over one-half of the U.S. bituminous coal production mined by surface coal mining methods. The dragline is a popular stripping tool because of its flexibility in varying overburden depths and relatively low operating costs per cubic yard of overburden. Because of the relatively high capital costs of the machines and their use as a primary stripping tool, the selection process is an important step in the mine planning procedure.

Jan 1, 1979

By S D. Golding

The current study integrates hydrogeochemical and stable isotope results to investigate the sources and evolution of acid mine drainage at the historic Mount Morgan gold mine in Queensland, including the controlling factors and mechanisms of sulfate formation. The open pit and seepage sumps contain acid-sulfate waters and show elevated Al, Cu, Fe, Mn, Pb and Zn values. Samples collected from the Dee River bordering the mine site are less acidic, with lower concentrations of dissolved metals that gradually attenuate downstream from the mine. Concentrated acid mine waters has lead to formation of efflorescences consisting mainly of hydrous Fe-sulfates. The results of the ongoing isotope analyses on water samples show distinctive grouping of the data. The range of the sulfur isotope values for dissolved sulfate in samples from the open pit and sumps (d34S = 2.1 to 3.0 per mil) are similar to those of sulfides in the Main Pipe mineralisation (d34S = - 0.2 to 2.8 per mil). The lack of fractionation between sulfides and sulfate indicates that intermediate oxidation states of sulfur are not significant and makes this technique a useful tracer to identify the sources of sulfate. The Dee River samples, on the other hand, have heavier sulfur isotopes (d34S = 2.8 to 5.0 per mil). These samples may contain dissolved sulfate from æinternal sourcesÆ in the river basin, show local bacterial reduction or indicate a simple mixing trend. Further isotope analyses including oxygen isotopes of dissolved sulfates will enhance the interpretations.

Jan 1, 2003