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A PROSPECTOR stood atop a Venezuelan mountain called El Florero just 25 years ago, and shouted to the world that he had found a large, rich new source of iron ore. But his words were lost in the big green South American jungles and besides, the world had more iron ore than it could handle. There were no crises in 1926, no major wars on the horizon, no worries about mineral supplies. In the U. S., the populace was "keeping cool with Coolidge," and the solid foundation of the economy-the steel industry-rested on a still firmer basis, the Lake Superior iron ores.

Jan 5, 1951

By I. Sheinhartz, H. M. McCullough

DURING the course of a lubrication study in relation to the compacting of metal powders, it became desirable to measure the thickness of sprayed graphite coatings on steel dies for hot pressing. The thickness of these lubricant coatings ranged between 0.0001 and 0.002 in. In their particular case, the authors were interested in a method for measuring the lubricant thickness on tapered die inserts having curved surfaces. The lubricant was sprayed on the inserts at an elevated temperature and it was desirable to measure the thickness as soon as possible after application. Various standard types of commercial equipment were tried. Most of the available devices operated on either a mechanical or magnetic principle. The mechanical devices, such as micrometers, dial indi-

Jan 1, 1956

Albin, B. R Billings, Mont. '28 Amster, Nathan L 25 Broad St., New York, N. Y. '28 Bache, Jules S. 42 Broadway, New York, N. Y. '28 Barrett C. P. 5338 Harper Ave., Chicago, Ill. '28 Baum, Frank G., Cons. Hydro-Electric Engr Cassel, Shasta Co., Cal. '28 Bayless, William S. Russ Bldg., San Francisco, Cal. '28 Bean, Louis H. 60 E. 42nd St., New York, N. Y. '28 Beatty, Ross J. Room 604, 6 N. Clark St., Chicago, Ill. '28 Benwell, Oswald F. Hold Mags. '28 Beymer, Albert S., V.-P., Keystone National BankPittsburgh, Pa. '28 Blumenthal, Hugo. 44 Pine St., New York, N. Y. '28 Boettcher, Charles Ideal Cement Bldg., Denver, Colo. '28 Bowlus. Thomas H. Iola, Ken. '28 Brown, Colvin B. Chamber of Commerce Washington, D. C. '28 Burt, Maxwell Struthers Southern Pines, N. C. '28

Jan 1, 1932

By C. Allen Born

INTRODUCTION As the title of this paper suggests, the author does not believe that risk can be managed. Rather, the objective is to identify the risk which will be present in a given venture and assess the level of that risk which is acceptable. More often than not, the risk which is present is subject to little or no modification. After identifying and measuring the risk a corporation will decide to accept it and proceed in such a way that it will be less exposed, or it will decide not to proceed at all. The exercise for a corporation is different only in degree from everyday judgements made by average people in average situations. However, that word "degree" means that it is considerably more complex on the corporate level. There is good reason for the additional complexity of corporate risk evaluation. The variables influencing a company's decision can be more numerous and the penalties for miscalculation much greater than those normally encountered by an individual. It should be understood that no analysis of risk, certainly not one as brief as the following, can do more than touch on some of the high points. Before examining the sorts of risk which affect the development and operation of specific mines, let us consider the broader aspect of the term with which mining companies, and all other business corporations, must deal. Companies must determine their long-term objectives and strategies within the context of a constantly changing world. To plot their direction they must attempt to read the future by seeking answers to questions such as: How will society evolve? Which businesses will thrive? In which of these should we place our emphasis? If a company hopes to be around five or ten years from now it must make the attempt to answer such questions in order to judge the impact of changing patterns in the evolving business environment. Information is available to allow the lessons of the past to be projected on the future. We have data on birth rates, economic booms and busts, patterns of conflict within and between nations, drought and other forces of nature as well as individual events which cannot be predicted, but which over time, do seem to occur in regular cycles. Ultimately the question "where will we be and what will we be doing a decade from now?" must be answered by one or more senior people with responsibility for the company's future. The compilation and interpretation of hard data by competent support staff, can only be used up to a certain point in determining future corporate strategy since there will be alternative possible futures and a high degree of risk will always remain. At this point those elusive qualities of experience, instinct, and - "gut feeling" - become important factors in choosing a long-term corporate direction. The goals of a company have a significant bearing on its attitude towards risk. This in turn dictates the "hurdle rate of return on investment" which a project decision-maker will require. The hurdle rate is the minimum-discount-percentage-rate applied to forecast cash flows to give a present value of zero to the All-Equity-Funded Investor. The feasibility study for a project is a fundamental tool in the management of risk. An experienced team has an established and well-understood set of ground rules for the preparation and assembly of a feasibility study. The necessary degree of conservation is built in at all levels of study data and, if the project is technically feasible, the hurdle rate becomes a catch-all measure of risk in a base-case project cash flow.

Jan 1, 1985

The suggestions of the members of the Institute are very much desired by the Committee on Nominations prior to deciding upon its nominations to fill the places of those officers who retire early in 1917. The Committee must make its final report to the Board of Directors early in October. The members are, therefore, asked to send in promptly their suggestions for Directors as well as for Vice-Presidents and President. The Committee hopes to hear from a large number of the members. The officers to be elected at the annual meeting in February, 1917, are: One officer, known as Director and President. Two officers, known as Director and Vice-President. Five officers, known as Director. The attention of members is called to Articles V and VII of the Constitution, and to By-Law XIII, which reads as follows: "The geographical districts to be considered by the Committee on Nominations shall be as follows, until otherwise ordered by the Board. District No. 1. New England, New York, and New Jersey, excepting New York City and district, which is provided for in the Constitution. (N. B.-New York City and district is designated District 0.) District No. 2: Pennsylvania.

Jan 6, 1916

INTRODUCTION TO STATISTICS It is necessary now to digress from the direct study of appraisal techniques to consider an important tool for the mineral appraiser. Whenever a great deal of data have been accumulated, such as might be gained through the sampling process discussed in the preceding chapter, the application of statistical methods should be considered. Statistical methods are used for descriptive purposes and for the organization and summarization of quantitative or numerical data. Descriptive statistics covers the tabulation of data, its presentation in graphical or pictorial form, and the calculation of its several descriptive measures. It is not the intent of the brief summary of statistics that will be outlined hereafter to cover the total breadth and scope of mathematical statistics. It is the intent of this and the following chapters to review a few of the statistical concepts that have the most direct bearing upon the problems involved in mineral evaluation. Should the reader desire to go more fully into statistical theory and mathematics, numerous texts and publications are available.

Jan 1, 1980

By William C. Peters

The experiences of exploration crews with mineral land acquisition could be graphed to show a correlation with the natural law that everything tends to become more so. A single step, such as that of taking a series of deep soil samples, is sometimes delayed until some sense can be made from floating unpatented claims which are obscure in orientation as well as position-placer claims, overlapping lode claims, location posts with empty Prince Albert cans and claims with no apparent assessment work for ten years. Add to this some patented claims without monuments, a state or federal withdrawal area which may or may not invalidate preexisting claims, a loosely defined tunnel site, and some ranchers who understandably resent the separation of surface rights from mineral rights.

Jan 1, 1970

ASIDE from the John Fritz Medal, in which the Institute participates through its representation on the John Fritz Medal Board, the Institute itself has four awards it may make annually, as fol¬lows: the Robert W. Hunt Medal and Prize, the J. E. Johnson, Jr., Award, the James Douglas Medal, and the William Lawrence Saun¬ders Medal. ROBERT W. HUNT MEDAL AND PRIZE The partners of Robert W. Hunt established a fund which was presented to the Institute at a fitting ceremony on May 27, 1920, to establish an annual medal and a sum of money to be awarded under the following rules 1. The award shall consist of two prizes: first of a gold medal, second of a sum of money; a certificate to accompany each prize. The money prize shall not be awarded to a member over 40 years of age, but under unusual circum¬stances, both prizes may be allotted to one person provided that he is not over 40 years of age. In general it will be understood that the Committee shall award the money- prize to the younger men, rather than the medal.

Jan 1, 1923

FIRE tubes are commonly made in order to frighten horses or to harm enemy soldiers, but although fire issues from them, they do not cause much damage because they cannot be used at a distance. If you wish to use them, you are not able to approach close to the enemy, for if there is anyone who is afraid, he does not let you approach nor does he come near you until he sees that they have finished burning. Thus, in short, the assault with this is one that is seen beforehand, and for which there is always time to decide on some action in defense. It is indeed true that they are beautiful things to see and when the name tubes of fire is heard it terrifies those who do not have a defense ready. When four, six, or indeed ten or twelve of these are put in the hands of as many courageous and united men, they are surely good in forcing passage on a guarded bridge, or in entering or holding a gate, road, or other narrow place. They serve also for setting fire to dwellings or the enemy's supplies,

Jan 1, 1942

CHARLES P. BROOKS Charles P. Brooks, who had been identified with the mining industry in the West since 1874, having served at various times as mining and consulting engineer for most of the largest mining properties in Utah, died Dec. 11, at his home in Salt Lake City, of heart failure, after an illness of about one month. He was a very close business friend of the late Thomas Kearns and David Keith. In recent years he had been closely identified with the Silver King Coalition Mining Co., the Chief Consolidated Mining Co., the Grand Central Mining Co., the Prince Consolidated Mining & Smelting Co., and many other large properties. Mr. Brooks was born in Washingtonville, Orange County, New York, Aug. .21, 1851; he was the son of Charles Edward Brooks and Adeline Cannon Brooks. When 14 years of age he attended school at Chester, N. J., for one term, and accompanied the assistant principal of Chester Academy to New Paltz, N. Y., and finished the school year there. In 1866 he entered Dr. Stiles's school at Deckertown, N. J., and later the Sheffield School at Yale in 1867, where he received the degree of civil engineer with the class of 1870.

Jan 2, 1919

By Lyon F. Terry

INCREASING domestic demand for products, a sharp reduction in exports to Europe, and a rise in imports from South America were the chief features of the economic side of the industry in 1940. As the war progressed it became evident that exports to former European customers were being cut off or drastically reduced, leaving heavy inventories of products in the hands of many American refiners who had anticipated larger demands from the belligerents. Stocks of motor fuel reached burden-some proportions early in the year for the added reason that refining operations were stimulated by heavy demand for heating oils. Excessive tanker rates for Gulf to Eastern Seaboard movements during the first part of 1940 contributed to the accumulation of products on the Gulf Coast, where refinery gasoline prices were forced to extremely low levels by midyear. Tanker rates receded to normal during the summer but have since risen again to the approximate equivalent of pipe-line tariffs from the Mid-Continent.

Jan 1, 1941

By L. E. Garner

Aggregate resources should be considered primary factors in urban development. Resource planning is essential because land values, previous construction, or zoning restrictions often preempt exploitation of aggregate deposits within an urban area. Sequential land use practices allow development of area prior to urban development population and aggregate consumption trends in Austin, TX, indicate that substantial quantities of reserves will be lost to future development. Aggregate materials are present in nearby areas. However, a comparison of transportation and reclamation costs indicates that reclaiming land after mineral extraction can be significantly cheaper than transporting materials longer distances.

Jan 1, 1982

New York Meeting, October 16 and 17, 1913.-The One Hundred and Sixth meeting of the Institute for the reading and discussion of professional papers will be held in New York City, on Thursday and Friday, October 16 and 17, 1913. Headquarters will be at the Institute office in the Engineering Societies Building, 29 West 39th Street. The sessions will be held in one of the assembly rooms of the building. Because of the many valuable papers on iron and steel obtained with the assistance of the Iron and Steel Committee, which papers could not appropriately be presented and discussed at the Montana meeting, this October meeting of the Institute is held for the purpose of reading and discussing these papers, most of which will be printed and distributed in advance. The members of the following societies have been invited to attend the meeting, and several have accepted and declared their intention of taking part in the proceedings: American Society for Testing Materials, American Iron and Steel Institute, American Society of Mechanical Engineers, American Society of Civil Engineers, American Institute of Electrical Engineers, American Foundrymen's Association. The meeting will be conducted under the auspices of the Iron and Steel Committee, and the latest revised program of the proceedings will be found on page xi, under the notes of this Committee.

Jan 10, 1913

By C. K. McArthur

THE subject of classification is so broad that this discussion is con-fined to what the author believes is of prime importance in connection with proper grinding and classification. The years passed have witnessed many noteworthy changes in fine grinding and classification, which have been accompanied by a readjust-ment of ore-dressing flowsheets for the preparation of better ground and/or sized products at an expenditure of less. power, steel and main-tenance than formerly. Nowhere in the industry is more being done in the way of experimental work to lower costs than in grinding circuits, because, at best, grinding costs are high. Recent years have indicated that, on the average, finer grinding has a real application. Without careful preparation of the process feed, no operation can be highly efficient or successful. In an earlier paper, the findings of an extensive survey at representa-tive concentrators were presented1. Also, in the year of 1935, a technical discussion was given by Dr. J. V. N. Dorr (Some Notes on Classification Trends in America) before the Chemical, Metallurgical and Mining Society of South Africa. In both papers mentioned, much has been said regarding flowsheets, grinding and classification. The author is very familiar with these papers, having had considerable to do with the actual operation of the flowsheets, as well as large mills and classifiers in the work described. Some data from the second paper have been included in the following discussion.

Jan 1, 1937

The Library of the above-named Societies is open from 9 A.M. to 9 P.M. on all week-days, except holidays, from September 1 to June 30, and from 9 A.M. to 6 P.M. during July and August. The Library contains about 55,000 volumes, including sets of technical periodicals and the publications of scientific and technical societies. Members of the Institute, with few exceptions, are forced to spend a portion of their time in localities isolated from sources of information. To these the Library can render valuable service through correspondence; letters requesting information will receive special attention. The Library is prepared to furnish references and copies of articles on mining and metallurgical subjects; to determine the existence of mining-maps, and to furnish general information as to the geology and mineral resources of all countries. All communications should be made as definite as possible so that the information received may be what is desired and not include collateral matter which may not be of interest. The time spent in searching for such collateral matter will be saved, and the information will be sent more promptly and in more usable-shape. The members of the Institute can be of service to the Library by forwarding copies of mining-reports, maps privately issued, and similar material, which will be classified, indexed, and made available to other members. Suggestions for additions to the Library, either by purchase or personal solicitation as gifts, will be welcomed. It is hoped that members while in the city will use the Library freely, and assurance is given that most careful service will be rendered to them.

Jan 2, 1914

By M. N. Short

It is almost self-evident that the student of geology depends for his education in geology only in small measure upon his own observation. His chief sources of information are lectures and personal instruction from teachers, and the geological literature. Of these, the literature is by far the most important. The total geological knowledge available to the geologist of today is substantially that which is on the printed page, and no more than that. There are many geologists of outstanding rank who during the course of a busy and useful professional career have accumulated valuable geological knowledge. This, however, is never available to the profession, owing to the disinclination of these geologists to write or to the refusal of their employers to allow the results of their work to be published. With the passing of these geologists, their accumulated knowledge is irretrievably lost. In many mining districts the operating companies are not averse to the publication of geological information gathered by their engineering and geological staffs, but for various reasons this information is not published. However, when a public survey geologist goes into the district this information is placed at his disposal and eventually is published. But for the intervention of a disinterested public scientist, this information would have been buried in company files. In the last analysis, the teachers themselves depend largely upon the printed page for the knowledge they pass on to the student. Without geological literature, then, the instruction of geological students would be almost impossible. There is no .question that, as a whole, geologists who are on the public payroll have to their credit far more contributions to literature than have either teachers or professional geologists, whether the latter be independent or in the employ of private corporations. The very fact that geologists are upon the public payroll places them under obligation to make available to the public the results of their endeavors. They must either prepare these results for publication or they must furnish data or otherwise aid their colleagues to publish their results. The success or failure of a public geological survey depends entirely on the

Jan 1, 1935

By M. N. Short

It is almost self-evident that the student of geology depends for his education in geology only in small measure upon his own observation. His chief sources of information are lectures and personal instruction from teachers, and the geological literature. Of these, the literature is by far the most important. The total geological knowledge available to the geologist of today is substantially that which is on the printed page, and no more than that. There are many geologists of outstanding rank who during the course of a busy and useful professional career have accumulated valuable geological knowledge. This, however, is never available to the profession, owing to the disinclination of these geologists to write or to the refusal of their employers to allow the results of their work to be published. With the passing of these geologists, their accumulated knowledge is irretrievably lost. In many mining districts the operating companies are not averse to the publication of geological information gathered by their engineering and geological staffs, but for various reasons this information is not published. However, when a public survey geologist goes into the district this information is placed at his disposal and eventually is published. But for the intervention of a disinterested public scientist, this information would have been buried in company files. In the last analysis, the teachers themselves depend largely upon the printed page for the knowledge they pass on to the student. Without geological literature, then, the instruction of geological students would be almost impossible. There is no .question that, as a whole, geologists who are on the public payroll have to their credit far more contributions to literature than have either teachers or professional geologists, whether the latter be independent or in the employ of private corporations. The very fact that geologists are upon the public payroll places them under obligation to make available to the public the results of their endeavors. They must either prepare these results for publication or they must furnish data or otherwise aid their colleagues to publish their results. The success or failure of a public geological survey depends entirely on the

Jan 1, 1935

By Richard Moldenke

The author discusses some economic conditions which have made the career of the cast-iron pipe industry in the United States a checkered one. He next describes the two new developements in the manufacture of cast-iron pipe-both along the lines of centrifugal casting. The advantages and disadvantages of both processes are presented in some detail. Finally, statistics on the production of pipe in the United States at the present time are given, as well as the plants-and their capacities-so far as these are situated in the South. No SINGLE branch of the foundry industry has been brought to a production basis of huge tonnage, low manufacturing cost, and producing material of a remarkably high quality, as has the making of cast-iron pipe. The pipe shop is an excellent illustration of the fact that repetition work in specialties leads to mechanical equipment and manipulation that lower production costs to an. astonishing degree. Hence cast-iron pipe, in dull times, has been sold at a few dollars a ton over the selling price of the pig iron used. On the other hand, these same pipe, shops make fittings .of many varieties, and in much smaller quantities, where the cost is high, and when pipe may be sold, say, at $50 a ton, the fittings on the same shipment will be sold for nearly double that price. The history of pipe-making, in the United States, is a checkered one the mortality of plants is high and, from the nature of the industry, plants must be large to live. In spite of the fact that the best processes must be used to turn out this rather strict specification material, pipe is easy to make and a pipe plant is more of a tonnage mill than the really high-class specialty foundry it should be. Every time, therefore, that the demand for pipe is strong new shops spring up, only to close when the demand has ceased, but the financial damage to the more permanent plants has been done. Both the South and the North have had abundant experiences of this kind, and when recently a northern Public Service Corporation gave its order to France, the pipe plants thus adversely affected were content to have this occur rather than see-a plant started to supply the surplus demand.

Jan 9, 1924

By J. F. Wolff

The iron formation of the Gogebic Range in northeastern Wisconsin and the northwestern part of the Upper Peninsula of Michigan, resembles that of the Mesabi Range in Minnesota very closely in lithologic character and the subdivisions and horizons that can be recognized. It contains numerous interbedded slaty layers and considerable intraformational conglomerate in certain horizons. In contrast to the flat dip of the Mesabi formation, the Gogebic dips steeply to the northwest at an average angle of about 70". It has a quartzite and siliceous slate foot wall and a hanging wall of conglomerate, graywacke and slate. The black and gray Tyler slate has been designated the hanging wall of the Gogebic iron formation in U. S. Geologicial Survey monographs, but between the true Tyler slate and the commercially important Gogebic iron formation, and apparently unconformably upon the latter, is a series 600 ft. or more thick of conglomerate, slate, graywacke, and cherty iron formation, the latter being of no commercial importance on the Gogebic Range as far as now known. This series is probably that described as the "Capps" on the eastern Gogebic by the Michigan Geological Survey. The Gogebic iron formation proper can be subdivided into three main horizons, a lower cherty and an upper cherty with a banded or slaty horizon between them, corresponding to the three lower horizons of the Mesabi. Several minor subdivisions can be made of these major ones. Orebodies occur in all three horizons of the Gogebic series and in some places ore is developed across practically the entire series. Dikes and Sills The Gogebic iron formation has been intruded most intricately by basic dikes and sills, most of the former pitching east but some pitching west. One very extensive sill is intruded near the base of the lower slaty or banded horizon, in the formation known locally as the Yale slates. One extensive bedding or strike fault is associated with this sill and a great many transverse faults occur at different places along the Range. The combination, or association, of steep dip, faults, dikes and sills has produced conditions very favorable for the development of orebodies through the leaching, oxidation, and consequent concentration effected

Jan 1, 1925

By Gregory J. Comstock

THERE is a growing interest in the possibilities presented by the manipulation of metal powders, which justifies an attempt to summarize their character and potential value. A summary of this kind presents an opportunity for making a classification of metal powder products into several general types. Our present knowledge of the finer and more abstract aspects of many of the principles involved in metal powder technique is extremely limited. Any conclusions as to the ultimate value of the process will, therefore, for the present at least, be of doubtful value unless they are substantiated by its products. The number of such products is increasing. A study of their diverse and unusual characteristics; an examination of the methods by which they are made, and a consideration of the reactions that take place during their fabrication, in so far as we can define them, should afford as good an evaluation of this interesting development as it is possible to make at this time. A critical study of this kind results in a formidable list of special attributes, which apparently ate characteristic of applied powder metallurgy. A comparison of these special effects with the end products and well defined limitations of the melting and casting process indicate that often they may very well be considered as being special advantages. They are subject, of course, to certain not as yet so well defined limitations of their own. Based on current products only, a necessarily condensed summary of the more striking special attributes of the metal powder process follows. MANIPULATION OF HIGHLY REFRACTORY METALS The powder process presents a means of manipulating highly refractory metals, which cannot be cast and formed in the usual melting and casting process. Tungsten, molybdenum and tantalum are the classic examples of the adequacy of the metal powder process for meeting unusual conditions of this character. The development and application of these metals by means of it, and their importance in the electrical

Jan 1, 1938