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By Carl L. Renzoni

INTRODUCTION This paper defines equity as the issuance of a permanent interest in the business on a broadly distributed basis. As such, it excludes the issuance of equity to either a merchant bank or to another corporation. Nearly twenty years ago the equity markets were very simple: The instruments used were primarily common shares, convertible debentures or convertible preferred shares. Another equity-type option often used, especially by junior companies, was the sale of joint venture interests. Issue sizes were generally in the order of $25 - $100 million and issues were syndicated primarily in North America and Europe by one or two investment dealers. Mining corporations today benefit from a market with much more depth. Issues are syndicated by dealers on a truly international basis, and issue sizes now often range up to $300 million. Moreover, dealers are now willing to take significant risk in buying the issues for redistribution. This discussion of trends in equity markets will encompass: 1) common shares 2) warrants to buy common shares 3) convertible debentures 4) commodity backed instruments A review follows of events that affect the mining industry and investment dealers as they have a bearing on the equity markets for the metal producers. FACTORS AFFECTING THE MINING INDUSTRY The current business cycle, up to October 1987, had been characterised by a buoyant stock market and depressed base metal prices. Mining companies entered this period with weak balance sheets and little prospect of cash flows meeting capital needs. The issuance of equity and the sale of assets were used extensively to reduce debt to manageable levels. During this period, the relative high price for gold, and more important, the very high earnings and cash flow multiples afforded to gold producers, caused companies to target gold as the only game in town. The need for capital to acquire and develop gold properties prompted an unprecedented volume of equity issues. (Burns Fry led or co-managed over $1 billion of mining equity issues per year during this period). This high demand for equity capital by the industry prompted an increase in the use of equity instruments, such as commodity backed instruments. In addition, government tax incentive programs in Canada, such as flow-through shares, allowed smaller companies to raise significantly more equity than would otherwise have been possible. Over $1 billion in flow-through equity was raised in 1987 alone. The abundance of flow-through capital in Canada made it easy to form a new company. One flow-through share fund developed a system of providing the working capital required for a company to be eligible to receive flow-through share capital so that an entrepreneur required only a mining property to get started. Many new companies were formed and several flourished in a buoyant stock market environment to the point that market capitalizations grew to $100 million or more. The current period is in stark contrast to that before October 1987. The equity markets are generally available to the resource industry only on a window basis and only for senior companies and for special situations. The industry is benefitting from buoyant metal prices, and bankers are anxious to provide debt capital. Investment dealers previously processing several equity issues

Jan 1, 1990

By O. P. Arora, M. Metzger

Single-phase aluminum containing 1 to 600ppm copper was studied in 7 to 26 pct HCl. The corrosion rate in the autocatalytic stage was resolved into a constant intrinsic component and an acdelerating autocatalytic component, and attention was focused on the part of this stage where the corrosion rate could be described by a simple empirical relation. Autocatalytic corrosion in this period was localized and its rate increased rapidly with copper content and with the strength and chlaride content of the acid. The effects of adding cupric ion to 16 pct HCI were functionally and quantitatively inconsistent with the autocatalytic rates observed. A theory of these rates was given based on the deposition in nzetallic contact with the aluminum of part of the copper introduced by corrosion. It has long been known in a general way that aluminum containing sufficient copper suffers in hydrochloric acid an autocatalytic acceleration of corrosion resulting from the introduction into the acid of copper ions and their reduction on the specimen as elemental copper, which provides cathodes of low hydrogen overvoltage.'-3 In a previous paper, this phenomenon was identified in single-phase high-purity material at copper levels as low as 20 ppm and an empirical equation describing autocatalytic corrosion rates in 16 and 20 pct HC1 was presented. In the present work the range of acid strength and chemistry studied was extended, a more accurate empirical equation for the autocatalytic rate was determined, and a theory of this rate was formulated. A major source of interest in this system is the intergranular corrosion, which is also strongly influenced by copper content,= and an objective of the present work on general corrosion was to provide a basis for studying the role of copper content in intergranular corrosion, which is experimentally much less accessible.

Jan 1, 1963

By B. F. Tillson, C. M. Haight

I. General Remarks..........................723 1. Location............................723 2. Characteristics of the Orebody..................725 (a) Mineralogical (b) Shape, Strike, Dip, Size, Etc. (1) Ore (2) Country Rock 3. Historical Sketch........................725 11. Mining Method..........................726 1. Outline of Methods Now in Operation............... 726 (a) Stopes (b) Fill . (c) Pillars (d) Slices (e) Transportation (f) Miscellaneous 111. Mining Operations........................727 1. Shaft..............................727 (a) Sinking (b) Dimensions and Equipment, Sketches (1) Size, Inclination. Direction, Etc. (2) Timbering (3) Stations (4) Track (5) Hoisting Equipment (a) Skips (b) Engines and Ropes (c) Idlers (d) Man Cars (6) Loading Pockets (a) Operating Figures (7) Headframe

Jan 1, 1918

By T. Sterry Hunt

THERE are about sixty bodies which chemists call elements ; the simplest forms of matter which they have been able to extract from the rocky crust of our earth, its waters, and its atmosphere. These substances are distributed in very unequal quantities, and in very different manners. As regards the frequency of these elements in nature, neglecting for the present those which constitute air and water, and confining ourselves to the solid matters of the earth's crust, there are a few which are exceedingly abundant, making up nine-tenths, if not ninety-five hundredths, of the rocks so far as known to us. The elements of which silica, alumina, lime, magnesia, potash, and soda are oxides, are very common, and occur almost everywhere. There are others which are much rarer, being found in comparatively small quantities. Many of these rarer elements are, however, of great importance in the economy of nature. Such are the common metals and other substances used in the arts, which occur in nature in quantities relatively very minute, but which have been collected by various agencies, and thus made available for the wants of man. It is chiefly of the well-known metals, iron, copper, silver, and gold, that I propose to speak to-night; but there are two other elements not classed among the metals, which I shall notice for the reason that their history is extremely important, and will, moreover, enable us to comprehend more clearly some points in that of the metals themselves. I speak of phosphorus and iodine. You all know the essential part which the former of these, com- * An address before the Polytechnic Association of the American Institute, during the meeting of the American Institute of Mining Engineers in New York. Printed in this volume by request of many members.

Jan 1, 1873

By G. Willard Quick, John R. Freeman

Jan 1, 1930

By R. B. G. Yeo

Pronounced isothermal martensite formation at room temperature was measured dilatometrically in a steel containing 0.01 pct C, 24.9 pct Ni, 0.26 pctAl, 2.58 pct Ti and 0.25 pct Cb. It is shown that martensite will form isothermally if stabilization of the austenite-martensite transformation is eliminated by removal of carbon. The decarburization of two iron-nickel alloys allows isothermal transformation to martensite to occur at temperatures above their athermal Ms temperatures. In an Fe-22.4 pct Ni alloy, at the 0.008 pct C level, the Ms temperature during air cooling is 85°F higher than that during- water quenching-. At the 0.15 pct C level this difference is reduced to only 5°F. The introduction of carbon causes stabilization during air cooling which lowers the Ms temperature virtually to the same level as determined during mate?. quenching. Thus in the 0.15 pct C alloy, the Ms temperature is almost independent of cooling rate. It is suggested that rival theories of martensite formation should be reexamined in alloys of sufficiently low carbon and nitrogen content to eliminate the complication of stabilization. The Ms temperature of a steel containing 0.01 pct C, 24.9 pct Ni, 0.26 pct Al, 1.58 pct Ti and 0.15 pct Cb, solution treated at 1500°F and air cooled as 1/8-in. diam specimens, was found to be 57 °F. 1 However, when held for several hours at room temperature the steel hardened slightly and became appreciably ferromagnetic. Isothermal transformation to martensite was first revealed by Kurdjumov and Maksimova2 in an iron-base alloy containing 0.6 pct C, 6.0 pct Mn and 2 pct Cu. Most of the other studies of isothermal martensite have also been confined to highly alloyed steels which transform at subzero temperatures; for instance, DasGupta and Lement, 3 Cech and Hollomon, 4 Machlin and Cohen,5 Shih, Averbach, and Cohen.6 Averbach and cohen7 noted a rapidly decaying volume increase at room temperature in a steel containing 1 pct C, 1.5 pct Cr and 0.2 pct V. cina8 and Marshall, Perry, and Harpster9 have described the isothermal transformation to martensite at room and subzero temperature in stainless steels. Kurdjumov10 has recently reviewed the subject, noting that the isothermal formation of martensite can be observed only in the temperature range somewhat below Ms or below -50°C. The isothermal formation of martensite may be characterized as follows: 1) It occurs in steels of widely different compositions, the main prerequisite being a low transformation temperature. 2) The transformation occurs by the formation of new plates and not by the growth of old ones. 3) The isothermal transformation is suppresed by stabilization during slow cooling or holding at temperatures near room temperature. However, the factors governing this mode of transformation are still not fully understood. The formation of martensite isothermally suggests an activated process. The early theories of martensite formation did, in fact, utilize classical nucleation concepts. Kurdjumov 11 first proposed the presence of thermally activated nuclei of different sizes and compositions which would grow if they reached critical size during cooling. This treatment was enlarged and developed quantitatively by Fisher, Holloman, and Turnbull12,13 and was later reviewed by the latter two authors.14 Fisher15 associates Ms with a nucleation rate of one per cc per sec. At slightly higher temperatures the nucleation rate is so low that isothermal formation of martensite is not observed in reasonable times. At slightly lower temperatures the nucleation rate is so high that it could not be suppressed by rapid cooling. By judicious use of parameters Fisher 16 was able to obtain good agreement between classical nucleation theory and the incubation times of martensite formation.4 However the application of these principles to martensite formation in iron-nickel alloys15 predicts that an alloy containing about 30 pct (31 at. pet) Ni would not transform. The presence of an Ms temperature at -223° C in an alloy containing 34.1 pct (33 at. pct) Ni led Kaufman and cohen17 to reject the hypothesis of homogeneous nucleation in favor of the reaction path theory originally proposed by Cohen, Machlin and Paranjpe.18 This theory conveniently explains the formation of martensite athermally but becomes labored when dealing with isothermal formation. Kaufman and cohen19 did explain the isothermal activation of embryos by assuming it to be a result of the expansion of their boundary dislocation loops but this treatment predicts an upper temperature limit of isothermal martensite formation.

Jan 1, 1962

By Lane, K. S.

The problem of stability of slopes in reservoirs is one of real interest in civil engineering. The problem is whether the valley walls will remain stable or whether they are likely to slide as conditions are changed by storage of water in the reservoir. If major slides are indicated, as on the walls of relatively steep canyons, one must estimate whether they will be so located and of sufficient size as to interfere with operation of the reservoir-as by blocking the outlets, or by displacing sufficient water to over-top the dam in a huge wave. Some cases involve problems in soil mechanics for slides in earth or weaker rock; other locations need the assistance of rock mechanics for slides in harder rock. While this is not a new problem, attention has recently been focused on its importance by the hugh landslide into the Vaiont reservoir in 1963, which claimed the lives of over 2000 people and forced abandonment of the dam and powerhouse.

Jan 1, 1969

By John M. Kelly

New Mexico produced 31,913,816 bbl. of oil in 1942, the lowest annual production since 1936, and dropped one place to rank eighth among oil-producing states. This production decreased 7,838,052 bbl., or 19.71 per cent, from the 1941 figure is the result of transportation difficulties caused by the dislocation of tanker sailings to east coast ports. The average per-well allowable in New Mexico on Jan. I, 1942, was 43 bbl. and at the end of the year was 38 bbl. Allocations as set by the New Mexico Oil Conservation Commission followed the recommendations of the Petroleum Administrator for War. After setting the daily outlet, however, the average daily pipe-line runs were 87,545 bbl.—11.06 per cent short of these allocations. Production for Lea County was 26,812,949 bbl., Eddy County 4,624,578 bbl., northwestern New Mexico 473,609 bbl., Chaves County 2,680 barrels. Drilling activity for New Mexico in 1942 was approximately 84 per cent of that in 1941 with 339 completions. Of these completions 254 were oil wells, II gas wells, and 74 dry holes. Proven fields accounted for 55 of the dry holes and 19 were wildcats. Three new oil fields and one new gas field were discovered as the result of wildcat drilling. Extensions were made to one oil field and one gas field. By the close of the year, the New Mexico Oil Conservation Commission had designated 59 areas as proven for oil and/or gas. Southeastern New Mexico Lea County Monument was again the largest producing field in the state, with 5,729,336 bbl.; Eunice was next, with 5,217,965; Vacuum produced 3,295,624 and Hobbs 2,973,488. The Hobbs field has the largest accumulated production, which at the close of 1942 totaled 100,381,417 bbl. The 100-million-barrel mark for Hobbs focused attention on the fact that this is the first field in the state to attain this figure, and also that, as Hobbs has been under continuous proration since July 1930, or approximately the entire life of the field, this 100-million-barrel recovery was obtained with 86 per cent of the wells in the pool still flowing and having a drop in bottom-hole pressure of only 3.5 Ib. per million barrels recovered. Hobbs stands out as perhaps the best regulated major oil field in the world. Two new oil fields were discovered in Lca County, the most inlportant being the area designated as East Lusk, consisting of the south 4 tiers of Sections in T. 19 S., R. 32 E. The discovery well was drilled in the SW. SW. 1/4 of sec. 21, T. 19 S., R. 32 E., by Culbertson and Irwin, Inc., and others. It was completed at a total depth of 2751 ft. in the Seven Rivers formation of Permian age. The initial potential of the well was 237 bbl. per day on pump. The oil produced has a gravity of 24.10 A.P.I., with sulphur content of 0.9 per cent. This oil has an asphaltic base and because

Jan 1, 1943

By John M. Kelly

New Mexico produced 31,913,816 bbl. of oil in 1942, the lowest annual production since 1936, and dropped one place to rank eighth among oil-producing states. This production decreased 7,838,052 bbl., or 19.71 per cent, from the 1941 figure is the result of transportation difficulties caused by the dislocation of tanker sailings to east coast ports. The average per-well allowable in New Mexico on Jan. I, 1942, was 43 bbl. and at the end of the year was 38 bbl. Allocations as set by the New Mexico Oil Conservation Commission followed the recommendations of the Petroleum Administrator for War. After setting the daily outlet, however, the average daily pipe-line runs were 87,545 bbl.—11.06 per cent short of these allocations. Production for Lea County was 26,812,949 bbl., Eddy County 4,624,578 bbl., northwestern New Mexico 473,609 bbl., Chaves County 2,680 barrels. Drilling activity for New Mexico in 1942 was approximately 84 per cent of that in 1941 with 339 completions. Of these completions 254 were oil wells, II gas wells, and 74 dry holes. Proven fields accounted for 55 of the dry holes and 19 were wildcats. Three new oil fields and one new gas field were discovered as the result of wildcat drilling. Extensions were made to one oil field and one gas field. By the close of the year, the New Mexico Oil Conservation Commission had designated 59 areas as proven for oil and/or gas. Southeastern New Mexico Lea County Monument was again the largest producing field in the state, with 5,729,336 bbl.; Eunice was next, with 5,217,965; Vacuum produced 3,295,624 and Hobbs 2,973,488. The Hobbs field has the largest accumulated production, which at the close of 1942 totaled 100,381,417 bbl. The 100-million-barrel mark for Hobbs focused attention on the fact that this is the first field in the state to attain this figure, and also that, as Hobbs has been under continuous proration since July 1930, or approximately the entire life of the field, this 100-million-barrel recovery was obtained with 86 per cent of the wells in the pool still flowing and having a drop in bottom-hole pressure of only 3.5 Ib. per million barrels recovered. Hobbs stands out as perhaps the best regulated major oil field in the world. Two new oil fields were discovered in Lca County, the most inlportant being the area designated as East Lusk, consisting of the south 4 tiers of Sections in T. 19 S., R. 32 E. The discovery well was drilled in the SW. SW. 1/4 of sec. 21, T. 19 S., R. 32 E., by Culbertson and Irwin, Inc., and others. It was completed at a total depth of 2751 ft. in the Seven Rivers formation of Permian age. The initial potential of the well was 237 bbl. per day on pump. The oil produced has a gravity of 24.10 A.P.I., with sulphur content of 0.9 per cent. This oil has an asphaltic base and because

Jan 1, 1943

By O. W. Shimer, D. C. Helms, C. E. Brown

The early history and progress of anthracite stripping, from the first known operation at Summit Hill in 1821 through 1917, was covered in 1917 in a paper by J. B. Warriner,1 then chief engineer, now president of the Lehigh Navigation Coal Co., and stripping methods between 1917 and 1931 were the subject of a paper in 1931 by H. H. Otto,2 of the Hudson Coal Company. . The present paper is confined to methods used today on pitching beds in the western middle and southern anthracite fields. The anthracite industry, not unlike other large industries, had been affected for more than a decade by the adverse economic conditions of the country. High development and operating costs and the competition of other fuels caused some collieries to be closed temporarily, while others were permanently abandoned. In order to obtain a larger tonnage at a lower development cost, a larger stripping program was put into effect by many companies. In 1932, stripping operations accounted for 3½ million tons, or 7 per cent of the total anthracite production of the year, and in the next 10 years this increased until more than double that amount, or over 14 per cent of the total production, was from stripping operations. These figures represent the total production of the entire anthracite region; unfortunately, the figures have not been separated from the different fields. There are some operations in the southern and middle western fields where the tonnage obtained from stripping amounts to more than 30 per cent of the total colliery production. Stripping operations on pitching beds present difficult problems. Owing to the various geological formations, a different situation is encountered in nearly every stripping pit; and because of the proximity of an overlying bed, it is very often necessary to load the entire overburden into trucks and haul it out of the pit to the dump area, although back filling and casting is done whenever possible. Beds in the areas described in this paper pitch from 20" to 90 and some are on the invert in many sharp folds and faults. Planning The more successful strippings have had adequate engineering analysis. Some work is being done without much preliminary planning, but many strippings would have failed completely if close supervision by the engineering department had not been . maintained. Locations of stripping areas are determined as follows: I. By constructing cross sections over the areas and drilling sufficient diamond-drill or well drill holes to study the strata and to determine the location, thickness

Jan 1, 1944

?AARONSON, ALFRED E , Vice-Pres , Mid-Co Petroleum Co, Mid-Co Bldg, Tulsa, Okla '18 ABADIE, EMILE R, Min Engr Address wanted '76 || ABADILLA, QUIRICO A, Geol Dept, Cia Mexicana de Petroleo "El Aguila," S A, Edifico "El Aguila," Esq, Calles Aurora y Comercio, Tampico, Tamaulipas, Mexico '20 ABBOTT, CLARENCE E, Gen'l Supt, Iron Mines Div, Tenn Coal, Iron & R R Co, 1405 Minnesota Ave, Bessemer, Ala '04 ABBOTT, LOUIS BENJAMIN, Chief Engr, Consolidation Coal Co, Elkhorn Div, Jenkins, Ky '15 ABBOTT, ROBERT R Met Engr, Peerless Motor Car Co, Cleveland, Ohio '12 ABE, ASAKA Fujita Min Co, Dojima, Osaka, Japan '14 ABEEL, GEORGE H, JR, Cons Min Engr, 635 St Paul Ave, Los Angeles, Cal '18 ABEL, ALBERT E, Asst to Pres, Valley Mould & Iron Corpn, Sharpsville, Pea '19 ABEL, W D, Min Engr Forum Bldg, Sacramento, Cal '19 ABELL, O J, Pres & Treas, Abell-Howe Co, 332 South Michigan Ave, Chicago, Ill '19 ABERNATHY G E Willow Springs, Mo '20

Jan 1, 1923

By John Hillman

Reconstruction of the British mining industry began shortly after nationalization in 1947 and continued until well into the 1950s with the support of the government. This support diminished as plentiful supplies of cheap oil from the Middle East made many coal mines uneconomic. The planned rundown which followed was foreshadowed in the 1965 White Paper which outlined financial measures to speed the closure of uneconomic collieries. The decline appeared likely to continue into the 21st century as the role of coal in UK energy requirements became less and less significant. This policy was well on course in 1973 when the oil crisis led to a complete reappraisal of the position. A government examination in 1974 of the coal industry then supported the National Coal Board's general strategy of major capital investment as set out in its 'Plan for Coal'. The plan was aimed at halting the intended decline in the industry's capacity and restoring it to 120 million tons of deep mined output in 1985. The plan proposed action along the following lines: Increase output by major investment in construction at existing collieries with sufficient reserves to give 13 million tons per annum extra output.

Jan 1, 1980

By H. P. Greenwald

THE Committee on Rock-Dusting was formed after the fall meeting of the Coal Division in Chicago in 1938. Its primary task was to study the recommended American practice for rock- dusting coal mines to prevent coal-dust explosions as approved by the American Engineering Standards Committee. After approximately two years' work he committee concluded that although certain portions of the recommended practice could well be revised, information needed for a logical revision was not at hand, and it was inadvisable, therefore, to make revisions

Jan 1, 1943

By H. O. Hofman

(Canal Zone Meeting, November, 1910.) I. INTRODUCTION. IN a previous paper,1 The Behavior of Calcium Sulphate at Elevated Temperatures with Some Fluxes, we published the results of our investigation, into the behavior of calcium sul-phate in air; that, is, under oxidizing conditions. The results as a whole hold good for a neutral atmosphere, or one which has no chemical effect upon calcium sulphate. The present paper deals with the behavior of calcium sulphate under reducing conditions, the reducing-agents employed being carbon monoxide and carbon, and the changes the calcium sulphide formed undergoes when it is subjected to an oxidizing-roast. Technical literature deals very sparingly with the subject. The information furnished by the recent leading chemical manuals is general. Thus Dammer,2 Moissan,3 and Abbegg,4 quote Berthier as having reduced, in 1823, calcium sulphate with carbon, and Stammer as having done the same in 1851 with carbon monoxide; Gmelin Kraut 5 add Leplay and Laurent (1848) as third investigators. Metallurgical authorities confine their statements to the known fact of reduction by carbon. II. PREPARATION OF RAW MATERIALS. 1. Calcium Sulphate.-This salt was prepared in the same manner as described in our previous paper,6 and was found to be chemically pure. * Professor of Metallurgy, Massachusetts Institute of Technology. + Metallurgical Instructor, Imperial Technological Institute. 1 Trans, xxxix., 628 to 653 (1909). 2 Handbuch der anorganischen. Chemie, vol. ii., part 2, p. 309 (1894). 3 Traité de Chimic Minérale, 1904, vol. iii., p. 543. 4 Handbuch der anorganischen Chemie, vol. ii., part ii., p. 116 (1905). 5 Handbuch der anorganischen Chemie, vol. ii., part 2, p. 233 (1909). 6 Trans., xxxix., 630 (1909).

Nov 1, 1910

By B. M. Burchfiel

CALIFORNIA possesses such an abundance of ceramic materials other than clays, that she is quite independent of other states and foreign countries so far as these materials are concerned. Certain users import some feldspar, silica, and allied minerals, but they do so from choice and not necessity. Production is largely for home consumption, so the total volume of ceramic materials produced is comparatively small. Many small deposits of the materials here under discussion are worked by individuals, and their output sold to individual grinding companies or users. The data given here shall be confined to the larger deposits and developments because they give a truer picture of typical deposits, operations, and materials.

Jan 1, 1936

By Ira B. Joralernon

THREATS of a coming metal famine in the United States have filled many columns in magazines and newspapers in the past three years. This asserted menace has diverted attention from the actual results of recent exploration. Because no one had bothered to look into the facts, the statistical experts assumed that little ore was being found. They often subtracted the staggering tonnage of metals produced during the war from earlier published reserves, and assumed that the difference was all we had left. Naturally, they shuddered, with all possible publicity. For their figures showed an imminent lack of nearly all the metals needed for an industrial civilization, as well as for mechanized war. They concluded that only wholesale imports and development and production of metals by Federal agencies could avert the famine.

Jan 1, 1948

By Oscar H. Hershey

COMPLAINT has been made that in the literature of economic geology the work of the "company or practical" mining geologists does not get enough attention. I propose to attempt to overcome this com¬plaint in reference to one important lead-mining district, that of the Coeur d'Alene in northern Idaho. Furthermore, I will assume that the reader is not so much interested in the geology of the district as in the methods of application used and incidents that have arisen in the work. All the important discoveries of ore in the Coeur d'Alene were made without benefit of geology. Certainly I would not claim the reputed discoverer of the Bunker Hill mine as a fellow geologist. It appears also that the mines were operated quite successfully for many years without geological specialists, though doubtless certain properties were visited at long intervals by such men as Waldemar Lindgren. It was known that the ores occur in quartzite, graywackes and slates as stated by J. R. Finlay in 1903. (TRANS., VOL. 33.) He described the ore as occurring in typical fissure veins that occupy fault-planes of indeterminate displacement. The Bunker Hill lode was based on a definite fissure with the mineralization all on the hanging-wall side, extending as far as 300 ft. from the fissure.

Jan 1, 1933

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

"If you can hold a board of cross directors In happiness against their gauzy schemes; If you can dodge the wrath of the electors Till dividends will flow as in their dreams; If you can make a mine pay from the grass roots No matter what the time or place or year; Then on my soul until the final blast shoots We'll add the title "MINING" when we call you "ENGINEER. " -From Wayne Darlington, "The Mining Engineer, " The Engineering and Mining Journal, Vol. 98, Sept. 26, 1914, p. 587. REASONS FOR THIS CHAPTER Up to this point in the book the material presented has addressed the fundamental parameters associated with the evaluation of mining ventures and other investment alternatives. The procedures and techniques illustrated represent the basic approach to project evaluation, particularly when considering the normal engineering economic analysis of investment proposals. The evaluation procedure is complicated, however, when dealing specifically with mining-related investment proposals. These complicating factors are invariably directly related to the many special characteristics of the mining industry. Many of these special features such as tax policies, revenue and cost estimation, and ore reserves have been addressed in previous chapters. In addition to the many special features of mining which directly impact, in a quantitative manner, the various line items in the pro forma income statements of a cash flow analysis, other features of mining affect evaluation procedures in a more general manner. The main purpose of this chapter, then, is to provide an exposition of some of these more qualitative factors. We hope this will enable the reader to recognize these factors in mine evaluation practice and to make suitable adjustments in his or her analysis.

Jan 1, 1984

By D. J. Jr. McAdam

PART I.-OUTLINE OF INVESTIGATION, DESCRIPTION OF METHODS AND MATERIAL Previous Investigation of the Influence of Stress on Corrosion IN 1917 Haigh1 presented evidence that under simultaneous corrosion and cyclic stress metals may fail at lower stresses than if the corrosion is prior to the cyclic stress. In 1926 the author, while investigating the cooling effect of water on the fatigue resistance of metals, found that under these conditions steel specimens fail at stresses far below the endurance limit.2 (By "endurance limit" is here meant the fatigue limit obtained with specimens as free as possible from stress concentration and corrosive influences.) This led to an investigation (at the Naval Engineering Experiment Station, Annapolis, Md.) of the influence of cyclic stress on corrosion. This investigation maybe divided into three parts. The first part was a general survey of the conditions necessary to cause complete failure under corrosion and cyclic stress of relatively high frequency. The entire process by which metals fail under these conditions was-called "corrosion-fatigue." "Corrosion-fatigue limits" for a large number of metals were determined and the relationships of these limits to chemical composition, heat treatment and physical properties were established. The conclusion was reached that corrosion-fatigue is due to the accelerating influence of cyclic stress on corrosion. Results of this part of the investigation were presented in five papers.2-6 The second part of the investigation was a preliminary study of the influence of cyclic stress on corrosion. Each experiment was conducted in two stages. The first was a corrosion stage in which the specimen was corroded under cyclic stress; the second was a fatigue stage, in which the previously corroded specimen was tested (without further corrosion) to determine its fatigue limit. The difference between this fatigue limit and the endurance limit was used as a criterion of the "damage" due to

Jan 1, 1931

By E. E. Schumacher

IN a laboratory devoted to the furtherance of the science of communication, the breadth and variety of the problems encountered are challenging to a metallurgist. In my own long association with the Bell Telephone Laboratories, our metallurgical group has dealt with a vast number of alloys, both ferrous and nonferrous, and with many materials in the border range of metallic properties., The objectives of our design engineers embrace every phase of telephony, and the properties they desire in metals are generally unusual, frequently unique, and often conflicting. Commercial alloys have not always been available with properties to meet a special requirement in the telephone plant, and many alloys have had, therefore, to be custom-made. Anyone who has had the opportunity to observe the results of tests of all types on numerous such alloys, both commercially and specially produced, or who has taken part in the development of an alloy of some necessary, but new or unusual combination of properties, could not fail to be impressed by the frequency with which a desired goal has been reached or adequately approached through the presence of decimal quantities of alloying elements. Nor could One fail to be struck by the occasions when, conversely, of a minute amount Of impurity element has rendered an alloy useful. It is no exaggeration to state that the content be- hind the decimal point often spells success or fail-ure, and the critical content is sometimes far to the right of the decimal point as I shall later illustrate. The great effects of small additions have long been recognized and have, in fact, been described by many investigators. The importance of the minute, however, cannot be overemphasized. Therefore, in this discussion, I propose to illustrate for you some of the startling instances, drawn primarily from our own experiences, wherein small, even vanishingly small, proportions of stranger elements in otherwise common aggregates have com-pletely changed the customary pattern of behavior. No one property has a monopoly as to being dis-proportionately affected by minor elements. Nearly all properties are affected, but there is time here to include only a selected few. I have chosen, there-fore, three of general interest: strength, magnetic, and electrical properties. I shall inquire into both the mechanisms and consequences of these disproportionate effects and try to share with you the fascination and challenge of this field. Strength Properties of Lead and Lead Alloys To illustrate the effect of the minute on strength properties I have selected lead and its alloys, with which we have worked extensively for many years. Lead has the advantages of being available in quantity in a state of high purity and of being fairly easy to melt and fabricate without contamination to any extent detectable by the spectrograph. It has the interesting disadvantages of recovery and recrystallization at room temperature. Whether I

Jan 1, 1951