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By Gerard Matthes

Only in recent years has any practical headway been made in the application of aerial photography to geological problems, and up to the present time its principal value to the geologist and mining engineer has been in "areal geology;" i. e., the study of formations as revealed at the surface. The object of this paper is to set forth briefly the principal advantages that may be derived from aerial photographic data in geological work and to serve in a measure as a guide to those who may be contemplating its use. Geophysical prospecting has for object the locating of mineral under the surface. Inasmuch as the geologist's chief complaint in life is a dual one—inability to see under the surface and inability to visualize comprehensively what he does see on top of the ground—geophysical prospecting coupled with aerial photography should do much to lessen his burdens. To what extent aerial photography can be made a useful adjunct to geophysical prospecting remains to be proved, but the inference drawn here is that it holds many alluring possibilities. To avoid disappointments, it should be stated at the outset that to the geologist or mining engineer an aerial photograph or mosaic is only a tool, the efficient use of which he must set out to master. Upon his skill and ingenuity in applying it to particular problems will depend largely the value of the results that he will obtain. Under the most favorable conditions an aerial mosaic, or even a few loose photographs, because of the exceptionally comprehensive oversight which they afford of field data, such as dips and strike observations at isolated outcrops, local indications of faulting, mineral and fossil finds, greatly facilitate study and correlation, save much tedious foot work, and may repay their cost many times. Even so, types of country may be found where the most skillful use of the best of pictures will produce results so meager as to render the cost of aerial photography entirely unwarranted. Between these two extremes will be found endless variations and possibilities. Hence no set rules can be promulgated. The safest procedure is to treat each case as a separate problem and to carefully weigh the relative advantages and shortcomings of aerial photography before embarking on its use.

Jan 1, 1928

By Tao Li

The development of DP(Dual Phase) steels and TRIP(Transformation Induced Plasticity) steels has received much attention in recent years due to their high strength and simultaneous good ductility, which provides the potential for weight reduce and resource savings on certain components in automobile or other industries. So a controlled rolling process was simulated in the present study by thermomechanical simulator (Gleeble 1500) for producing DP steels on a kind of low carbon steel containing a small amount of Si and Cr. F+M dual phase microstructures have been obtained during continuous cooling processes of a wide cooling rate range from 10°C /s to 60°C /s. The grain size of the dual phase steel developed can be refined to less than 5 m through the mechanism of deformation induced ferrite (DIF) transformation. The ultrafine ferritic grains are equiaxed with high-angle boundary, and the martensite islands of an average size less than 5m disperse uniformly in the ferrite matrix. The ultrafine martensite islands not only inhibit the growth of ultrafine ferritic grains and improve the bonding of F/M interface, but also increase remarkably the strain hardening rate in the processing of the present Dual-Phase steel. As a result, the tensile strength of ultrafine grained Dual-Phase steel reaches higher than 1000 MPa. The result shows that an ultrafine grained Dual-Phase steel of low carbon and low alloy is promised to exhibit desired F+M microstructure by means of this new TMCP process.

Jan 1, 2006

By Robert B. Schluter

The Bureau of Mines investigated separating copper-nickel mattes to recover a copper-rich fraction suitable for processing by conventional copper metallurgical processes and a nickel-rich fraction suitable for processing in a hydrometallurgical nickel circuit. Distribution of cobalt and precious metals between the copper and nickel fractions was also determined. A matte containing a nominal 65 pct Cu, 9 pct Ni, 4 pct Fe, and 20 pct S was separated into a copper fraction that comprised 80 pct of the matte weight and contained 70 pct Cu and <1.5 pct Ni, plus a nickel fraction that contained 40 pct Ni and 30 pct Cu. Recoveries of copper and nickel into their respective fractions were 90 pct and 87 pct. These results were obtained in a laboratory flotation cell at a matte grind of 90 pct minus 500 mesh and a pH of 12.4, using 1.7 pounds DPG (diphenylguanidine) per ton of matte as collector and frother. Magnetic separation was used to remove metallic iron-nickel alloy from the copper fractions. Distribution of cobalt was about 70 pct to the nickel fraction and 30 pct to the copper fraction. Silver reported predominately to the copper fraction, while Au, Pt, and Pd were essentially entirely recovered in the nickel fraction.

Jan 1, 1982

By X. Cao, B. S. Naik, D. L. Chen, P. Wanjara

AZ31B-H24 Mg alloy sheets with a thickness of 2 mm were friction stir lap welded (FSLWed) at two tool rotational rates of 1000 and 1500 rpm and two welding speeds of 10 and 20 mm/s. The tensile behavior of the FSLWed AZ31B-H24 Mg alloy was then evaluated at low (-40°C), room (25°C), and high (180°C) temperatures. It was observed that the failure load increased with decreasing tool rotational rate and increasing welding speed. The maximum failure load occurred at a tool rotational speed of 1000 rpm and a welding speed of 20 mm/s at all temperatures tested. It was also noticed that at the high test temperature, the samples failed along the sheet interface, i.e. shear fracture. At the low and room temperatures, the samples failed on the advancing side (AS) of the top sheet near the interface between thermo-mechanically affected zone (TMAZ) and stir zone (SZ). The different modes of fracture observed are associated with the hooking defect.

Jan 1, 2014

By Samuel Daniels

In this paper are given the mechanical properties, determined by the Engineering Division, Air Service, U. S. A., of the 94 per cent. aluminum, 5 per cent. copper, 1 per cent. silicon alloy as sand-cast and as heat-treated commercially to Air Service Specification No. 11,300. This particular alloy was tested both in the cast and in the heat-treated condition. Tension and tension modulus values were obtained from machined and from un-machined test specimens; while data for shear, compression, impact, torsion, and for Brinell and Rockwell hardness were found from machined bars. Specific-gravity tests were made on sanded, un-machined specimens. The metallography of the alloy is useful as a control to heat treatment and presents some interesting peculiarities in regard to the two iron-bearing compounds. THE demand for an aluminum alloy, suitable for sand castings, that may be heat treated to meet requirements of high strength, ductility, shock and corrosion resistance, and ready machineability has led to the commercial development of a proprietary material that contains from about 4 to 5 per cent. of copper, 1 per cent. of silicon, and such impurities as iron, up to a maximum of 0.75 per cent., and manganese, in quantity usually less than 0.1 per cent.1 Magnesium is not generally present, for it tends to nullify the beneficial influence of the added silicon by forming magnesium silicide. The function of the silicon is to minimize casting difficulties and, structurally, to favor the precipitation of (insoluble) iron-bearing skeletons rather than the needles, which prevent full realization of tensile properties from heat treatment by stimulating intergranular fracture. The amount of silicon necessary to counteract the ill effect of iron is equal to or slightly more than the content of iron; the excess of silicon over this ratio, under certain conditions of heat treatment, enters with CuAl2, the principal hardening constituent, into solid solution and contributes somewhat to the strength of the alloy without appreciably impairing its ductility. The schedule of heat treatment of this alloy depends on the design (cross-sections) of the castings and on the nature of the tensile properties desired. Essentially, the process consists in heating the material at about-950° F., quenching in oil or in cold or boiling water, and artificially aging

Jan 7, 1925

By E. L. Reed

This paper addresses the state and federal permit- ting requirements and regulatory constraints associated with the development of new "grass roots" surface coal mines in the Western United States. Since a major portion of new coal development in the West will be on federally leased coal in Wyoming, my comments are directed towards that geographical area. This will give the reader some insight into the current regulatory framework within which western mining companies must operate-i.e., the major applicable state and federal laws and regulations, the more important state and federal regulatory agencies, and the major construction and operating permits that are required. Before discussing the impact of the regulations on our business, I would like to tell you something of my company and then briefly discuss Exxon&apos;s forecast of the long range outlook for coal. Carter Mining is an Won affiliated surface coal mining company. Exxon became interested in the coal business in the mid 1960&apos;s with the recognition of the future need for alternative fuel sources. Since that time, it has acquired coal reserves located in Wyoming, Montana, North Dakota, Arkansas, Texas, Illinois and West Virginia. Carter&apos;s first surface mine, the Rawhide Mine, located north of Gillette, Wyoming began production in August, 1977. Our second surface mine, Caballo, located just south of Gillette, began operating last October. We have a third block of federally leased coal just east of Gillette. By 1985 we anticipate Carter&apos;s western surface mines will be producing at an annual rate of 30 million tons, subject, of course, to successful market development efforts and regulatory considerations. Rawhide will ultimately have a permitted capacity of 24 MM tons per year. The coal at Rawhide is in two seams; one 80 feet in thickness and the other 20 feet (including a 6 to 10 foot parting). A large shovel is used to remove the overburden, and a similar shovel and dragline are used to mine the coal. Caballo has a 75 foot seam; otherwise it is similar in design and operation to the Rawhide Mine.

Jan 1, 1979

By T. G. Bobick

Task analyses were conducted by the Bureau of Mines at four underground low-seam coal mines to evaluate their supply-handling systems and for use in subsequent design of laboratory simulation experiments. Items were tracked (by videotaping) from delivery to the surface storage areas to their final destinations underground. Of particular interest were those tasks that required manual handling of supplies or equipment. Analysis of the videotapes revealed that the miners handled materials while stooped over a total of 37.8 pct of the time, 31.5 pct while on both knees and 9.5 pct while kneeling on one knee. These working postures impose considerable stress on the lumbar spine and may be implicated in the high number of back injuries in this work population. This paper also discusses various mechanical-assist devices developed by the Bureau and successfully evaluated in the underground workplace. These devices can be used to minimize the manual effort and the corresponding risk of injury associated with handling supplies and equipment components in low-seam coal mines.

Jan 1, 1988

By M. C. Bluteau, G. P. Demopoulos

Arsenic reports in the effluents of many non-ferrous metallurgical operations. The production of scorodite, a crystalline ferric arsenate, is considered as an attractive option for the fixation of arsenic from aqueous effluents. However, scorodite solubility and long-term stability in the pH region of interest for tailings disposal have not been thoroughly investigated. In this study the long-term stability of scorodite in the pH 5 to 9 region and the mechanism of scorodite dissolution were studied. Construction of eh-pH diagrams indicated that scorodite stability is highly dependant on the nature (stability) of co-existing iron-hydroxide/oxyhydroxide. It was also found that when scorodite dissolves, a ferrihydrite phase having very small particles size (nano-scale) forms and that the growth and crystallization of this material are delayed by the presence of arsenate even under accelerated (75°C) ageing conditions. Around neutral pH and ambiant temperature (22°C) scorodite seems to reach an equilibrium with ferrihydrite after 48 weeks yielding soluble arsenic concentrations < 5 ppm.

Jan 1, 2004

By F. Karakas

Organo-bentonite production enjoys important applications including solvent based paints and, more importantly, the production of polymer/bentonite nanocomposites. Quarternary ammonium salts in this regard are still considered as the most versatile reagents in the process of hydrophobization. In this study, a purified form of Resadiye region bentonites, which is one of the most significant sodium bentonite deposits in the world, was used. The raw Na-Bentonite was typically characterized by chemical analysis, XRD and DTA analysis and more importantly for its cation exchange capacity (CEC). Other technological properties such as swelling index, pH, apparent viscosity, water absorption, oil absorption were also conducted on the raw bentonite. The mineralogical analysis of the raw bentonite reveals that it contains about 80 % montmorillonite together with other associated gangue minerals including feldspar, quartz, calcite, dolomite, coloured impurities and other clay minerals. The raw bentonite was subjected to two stage processing involving a series of hydrocylones. Different apex and vortex diameters and different pressures were employed in order to produce a bentonite concentrate with 95 meq/100g CEC from a CEC of 71 meq/100 g. This high quality concentrate was used in the production of organo-bentontonite. The modification was performed with two different quaternary amines, i.e. Trimethyl Phenyl Ammonium Chloride (TPAC) and Hexadecyl Trimethyl Ammonium Bromide (HDTMA-Br). In the modification procedure, three parameters, i.e., adsorption density, zeta potential, swelling index and apparent viscosity were studied simultaneous-ly from the same suspension to identify both the mechanism of the process and also the degree of hydrophobicity. Adsorption measurements were made as a function of conditioning period, pH, and reagent concentration. Simultaneous examination of the adsorption density, zeta potential and apparent viscosity enabled us to pinpoint the optimum region of hydrophobicity which was subsequently tested by settling and critical coagulation concentration in both water as polar and toluene as nonpolar solvents. The results are analyzed in the light of experimental data.

Jan 1, 2014

The Wednesday morning session was opened by President John Reeves at 9:30 a.m. He thanked the various committees for the excellent work they did. He called on the Auditing Committee to give its report. Mr. Jack White reported that the Auditing Committee had properly checked the financial records of Mrs. Augusta Whiteside, Secretary-Treasurer, of this Institute and reports to the membership that these financial records are indeed accurate and in good order. We so sign our names to this. This Auditing Committee wishes to take this opportunity to commend and thank Mrs. Whiteside for her dedicated effort in keeping the financial records of the Rocky Mountain Coal Mining Institute in such excellent order. (See page 5 for printed Treasurer&apos;s Report) Mr. White asked for a motion to approve the records, it was made, seconded and approved. Mr. Meade Harker, Chairman of the Finance Committee, was asked to give his report. He stated that the Colorado contributors total was $630.00 and the Utah $39.0.00, making a grand total of $970.00.

Jan 1, 1970

By Charle Lawrence, Murray E. Blanchard

"A significant addition to Canada&apos;s commodity export transportation capabilities is being built by Ridley Terminals Inc. on Ridley Island in the Port of Prince Rupert on British Columbia&apos;s north coast.Site preparation began in early 1982. By the end of 1983 the terminal will be receiving coal from two major new mines being developed in B. C.&apos;s massive $2.5 billion northeast coal development.The RTI terminal will have initial capacity to transfer 12 million tonnes of coal a year from railcars to storage and to ships. Capacity will be doubled to 24 million tonnes as market opportunities are developed.The challenge of building this $220-million facility in less than 24 months, the benefits Canada has received from the work the project is generating, and the long-term faith in Canada that this project represents, are all part of the excitement which surrounds the Ridley Terminal and northeast coal developments.RIDLEY TERMINALS INC. (RTI) is building a very significant addition to Canada&apos;s commodity export transportation capabilities. The facility, on Ridley Island at Prince Rupert, on the north coast of British Columbia, is a key link in British Columbia&apos;s northeast coal development which in itself is a massive undertaking involving investment of some $2.5 billion. The entire project is making a substantial contribution to Canada&apos;s economy at a time when such contributions are sorely needed.The development is creating employment, not only in British Columbia where its various parts are being created by mining companies, railways and others, but also across the country where suppliers are manufacturing a wide variety of good s and equipment for the development&apos;s participants.The RTI terminal is no exception. It is a critical cog in this mega project&apos;s large transportation system and its construction is contributing substantially to job creation and to other economic activity, in the Prince Rupert area and in many other parts of British Columbia and the rest of Canada."

Jan 1, 1983

By B. J. Scheiner

As part of its mission to reduce pollution associated with mineral production, the Bureau of Mines is developing a dewatering technique for phosphatic clay waste that uses a flocculant, polyethylene oxide (PEO). This flocculant forms strong, stable flocs, which can be partially dewatered on a static screen and dewatered further on a rotary screen. Using this technique, a field test unit (FTU) was operated at a nominal 100 gal/min. Consolidated phosphatic clay material containing 20 percent solids was produced when feed slurries of 3 percent solids were treated with 0.69 pound of PEO per ton of feed solids. Pit and column tests indicated that the PEO-treated material continued to dewater; compacted products containing 40 percent solids were obtained after 45 days.

Jan 1, 1981

By C. G. Dunn, J. L. Walter

Either (100) (001] or (110) (0011 oriented secondaries, or both, depending on annealing atmosphere and material composition, grew in a matrix of 2-dimensional grains. The growth dependence of secondaries of(hkl) orientation in the iron and 0.6 pct Si-Fe is explained in terms of surface energy driving forces and the dependence of these driving forces on both (hkl) orientation and amount of oxygen at the surace. (100) [001] grains grow when suflicient oxygen is present at the gas-metal interface to make y100 the lowest (hkl) surface energy. When little or no oxygen is present at the gas -metal interface, making Y110 the lowest surface energy, (110) (001 1 grains grow. When Y100 and y110 are approximately equal but lowest among (hkl) surface energies, both (100) (0011 and (110) (0011 grains grow simultaneously. An excess of surface oxygen produces complete grain growth inhibition in high-purity iron; i.e., a 3-dimensional grain structure is retained over long annealing periods. However, a small amount of silicon in the iron reduces the growth inhibiting tendency of oxygen without altering the (hkl) surface energy relationships. Some information on annealing twins is presented. SECONDARY recrystallization in high-purity a iron, cold rolled to strip a few mils thick, was reported recently.&apos; The present paper provides additional information on this subject, also furnishes similar information on both zone-refined iron and a high-purity 0.6 pct Si-Fe alloy, and treats the more important surface phenomena that determine to a large extent whether one or more secondary recrystallization textures will appear during annealing. Previous studies on high-purity 3 pct Si-Fe2,3 have shown the importance of (hkl) and impurity-atom dependent gas-metal surface energies on the formation of secondary recrystallization textures in high-purity material. For example, either (100) or (110) oriented grains may have the lowest surface energy depending on the amount of oxygen at the gas-metal interface, and hence the highest driving force for growth if other growth factors are the same. Another important phenomenon in high-purity material is stabilization of the matrix structure; neither impurities nor a strong matrix texture seem to be necessary when recrystallization and normal grain growth occur, developing a stable two-dimensional type grain structure. The average grain size in such a structure is usually between one and two times the specimen thickness. Consequently, most of the grains have grain boundaries terminating at exposed surfaces, and this results in gas-metal interfaces (or hkl surfaces) as well as

Jan 1, 1962

By Chas Fettke

DURING the summer of 1916, while on a visit to the United States Agricultural Experiment Station at Mayaguez, Porto Rico, the writers were told by D. W. May, the director, that an occurrence of manganese ore had been reported from the mesa southeast of Mayaguez. A visit to the locality showed that the mesa is covered by a mantle of bright red soil resting upon serpentine. Here and there over its surface concretionary masses of limonite have been washed out of this soil. These were FIG. I.-MAYAGUEZ FROM NORTHWEST END OF MESA. apparently mistaken for manganese ore. On account of the similarity of this occurrence to the extensive iron deposits of northeastern Cuba, it was thought that a brief description based upon a two days&apos; reconnaissance survey of the area would be of scientific interest. Mayaguez is on the west coast of Porto Rico, at Mayaguez Bay, which is the third in importance of the harbors of the island. The city itself is about ¾ mile inland on the low-lying plain at the mouth of the

Jan 3, 1918

By J. Brad Dalton, Sam Vance, Trude V. V. King, Roger N. Clark, Raymond F. Kokaly, Gregg A. Swayze, Dana J. Bove

Visible-wavelength and near-infrared multispectral image cubes for the Animas River Watershed from Hermosa, Colorado to the headwaters at Animas Forks, Colorado were acquired on June 18, 1996 using the Jet Propulsion Laboratory&apos;s AVIRIS (Airborne Visible and InfraRed Imaging Spectrometer) instrument (Green et al., 1998). These image cubes have been analyzed using the USGS Tetracorder V3.4 implementation (Clark et al., 1995), an expert system which utilizes a database of more than 300 laboratory spectra of endmember minerals and mineral mixtures to generate maps of mineralogy, vegetation coverage, and other material distributions. Major iron-bearing, clay, carbonate, and other minerals were identified along with several minerals associated with acid-generating hydrothermal systems including pyrite, jarosite, alunite and goethite. Additionally, distributions of alkaline minerals such as calcite and chlorite indicate a relation between acid- buffering assemblages and stream geochemistry within the watershed.

Jan 1, 2000

By Gene O. Cowie

"Zinc, which once enjoyed an unchallenged position in the field of decorative applications, has lost a substantial share of its markets to other materials, particularly plastics. This turn of events has led the zinc industry to explore new market areas, particularly those applications where the engineering properties of zinc can be utilized. This paper gives an overview of the zinc industry&apos;s efforts to develop the data base and product development technology which have enabled zinc alloys to emerge as engineering materials. It also indicates those areas in which the research facilities of the zinc industry must be employed to ensure that zinc alloys keep pace with developments in competitive materials and processes.The Materials RevolutionThe development and utilization of new materials and manufacturing processes progressed for centuries by evolution. Recently it erupted into a revolution, which may become as significant as the industrial revolution. The materials revolution has impacted upon many industries, but none has been affected more traumatically than the North American automotive industry. The plight of that industry is of great importance to us because their problems have, to a great degree, become problems to the zinc industry.Much of the impetus behind the automotive trauma came from the battery of motor vehicle regulations promulgated by the United States government in the 1970s. These regulations required that the efficiency of passenger cars, in terms of miles per gallon, be approximately doubled in ten years. In view of the fact that major changes in the automotive world require three years of lead time to implement, the industry was left with only seven years to perform the task. The automotive industry was simultaneously required to make progress in other areas, such as reduced emissions, reduced cost of repairs and increased levels of occupant safety. These added demands not only diverted some of the available resources away from efficiency goals, they often ran in direct conflict. For example, when you are required to provide a front bumper which will absorb the energy of a 5-mile -per-hour barrier collision, you must add both hardware and structure to the vehicle. This adds weight, and increased weight reduces miles per gallon."

Jan 1, 1983

By J. H. Swislzer

TWO-LIQUID miscibility gaps have been found to exist in both the CaO-SiO, system above 1705 and the Cr,03 system above 2200"c. Glasser and 0sborn3 studied the extension of these miscibility gaps into the Ca0-Si0,-Crz03 ternary system and reported that the two-liquid region is not present at temperatures below the monotectic temperature of 1705°C in the CaO-SiO, system. The present authors, in connection with other work on surface-tension measurements and foam stabilities in the same ternary system,4 observed that the miscibility gap exists at temperatures as low as 1600°C. A brief experimental study was devoted to deter- mining tie-line positions in the two-phase region. The technique used was to obtain a separation of phases at 1600°C, then to quench-in the high-temperature phases and obtain a chemical analysis of each phase. It was necessary to take special precautions in obtaining a phase separation because of a tendency toward emulsification of the two liquids. The procedure followed is described in the schematic drawing in Fig. 1. A small platinum crucible containing several pinholes on its sides was placed inside a larger platinum crucible. An excess of Crz03 was placed in the outer crucible, together with a prefused binary CaO-Si02 mixture, and the Cr203 was allowed to diffuse through the pinholes and saturate the same binary CaO-SiOl mixture in the smaller crucible. After equilibration at 1600°C, the inner crucible contained only the lighter liquid (liquid A) saturated with Cr203. The outer crucible contained layers of both liquids. Experimental data were obtained by analyzing the entire contents of the inner crucible and only the bottom layer of the larger crucible (liquid B). The upper layer of the outer crucible was not suitable for chemical-analysis purposes because dispersions of the second phase sometimes were found in the samples. The technique is described in more detail in Ref. 4. The same method was used by Grieveson and urkdoan&apos; to study a miscibility gap in sulfate-ferrite melts, where the liquids were difficult to separate because of similarities in density. In addition to the phase-separation experiments, a few others were conducted to obtain information

Jan 1, 1964

By Marcio Luis S. Godoy

The Salobo Project will be the first Vale operation to use an HPGR mill to process copper-gold ore. The mine is located in Para state, southeast of the Amazon region in Brazil. The circuit was designed to treat 12 million metric tons per year of finely disseminated sulphide ore with high hardness. The comminution circuit comprises a gyratory primary crusher, secondary crushing utilizing two cone crushers, two 2 x 1.5 m HPGR operating in closed configuration with 6 mm screens, followed by two 26 x 40 ft ball mills. The concentration circuit consists of two rougher flotation stages using mechanical cells, regrinding with vertical mills, three cleaner stages with columns and one cleaner scavenger stage in mechanical cells. The concentrate is dewatered, filtered and transported by trucks and train to the port, to be exported. The circuit was designed on the basis of data obtained from a comprehensive laboratory and pilot plant campaign. The ore variability was assessed through simulation using data from a drilling core characterization program. The start-up of the industrial plant is planned for 2011. This paper describes the main aspects of circuit design, as well as information related to the beginning of the project construction.

May 1, 2010

By Frank L. Wideman

"INTRODUCTION The Cphir Hill Consolidated mine was examined 2/ in January 1944. It was recommended that the mine be explored for the purpose of increasing of lead and zinc ore.The Bureau of Mines began exploratory work at the mine in June 1944 and completed it in June 1945. The work was planned to indicate ore that could be developed and extracted quickly and consisted of core drilling and trenching.ACKNOWLEDGMENTSIn its program of exploration mineral deposits, the Bureau of Mines has as its primary objective the more effective utilization of our mineral resources to the end that they make the greatest possible contribution to national security and economy. Its the policy of the Bureau to publish the facts developed by cash exploratory project as soon as practicable after its conclusion. The Mining Branch, Lowell B. Moon, chief, conducts preliminary examinations, performs the actual exploratory work, and prepares the final report. The Metallurgical Branch, O. C. Ralston, chief, analyzes samples and performs beneficiation tests.The work reported on in this paper was conducted under the supervision of S. R. Zinmerly, removal engineer of the Western Region, and J. A. Marsh, district engineer of the Utah-Wyoming district. Subsequent to May 1945, the project was under the supervision of Paul T. Allman, chief, Salt Lake City Division, Mining Branch. The management and employees of the Ophir Development Co. wore very cooperative. Credit is due to the Bureau employees, all local men, for the excellent amount of work accomplished."

Jun 1, 1947

By Alfred Jr. Petrick, William A. Vogely

INTRODUCTION The scope of mineral finance extends beyond the economic aspects of property evaluation to all of those activities involving acquisition and utilization of funds with an objective to optimize the value of the firm. It must, therefore, en- compass consideration of the overall financial goals of the firm, decisions involving external versus internal growth and domestic versus foreign investments, management of working cap- ital, efforts to minimize the cost of capital, and decisions with regards to the instruments of long- term debt and equity financing. The scope of this section is limited to considerations of special interest to the mineral or petroleum engineer, which include the following aspects of mineral finance: (1) The technical aspects of mineral or coal property or oil and gas reservoir evaluation which provide the basis for estimation and forecasting of revenues and costs. (2) Estimation and forecasting of costs and prices in a inflationary economic environment. (3) Calculation of cash flows which model .. , the investment in minerals, coal or oil, and gas. Such models require assumptions as to the timing of cash flows, escalation of capital and operating costs, base prices, and escalation, the tax regime, royalties, division of profits and the economic aspects of loans. (4) The role of discount rate in the economic analysis of an investment which requires consideration of the opportunity costs of the firm, cost of capital, risk premiums. (5) Risk analysis including application of the concepts of conditional net present value, expected value, and risk preference as well as the application of the techniques of sensitivity and simulation. (6) Selection of application criteria for in- vestment decision making. (7) Capital structure with particular reference to the effect of debt financing. (8) Consideration of sources of funds utilized by the minerals industries. (9) Long-range planning including portfolio analysis. This section is limited to principles, methodologies, and trends in mineral investment, finance, and long-range planning in the United States with a perspective from the year 1984. Consideration of the key concepts is supplemented by case examples of investment risk analysis and financial structure. Important factors affecting mineral investment evaluation during the 1980s include volatile metals prices, cost inflation, and the introduction of techniques requiring the computer and its capacity for improved technical and economic analysis into the hands of those who know most about the industry. The personal computer is replacing the calculator on the desk of the individual analyst and is rapidly becoming a required tool for the study of engineering and economics. Examples of change brought about by the micro-computer include greatly improved techniques of cost estimation, wider application of the computer for project analysis, computer graphics, reserve estimation, geostatistical analysis, mine design and other techniques that capitalize on the ability of the computer to handle

Jan 1, 1985