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By F. C. Smyers, E. W. Merrick

ALTHOUGH the zinc and pyrite concentrates produced at Midvale go to other companies, the United States Smelting Refining and Mining Company smelts and refines its own lead. Refining is the first step of the process that is done at some distance from the mining operations, the plant being at East Chicago, Ind., an industrial center about 25 miles southeast of Chicago. For years it has been notable as being the only lead refinery in the country using the Betts electrolytic process. The original buildings, many of which are still in use, were erected in 1906 when the plant was known as the United States Metals Refining Co. In 1920 the parent company sold its copper refinery at Chrome, N. J., and since the copper refinery was also known as the U. S.

Jan 1, 1948

By V. V. J. Sarma

Interpretation of earth resistivity data involves not only obtaining depth to interfaces but also determining the nature of formations from their resistivity characteristics. Moore's method of interpretation envisages obtaining depths to the interfaces alone. A simple method of estimating the true resistivity values of formations by applying Hummel's formula of average resistivities is proposed. The method would increase the interpretative value of Moore's method as originally proposed. For most of the earth resistivity measurements, the four-electrode configuration developed by Wennerl is employed. In principal, the method consists of energizing (Current I) the ground through two outer electrodes and measuring the resultant potential (v) between the two inner electrodes. The configuration is such that the separation (a) between any two successive electrodes is equal. The apparent resistivity (pa) for such a configuration is given by 2p- a (V/I). By increasing the electrode separation (pa vs a) curves are obtained. Ideally, a homogeneous isotropic formation underground has a characteristic resistivity. However, the field conditions do not present such ideal cases. Almost invariably, even in the same geological bed, the physical conditions are widely different at different parts in the bed. It is further shown that the penetration of the current into the ground for a given horizontal electrode separation, a, is roughly down to a depth, equal to a. It is therefore, evident that the apparent resistivity calculated from the field observations is a weighted average of the resistivities of the materials present down to this depth. With some prior knowledge about the relative dispositions of the geological formations and their physical conditions, it would be possible, by resistivity surveys, to obtain characteristic resistivities for these formations. It is, thus, that the apparent resistivity-electrode separation curves enable one to decipher the resis- tivity distribution at various depth levels and therefore the nature of the geological formations present. Both empirical and theoretical methods have been developed for determining resistivity characteristics of the various formations. The theoretical methods proposed by Tagg2 and Roman3 are derived from studies of the potential distribution on the surface due to the presence of layers of widely differing resistivities underground. The more recent methods of Wetzel and McMurry4 and Wetzel and Mooney5 are but extensions of the original Roman method of superposition. These methods suffer from lack of similarity of the actual field conditions with those of assumed conditions in developing the theory. The empirical methods such as the one developed by Gish and rooneY6 depend purely on personal observation and local peculiarities, and are applicable only for those limited areas. Out of the empirical methods, moore's7 cumulative resistivity method is still found to be applicable in several localities of differing conditions. While Reudy in 1945 adduced some theoretical justification for the method (Eve and Keys),8 Muskat9 and Mooney 10 tried to show the lack of theoretical basis for the same. It is, however, observed that the method in practice "forms a valuable means of successfully attacking the apparent resistivity curves which fail to respond to the Gish-Rooney, the Tagg or the Roman logarithmic methods" (Ramachandra Rao). 11 Comparatively good results are also reported by Melbyel2 by employing Moore's method in interpreting the resistivity results obtained for ground water in the city of Gunnison, Colo. MOORE'S METHOD As has already been pointed out, the application of the theoretical methods is time-consuming, laborious and sometimes not applicable for quick and accurate interpretation of the field data. moore7 has developed a quick method for obtaining depths to interfaces by plotting the cumulative sums of resistivities, against the corresponding electrode separations a instead of plotting the usual Pa — a curve. In this process of continuous integration, corrections for small variations in resistivities, arising due to local surface conditions or adjacent layers, are made, while large consistent variations are brought out

Jan 1, 1963

By BLABIEY STEVENS

THE object of this paper is to present a theory of the formation of fissures which seems to be supported by all available data. The investigation is, in the main, an exact one, and irregularities of the rock-structure are generalized. From the conclusions drawn a general classification of fissures is made, and this should be of practical use in the comparison of mineral deposits. The theory also throws some light on the equilibrium of the earth's crust and the depth of action of surface-waters. Incidentally, additions are made to the theory of earthquake-slips. Former Theory. It has been previously pointed out that the '"jointing" of homogeneous rocks occurs in two sets of planes, at right angles to one another, and making angles of 45° with the directions of greatest and least principal stress.' The theory by which this fact is explained does not, however, account for fissures and faults, because normal faults are usually more vertically, and reverse faults more horizontally, inclined than 45°. The "jointing law" is based on the following axiom: "In a homogeneous mass under pressure, rupture must take place on the lines of maximum tangential stress." 2 This law applies, with fair approximation, to the tests on jointing which can be made in the laboratory, and as nearly as can be expected to the natural jointing-planes in rock-masses, where the stresses are not very great; but it entirely fails to account for fissure-fractures.

Aug 1, 1909

By R. M. Fowler, H. L. Hamner

DURING the last 25 years, there appeared in the literature a number of papers describing equipment and operating techniques for the determination of total oxygen in iron and steel. In the early papers, comparatively little attention was paid to side reactions that occur when iron is saturated with carbon at a high temperature in a high vacuum. As more experience was gained with the new method, the limitations appeared. Metals, with a boiling point lower than iron, distilled out of the crucible, condensed in the cooler part of the furnace, and subsequently reacted with carbon monoxide to form oxides and carbon. Aluminum, manganese, and the alkaline earth metals proved troublesome in this respect. Modifications have been devised to overcome the difficulties due to aluminum and manganese, while the alkaline earth metals are not of too much concern as yet to the steel chemist. The reactions of sulphur have received less attention, although it is generally recognized that some carbon disulphide is probably formed. Liquid air traps have been used in some cases to prevent any carbon disulphide from entering the analytical train. Sulphur was not a particular problem at the Union Carbide and Carbon Research Laboratories until the analysis of the irons of higher than usual sulphur contents became necessary. In order to describe the procedure developed for such irons, it will be necessary to first describe the type of vacuum-fusion equipment employed because the operation of vacuum-fusion equipment is an art to a considerable extent. At the Laboratories, vacuum-fusion equipment has been in daily operation since about 1930. Over the years, the evolution of this apparatus has been governed by the versatility required to analyze a wide variety of materials. Since all types of materials from high purity metals to slags are analyzed and, since seldom more than a few samples of one type are analyzed in succession, the apparatus was designed for accuracy and flexibility rather than for speed. A general view of the equipment is shown in Fig. 1, while Fig. 2 shows the relationship of the various parts. In Fig. 2, A is a vertical double-glazed 24X27/8 in. OD silica tube heated with a 20 kva mercury-arc high frequency generator. The tube is closed with a water-cooled brass head attached with de Khotinsky cement. A turret cap fits on this head and is sealed with a 1/8x3 in. "0" ring. The head contains a sight glass and two 8 in. horizontal glass tubes, for sample storage, cemented in with de Khotinsky cement. B is a four-stage Gaede mercury diffusion pump connected to the water-cooled head with a 11/2 in. copper tube through a flange with an "0" ring. The output of the vacuum pump feeds into an automatic Toepler F pump which compresses the gas sample over mercury in the measuring burettes, G and H. There are bypasses in this line for a McLeod gage C and a Piranni gage D, a manometer E, and for initial pumping out of the system with a Cenco Megavac backing-up pump. The reduction crucible shown in Fig. 3 is machined of Tungar Bulb quality (A.G.K.T.E.-2) graphite. The sample is guided into the crucible with the graphite funnel depicted on this figure. The arrangement of the crucible, radiation screens, etc. in the furnace is as follows: A 1 15/16x61/2 in. Alundum thimble, porosity RA-84, with two 1/8 in. holes near the top and opposite each other which take a pair of special tongs used for lowering it in place, is prepared. A 3/4 in. layer of powdered graphite is placed in this Alundum thimble, and the graphite crucible containing 20 g of ingot iron and 0.5 g of carbon is carefully centered on this bed of graphite powder and graphite powder is packed around it to the top of the graphite cru-

Jan 1, 1953

By AIME AIME

ON JULY 12, 1921, S. S. Arentz, representative at large from Nevada, introduced in the House of Representatives, under the number H. R. 7736, a bill to revise, amend and codify laws of the United States relating to the location of mining claims on public domain, and other purposes. This bill had been drafted by a committee of consulting engineers of the U. S. Bureau of Mines. The immediate purpose of this introduction in Congress was to make it avail- able for general information and discussion. In pursuance of this purpose Mr. Arentz issued the following circular: This proposed codification and revision of the mining laws of the United States as received from a committee of mining and metallurgical engineers appointed by the Director of the United States Bureau of Mines was introduced in the House of Representatives by the undersigned (who has operated and developed mines throughout the West for many years). It is submitted to prospectors, mine operators and mining engineers, all of whom are affected and vitally interested in the subject with the hope that they will give this bill their careful consideration and study.

Jan 1, 1921

By James E. York

THE honor so fairly earned and so incompletely and tardily paid to Henry Cort, the inventor of the puddling-furnace and the, rolling-mill, has been fully set forth by Mr. Charles H. Morgan,1 and needs no further emphasis here. In view of the importance of the rolling-mill in the treatment of iron and steel, the paucity of information concerning it is surprising. With the exception of a hook, written about 35 years ago, by Peter Bitter von Tunner, an Honorary Member of this Institute, and of desultory articles on simple sections, which have appeared in technical journals, I know of no pub¬lication attempting to treat this subject, although volumes have been written on the scientific theory and technical manipulations involved in other branches of the iron- and steel-industry. This strange anomaly may be due to the fact that roll-turning cannot be called a scientific business. It does not ordinarily come within the range of an educated engineer; yet it cannot be performed by an ordinary mechanic. It demands some of the qualifications of an engineer, in designing, and those of a mechanic, in execution. The men who have followed this trade have controlled the training of their successors. In many cases the technical knowledge required bas been handed down from father to son, and there has been a motive of private interest to prevent its public dissemination. Moreover, the statement of the various principles involved in the process would require, besides manual experience, a degree of scientific knowledge which roll-turners do not usually possess; and, finally, any book on the subject, in order to possess real, practical value, would have to be so fully illustrated as to make it very costly to publish. Regarding my own experience, I may say that I served a six-

May 1, 1906

By C. M. Sellars, F. Maak

Electvomotie -force measurements hazle been made on ten Au-Ni alloys at temperatures 7754 825O, 900O, and 935°C using galvanic cells with solid electrolyte. Partial and ivtegral thermodynamic functions are derived from the determined activities. which show la9,ge positive deviations jvom Raoult's law. The enthalpies of mixing- are in close accord with calorinletric data and are of comparable accuracy. The results are used to determine the miscibility gap and the spinoidal curL1e, and are qlalitaticely interpreted in terms of the large size difference and electvonic interactions between gold and nickel. Tabulated nalues of the actielities and partial and inteqal free energies, entropies , and enthalpies of mixing are given in the appendix. The Au-Ni binary alloys are of particular interest thermodynamically as despite the large size difference between gold and nickel atoms they have a simple phase diagram.' This shows complete solid solubility above a miscibility gap with a maximum at about 71 at. pct Ni and 810°C. Activity measurements (over a range of temperature) have been made previously on this system using an electrolytic-cell method with a liquid chloride eletrolyte. The accuracy of this data has, however, been queried3'4 as it leads to values for the enthalpy of mixing which are too high when compared with calorimetric measurements.46 Also, the entropy of mixing is too high when compared with the values derived from specific-heat measrements. It was therefore considered worthwhile redetermining the activity data using a galvanic cell with a solid electrolyte (0.85 ZrO, 0.15 CaO). This method is based on a technique introduced by Kiukkola and aner'' and has been used to determine the thermodynamic data for Cu-Ni alloys.' THE ELECTROLYTIC CELL The cell used to determine the activity of nickel in Au-Ni alloys was: The cell reaction, which is discussed for a similar cell by Rapp and Maak, gives a direct measurement of the activity of nickel in the alloys as where aNi(alloy) is the activity of nickel in the alloy, 3 is Faraday's constant, E is the measured electromotive force, R is the gas constant, and T is absolute temperature. For the valid application of this type of cell the arrangement must be ther modynamic ally stable, which means that: 1) The free energies of formation of the oxides fulfill the relation 2) The vapor pressures or dissociation pressures of each component must be so small that during the time of the experiment the amount of any material transported by the gas is negligible. 3) Side reactions which change the alloy composition must be negligible. These reactions are possible both with the surrounding gas atmosphere and with neighboring solid material. The first two conditions are fulfilled by the above cell.' The third condition is approached by care in the experimental technique. The factors which control the attainment of equilibrium in this type of cell have been considered by Rapp and aak, who conclude that metallic diffusion in the alloy is the rate-control ling step. A lower temperature limit for the practical application of this cell is therefore set by the condition that equilibrium must be attained in reasonable times. EXPERIMENTAL MATERIALS AND TECHNIQUE The starting materials were mint gold (99.99 pct Au) and Mond nickel (99.9 pct Ni). Alloys, nominally 5 at. pct Ni and then each 10 at. pct across the system, were produced by vacuum-levitation melting compacts of mixed drillings of the pure metals. The nickel used for the reference tablets in the cells was melted in a similar manner. The alloy ingots, cast in boron nitride molds, were cold-forged and

Jan 1, 1967

By James W. Malcolmson

This paper treats of the history and development of the Sierra Mojada mines in the north of Mexico, the character and extent of the ore-deposits, and the methods of mining the ore. The growth of the smelting industry in Mexico in recent years is, to a large degree, due directly to the output of the lead-bearing ores from the Sierra Mojada mines, and at the present time (1901) new smelters are being built, looking to this district for their supply of lead-ores. These mines are located in the southern part of the State of Coahuila, in the Republic of Mexico, in latitude 27 24' N. and longitude 103O 43' W. of Greenwich. The last account of the Sierra Mojada published in our transactions was contributed by Mr. Richard E. Chism, in October, 1886.* Since that time some 3,000,000 tons of ore have been extracted from the mines, and much additional information has been developed regarding the mineral deposits. Since 1886, the Mexican Northern railroad, 78 miles in length, has been built from Escalon, connecting the camp with the Mexican Central railway, a trunk-line from El Paso, Texas, to Mexico City. The distances by rail from Sierra Mojada to the principal smelting-centers are as follows : To Torreon, Coahuila, Mex., 179 miles; to Monterey, Nuevo Leon, Mex., 422 miles; to El Paso, Tex., U. S., 494 miles; to Aguas Calientes, A. C., Mex., 522 miles; to San Luis Potosi, 8. L. P., Mex., 644 miles; to Pueblo, Colorado, U. S., 1158 miles; to Argentine, Kans., U. S.,

Jan 1, 1902

By S. B. King

IT is the purpose of this article to give those not familiar with the subject an idea of the extent to which coal is mined by machine in the United States; to describe some types of electrically operated coal cutters; and in particular, some of the latest improvements and developments in these machines. Generally speaking, the article deals with the mining of bituminous coal in room-and-pillar mines, as the use of undercutting machines in the anthracite region of Pennsylvania is in its infancy, and when machine mining is referred to bituminous coal is taken for granted. The number of mines in the United States that are operating on the long-wall principle is very limited, and the number of long-wall machines in use is a very small percentage of the total. The advantages of mining by machine may be summed up briefly as follows: A. Increased safety to property and life, due to the large decrease in the amount of powder required when the coal is properly undermined. B. Reduction in the cost of mining. C. Improvement in the quality of the product; and, consequently, increase in market value, due to the greater proportion of lump and screen sizes secured by machine mining. D. Increase in the capacity of the mine, and more rapid development of new mines. E. Ability to mine veins in which the height of the coal or the character of the roof has prevented mining by hand, on a commercial basis.

Jan 6, 1914

THE Institute of Metals Division of the American Institute of Mining and Metallurgical Engineers appointed a Research Committee in 1925 to de-termine what could be done by the Division to promote research work in the United States on non-ferrous metals. It was recognized that a considerable volume of use-ful research work in this field was being carried on by individual industrial companies as well as by the uni-versities and other research institutions, such as the Bureau of Standards. One need only refer to the recent research literature on non-ferrous metals in the TRANS-ACTIONS of the A.I.M.E., and elsewhere, to be con-vinced of healthful research activity in this field. The appointment of the Committee, however, voiced the impression that what was being done was, however excellent, inadequate for the needs of the industry. It was felt that the Division could usefully devote some of its time and effort in stimulating activity in this field. The deliberations of the Research Committee have not failed to develop wide differences of opinion even on the simple questions: (1) whether the Division can aid in any practical manner in this cause and (2) what the features of such aid might be. However, it was clear that there was only one type of research activity with which it could be very usefully concerned, viz., that on subjects of fundamental interest and general application. It was obvious that research work having special objects and more immediate commercial appli-cation should best be left to the industry itself.

Jan 1, 1927

By William Fink

THE investigation of aluminum alloy systems prior to 1923 was severely handicapped by the low purity of the best aluminum available. However, by that time, the electrolytic purification of aluminum had been developed by the Aluminum Company of America,(1)? and in May, 1923, there was initiated, under the direction of E. H. Dix, Jr.,(2) a program for the investigation of the aluminum-alloy systems using the purest electrolytically refined aluminum. Up to the present time 15 papers (a) have been published, most of which are on the binary aluminum systems. Work is now in progress on the ternary systems, and it seems probable that most of the future work will be on ternary systems. Therefore this survey of the binary aluminum systems investigated up to the present time (the sixteenth paper of the series) concludes the first phase of this program. Certain qualitative relations between corresponding portions of the various binary diagrams as well as between different parts of the same diagram were noted some time ago by R. S. Archer.(4) In the present . paper these relations and others are considered quantitatively by the application of well-known thermodynamic equations or by newly discovered empirical relations No attempt will be made here to present the history of the develop-ment of the thermodynamic equations defining equilibrium or their application to metallic systems, although a list of references is given at the end of this paper for those who are interested in this phase of the

Jan 1, 1934

By David R. Poirier

THE activity of carbon in Fe-C-Cr liquid solutions has been measured by Richardson and Dennis,1 Fuwa and chipman,2 and Goto et aL3 Fuwa and Chipman2 have presented their data along with data of Richardson and Dennis1 and utilized an interaction parameter. However, the interaction parameter is only valid for dilute solutions of carbon, because, as indicated, the same interaction parameter does not apply to more concentrated solutions of carbon (i.e., the effect of chromium on the saturation of graphite in liquid iron). Ohtani4 has attempted to account for the effect of carbon concentration on the interaction parameter; however even his analysis does not apply to the saturation data. Also, the effect of temperature on interaction parameters must be taken into account. Therefore, in any process where the concentration of carbon and/or the temperature changes (such as solidification), the use of an interaction parameter is not adequate to know the activity of carbon. The purpose of this communication is to make use of the existing data on the effect of chromium on the activity of carbon in liquid iron solutions in such a way that the activity can be described as a function of both composition and temperature. The method is an extension of Rist and chipman's5 analysis for the binary Fe-C solutions. As in Rist and Chipman's analysis, the activity coefficient is assumed to obey the relation: log y1 = at(l -X1)2 + It [1]

Jan 1, 1969

By Eben E. Olcott

The Mine.—For some years attention has been drawn to the copper deposits of the Appalachian range of mountains, and especially to those in that portion crossing the corners of Virginia, North Carolina, and Tennessee. Certain it is that in many places in this locality available deposits of copper await the miner, and one after another are being opened and worked. The parts of these three States alluded to are but sparsely settled, and communications are insufficient to meet the demand for transportation. Railroads are wanted, as the existing wagon roads are unfitted for heavy hauling; these circumstances increase very much the difficulties in the way of mining enterprises. Notwithstanding this, the success of some of the mines of this section is an established fact, and Ducktown has for some years held a high rank among the copper-producing localities of the United States. of all these deposits, however, none is more interesting or more deserving of attention than the one now under consideration. The works of the Ore Knob Copper Company have been energetically pushed forward, since the reopening of the mine, in the spring of 1873, by Mr. J. E. Clayt,on, the superintendent and one of the chief owners of the property, and if one thing more than another can insure success it is the combination in this gentleman of rare business capabilities with the deepest personal interest in the prosperity of the undertaking. The copper vein at Ore Knob* is a clearly defined fissure traversing the gneissic rocks of Pre-silurian age in a direction 61' east of north.

By Frank Fahrenwald

INTRODUCTORY A COMPLETE list of the elements as given for 1915 includes 18 that melt above 1,700° C. There does not exist one complete thermal equilibrium diagram for any pair of these 18 elements. Several of these elements have been combined, in relatively small proportions, with metals of lower melting point: e.g., tungsten, molybdenum, and vanadium, in steels, or with nickel and cobalt; but of this refractory group, platinum is the only one that has been extensively studied in this connection. When one considers that, with few exceptions, the industries have made use of alloys to the exclusion of pure .metals, it is reasonable to expect that alloys of this refractory group will invade fields in which the pure metals have found little application. The past neglect of this class of metals has, no doubt, been partly due to the rarity of some of them, for even though alloys of very valuable properties should be developed, their cost, unless in exceptional applications, would be prohibitive. There is also a well-founded reluctance to undertake research involving very high temperatures which, in the case of most of these elements, must be accompanied by an inert atmosphere as well. This combination of high temperatures* and control of atmosphere within the heating chamber of any furnace of present design is a difficult problem. It is the purpose of this paper to give results,1 of an investigation of one binary series of this group, in which methods were employed that avoided the usual difficulties accompanying high-temperature alloy investigation.

Jan 6, 1916

By F. A. Forward, J. Halpern

A new process is described for extracting uranium from ores containing sulphidic minerals, which comprises treating an aqueous pulp of the ore with air or oxygen at elevated temperatures and pressures. The acid required to dissolve the uranium is generated during the leach through oxidation of the sulphides. The chemistry of the process is discussed and laboratory results are presented to illustrate the operation of the method and the variables which control it. With most ores, leaching at a temperature of 130°C and an oxygen partial pressure of 10 psi provides uranium extractions of 90 to 95 pct in 4 to 6 hr. The acidity and level of dissolved impurities in the leach liquor can be kept fairly low. The method is characterized by a number of advantageous features including low reagent cost, short retention times, and high recoveries. RECENTLY there have been developed several processes for extracting metal values from ores by pressure leaching techniques;' -' an example is the carbonate leaching process for uranium ores which has been studied in this laboratory.' Leaching is carried out under oxygen pressure to ensure oxidation of the uranium to hexavalent compounds which are soluble in carbonate solutions. During the course of investigations relating to this process, it was observed that sulphide minerals, such as pyrite, usually were oxidized under the conditions of the leach treatment resulting in the formation of iron hydroxides and sodium sulphate, i.e. 2 FeS= + 7Vz O2 + 8 Na,CO3 + 7 H,,O -* 2 Fe(OH)3 + 4 Na2SO4 + 8 NaHCO.,. [1]

Jan 1, 1956

By R. E. Smallman, J. C. Terry

J. C. Terry and R. E. Smallman (Llniuersity of Birmingham, England)—In a recent publication53 Wood and Westbrook have reported the results of an investigation of the tensile behavior of fl-phase AgMg alloys. These results agree in broad outline, but differ in the details, with those obtained in the above laboratory and, consequently, some discussion of their paper would seem appropriate. In our experiments, tests were carried out on extruded wires, 2 mm diam, in a hard-beam tensile machine, and while an oil bath was used for the tests up to 150°C, above this temperature the oil bath gave rise to serious contamination of the specimens and hence tests above 150°C were made in vacuo. This procedure is different to that adopted by Wood and Westbrook. The ß-phase alloys exhibit differences in mechanical behavior when they are tested in different temperature ranges. In agreement with Wood and Westbrook, three characteristic ranges are observed which may be classified as low, intermediate, and high temperatures, respectively. Our experiments show that in the low-temperature region, the shape of the stress-strain curves is similar to that reported. However, in addition, it is observed that the temperature at which the low-temperature region ends is markedly dependent on strain rate, and increase with increasing strain rate as shown in Fig. 18. The temperature at which a transition from the low to the intermediate temperature takes place is about 0.4 to 0.45 of the absolute melting point, Tm. This transition temperature coincides with that at

Jan 1, 1963

By Christian F. Baiz

INTRODUCTION Industrial minerals can have similar financing requirements to those needs of metaliferrous and coal mining projects. One of the outstanding differences is the understanding of the many different markets that these industrial minerals represent. There are in excess of 30 principal industrial minerals ranging in terms of annual production from the largest quantity such as sand and gravel, to possibly the smallest quantity of production of a legitimate industrial mineral which may be defined as industrial and rough gem diamond. (See Tables 1 and 2) Project finance techniques, analytical methods, and information requirements are covered elsewhere in this Chapter and Chapter 10. Some comments on equity finance aspects follow. EQUITY AMOUNT The amount of equity in a financing transaction provides a cushion to the lender in case the project runs into trouble. Generally speaking, the greater the amount of risk in a project, the more equity a lender will require. The amount of cash equity in a project financing transaction is between 25 and 40 percent. The amount of leverage (debt/equity) is negotiable based on such factors as the strength and extent of the sponsor's undertakings, of the project's economics, and the term of a strong sales contract. Naturally, a borrower seeks to obtain d loan with as little equity required as can be negotiated. Zero percent equity is usually associated with a take-or-pay contract (a hell-or-high- water unconditional commitment under which the purchaser must pay for the commodity as though it were shipped regardless of whether it is actually mined or shipped) with a financially strong corporate entity i.e., the parent company or an end user. As a take-or-pay contract is tantamount to a guarantee of payment, the banker views the credit basis of the loan as being other than the borrower's mining operation and therefore will analyze the creditworthiness of the institution purchasing the commodity on the basis of its corporate balance sheet. Do not confuse a take-or-pay contract with a take-if- tendered or take-and-pay contract. Another means in the United States of obtaining zero percent equity is the carved out production payment financing, typical of coal mine financing. This involves the sale, or conveyance, by the owner of the mineral property of a production payment to a nominally capitalized company. The nominally capitalized company is formed solely to buy the production payment and usually borrows 100 percent of the purchase price from a lender. Equity amounts of 10 to 20 percent generally are found in transactions which employ techniques such as an advance sale or a subordinated lease/loan. These agreements are viewed as quasi equity by most banks for several reasons. First, the proceeds represent a cash infusion early in the project's life - usually prior to the bank lending any funds. Thus, the repayment schedule is "behind" that of the bank debt. In the case of an advance sale, repayment is in the form of a long-term supply contract with favorable terms, usually priced close to the mining operation's costs. There is also usually a requirement that all costs of the project be paid for by the loan or equity, often making the sponsors financially responsible for any cost overruns. Cost overruns are a major risk in any project, large or small, and are often due to unforeseen factors such as wildcat strikes, a piece of faulty equipment, or any event which delays completion, e.g., remote location, weather, etc.. . The question of how overruns are covered can be negotiated. For example, in addition to the original debt/equity ratio of the project, there can also be a cost overrun ratio that will

Jan 1, 1985

By Frank Firmstone

In April, 1873, No. 2 furnace at the Glendon Iron Works being out of blast, it was decided to alter it from an open to a closed top. The three side flues, through which a part of the gas was formerly taken off, were 15 feet below the top, and as, for various reasons, it was not convenient to cut new flues through the brickwork at the top, as is commonly done with closed-top furnaces, a modification of Coingt's charger was employed. This apparatus, as figured by De Vathaire,* consists of a cup or hopper, like that used with the cup and cone, and a central pipe for taking off the gas, which descends some distance into the furnace, and has a projection around it forming a seat for a ring of a triangular cross-section, which closes the opening between the cup and the central gas-pipe. The charge is put into the cup, and by lowering the ring, is thrown into the furnace, a part going outside of the ring toward the walls, and a part through the inside toward the gas-pipe. In this form the apparatus was not applicable, for: 1st. With a gas-pipe three feet in diameter, in a top eight feet in diameter, the openings left by lowering the ring would not be large enough to let lump coal pass through. 2d. For the charger to shut tight, the ring must bear equally against the projection made for it on the gas-pipe, and against the edge of the cup. This would not be difficult to effect when the apparatus is first put up, but a comparatively small change in the relative position of the parts, such as is almost certain to occur from expansion, would cause the ring to touch the pipe or the cup, whichever happened to be the lower, first, and leave a leak between it (the ring) and the other. In the plan adopted (Figs. 5 and 6, Plate I), the central opening in the ring is closed by the bottom of the gas-pipe, whereby more room is left for the passage of the stock when the charger is open, than if the pipe descended into the furnace; and the pipe, instead of being rigidly supported, rests on the ring, when the charger is closed, and follows it for two or three inches as it opens, until stopped by the counter-balance lever C. When the ring is raised to close the furnace top, it comes in contact first with the bottom edge of the gas-pipe, then both are raised together, until stopped by the ring touching the edge of the cup. In this way a good joint is made at both places.

By G. J. Ballmer

Drilling and blasting 12-in. blastholes started about the middle of 1946 and has worked out so well that about one half of the blasting, formerly done with 9-in. holes, is now done with 12-in. holes. In most of this work the harder benches were chosen for the 12-in. size because these were the areas where the greatest difficulty was encountered in thorough fragmentation. At the start of this experimental work a 42-T Bucyrus- Erie churn drill was available whereas all other blasthole drilling was being done with 29-T rigs. The large drill was first equipped with a standard 9-in. string of tools but it could not drill quite as fast as the 29-T drills. How- ever, when the weight of the string was increased about 700 lb, or to a total weight of about 3500 lb, it was found that the 42-T exceeded the drilling speed of the 29-T by about 25 per cent. When a 12-in. bit was substituted for the 9-in. bit the 42-T rig again dropped behind the drill- ing rate of the 29-T rigs. At this stage of the experiment the 42-T was using a 12-in. bit with detachable points and the total weight of the string of tools was about 3800 lb. It took longer to change the drill points than it did the regulation bit and this accounted for some of the slower drilling rate. When a heavier stem and standard construction 12-in. bits were used it was found that the 42-T could drill a 12-in. hole slightly faster than a 29-T could drill a 9-in. hole even in the hardest rock in the pit.

Jan 1, 1949

By H. F. Webster, C. G. Dunn

Rolling md annealing procedures are described for developing the (110) preferred orientation in tantalum for use as a thermionic-emission materinl where electrodes of a uniform high work function are needed. The development of a (110) [001] annealing texture is also reported. A preferential growth process due to low (110) gas-metal surface energy is considered in explanation of the observed growth of (110) grains. ThE growth of (110)-oriented grains in thin strips of rolled zone-refined tantalum, previously discussed briefly,' is reported together with more recent information on the formation of a (110)[001.] annealing texture, i.e., one where the [001] direction of each grain lies close to the rolling direction. The development of tantalum sheet with a (110) preferred orientation (position of [001 ] directions unspecified) is of importance as a thermionic-emission material in thermionic-energy converters. Since therm ionic-emission properties of cesium-coated crystals vary over a wide range depending on (hkl) a2-7 a single (hkl) preferred orientation is more useful than either several preferred orientations or none. Furthermore, the (110) preferred orientation yields the highest thermionic-emission density for a cesium coverage of less than a monolayer.5-7 A consideration of the stability of the grain structure needed at high operating temperatures suggests that the preferred orientation itself should be produced by annealing processes. Information on annealing textures in tantalum, however, is rather limited. Pugh and Hibbard 8 obtained (111)[112] and (lll)[112] components in a 1400°C recrystallization texture in 95 pct cold-rolled foil; these components were enhanced on annealing at 2500°C. Muller9 rolled 99.97 Ta to 90 pct reduction in thickness in the final stage and noted only a slight sharpening of the rolling texture, with some intensification of the (111)[112] component upon annealing at 1200°C. The experimental procedure followed in the present work stemmed from the idea of using possible differences in (hkl) surface energies to provide a small driving force for growth of grains having the lowest (hkl) surface energy.l0* This would mean using high-purity tantalum processed into thin sheet form and annealed at high temperatures either in a noncontaminating atmosphere or in one producing additional sample purification. EXPERIMENTAL Zone-Refined Tantalum. National Research Corp. tantalum in the form of 1/8-in.-diam rod and of 99.98 purity (53 ppm 0, 15 ppm N, and 8 ppm C) was zone-melted four times. The traversing speed was 4 mm per min. Such treatment increased the resistance ratio, R293k/R20K , where R293K is the resistance of the specimen at 20°C and R20K the re-resistance at liquid-hydrogen temperature, from a value of 25 for the initial rod to 175 for the zone-refined rod (the increase in the resistance ratio provides a measure of purification11,12). Part of a zone-refined rod was rolled unidirec-tionally to a strip 0.003 in. thick and 0.28 in. wide. Samples were given anneals in the range 1300" to 2100°C using ac conduction heating in an oil-free vacuum system. Recrystallization to small grains appeared to be complete at 1300°C. Large grains were formed at higher temperatures, but these were not entirely strain-free, some grains showing asterism in Laue X-ray patterns and some displaying a range in orientation. Part of the difficulty was caused by thermal expansion of the tantalum strip as it was held between fixed supports. However, in a different arrangement with the tantalum freely suspended in a tantalum can, high-frequency induction heating in vacuo at about l0-6 Torr produced

Jan 1, 1964