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By Shueling Woo, Charles S. Barrett, Robert F. Mehl

When one solid phase is generated from another, fixed and rational orientation relationships are observed to subsist between the parent and the new crystal. The principle has been proposed1 that the relationships obtaining between the same two phases are identical whatever the type of phase change involved, or whichever of the phases may act as parent. Many types of phase changes have been studied: allotropic transformations in pure metals, precipitation from solid solutions, eutectoid decompositions, peritectic reactions, the formation of oxide layers, and others2 Phase layers generated by diffusion of one metal into another constitute an additional type of reaction. This report provides new data on the orientation relationships occurring between phase layers formed by diffusion, in the Cu-Zn system,§ and furnishes further evidence in support of the principle. Materials and Methods The Cu-Zn system is especially suitable for these studies since the high vapor pres- sure of Zn provides an opportunity readily to create one phase poorer in Zn upon a parent phase richer in Zn by removing Zn by vaporization, or to reverse this process by adding Zn from Zn vapor; e.g., the beta phase can be found as a layer upon gamma by dezincing, or gamma can be found on beta by addition of Zn from Zn vapor. Since orientation relationships are to be sought, requiring crystals large enough for orientation determinations, it is convenient to prepare single crystals or large grains of the parent phase. The samples were prepared from oxygen-free high-conductivity copper and Horse Head zinc by melting under a borax flux in a graphite crucible. Large crystals of beta brass were grown by the strain-anneal method, in plates sectioned from the cast ingots, by the following procedure. Rockwell-hardness indents were made at I cm. intervals and with various loads, then the plates were annealed for 4 days at 700°C. in Nichrome boxes packed with beta-brass chips and graphite. Surface layers were removed by grinding and etching to a depth of about 1.0 mm., and individual grains were cut out. Crystals of alpha and gamma brass were prepared by freezing, by lowering a graphite crucible at speeds less than one inch per hour through a furnace held at a constant temperature above the melting point. Single crystals were cut out with a jeweler's saw, ground, polished and etched. Care was taken to remove cold-worked layers from the finished crystals

Jan 1, 1944

By Charles S. Barrett, Robert F. Mehl, Shueling Woo

When one solid phase is generated from another, fixed and rational orientation relationships are observed to subsist between the parent and the new crystal. The principle has been proposed1 that the relationships obtaining between the same two phases are identical whatever the type of phase change involved, or whichever of the phases may act as parent. Many types of phase changes have been studied: allotropic transformations in pure metals, precipitation from solid solutions, eutectoid decompositions, peritectic reactions, the formation of oxide layers, and others2 Phase layers generated by diffusion of one metal into another constitute an additional type of reaction. This report provides new data on the orientation relationships occurring between phase layers formed by diffusion, in the Cu-Zn system,§ and furnishes further evidence in support of the principle. Materials and Methods The Cu-Zn system is especially suitable for these studies since the high vapor pres- sure of Zn provides an opportunity readily to create one phase poorer in Zn upon a parent phase richer in Zn by removing Zn by vaporization, or to reverse this process by adding Zn from Zn vapor; e.g., the beta phase can be found as a layer upon gamma by dezincing, or gamma can be found on beta by addition of Zn from Zn vapor. Since orientation relationships are to be sought, requiring crystals large enough for orientation determinations, it is convenient to prepare single crystals or large grains of the parent phase. The samples were prepared from oxygen-free high-conductivity copper and Horse Head zinc by melting under a borax flux in a graphite crucible. Large crystals of beta brass were grown by the strain-anneal method, in plates sectioned from the cast ingots, by the following procedure. Rockwell-hardness indents were made at I cm. intervals and with various loads, then the plates were annealed for 4 days at 700°C. in Nichrome boxes packed with beta-brass chips and graphite. Surface layers were removed by grinding and etching to a depth of about 1.0 mm., and individual grains were cut out. Crystals of alpha and gamma brass were prepared by freezing, by lowering a graphite crucible at speeds less than one inch per hour through a furnace held at a constant temperature above the melting point. Single crystals were cut out with a jeweler's saw, ground, polished and etched. Care was taken to remove cold-worked layers from the finished crystals

Jan 1, 1944

By R. Littlewood

The concepts of "redox potential" and "oxide-ion activity" are suggested as measures of the fundamental slag properties of interest to the extraction metallurgist. Thermodynamic data for single oxides are presented graphically in these terms and a method of expressing desulfurization of steel in electrochemical terms is indicated. The application of the theovy to mixtures of oxides (slags) is discussed and the redox potential is shown to provide a link between all the redox equilibria in a slag-metal system. In particular, the redox potential of the slag, its basicity, and the oxygen partial It is now generally recognized that slags are mixtures of polymeric anions of silicates, aluminates, phosphates, and so forth, neutralized by cations. However, conventional thermodynamic treatments of slags have almost always been in terms of activities of the pure component oxides (e.g., SiO,, CaO, A1203, and so forth), which are known not to exist as such in slags. While this type of empirical treatment is perfectly acceptable and provides a rigorous and self-consistent way of considering thermodynamic properties, it can give little guide to the structure of slags, since its very nature ig- pressure are closely connected. Direct deternzination of these by electrode-potential measurements is possible. Literature calculations of ion activities in the system Ca0 -Fe0-SiO,/molten iron are used to evaluate redox potentials, which are shown to correlate with data on sulfur partition in the system. In addition to its application to equilibrium conditions, an electrochenzical approach to slag-metal reactions might provide a basis for new methods of studying the kinetics of these reactions and for plant-control instruments in the pyrometallurgical industries. nores such complications. Recently, the thermodynamic properties of some slags have been successfully interpreted in terms of activities of anions of varying degrees of complexity. (While these have been successful curve-fitting exercises, there is no direct implication that the anions used in the models are necessarily the ones which actually exist in slags.) The success of these ionic thermodynamic treatments is encouraging but a complete picture of slag structure is still a long way off. What is needed is a complete knowledge of the values of stability constants for all reactions in slags of the type:

Jan 1, 1965

By Victor O. Strobel

Fire-brick hot-blast stoves have been the subject of frequent discussions at the meetings of the Institute; and although it is my object to elucidate some of the points in connection with this subject, I will not go into the specific features of all types, but more especially call attention to a new type recently designed by Mr. Fred. W. Gordon. As the economical production of a ton of pig-iron is a more essential feature than a large output, much depends, where fuel cannot be obtained cheaply, upon suitable apparatus whereby high temperatures can be maintained. Where iron-pipe stoves have been employed, the fuel-consumption reached one and a half pounds of fuel, and, when a larger output was desired, often two pounds, to the pound of iron produced. The temperature attained rarely exceeded 900' F., and that at the expense of frequent renewals of the pipes, which was not inconsiderable. The fire-brick hot-blast stoves of the past five or six years have clearly demonstrated their superiority over the old system. Of the accompanying drawings, Fig. 3 illustrates a four-pass regen-

Jan 1, 1886

ASIDE from the John Fritz Medal, in which the Institute participates through its representation on the John Fritz Medal Board, the, Institute itself has five major awards to make annually for excellence in technical papers, as follows The Robert W. Hunt Medal and Prize, The J E Johnson, Jr Award, The Lewisohn Platinum Prize to senior members, and the James Douglas Medal ROBERT W HUNT MEDAL AND PRIZE The partners of Robert W. Hunt established a fund which was presented to the Institute at a fitting ceremony on May 27, 1920, to establish an annual medal and a sum of money to be awarded under the following rules 1 The award shall consist of two prizes, first of a gold medal, second of a sum of money, a certificate to accompany each prize The money prize shall not be awarded to a member over 40 years of age, but under unusual circumstances, both prizes may be allotted to one person provided that he is not over 40 years of age In general it will be understood that the Committee shall award the money prize to the younger men, rather than the medal 2 The awards shall be made not oftener than once a year to that person or persons contributing to the Institute the best original paper or papers on iron and steel The scope of the term "iron and steel" shall be determined by the sub-committee consider¬ing the awards In general, papers dealing with the practical side of the subject have preference over those dealing with the theoretical side in recognition of the fact that Captain Hunt's main contributions to the industry have been in the improve¬ment of production and quality of material. 3 A sub-committee of three to five, including the Chairman of the Iron and Steel Committee, shall be appointed by the Iron and Steel Committee annually to adjudge the award subject to approval 4 The awarding committee shall submit its report to the Iron and Steel Committee at its October Meeting, and the award be certified to the Secretary of the Institute in time to permit the presentation to be made at the Annual Meeting of the Institute 5 The recipient of the award shall be designated "The Hunt Medallist " This prize is administered by the Iron and Steel Committee

Jan 1, 1923

INSTITUTE MEDALS AND PRIZES ASIDE from the John Fritz Medal, in which the Institute participates through its representation on the John Fritz Medal Board, the Institute itself has five major awards to make annually for excellence in technical papers, as follows The Robert W Hunt Medal, The Hadfield Prize, The J E Johnson Jr , Award, The Lewisohn Platinum Prize to senior members, and the President's Prize to junior members ROBERT W HUNT MEDAL The partners of Robert W Hunt established a fund which was presented to the Institute at a fitting ceremony on May 27, 1920, to establish an annual medal and a sum of money to be awarded under the following rules, 1 The award shall consist of two prizes, first of a gold medal, second of a sum of money, a certificate to accompany each prize The money prize shall not be awarded to a member over 40 years of age, but under unusual circumstances, both prizes may be allotted to one person provided that he is not over 40 years of age In general it will be understood that the Committee shall award the money prize to, the younger men, rather than the medal 2 The awards shall be made not oftener than once a year to that person or persons contributing to the Institute the best original paper or papers on iron and steel The scope of the term "iron and steel" shall be determined by the sub-committee consider¬ing the awards In general, papers dealing with the practical side of the subject have preference over those dealing with the theoretical side in recognition of the fact that Captain Hunt's main contributions to the industry have been in the improve¬ment of production and quality of material 3 A sub-committee of three to five, including the Chairman of the Iron and Steel Committee, shall be appointed by the Iron and Steel Committee annually to adjudge the award subject to approval 4 The awarding committee shall submit its report to the Iron and Steel Committee at its October Meeting, and the award be certified to the Secretary of the Institute in time to permit the presentation to be made at the Annual Meeting of the Institute 5 The recipient of the award shall be designated "The Hunt Medallist "

Jan 1, 1923

By D. J. Carney, J. Chipman, N. J. Grant

G. Derge—With the development of this last weapon, there is not much of a chance for hydrogen. It is certainly a very interesting paper, and it gives us more confidence in sampling liquid steel for hydrogen than we have ever had before. This satisfactory work gives considerable confidence to all of the chilled methods of sampling which should be more or less successful depending upon the degree of chilling obtained. J. T. MacKenzie—How do you handle a nonmagnetic specimen in that device? D. J. Carney (authors' reply)—I left that out in going over the analytical procedure. For the 18-8 steel, what was done was to get some iron wire which was degassed. One turn of wire was made around the sample; it was inserted into the analytical apparatus, and that was enough to allow the magnet to pull the sample and drop it in the furnace. Other methods could be devised for this apparatus to do the same thing. This was just a quick method. C. E. Sims—This method of sampling and analysis is very ingenious, and the results obtained attest to a satisfactory degree of accuracy. It was noted in the paper that the samples are satisfactory only when there is a complete absence of pipe. This should be empha- sized, particularly in view of the fact that they are cut off under water. Some reservations are held in regard to the adequacy of the method of sample storage prior to analysis. Cooling on dry ice undoubtedly slows down the rate of diffusion to a marked degree, and it obviously suffices when the analysis is made within a few hours. All of the samples, except some of high-nickel steels, were analyzed within 12 hr. It is still unknown how long this method would be safe. In the work at Battelle Institute, it was impracticable always to start analysis within 12 hr for various reasons. Some samples did not reach the laboratory for several days, and some were held as long as a month before analysis. During this period, they were held over mercury, and the gas evolved at room temperature was collected and analyzed. It should be mentioned that both the mercury and the container must be kept very clean.

Jan 1, 1951

By J. Hall Carpenter, James E. Lawver

Shortly after the passage of the Taconite Amendment in Minnesota, several mining companies announced their intention to build new magnetite taconite plants and another announced its intention to augment present facilities. It is clear that Minnesota will enjoy an expanding magnetite taconite industry, but despite the fact that the reserves are large, eventually they will have to be supplemented by oxidized deposits. Furthermore, not all producers have magnetite taconite reserves. Due to the extensive oxidation of most of the western part of the Mesabi Range, there are no large blocks of unaltered magnetite taconite that lend themselves to open pit operations. Unless a commercial process can be developed to concentrate the oxidized, or so- called "nonmagnetic", taconite and semi-taconite, the existing mines operating in the western part of the range will be forced to shut down when the direct shipping, wash and gravity ores are depleted, or are no longer salable, because of their poor quality compared to high-grade pellets. KNOWN PROCESSES COSTLY The enormous reserves of the oxidized iron- bearing formation have offered a tantalizing challenge to metallurgists for many years. In fact, several processes for concentrating certain types of oxidized ore have been successful at both laboratory and pilot plant level, but to date no process for concentrating semitaconite or oxidized taconite has reached commercial fruition. Magnetic roasting, followed by low-intensity magnetic separation1, has shown considerable promise because the high iron recovery makes the ratio of concentration of many of the oxidized ores more favorable than that of magnetite taconite. However, the capital and operating costs are high and, in many cases, a high- grade concentrate cannot be made without resorting to flotation of the magnetic concentrate. Hence, most research groups are investigating alternate methods of concentration with the hopes of reducing the cost.

Jan 9, 1965

By Ta M. Li

Recent economic and environmental setbacks have not slowed Occidental Oil Shale, Inc.'s program aimed at the commercialization of oil shale. In fact, the firm expects to have a 795 MI (500C) bbl) per day production unit working by the end of 1976. The key to Occidental's ambitious program is an in situ method that extracts the valuable oil by retorting the shale in place. The process will require practically no water and will leave the spent shale in place underground. Additionally, all plant operations are to be located within the mine. These factors thus serve to make the operation attractive from an environmental viewpoint, in contrast to proposed conventional schemes which call for extensive underground mining, crushing and grinding at the surface, and construction of a massive surface retorting facility.

Jan 12, 1976

By Jack White

W. I. Garms-—The authors state that when they added 11 tons of balls to the 45 pct volume ball load, the power needle did not budge. The question arises as to whether any increase in capacity accompanied the 11-ton addition. It is hardly conceivable that all of the balls making up the l l-ton addition were sterile. However, as the work done in the ball mill is not by kilo-watthours per se or balls per se but by kilowatthour-balls, it is possible that the kilowatthourballs in the mill before the ll-ton addition had a different amperage, voltage or robustage than those in the mill after the addition and that the overall outcome was that equal work was done before and after the addition. The authors can keep the efficiency that they got with the 45 pct volume 1-in. ball charge and get additional capacity by putting more kilowatthourballs to work in the form of the addition of 11 tons of 2-in. balls to the present ball charge, and subsequent makeup additions by weight of 20 pct 2-in. balls and 80 pct 1-in. balls. J. F. Myers (authors' reply)-—Mr. Garms points his finger at the 11 tons of "sterile" balls added to the Tri-cone mill. A fact so interesting to us that we felt it should be reported. Clearly, ball slippage at the existing mill speed prevented any further transfer of power from the shell to the ball mass. We agree that the kilowatthourballs would increase, were we charging rough 2-in. balls as suggested by Mr. Garms. The assumption is, of course, that we would get a corresponding increase in work done. Our reported data (CIME meeting, Vancouver, 1946) shows a gain of work accomplished of 7.6 pct as we decreased the ball size from 2 in. to 1% in. and a further gain of work accomplished of 2.1 pct when we went from 1 % in. to 1 in. The small ball results reported by H. R. Banks at Chapman Camp are also very convincing. In the case of 2-in. balls they would take the conventional ball path and start cascading. They would thus destroy the classifying pool over the "foot" of the

Jan 1, 1951

By Jack White

W. I. Garms-—The authors state that when they added 11 tons of balls to the 45 pct volume ball load, the power needle did not budge. The question arises as to whether any increase in capacity accompanied the 11-ton addition. It is hardly conceivable that all of the balls making up the l l-ton addition were sterile. However, as the work done in the ball mill is not by kilo-watthours per se or balls per se but by kilowatthour-balls, it is possible that the kilowatthourballs in the mill before the ll-ton addition had a different amperage, voltage or robustage than those in the mill after the addition and that the overall outcome was that equal work was done before and after the addition. The authors can keep the efficiency that they got with the 45 pct volume 1-in. ball charge and get additional capacity by putting more kilowatthourballs to work in the form of the addition of 11 tons of 2-in. balls to the present ball charge, and subsequent makeup additions by weight of 20 pct 2-in. balls and 80 pct 1-in. balls. J. F. Myers (authors' reply)-—Mr. Garms points his finger at the 11 tons of "sterile" balls added to the Tri-cone mill. A fact so interesting to us that we felt it should be reported. Clearly, ball slippage at the existing mill speed prevented any further transfer of power from the shell to the ball mass. We agree that the kilowatthourballs would increase, were we charging rough 2-in. balls as suggested by Mr. Garms. The assumption is, of course, that we would get a corresponding increase in work done. Our reported data (CIME meeting, Vancouver, 1946) shows a gain of work accomplished of 7.6 pct as we decreased the ball size from 2 in. to 1% in. and a further gain of work accomplished of 2.1 pct when we went from 1 % in. to 1 in. The small ball results reported by H. R. Banks at Chapman Camp are also very convincing. In the case of 2-in. balls they would take the conventional ball path and start cascading. They would thus destroy the classifying pool over the "foot" of the

Jan 1, 1951

By M. R. Geer, H. F. Yancey

0. R. LYONS*—I know that we are all interested in hearing about problems that other people have. To most of the people from the eastern part of the United States, this kind of coal preparation is completely different. It represents washing difficulties that most operators have never experienced, or, if they have, they have refused to consider them because there are coals that are much easier to wash and, therefore. they leave the more difficult ones alone for the time being. E. R. McMILLAN†—I think the au-thors have summarized the material very well. Dr. Yancey has spent a great many years in the study of washing coals, as has Mr. Geer. I might comment briefly on some of the plants that were mentioned, plants with which I have had some con-nection, particularly those of our own company, the Northwestern Improve-ment Co. I would like to point out this: that ill each case, a great deal of work was done in the way of preliminary studies of washability of the coal before plants were built. The first plant of any size built in Roslyn field was mentioned in the paper. This central cleaning plant was designed and built to handle coal from three different mines. I might say that prior to 1935, the year in which the plant was built, the coal was used largely as railway fuel, close to a million tons annually. But as mining increased in depth, it became increasingly difficult to separate and gob much of the impurities underground, with the result that the run-of-mine coal became so high in ash that the railroad eventually was forced to consider installing some kind of preparation plant at the mine. We spent about a year in preliminary studies in cooperation with the Bureau of Mines to find out the best type of plant that would clean the coal. The result, as Mr. Geer has explained to you, is a rather complicated plant, but it is doing a very satisfactory job. We have, however, made a number of changes and improve-n~euts since it was first built. The last addition was the, installation of a cen- trifugal drier to dewater the minus ¼ in. size. We are now contemplating installing heat driers for further drying of minus ¼ in. We use Vissac heat driers for drying the stoker coal, the ¾ to in. The demand for drier coal, for both railway and industrial use, is forcing us to further drying of the coal. The plant that was mentioned as having been built in Pierce County, during the war, was a government sponsored plant. I happen to have had some connection with its design, construction and initial operation. We did what we thought then, and still think, was a very thorough job of preliminary studies in cooperation with the Burea of Mines of the coal from that field. The plant was as good a plant as could be built with the equipment available at that time, 1943. The plant that was mentioned as having been built at Ravensdale for treating the McKay coal was rebuilt about two years ago, and in addition to the modified Elmore jig washer that was mentioned. we added a coucentrating table for re-cleaning the minus 3/32 in. Our object there was to produce a commercial

Jan 1, 1950

By Henry S. Burnholz, Charles Y. Clayton, Francis B. Foley

This work was first undertaken for the U. S. Bureau of Mines, in 1919-20, by C. E. Julihn, superintendent of the station at Minneapolis. Learning of the interest, in this subject, of B. F. Tillson, of the New Jersey Zinc Co., Mr. Julihn and Mr. Foley went to Franklin, N. J., and discussed the matter with him. A conference in Chicago, in November, 1920, was attended by Dr. F. G. Cottrell, who was then Director of the Bureau of Mines, and representatives of the Bureau of Mines and of the hlissouri School of Mines and Metallurgy; at this time a cooperative plan of work was agreed upon by the Bureau of Mines and the Missouri School of Mines. In February, 1921, Mr. 'Tillson arranged a conference on this subject at the time of the annual meeting of the American Institute of Mining and Metallurgical Engineers, at which several technical papers were presented. In a paper, the Breakage and Heat Treatment of Hock Drill Stcels, he suggested a program that might be carried out in connection with the investigation of the problem. At this conference Mr. Manning, former Director of the Bureau of Mines, suggested the formation of an advisory committee to the Bureaus of Mines and of Standards for prosecution of this investigation. On Feb. 20, 1922, a secoud conference in New York, at the time of the annual meeting of the American Institute of mlining and Metallurgical Engineers, was attended by representatives of various technical societies. At this meeting, the report of Nov. 20, 1921, of the Chiefs of Divisions of Metallurgy of the Bureaus of Mines and of Standards, was discussed and it was agreed: 1. That the survey recommended by the two bureaus should be undertaken, which survey would have for its object the ascertaining of the present status of the practice of the heat treatment of drill steels, the extent to which the breakage occurs, etc.; and 2. That a report should be presented, of the findings of those who made the survey, to the Advisory Board to the Bureaus of Mines and of Standards. The Bureau of Standards assigned $4000 to the prosecution 01 a three-months' survey, which was carried out in April, May, and June, 1922, of about sixty mines

Jan 1, 1923

By Charles Y. Clayton, Henry S. Burnholz, Francis B. Foley

This work was first undertaken for the U. S. Bureau of Mines, in 1919-20, by C. E. Julihn, superintendent of the station at Minneapolis. Learning of the interest, in this subject, of B. F. Tillson, of the New Jersey Zinc Co., Mr. Julihn and Mr. Foley went to Franklin, N. J., and discussed the matter with him. A conference in Chicago, in November, 1920, was attended by Dr. F. G. Cottrell, who was then Director of the Bureau of Mines, and representatives of the Bureau of Mines and of the hlissouri School of Mines and Metallurgy; at this time a cooperative plan of work was agreed upon by the Bureau of Mines and the Missouri School of Mines. In February, 1921, Mr. 'Tillson arranged a conference on this subject at the time of the annual meeting of the American Institute of Mining and Metallurgical Engineers, at which several technical papers were presented. In a paper, the Breakage and Heat Treatment of Hock Drill Stcels, he suggested a program that might be carried out in connection with the investigation of the problem. At this conference Mr. Manning, former Director of the Bureau of Mines, suggested the formation of an advisory committee to the Bureaus of Mines and of Standards for prosecution of this investigation. On Feb. 20, 1922, a secoud conference in New York, at the time of the annual meeting of the American Institute of mlining and Metallurgical Engineers, was attended by representatives of various technical societies. At this meeting, the report of Nov. 20, 1921, of the Chiefs of Divisions of Metallurgy of the Bureaus of Mines and of Standards, was discussed and it was agreed: 1. That the survey recommended by the two bureaus should be undertaken, which survey would have for its object the ascertaining of the present status of the practice of the heat treatment of drill steels, the extent to which the breakage occurs, etc.; and 2. That a report should be presented, of the findings of those who made the survey, to the Advisory Board to the Bureaus of Mines and of Standards. The Bureau of Standards assigned $4000 to the prosecution 01 a three-months' survey, which was carried out in April, May, and June, 1922, of about sixty mines

Jan 1, 1923

By Kyle Wightman

INTRODUCTION CRA Limited is the largest mining group in Australia by value of sales and the second largest company in Australia in terms of share market capitalisation. In the past 25 years, CRA, its predecessors and affiliates have been involved in a number of mining and further processing developments in Australia and elsewhere. Many of these have been financed using project financing techniques. These include Comalco's development of the Weipa bauxite deposits in Northern Queensland in the late 1950's, the Hamersley iron ore developments in the Pilbara region of Western Australia in the mid 1960's, the Queensland Alumina Limited alumina refinery in Gladstone, Queensland, at about the same time, and the Bougainville copper project in 1969/70. In the past three years CRA has again utilised project financing techniques to fund its Tarong steaming coal project in Queensland, the Blair Athol steaming coal project also in that State and CRA's interest in the Argyle diamond project in the Kimberley region of Western Austrlia. PROJECT FINANCE DEFINED Nevitt Definition Nevitt's is the most frequently quoted definition - "A financing of a particular economic unit in which a lender is satisfied to look initially to the cash flows and earnings of the economic unit as the source of funds from which a loan will be repaid and to the assets of the economic unit as collateral for the loan." Risk and Balance Sheet Treatment It is important to focus in more detail on two aspects of project financing, risk and balance sheet treatment. The assessment of the various elements of risk in a project and the sharing of that risk between sponsors and lenders is the most critical feature. At one end of the spectrum is full absorption of risk by the sponsor(s). This can be described as "on risk" or "on credit" or "full recourse" to the sponsor(s) and is effectively a corporate financing. At the other end of the spectrum the lenders absorb the whole risk in a non-recourse financing which is "off risk" or "off credit" for the sponsor. The other aspect is the sponsor's balance sheet treatment. If the balance sheet of the economic unit undertaking the project and the financing need not be consolidated into the balance sheet of the sponsor (because ownership does not exceed 50%) then the financing may be described as off-¬balance sheet. If consolidation is required then the financing is described as on-balance sheet. Most project financings involve some recourse to the sponsor, i.e. they are limited recourse. Very few are non-recourse or off credit to the sponsor. Limited recourse financings may be on-balance sheet although many may also be off-balance sheet insofar as consolidation is concerned. However, sponsor support may very well be a contingent liability to the sponsor and require disclosure by way of note to the balance sheet should consolidation not be required. CORPORATE FINANCE CONTRASTED A financing which is on credit or full recourse to the sponsor, whether it is directly borrowed or guaranteed by that sponsor, is a corporate financing. Lenders will tend to base their credit assessment on a historical assessment of the sponsor's activities and its financial results rather than an assessment of the project or a detailed assessment of the future activities and prospects of the sponsor. PROJECT FINANCE - A BORROWER'S PERCEPTION Although CRA could choose to arrange all finance on a corporate basis (except perhaps for the very largest projects or acquisitions), project financing techniques provide a number of specific advantages which CRA has noted and which should be carefully considered by a project sponsor. Advantages

Jan 1, 1985

By Julian M. Avery

IN its dual role of pig-lion smelter and gas producer, the blast furnace is a remarkably satisfactory and efficient apparatus Many metallurgists and engineers have pointed out, however, that since the primary function of the blast furnace is to produce pig iron at the lowest possible cost, its function as a gas producer should be subordinated to this primary purpose During the past 10 years or more, improvements in blast-furnace technique and economy have, n fact, been directed primarily to increasing efficiency n the use of the reducing power of the gases produced by combustion of coke at the tuyeres, to reduce iron ore within the furnace The net over-all result is a decrease n the fuel value of the top gas per unit of volume, and per ton of pig iron, which is evidently amore than offset n value by the corollary saving in coke and the possibility of increased furnace capacity, for otherwise there would be no point in making such improvements The purpose of the present paper is to suggest that, while progress has been made n this direction, there is another approach to the problem of increasing the chemical and thermal efficiency of the blast furnace in its primary role as a pig-iron smelter, which appears to offer possibilities of improvement in over-all economy of a different order of magnitude than results thus far obtained by the use of other expedients The present argument is based in large part upon the hypothesis that the efficiency and economics of pig-iron smelting are seriously and adversely affected by the phenomenon known as "solution loss," and that the problem of solution loss can be successfully attacked by increasing the over-all pressure, i e , the "top pressure" under which the furnace is operated It is indicated that pressure operation may also be expected to result n concomitant benefits, which may be summed up as generally improved operating conditions, together with a substantial saving in fuel and/or a substantial increase in furnace capacity In a broad sense, the suggestion of pressure operation of the pig-iron blast furnace is not new, for operation under moderately increased over-all pressure was suggested as early as 1871, by no less an authority than

Jan 1, 1938

By Noel Cunningham

Many excellent descriptions of the mills of the Porcupine district have been written, but no discussion exclusively devoted to the metallurgical technology has been given. These notes are intended to cover this feature briefly. They are based upon 21/2 years' mill operation in the district—i.e., practically since the beginning of metallurgical operations. Character of the Porcupine Ore.—There is no oxidized ore in the district, the surface having been deeply planed by glacial action in recent geologic time. The precious-metal content is about in the proportion of 85 of gold to 15 of silver by weight; hence, the silver is practically negligible. There are two classes of Porcupine ore, having very different characteristics; these will be referred to throughout this paper as Class A and Class B. Class A ore is a pure quartz with inclusions of schist. Generally it is heavily fractured and breaks down readily to sharp, hard grains, about minus 10 plus 20 mesh, requiring further comminution to release the gold. It carries very little pyrite; the gold is entirely free and apt to be coarse, but often spongy, going into solution readily on that account. This gold is 60 per cent. to 85 per cent. free milling, depending on the grade of ore. Class B ore is an iron silicate schist, strongly laminated, carrying 4 to 5 per cent. pyrite; its specific gravity is 2.8 to 3.0, depending upon the amount of mineralization. In breaking the ore in the mine, generally over 25 per cent. of material through a 1/2-in. ring is made; the ore readily breaks down in milling and makes a comparatively large amount of non-crystalline slime; owing to its high specific gravity, however, it is quick settling. In my opinion, the gold in this ore is free, but so finely divided that it will neither pan nor amalgamate; it appears to be disseminated through the rock and not chiefly associated with the pyrite. Veins of Class A ore occur with or without side walls of Class B, and veins of Class B occur unassociated with Class A; more often the veins are closely banded, Class A and Class B alternating, generally with Class B in excess. Both classes of ore are more or less blocky at times, and with reference to Class B this is indicative of low gold content.

Jan 1, 1915

By Noel Cunningham

MANY excellent descriptions of the mills of the, Porcupine district have been written, but no discussion exclusively devoted to the metallurgical technology has been given. These notes are intended to cover this feature briefly. They are based upon 2 ½ years' mill operation in the district-i.e., practically since the beginning of metallurgical operations. Character of the Porcupine Ore.-There is no oxidized ore in the district, the surface having been deeply planed by glacial action in recent geologic time. The precious-metal content is about in the proportion of 85 of gold to 15? of silver by weight; hence, the silver is practically negligible. There are two classes of Porcupine ore, having very different characteristics; these will be referred to throughout this paper as Class A and Class B. Class A ore is a pure quartz with inclusions of schist. Generally it is heavily fractured .and breaks down readily to sharp, hard grains, about minus 10 plus 20 mesh, requiring further comminution to release the gold. It carries very little pyrite; the gold is entirely free and apt to be coarse, but often spongy, going into solution readily on that account. This gold is 60 per cent. to 85 per cent. free milling, depending on the grade of ore. Class B ore is an iron silicate schist, strongly laminated, carrying 4 to 5 per cent. pyrite; its specific gravity is 2.8 to 3.0, depending upon the amount of mineralization. In breaking the ore in the mine, generally over 25 per cent. of material through a ½ -in. ring is made; the ore readily breaks down in milling and makes a comparatively large amount of non-crystalline slime; owing to its high specific gravity, however, it is quick settling.' In my opinion, the gold in this ore is free, but so finely divided that it will neither pan nor amalgamate; it appears to be disseminated through the rock and not chiefly associated with the pyrite. Veins of Class A ore occur with or without side walls of Class B, and veins of Class B occur unassociated with Class A; more often the veins are closely banded, Class A and Class B alternating, generally with Class B in excess. Both classes of ore are more-or less blocky at times, and with ref¬erence to Class B this is indicative or low gold content.

Jan 3, 1915

By John J. McCabe

INTRODUCTION Over the years, Congress has written into the Internal Revenue Code various provisions aimed at lessening at least one financial burden faced by taxpayers in the mining industry - the federal income tax burden. These provisions include the election to deduct exploration expenses, the election to defer deduction of development expenses, and the percentage depletion deduction. Careful tax planning from the very beginning of a mining venture is essential in taking maximum advantage of these tax benefits. A major decision to be made is the choice of organizational structure. (For a more detailed discussion of this subject, see McCabe, John J., "Developing Structures for Investments in Mineral Property," New York University Institute on Federal Taxation, 42 NYU 24, 1984). One such structure is the use of multiple corporations, with mining activities conducted by one corporation and nonmining activities, such as manufacturing, financing and administration, conducted by the other corporation. This technique, which will be discussed in detail below, can be particularly advantageous in delaying recapture of previously deducted exploration expenses and in maximizing depletion deductions. TAX BENEFITS IN MINING Exploration Subject to certain restrictions discussed below, exploration expenditures (i.e., expenditures paid or incurred during the taxable year for the purpose of ascertaining the existence, location, extent, or quality of any deposit of ore or other mineral, and paid or incurred before the beginning of the development state of the mine are deductible at the election of the taxpayer (Section 617(a)).* Were it not for this option, exploration expenditures would be required to be capitalized and recovered through depletion, after production begins. Exploration of a mineral deposit can be very costly and may not result in commercial production for some time. If the taxpayer has income to he offset by the deductions, a mining venture can usually be structured in such a way as to allow the offset of mining losses against the other income. With today's high interest rates, this election can be quite valuable in present value terms. Corporate and noncorporate taxpayers are subject to different restrictions on this tax benefit. Corporations may elect to deduct only 85 percent of eligible exploration expenditures (Section 291(b)). (The Tax Reform Act of 1984 reduced this to 80 percent effective for expenditures after December 31, 1984, in taxable years ending after such date). The remaining 15 percent (20 percent after December 31, 1984) is capitalized and recovered at the same rate as five-year ACRS property (Section 291(b)). Individual taxpayers are not subject to this 85 percent rule; however, any amount deducted in excess of ten-year straightline amortization is a tax preference item for individuals (Section 57(a)(5)). Individuals may avoid the tax preference by electing to capitalize exploration expenditures and amortize them over ten years (Section 58(i)). In order to prevent the taxpayer from, in effect, converting ordinary income into capital gain by selling property that has given rise to exploration expense deductions, the Code requires recapture of such deductions upon the occurrence of certain events (Section 617): 1. Upon disposition of the property, adjusted exploration expenditures are recaptured to the extent of gain realized on the disposition (Section 617(d)). 2. If the property is leased, the lessor is disallowed any depletion deduction until his adjusted exploration expenditures have been recaptured in the form of foregone depletion deductions (Section 617(c)).

Jan 1, 1985

By John D. Meahin

THE use of digital methods for generating crystallo-graphic data is well-established and many programs are now available. Transmission electron microscopy usually requires a knowledge of the electron diffraction pattern which is obtained by plotting a planar section through reciprocal space. With cubic symmetry these sections are very easily produced, but with hexagonal and lower symmetry systems considerably more labor is involved. Johari and Buchanan1 have written a Fortran program for generating standard projections and along similar lines we have produced a short but completely general program for generating any section through reciprocal space. The required inputs are the lattice parameters and angles for the real crystal. The Miller indices of the direction [U, V, W] parallel to the electron beam are then specified and the program will generate the Miller indices of the plane normals perpendicular to [U, V,, W] up to some specified integer. A subroutine can be inserted to test for forbidden reflections if desired. We have used such routines for fct and hcp crystals. As each permitted index is generated it is printed or punched out and no storage arrays are utilized in the computer. The normal diffraction pattern corresponds to the zero-order Laue zone, but with thin crystals or crystals of large lattice parameters the higher-order Laue zones may contribute to the diffraction pattern. Accordingly the program will generate successive Laue zones and project them onto the zero-order zone. The output of the program first lists the zone axis [C, V, W] and the Laue zone, and then gives a list of permitted reflections and the corresponding XP and YP coordinates of the reciprocal lattice point in angstroms-'. In addition, ZP, the perpendicular distance of the reciprocal lattice point from the (U, V, Ur) plane in reciprocal space is given, as is the reciprocal interplanar spacing. In the case of the zero-order Laue zone ZP is zero. A diffraction spot from the higher-order Laue zones will be very slightly displaced from the computed coordinates as its position in an actual pattern is given by projection along the diffracted beam2 and not along [u, V, w]. For any given electron wavelength this correction could be readily incorporated into the program, but as it only amounts to -1 pct it was decided to leave the program in its most general form, i.e ., a computation of points

Jan 1, 1970