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By William L. Russell

A new instrument for measuring bulk and grain vol-urnes is described, and compared in accuracy with two modifications of Nutting's method, All three methods are reasonably fast, and in all three the probable error in the determinations of bulk volume can be kept down to about 0.1 to 0.2 per cent. INTRODUCTION The new pycnometer described in this paper is designed to give speed without sacrificing accuracy. Some time ago Russell1 described a somewhat similar appa-ratus; however, the instrument described in the present paper is more accurate. Nutting' designed the pycnom-eter shown in Fig. 1 (A and B), and Pirson3 has shown points like those of Fig. 1-D. The procedure described in this paper for using Nutting's pycnometer has been modified from that used by Nutting. CHOICE OF LIQUIDS The best liquids for measuring grain volumes are hydrocarbons or chlorinated hydrocarbons which evaporate slowly. Trimethylbenzene or mesitylene, triethylben-zene, carbon tetrachloride, and tertalin have been used for this purpose. Any of these liquids or mercury may be used for measuring bulk volume. PREVENTING ERRORS DUE TO INVASION OF LIQUID Errors due to the invasion of the porous, permeable bulk samples by the liquid of measurement may be prevented or greatly reduced by using mercury, by applying an impervious coating, or by soaking the bulk samples in the liquid of measurement until bubbles cease issuing from them. Errors are produced only by the invasion of the samples which occurs between movement when the samples are weighed in air and the moment the weight of liquid displaced by the sample in the pycnometer is determined. No error is produced by varying degrees of filling of the pore space of the samples by the liquid of measurement. The excess liquid should be wiped from the samples immediately before the weight in air W1, is determined, and they should be placed in the pycnometers immediately. OPERATION OF NEW INSTRUMENT The new pycnometer is shown in Fig. 2. It consists of two glass parts which fit together at a ground glass joint. The spaces J and D are connected by fine glass tubes E, and the space J must be larger than the space D by at least the volume of the largest sample to be tested. The projections H afford a grip for twisting when the two parts tend to stick together. The position of the sample in mercury is shown by I, and in other liquids by M. F is a permanent mark on the glass, and G is a tem-Some marker. In order to determine the position at which G should be placed, invert the instrument so that A is at the bottom, and fill space D. Place the cub K

Jan 1, 1958

By David Reger

LITTLE new oil was found in West Virginia, during 1923, but there were important discoveries of gas. Most of the large oil producers have contented themselves with pumping old wells or in drilling only enough new wells in defined territory to maintain a fairly constant production, the attitude being that no, profit is made in producing high-grade oil at a low price and that an eventual loss is sustained by draining the reserves of a limited commodity that, at some more favorable time, will be of much value. The representative of one large company said: "We have done nothing but pump old wells during 1923 and we have made no plans for 1924." Careful attention to producing wells has been the rule, there having been few abandonments; the belief is prevalent that small wells will eventually become profitable under more favorable marketing conditions. In natural gas, the opposite point of view prevails. Because of the vast capabilities of the state for producing gas, its output being ahead of all others, great systems of transportation and distribution into the markets of four adjoining states have been built and a demand has been created that no present, or apparently potential, production can satisfy. This demand has become so great that large distributing companies not only discourage new applications for service but advise old customers to install coal furnaces for auxiliary fuel; some have requested public-service commissions to grant higher 'rates against large industrial consumers than those allowed for domestic heating. The response to this known market has been a rapid increase in price, both at the well mouth and at the door of the ultimate consumer, and the industry has become so stable that the only uncertainty, or hazard, appears to be the question of the presence of gas in fair quantity in a given territory under consideration. Several oil companies have now forsaken their policy of selling gas, wells outright when drilled and ;have organized gas departments to drill for gas and to dispose of the daily output by meter to distributing corporations. With such companies and with other producers whose interest is chiefly gas, the year has been busy and profitable. Some new territory of apparently large value has been proved and deeper producing sands in old fields have been tapped.

Jan 3, 1924

By W. H. Kantner

IN this paper, no attempt will be made to theorize on subsidence. Only known data and actual facts will be given, with a few exceptions noted where other factors and outside influences tend to change sub-sidence directly resulting from porphyry caving. The area under observation is known as the Southeast Extension of the East orebody. The orebody is irregular in outline and dips to the south and the east, extending in depth from about 425 ft. below the sur-face to 1050 ft. below the surface. In the upper horizon, the orebody is about 400 ft. long and 150 ft. wide. At 720 ft. below the surface, the ore outline is approximately 450 by 170 ft.; 70 ft. below this, it is 500 by 110 ft., with an extension at the north end to the east 270 by 120 ft. From this elevation to about 900 ft. below the surface, the ore spreads out to the east and south, being about 700 by 500 ft. between these vertical limits. Below this it pinches out and at 1060 ft. below the surface is only 100 by 100 ft. The nearest point of the orebody-which is on the northwest side-is 600 ft. southeast of the Sacramento shaft. The country rock is all porphyry. Fig. 1 is a vertical east-west section showing orebody and original surface. The surface over the orebody was fairly regular and in this area and adjacent to it were portions of the surface plant, roads, and the main plant railroad to the concentrator. Fig. 2 is a map of the surface over the porphyry area. Caving operations started in April, 1925, at the approximate top of the orebody. The first lift was on the 600-ft. level; the ore was extracted by means of the Morenci timbered slide method and was from 425 to 455 ft. below the surface over an area of about 22,000 sq. ft. This lift was finished in May, 1926. The second lift, on the 650-ft. level, was already in production by May, 1926, so extraction of ore was continuous. This lift was 48 ft. high and covered an area of about 30,000 sq. ft. The ore from this lift was extracted by means of a modified Morenci timbered slide method. This lift was finished in March, 1927. The direction

Jan 1, 1934

By R. H. Olds, B. H. Sage

The formation volume and volume of the liquid phase of oil and gas obtained from four fields in the San Joaquin Valley have been investigated at pressures, temperature, and gas-oil ratios comparable to those encountered in underground reservoirs. All the fields covered in this investigation yielded a product of a gas-oil ratio in excess of 5000 cu ft per barrel and the gravity of the tank oil for the four fields in question varied between 52° and 63' API. The results of the investigation, together with analytical data concerning the composition of the oil and gas, are submitted in tabular form. Rough correlations of the formation volume as a function of pressure, temperature, and gas-oil ratio and of the retrograde dew-point pressure as a function of gas-oil ratio, temperature, and gravity of tank oil are presented. It was not found feasible to correlate simply the formation volume of the liquid phase as a function of the applicable variable. It is desired to emphasize that these correlations are considered applicable only to the range of conditions covered in this investigation and for systems of similar nature and composition. Introduction Information concerning the physical properties of mixtures of oil and gas from particular fields have often been employed in predicting the situations obtaining in underground reservoirs. One of the earlier studies of this nature was the work of Beecher and Parkhurst,1 while a more recent study of the Dominguez Field2 presented detailed volumetric data in the two-phase as well as in the single-phase regions. Although these studies were confined to individual fields, their results proved of value in application to other fields. It has recently been shown 3,4 that it is possible in the region of low gas-oil ratios* to correlate the volumetric behavior of naturally occurring hydrocarbon mixtures from a single geographical area with sufficient accuracy to be of industrial value. For this reason it is considered of interest to submit information concerning the volumetric behavior of oil and gas mixtures from four different fields in the San Joaquin Valley and, in combination with similar published data5 concerning mixtures of oil and gas from the Paloma field in the same area, to show rough correlations between the composition and the behavior of materials from these fields. This effort seems particularly worth while since all of the

Jan 1, 1947

By R. H. Olds, B. H. Sage

The formation volume and volume of the liquid phase of oil and gas obtained from four fields in the San Joaquin Valley have been investigated at pressures, temperature, and gas-oil ratios comparable to those encountered in underground reservoirs. All the fields covered in this investigation yielded a product of a gas-oil ratio in excess of 5000 cu ft per barrel and the gravity of the tank oil for the four fields in question varied between 52° and 63' API. The results of the investigation, together with analytical data concerning the composition of the oil and gas, are submitted in tabular form. Rough correlations of the formation volume as a function of pressure, temperature, and gas-oil ratio and of the retrograde dew-point pressure as a function of gas-oil ratio, temperature, and gravity of tank oil are presented. It was not found feasible to correlate simply the formation volume of the liquid phase as a function of the applicable variable. It is desired to emphasize that these correlations are considered applicable only to the range of conditions covered in this investigation and for systems of similar nature and composition. Introduction Information concerning the physical properties of mixtures of oil and gas from particular fields have often been employed in predicting the situations obtaining in underground reservoirs. One of the earlier studies of this nature was the work of Beecher and Parkhurst,1 while a more recent study of the Dominguez Field2 presented detailed volumetric data in the two-phase as well as in the single-phase regions. Although these studies were confined to individual fields, their results proved of value in application to other fields. It has recently been shown 3,4 that it is possible in the region of low gas-oil ratios* to correlate the volumetric behavior of naturally occurring hydrocarbon mixtures from a single geographical area with sufficient accuracy to be of industrial value. For this reason it is considered of interest to submit information concerning the volumetric behavior of oil and gas mixtures from four different fields in the San Joaquin Valley and, in combination with similar published data5 concerning mixtures of oil and gas from the Paloma field in the same area, to show rough correlations between the composition and the behavior of materials from these fields. This effort seems particularly worth while since all of the

Jan 1, 1947

By E. E. Thurlow

The Geology Div. of Northern Pacific Railway Co. has adapted to its exploration efforts field procedures for geochemical sampling and semi-quantitative analysis which have been developed through research by the U. S. Geological Survey. The sampling is done in conjunction with reconnaissance geologic mapping on aerial photographs or during field checking of maps which have been prepared largely by photo-geologic interpretation. Stream sediment or soil samples are taken and readily soluble combined heavy metals are extracted with ammonium citrate followed by colorimetric titration with dithizone at the sample site. The effectiveness of this approach has been demonstrated both in positive and negative results, thereby assisting in the elimination of large areas of land from further immediate attention and in providing targets for followup exploration. An occa sional sample is submitted for spectrographic analysis as a check on the possible presence of other elements of economic significance. Field laboratory procedures are also being implemented for determining molybdenum, mercury, and other metals which may be valuable in themselves or useful as pathfinder elements in outlining mineralized areas. A lead-zinc occurrence in Oregon and a copper deposit in Montana were readily detected and outlined by stream sediment and soil sampling and a heavy metal anomaly that lacks obvious interpretation has been found in northwestern Montana. Detailed mapping and additional sampling are followed by other exploration techniques if warranted. Northern Pacific's program of reconnaissance mineral evaluation of company-owned lands and adjoining areas was outlined in a paper presented at the American Mining Congress meeting in Las Vegas four years ago. That report included policies and procedures with respect to mineral development on Railway Co. lands and may be referred to for information on these matters.1 In a sense this paper is a progress report on the use of geochemical prospecting in Northern Pacific's continuing mineral evaluation program. At this time there are positive results but as yet there is no real success story in the form of a minable ore body. GEOCHEMICAL PROSPECTING PROCEDURES The decision to use geochemistry as a reconnaissance exploration tool must be followed by research into sampling and analytical methods and into the interpretation of results. Various analytical methods were tried and evaluated by the Geology Div., including hot and cold acid extraction with and without fusion of the sample, panning and magnetic separation followed by dithizone testing of the magnetite, and cold aqueous extraction of metallic ions followed by indicator tests. Samples were first sent to the laboratory for analysis; later field laboratories were established and now virtually all testing is done at the sample site. It was concluded that, where applicable, the quickest dependable methods for reconnaissance use are the dithizone field tests for readily extractable heavy metals. This involves the simultaneous treatment of a sample, usually of soil or stream sediment, with two immiscible liquids; one a cold aqueous extractant (ammonium citrate) and the other a solution of dithizone in toluene or xylene.2 Dithizone is a colorimetric indicator that reacts quantitatively with copper, lead, zinc, and several other metals to form colored complexes in organic solvents. Results may be expressed in ml of 0.001 pct dithizone that are required to reach the blue end point, or calibration of the test results can be carried out with standard solutions of zinc; conversion factors would then be expressed in ppm, zinc equivalent. Calibration of dithizone solution with zinc standards indicates that 1 ml of 0.001 pct dithizone is equivalent to approximately 0.25 ppm of zinc. An authoritative report on dithizone field tests authored by H. E. Hawkes in the June-July 1963 issue of Economic Geology* states "The appeal of these techniques has been the simplicity and speed of the determinations as compared with more tedious laboratory determinations of trace metals in weathered rocks, soils, or plant materials. This obvious appeal, however, has often been more than matched by misuse of the method in such a manner that the results are

Jan 1, 1964

By T. Sterry Hunt

BUT little was known of the coals of Southeastern Ohio until the present survey of the State under Dr. Newberry began its work. The results of the geological investigations of Prof. E. B. Andrews in this region, and of the chemical investigations of Prof. T. G. Wormley, both of which appear in the reports of the survey for 1869 and 1874, and more recent special reports by the former, together with some data for which I am indebted to the kindness of Dr. Newberry, and my own limited observations, have served me for the preparation of the following notice of the coals lying on the western border of the great Appalachian coal-basin in the region drained by the Hocking River and its tributaries, and belonging to the Lower Coal-Measures. Some uncertainty exists as to the place in the succession of the lower coals to be assigned to the seams known and mined in the Hocking Valley. It is the opinion of Prof. Andrews that the inequalities of the original surface were such that we cannot identify in that region the lowest coals known in Northwestern Pennsylvania and the contiguous parts of Ohio, but that we must rather count from above downwards. These conclusions Dr. Newberry is not prepared to accept, and further researches will be necessary before certainty can be attained in this matter. Meanwhile it seems, from a study of its relations to the Pomeroy or Pittsburgh seam, that what is known as the great vein of the Hocking Valley, occupies the horizon of the Upper Freeport coal, E of the Pennsylvania survey, or No. 6 in Dr. Newberry's enumeration, counting from the base. This seam, in the region in question. assumes certain characteristics which, taken in connection with its geographical position, give it a great importance among the coals of the State. The area to be noticed includes the whole or parts of several townships in Perry, Hocking, Vinton, and Athens Counties, lying near the margin of the basin over which the vein in question assumes the character of a dry-burning or splint coal, and has a thickness varying from six to ten and even twelve feet. Its precise limit southward cannot at present be clearly defined, but it has been found as far south as the line of the Marietta and Cincinnati Railroad, with a thickness of six feet, and is mined at various points along the valley of the Hocking River, near Nelsonville, where it attains six or seven feet. To the northward, along the tributaries of this river, Sunday and Monday

Jan 1, 1874

By T. Sterry Hunt

But little was known of the coals of Southeastern Ohio until the present survey of the State under Dr. Newberry began its work. The results of the geological investigations of Prof. E. B. Andrews in this region, and of the chemical investigations of Prof. T. G. Wormley, both of which appear in the reports of the survey for 1869 and 1874, and more recent special reports by the former, together with some data for which I am indebted to the kindness of Dr. Newberry, and my own limited observations, have served me for the preparation of the following notice of the coals lying on the western border of the great Appalachian coal-basin in the region drained by the Hocking River and its tributaries, and belonging to the Lower Coal-Measures. Some uncertainty exists as to the place in the suc- ' cession of the lower coals to be assigned to the seams known and mined in the Hocking Valley. It is the opinion of Prof. Andrews that the inequalities of the original surface were such that we cannot identify in that region the lowest coals known in Northwestern Pennsylvania and the contiguous parts of Ohio, but that we must rather count from above downwards. These conclusions Dr. Newberry is not prepared to accept, and further researches will be necessary before certainty can be attained in this matter. Meanwhile it seems, from a study of its relations to the Pomeroy or Pittsburgh seam, that what is known as the great vein of the Hocking Valley, occupies the horizon of the Upper Freeport coal, E of the Pennsylvania survey, or No. 6 in Dr. Newberry's enumeration, counting from the base. This seam, in the region in question. assumes certain characteristics which, taken in connection with its geographical position, give it a great importance among the coals of the State. The area to be noticed includes the whole or parts of several townships in Perry, Hocking, Vinton, and Athens Counties, lying near the margin of the basin over which the vein in question assumes the character of a dry-burning or splint coal, and has a thickness varying from six to ten and even twelve feet. Its precise limit southward cannot at present be clearly defined, but it has been found as far south as the line of the Marietta and Cincinnati Railroad, with a thickness of six feet, and is mined at various points along the valley of the Hocking River, near Nelsonville, where it attains six or seven feet. To the northward, along the tributaries of this river, Sunday and Monday

By S. Stutz

Coal, like most other minerals, only exceptionally occurs in a sufficiently pare state to he directly available for general manufacturing purposes. And even where this is the case, the small coal or slack is usually more impure than the lump coal, as the slate, clay, etc., from the roof and bottom of the vein become mixed with it in the handling it undergoes. These impurities often exceed ten or more per cent. in addition to the impurities of the coal itself. The most common impurities of the coal are slate, or shale, clay, and sulphur. The latter occurs in different forms, but moat frequently as bisulphide of iron, or iron pyrites, and as sulphate of lime, or gypum. In both cases the impnrities add greatly to the amount of ash, and where they are present in considerable quantities the raw coal, and still more the coke made from it, is unfit for the manufacture of iron. Coke will coutain on an average at least fifty per cent. more ash and sulphur than the ram coal from which it is made. To the manufacturer of iron every additional per cent. of ash which his coal or coke contains is a source of additional expense, seemingly small, and yet very important in the aggregate. In the blast-furnace, for instance, the ash must be heated up to the melting-point, and, since it is composed largely of refractory substances, the consumption of carbon in melting it will be equal to at least one-half of its weight; that is, a certain part of tile coke is consumed for the melting and fluxing of the ash and is lost. Besides this, it is well enough known to the iron-master that coke containing lees ash makes the &lag or cinder more liquid and less incliner1 to stick to the walls of the furnace. Fuel containing much sulphur produces generally a white iron, poor in carbon, while from the same ore arrd flux, with a pure fuel, a good foundry iron might be obtained. The work of separating slate, sulphur, etd, from the coal has as yet only been successfully accomplished by the washing process. This process depends for its success on the differences in the specific

Jan 1, 1881

By Allen D. Gorrison

EFFORT to develop fundamental quantitative information and improved technique in the production of petroleum has long been faced with difficulties of a particularly evasive nature, owing to a combination of circumstances. In the first place, petroleum comes from far below the ground, out of sight, so that information derived from indirect observations must be extrapolated to reservoir conditions. If one does not force the analogy too far, the petroleum engineer may be said to be somewhat in the position of the astronomer. The actual phenomena which he wishes to observe in detail appear at a place so deep in the earth?s crust that personal observations and direct experiments are impossible.

Jan 1, 1942

By W. D. Robertson

A considerable quantity of experimental data is available on the effect of time, temperature, work-hardening and composition on the mechanical properties and corrosion resistance of aluminum alloys. There is, however, little unity of purpose or generality in most of the studies and, because the number of variables is large, the results often are not applicable to the problems that arise in practice. Furthermore, the customary expression of the effect of different variables as separate curves or as three-dimensional diagrams with time, temperature and the dependent variables as coordinates, renders the task of selecting the optimum time and temperature of precipitation treatment, with respect to their simultaneous but unequal etfect on the various properties, exceedingly difficult. The introduction of precipitation treatments to raise the yield strength of 24s-type alloys has created a need for a method of correlating and summarizing the effect of time and temperature on the mechanical properties and susceptibility to inter-crystalline corrosion. Correlation is particularly desirable because the choice of time and temperature is of necessity a compromise to achieve the best possible combination of properties, and the optimum conditions cannot he accurately specified unless the data are in a form in which the alternatives can be readily compared. Therefore, the work described here was undertaken to find a common relationship that would be capable of expressing the effect of precipitation time and temperature on the various properties and by means of which the relative effects could be correlated and their interpretation facilitated. Review of Previous Work In connection with an investigation of the interrelation of age-hardening and creep performance of nickel-silicon-copper alloys, Jenkins and Bucknalll demonstrated that the time required to attain maximum hardness and tensile strength could be expressed by a relationship of the form: t = K • io"^ (i) where t is the time in hours and T the temperature of aging, expressed in degrees absolute, and m and K are constants. They also pointed out that this expression is analogous to that which describes the change of the diffusion coefficient D with temperature; namely, D = Ae-~/m (2) Later, Cohen used this relationship in studies of the mechanism of age-hardening of a silver.rich copper alloyZ and of duralumin.3

Jan 1, 1946

By W. D. Robertson

A considerable quantity of experimental data is available on the effect of time, temperature, work-hardening and composition on the mechanical properties and corrosion resistance of aluminum alloys. There is, however, little unity of purpose or generality in most of the studies and, because the number of variables is large, the results often are not applicable to the problems that arise in practice. Furthermore, the customary expression of the effect of different variables as separate curves or as three-dimensional diagrams with time, temperature and the dependent variables as coordinates, renders the task of selecting the optimum time and temperature of precipitation treatment, with respect to their simultaneous but unequal etfect on the various properties, exceedingly difficult. The introduction of precipitation treatments to raise the yield strength of 24s-type alloys has created a need for a method of correlating and summarizing the effect of time and temperature on the mechanical properties and susceptibility to inter-crystalline corrosion. Correlation is particularly desirable because the choice of time and temperature is of necessity a compromise to achieve the best possible combination of properties, and the optimum conditions cannot he accurately specified unless the data are in a form in which the alternatives can be readily compared. Therefore, the work described here was undertaken to find a common relationship that would be capable of expressing the effect of precipitation time and temperature on the various properties and by means of which the relative effects could be correlated and their interpretation facilitated. Review of Previous Work In connection with an investigation of the interrelation of age-hardening and creep performance of nickel-silicon-copper alloys, Jenkins and Bucknalll demonstrated that the time required to attain maximum hardness and tensile strength could be expressed by a relationship of the form: t = K • io"^ (i) where t is the time in hours and T the temperature of aging, expressed in degrees absolute, and m and K are constants. They also pointed out that this expression is analogous to that which describes the change of the diffusion coefficient D with temperature; namely, D = Ae-~/m (2) Later, Cohen used this relationship in studies of the mechanism of age-hardening of a silver.rich copper alloyZ and of duralumin.3

Jan 1, 1946

By Howard Hughes

IN drilling for water and oil to reasonable depths through the generally soft yielding clay and sand formation of the Coastal Plain of Texas, . Louisiana, and Mississippi, the rotating method of drilling was adopted, principally on account of the easy and quick penetration, and the low cost of the drilling plant. In favorable ground, free of heavy gravel and rock strata, as much as 1,000 ft. has been drilled in less than 36 hr., although such performances were of course rare. Hydraulic rotary drilling, or, as it is now called, rotary drilling, was used in the above States as early as 1880. The plant consisted of an ordinary derrick, a 25-h.p. boiler, a small hoist, a steam pump, and a water swivel with hose attachment, and an ordinary flat diamond-pointed bit. The successful drilling in of a phenomenal oil well by this process on Spindletop, near Beaumont, Texas, on Jan. 10, 1901, and the ascertained impracticability of drilling subsequent wells in the same locality by other methods (owing principally to heavy quicksand under pressure from below), brought rotary drilling into great prominence, practically to the exclusion of any other process throughout the Coastal Plain, and later on elsewhere. The method, as its name implies, involves the rotation of a pipe by means of machinery placed on the derrick floor. A drill bit attached to the lower end cuts a clearance for the drill pipe, with much the same motion and effect as an auger. Water forced through the drill pipe by means of a pump, and escaping through the bit, removes the cuttings and returns to the surface outside the drill pipe. In this manner the hole is kept open, permitting the drill stem to rotate freely. The pressure of the column of muddy water holds up the walls of the hole until it has been cased. Practically all the wells of the Gulf coast region, numbering nearly 10,000, have been drilled with this system. During the last five years its use has been extended to many other States and countries.

Jan 3, 1915

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

Introduction “A Western mine is a hole in the ground owned by a liar. . ." -Mark Twain THE CAPITAL INVESTMENT DECISION Decisions pertaining to a firm's proposed capital investments can have vital short- and long-term consequences on the organization's ability to compete, and even survive.Capita1 investment decisions, in general, center around two fundamental activities: (1) allocating capital funds to specific investment projects or assets, and (2) obtaining necessary financing in such proportion as to increase the overall value of the firm. In essence these activities or decisions describe the science of finance (as contrasted with economics). Fimnce has been described in general terms as the study of how a present, known amount of cash is converted into a future, perhaps unknown, amount of cash (Archer, Choate, and Racette, 1979). Fundamental to understanding the science of finance and the capital investment decision process in general are the basic concepts relating to cash flow transactions, time, income generation (markets), expected returns, and risk. The functions of finance may be segregated into three fundamental decisions which a firm must address: (1) the dividend decision, (2) the financing decision, and (3) the investment decision. These decisions are interdependent and their joint impact on the objective of the firm must be considered. This book primarily addresses the concepts and components associated with the investment and financing decisions as they affect the practice of mine valuation. Responsibilities of Management A primary assumption incorporated in this book is that the fundamental objective of any firm is to maximize its value, or wealth of its owners (stock- holders). Here, the term wealth refers to the total current market value of the firm's assets. In the case of corporations, the wealth or value is considered to be represented by the market price of the firm's common stock. The price of the firm's common stock obviously will be affected by its investment, financing, and dividend decisions. Consequently, an optimal combination of these three decisions should maximize the value of the firm to its stockholders. It is important to point out that wealth maximization is a more appropriate and inclusive goal for the firm than profit maximization. Indeed, there is a difference between the two objectives in most situations. For instance, a firm can always raise profits by selling stock and investing the proceeds in treasury bills or certificates of deposit. This type of activity, however, would rarely cause net shareholder wealth

Jan 1, 1984

By W. R. Hibbard Jr., R. W. Guard, N. G. Ainslie

Evidence is presented that copper-base solid solutions of different solutes having equal grain sizes, no preferred crystal-lographic orientation, equal electron-atom ratios, and, within experimental scatter, identical initial yield strengths, need not have identical stress-strain curves at strains larger than about 0.04. The stress-strain behavior is rationalized in terms of the proposed Suzuki chemical interaction between solute atoms and extended dislocations using what is thought to be a somewhat different means of representing stress-strain data. ALTHOUGH the effect: of alloying element upon the strength characteristics of sold solutions is a subject which has received considerable attention in the past, the exact relationships between the common deformation parameters and certain common variables are not really known in some cases. As a result some of the experiments reported in the literature in which these variables are inadequately controlled lose some of their persuasion regarding underlying principles. Nonetheless, facts are known which bear pointing up: When the true stress, a, and true plastic strain, E, of tensile deformatic~n are plotted on a double logarithmic coordinate system, one may observe a straight-line relationship at strains greater than 0.02. The form of the curve in the linear region is given by a = Ken! where a represents true stress, E, true strain, and K and tn, constants. If the relationship holds, K and m define the flow characteristics of the material being tested. m and K, however, may vary with other parameters. Hollomon found that in a-brass, m is influenced by grain size. French and HibbardZ found in alloys of copper that inverse relationships existed between m and 1) the solute concentration for a given solute, 2) the 0.01 yield strength, and 3) the constantK. Lacy and Gensamer3 observed (du/d~) (= U/Em) to increase with increasing values of K in systems of alloyed ferrites (although with considerable scatter of data which may be attributed to uncontrolled grain size). Brick, Martin, and Angier* deduced in copper-base alloys a straight-line relationship (with some scatter) between the change in the Dph number due to solid-solution strengthening and the change in the Dph number due to work hardening which suggested that copper-base alloys having equal yield strengths might have identical stress-strain curves in the plastic flow regions. French and HibbardZ concluded that the yield strength of copper-base solid solutions is the proper basis for comparing the effects of solute elements. Also, Allen, Schofield, and ate' showed that, within their experimental variation, copper-base alloys of zinc, gallium, germanium, and arsenic having the same electron-atom ratios have the same true-stress true-plastic strain curves. Dorn, Pietrokowsky, and ~ietz' also found that with aluminum-base alloys the stress-strain curves in the flow regions are approximately the same if "equivalent" concentrations of alloying elements are used. Solute valence and lattice parameter distortion were the parameters used to determine equivalency. The present report describes an investigation in which an attempt was made to obtain copper-base solid-solution alloys of four solute elements having within close tolerances equal grain sizes and yield strengths, and to see if the level of yield strength does indeed define the flow curve regardless of solute type. During analysis of the data certain unexpected features of the stress-strain curves became apparent which gave rise to some speculation and are discussed at length in the paragraphs that follow. EXPERIMENTAL PROCEDURES Alloy Preparation—Using the data of French and HibbardZ as a first approximation, four different binary copper-base alioys were designed so as to have the same yield strength. In addition, other alloys were prepared in which the solute aoncentrations varied slightly from those calculated above so as to span a range of yield strengths, see Table L The yield strengths of all alloys prepared except the copper-tin alloys were subsequently found to Lie fairly close to one another. The copper used in the alloys was produced by the American Smelting and Refining Co. and was of very high purity (99.999 pct). The alloy additions and their initial purities are as follows:

Jan 1, 1960

By David S. Bolin

INTRODUCTION This paper is directed toward those companies or individuals who may be considering the possibility of tin exploration or development projects in South America. Although tin deposits are known in many countries of Latin-America including Argentina, Peru, and Mexico, the majority of the deposits are located in Bolivia and Brazil. These two countries also account for virtually all the current production. Many factors affect the economic decisions related to mining and exploration projects in this region including the following: 1) Types of deposits 2) Anticipated size and grade of deposits 3) Deposit geometry and ore distribution as it affects the selection of a mining method 4) Metallurgical amenability 5) Governmental policies 6) Taxation 7) Anticipated capital and operating costs 8) Marketing costs This discussion will be directed toward each of these points. The majority of the presentation will be concentrated on Bolivia as this country is the principal producer in the region, however, the potential for further tin development in Brazil is excellent. Due to the remote and previously almost inaccessible location of the stanniferous districts of Brazil, little is known with respect to size and type of non-alluvial deposits which may exist in this vast country. TYPES OF DEPOSITS Two major types of deposits are currently being exploited in Bolivia; alluvial, and hard rock or lode deposits. Bolivia produces substantial tin from both types of deposit whereas virtually all Brazilian production to date has been from alluvial sources. Alluvial Deposits Brazil: The alluvial tin deposits of Brazil are located in river channels and flood plains adjacent to low mountain ranges. The terrain containing the tin placers is flat, marshy, and generally jungle covered. The major controls of alluvial cassiterite concentration are the ancient and present stream channels. The average tin concentration in the placers varies from 500 grams to approximately 1.0 kilograms per cubic meter. Tin reserves in the Rondonia field of Brazil have been estimated at 600,000 tons of fine tin. A bucketwheel suction dredge went into production in the Rondonia district in 1979, and four others have since been ordered. Several other gravel pump, and hand mining operations are also in production in this field. In addition to the Rondonia district, tin occurrences are known from Xingu, in Para state, and in the state of Minas Gerais. Bolivia: The alluvial deposits of Bolivia are somewhat more complex due to the variable geomorphology and abrupt topography. Conventional placer accumulations of cassiterite are found in many stream channels and intermontane basins surrounding the major lode tin producing regions. In addition to stream and valley placers, a group of deposits locally referred to as "Pallacos" or "Llamperas" which consist of colluvium, landslide debris and glacial moraine material, contain substantial tin reserves in some areas. The stream channel and intermontane basins contain the only deposits which are presently being exploited by mechanized methods. One dredge is working the stream channel below Cerro Rico de Potosi and another is operating in an intermontane basin southeast of the city of Oruro. Both of these dredges are operated by private companies. The average grade for these operations varies from 250 to 500 grams per cubic meter. The largest of the intermontane basin placers known at present is the Centenario deposit located adjacent to the Catavi lode deposit. This deposit contains approximately 170 million cubic meters of material with an average grade of about 150 grams per cubic meter. The "Pallacos" deposits are found on the slopes of mineralized areas and in glacial moraine. The mineralized material is generally completely unsorted, with tin and sometimes tungsten values distributed erratically throughout the entire mass. Most of these deposits are worked by small leasors or cooperatives; however, at least one mechanized washing plant is in operation southeast of Oruro. The size of these deposits may reach up to several million cubic yards. Grades are very erratic, but may range from 200 to 500 grams per cubic yard. In addition to the formal mining operations, virtually every drainage surrounding the major mines is being worked by independent' miners utilizing hand mining and jig or pan concentration. The aggregate production from these operations is substantial. The

Jan 1, 1982

By George Sachs

I deeply appreciate the honor of being selected to deliver the twentieth Annual Lecture of the Institute of Metals Division. The subject of my paper is extremely involved and voluminous, therefore I shall discuss only some more recent experimental material and speculate somewhat on the physical and mechanical fundamentals of these changes. The flow and the rupture of a solid material are rather different phenomena. It is therefore surprising that up to a rather advanced stage in metallurgical science these two fundamental phenomena have been simultaneously treated and forced into the general conception of the "failure" of solid material. Only in this century, and particularly during the last 20 years, have the very different physical meanings of flow and rupture been clearly recognized. Several hundred of the more recent publications deal with these subjects.1 LAW OF SIMILARITY The basic values commonly considered responsible for the mechanical behavior of any material are the stresses. From this standpoint both a large and a small article made from the same homogeneous metal and of geometrically similar shapes should behave identically, i.e., they should deform geometrically in a similar manner, if subjected to the same stress values at corresponding points. This "law of similarity" was introduced about 60 years ago simultaneously by Barba2 and Kick3 and was derived from the classical theory of elasticity. As far as the plastic behavior of a metal is concerned, this rule appears to be valid. The conventional properties of large and small tension or compression test bars, machined from larger sections, are identical; while the force required to deform a section is proportional to its cross-sectional area and the work consumed in deforming geometrically similar articles in a geometrically similar manner is proportional to its volume. The general trend of the stress-strain diagram of a metal is independent of the section size (Fig. I). No exceptions from this rule are known. However, if the deformation of a metal is continued until rupture occurs, and the breaking stress or the work consumed is measured, a test bar of large cross section appears to fail before or at lower stresses than does one having a small cross section. Thus, the specific impact energy has been often found to decrease with increasing size of the test specimen, particularly for materials with a limited ductility.4 Another exception from the rule of similarity is offered by fatigue-strength values, which usually decrease with increasing section size. 5,6 The conclusion must be drawn from these experimental facts that the ductility of a homogeneous metal decreases with increas¬ing section size (Fig. x). This effect has been actually confirmed by Docherty,7 who observed that in static notch bending tests large specimens failed earlier and in a more brittle fashion than small specimens ma-

Jan 1, 1941

By Louis V. Bender

AfteR investigating the work of coal-dust fired reverberatories of the Canadian Copper Co., at Copper Cliff, Ontario, the management of the Washoe Reduction Works decided to experiment with and ascertain the advantages of using coal dust as a fuel in their reverberatories. Consequently, during the month of June, 1914, reverberatory furnace No. 8 was changed in order to use powdered coal as a fuel. The results obtained by this method of firing are gratifying and show a decided saving in cost of smelting as compared to grate firing with lump coal. The furnace, as remodeled, is 124 ft. long by 21 ft. wide, and varies in height from 8 ft. 6 in. at the back end to 5 ft. 7 in. at the skimming end. The general construction of the furnace is similar to that of the other furnaces at this plant. There are no side doors to this furnace, as it was thought that with the present arrangement for feeding no "fettling" or "claying" would be required. The interior of the furnace can be inspected through the burner port holes, after shutting off the burners and giving a few seconds' time for the gases inside the furnace to clear away. The charging is done on either side of the furnace from longitudinal hoppers, extending a distance of 74 ft. from the back end of the furnace. Leading from the hoppers into the furnace are 6-in. pipes, spaced 191/4 in. apart, through which the charge is intermittently dropped. The charge is kept well above the slag line at all times; in this way the side walls are protected and no fettling is needed on this portion of the furnace. The remainder of the furnace requires fettling. After operating for three months, we found that the bricks were eaten into along each side wall from the skimming door back to the point where the charge had been dropped. The depth of this cutting away was 8 in. close to the front end and gradually tapered to zero at a distance of 50 ft., and was greatest on the side of the furnace having the larger flue connection. Hoppers will be put in for the entire length of furnace, from which fettling material will be dropped, to prevent this cutting. After the run of three months, the roof was in excellent condition. At the back of the furnace the bricks were not cut into at all; at 30 ft.

Jan 1, 1915

By E. C. Harder

J. T. SINGEWALD, JR., Baltimore, Md.-I might say a word further in regard to the Miguel-Burnier district. I am sorry Mr. Harder is not here. I had hoped to be able to ask him a few questions in regard to some of the features of those deposits. This Miguel-Burnier district is the other district that I referred to that lies in the State of Minas Geraes. The interpretation that Mr. Harder gives to, these deposits is the same as that given by Harder' and Chamberlin in a previous paper, and that is that they consist of lenticular deposits of sedimentary origin in a series of rocks that also include lenses of limestone, but they seem to think that the manganese ores occur at a definite horizon and at a horizon different from the limestone. We found that the manganese ores occur at several horizons, as also do the limestone lenses, and the limestone masses are of the same shape as the manganese orebodies, so that our own feeling was that these manganese ores simply represent concentrations within the zone of oxidation formed as. a result of decomposition and replacement of this limestone. To the east of Miguel-Burnier there is a big bend in the railroad which cuts through, at right angles to the strike, this series of rocks. Here is shown very well both the local character of the limestone lenses and the local character of the manganese lenses in that, though the distance across the bend is only a couple of hundred yards, the limestone and. ,manganese lenses do not match up at all, and it also shows plainly that both occur at more than one horizon.. Consequently there is no reason why the manganese ore could not represent alterations of this limestone. The mine workings do not as yet give very definite information on this point in that they are all comparatively shallow and within what would be the zone of oxidation so that what they will grade into below that depth, we do not know. On the other hand, the character of the ore suggests that it may, represent such -a product in the zone of oxidation in that it tends to be quite earthy; whereas, if the manganese had been there originally as such it would have undergone the same metamorphism that the other rocks have undergone and one would have expected that it would have been converted into a hard manganese ore that would today stand out pretty much as do the iron ores of that same region and not have the soft, earthy texture which is a prevailing characteristic.

Jan 4, 1917

E. G. WOODRUFF, Houston, Tex. (communication to the Secretary*). -Mr. Matteson has presented to us an idea worthy of our careful consideration. We have real troubles in the petroleum industry and as the supply of crude is exhausted our problems become more complicated and more numerous. Therefore, we who are engaged in field work are forced to consider all possible means which promise assistance in the location of prospective pools and the economic development of pools already located. In our country we are accustomed to turn to the. Government for relief in all our troubles. Do we want an Oil and Gas Bureau doctoring us? Will such a bureau do us practical good? The principal point Mr. Matteson suggests is that such a bureau should he authorized to receive and file all well logs. In analyzing such function, I am led to the following conclusions: If well logs are simply to be filed they would be useless. If they are to be filed and the files opened to the public, what benefit will be derived and can such action be taken justly? There is no doubt that if the record of all wells drilled in the United States were available the petroleum industry would be saved an immense amount of needless expense. Accumulating conditions would be better understood and prospecting more intelligently directed. Our other consideration is: can the oil companies be required to open well records to the public justly? I think all will agree that if any one should have the advantage of a well record it should be the company that drilled the well. If the oil companies are forced to file such record and open the files to the public, the company drilling the well cannot derive the exclusive benefit from the money expended. Would it be just for a small company to be compelled to reveal its records of a well it had recently completed, to its strong competitor who holds near or even adjacent leases? Would it have been just to the successful companies, in the Gulf Coast country to have been forced to display their hard-earned knowledge of 15 years to the host of younger competitors who have recently flocked to the Gulf Coast attracted by the success of those who have labored so long and learned of the conditions controlling the fields through the hazards of the industry.

Jan 10, 1917