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By R. W. Raymond

WISH to call the attention of the Institute to a curious subject, brought to my notice last summer by Mr. Begger, the accomplished metallurgist of the smelting-works of the Boston and Colorado Company at Black Hawk, near Central City, Colorado. At these works, the richest auriferous sulphhrets of Colorado (particularly copper pyrites) are smelted in reverberatories, together with roasted tailings (iron pyrites), and the gold and silver are concentrated into a new, artificial sulphide, or copper matte, containing $1500 and upwards of the precious metals per ton, and this is shipped to Swansea. I will say in passing, that this shipment of an unrefined product, like the similar shipments from Utah and Nevada to San Francisco, Chi¬cago, St. Louis, Newark, New York, and Europe, of crude argentiferous lead or "base bullion," is not a sign of incomplete metallurgy here, but has a sound business reason. The separation of the precious metals in the West would be more expensive, to begin with ; and then it would necessitate the movement of these metals by express, at high rates and risk, to commercial centres or coining mints, while the base metals having no home market, must be shipped and sold at little or no profit. At present, the gold and silver, safely packed, as it were, in the base metals, are transported with safety as ordinary freight; and the base metals probably more than pay cost of shipment and separation. To return to the Black Hawk reverberatories. On a recent occa-

Jan 1, 1873

By R. W. Raymond

I wish to call the attention of the Institute to a curious subject, brought to my notice last summer by Mr. Begger, the accomplished metallurgist of the smelting-works of the Boston and Colorado Company at Black Hawk, near Central City, Colorado. At these works, the richest auriferous sulphurets of Colorado (particularly copper pyrites) are smelted in reverberatories, together with roasted tailings (iron pyrites), and the gold and silver are concentrated into a new, artificial sulphide, or copper matte, containing $1500 and upwards of the precious metals per ton, and this is shipped to Swansea. I will say in passing, that this shipment of an unrefined product, like the similar shipments from Utah and Nevada to San Francisco, Chicago, St. Louis, Newark, New York, and Europe, of crnde argentiferous lead or "base bullion," is not a sign of incomplete metallurgy here, but has a sound business reason. The separation of the precious metals in the West would be more expensive, to begin with ; and then it would necessitate the movement of these metals by express, . - at high rates and risk, to commercial centres or coining mints, while the base metals having no home market, must be shipped and sold at little or no profit. At present, the gold and silver, safely packed, as it were, in the base metals, are transported with safety as ordinary freight; and the base metals probably more than pay cost of shipment and separation. To return to the Black Hawk reverberatories. On a recent occa-

By J. M. Flaitz, A. S. Parks

OF the various methods of sampling gas-condensate wells, a method that secures a continuous representative sample of the well stream is desirable. Such a method, consisting of a sampling tube introduced into the well tubing, has proved satisfactory. The method is sufficiently accurate for operating and engineering problems. A portable testing apparatus can be used with the sampling tube to obtain data useful in studying the economic and technical aspects of the development and operation of gas-condensate properties. INTRODUCTION The recent discovery and development of gas reserves that contain hydrocarbons that condense with reduction of temperature or pressure, or both, to form a product known as condensate, has brought many new problems to the oil and gas industries. With further discovery of deep, high-pressure fields it is presumable that many more gas fields of this type will be added to the steadily increasing number. Such gas reserves are found either associated with oil as a gas cap or in separate formations. There seems to be no positive correlation between the physical or geological nature of the reservoir, and the chemical composition or phase characteristics of its contents. Knowledge of the chemical make-up and phase behavior of gas-condensate reserves are needed to cope with many problems. A knowledge of the chemical composition and phase characteristics of the reservoir material is necessary to properly design a gasoline or recycling plant, to estimate natural gas and condensate reserves, to enable the operator to study the economic and technical aspects of various methods of operation and development, and to carry out the plan of operating subsurface and surface lease equipment. This information is often useful in questions of mineral ownership, proration, legal position, and taxation. It is the purpose of this paper to discuss methods used by the writers to determine the chemical composition and phase characteristics of the fluids produced from a condensate well. The scope of the paper includes a discussion and description of the method of sampling, the results of tests on the accuracy of the sampling method, a description of a portable testing apparatus used to examine the phase characteristics, typical results of tests on wells from several condensate fields, and some of the applications of these data to production problems. References to previous work on this subject are cited at the end of the paper. THE PROBLEM At reservoir conditions of temperature and pressure, the fluids produced from a condensate well exist in a homogeneous vaporous condition. The consequent reduction of temperature and pressure that occurs as this gas enters and flows up the well tube results in condensation of some of the hydrocarbon material to form a liquid. The relative amount of liquid condensed at any point in the flowing system

Jan 1, 1941

By D. R. Cook, W. M. Shepard, H. T. Morris

The East Tintic district in central Utah has produced ores of gold, silver, copper, lead, and zinc valued at more than $120,000,000. All of this ore has been produced from blind ore bodies in Paleozoic sedimentary rocks that are concealed beneath hydrothermally altered volcanic rocks and cut by intrusive bodies of Eocene age. The Paleozoic rocks, which range in age from Early Cambrian to Mississippian form the core and limbs of a large, northtrending asymmetric anticline that is cut by low-angle thrust faults, high-angle transcurrent faults, mineralized fissures and faults, and normal faults that are both older and younger than the mineralized fissures. The ore bodies generally may be grouped into two classes: ( 1) massive replacement bodies that are rich in silver, lead, zinc and manganese and (2) fissure veins that are valuable primarily for their content of gold, copper, and silver. The replacement ore bodies are localized chiefly in the Middle Limestone Member of the Ophir Formation of Middle Cambrian age where it has been thrust-faulted against older or younger rocks and cut by northeast-trending mineralized fissure zones. The fissure veins primarily are productive only in the Lower Cambrian Tintic Quartzite. Extensive lowgrade deposits of lead-zinc-silver ore recently have been discovered in Devonian carbonate rocks in the Lower plate of the East Tintic thrust fault but as yet are unevaluated. The principal guides to ore include: ( 1) intersections of northeast-trending fissures and crossbreaking faults that brecciate the carbonate rocks; (2) zones of late-stage pyritic, calcitic, and sericitic alteration in the lavas; ( 3) primary geochemical anomalies in the altered rocks; and ( 4) mineral zoning patterns of the known ore bodies. The present development of the Burgin mine would seem to assure the continued productivity of the district for at least a decade.

Jan 1, 1968

In order to assist in the building up of the industries and commerce of France, by cooperating with the Congres General du Genie Civil, the four Founder Societies have appointed the following committee: E. G. Spilsbury and Arthur S. Dwight representing the American In-stitute of Mining and. Metallurgical Engineers; George F. Swain and Nelson P. Lewis to represent the American Society of Civil Engineers; Charles T. Main and George W. Fuller to represent the American Society of Mechanical Engineers; Lewis B. Stillwell and Andrew M. Hunt to represent the American. Institute of Electrical Engineers.

Jan 12, 1919

By AIME AIME

COUNCIL.* PRESIDENT OF THE COUNCIL. CHARLES KIRCHHOFF NEW YORK, N. Y. (Term expires February, 1912.) VICE-PRESIDENTS OF THE COUNCIL. BENJAMIN B. LAWRENCE NEW YORK, N. Y. JOSEPH W. RICHARDS SOUTH BETHLEHEM, PA. ALBERT SAUVEUR CAMBRIDGE, MASS. (Term expires February, 1912.)

Feb 1, 1912

By O. E. Kiessling

THE present system of competitive exploitation of oil pools results in losses, both of petroleum and of profits. Under a competitive system the owner produces or withholds his product according to the price, which reflects the demand, but in the pe-troleum industry the producer does not have complete control over the expansion and contraction of his out-put. Under a series of court decisions, reviewed in detail in the paper, petroleum is not covered by- the general theory of English common law that the owner of land owns everything from the center of the earth to the sky within the areal limits of his property, but is considered to be his only when he has reduced it. to possession, which he can only do by taking it out of the ground. If A can obtain possession of the petro-leum which is beneath the property of B without tres-passing on B's property he commits no legal wrong and B has no defense except to get it into his (surface) possession before A takes it. No one would expect an. owner under such a system to forego the possibility of securing some oil from his property in order to in-crease the ultimate production of the pool. The pe-troleum industry. should offer a constructive program, that will eliminate losses and protect the interests of individuals as far as possible. If improved methods of oil recovery can be applied the quantity of petroleum recovered might be double or even treble the amount recovered by ordinary procedure. But increased recovery is not the only benefit from pool development. In brief, the following advantages can be claimed for unit operation: 1. Saving in development and operating costs. 2. Less danger of damage to the fields by defective wells. 3. Development is better gaged to fit market demand and to effect the most efficient recovery of oil. 4. More oil, gas, and gasoline can be marketed. 5. By regulating pressures, recovery .of oil and gas will be greater and the wells will flow longer. Reagan County (Big Lake), Rainbow Bend and Cabin Creek are examples of longer life of pools thus obtained.

Jan 11, 1927

By Richard P. Sheldon

In the last several decades, techniques of data collection have been rapidly evolving. Automated spectroscopic techniques in the chemical analysis of rocks for example have advanced to the point that we can analyze samples faster than we can grind them. Remote sensors of LANDSAT give us intensity measurements in four color bands of every acre of the U.S. every 19 days. Common depth point seismic instrumentation systems used at sea for surveying and networks of seismometers arrayed around the country for earthquake studies likewise are generating vast amounts of data. These along with many other earth science data generating systems have caused a veritable data explosion. How do we deal with these enormous amounts of geologic data presently being produced as well as those produced in the past, and to be produced in the future? There is an immediate need to acquire and utilize past and present basic data in order to address today's national earth science problems. Also data being collected and stored now must be compatible with future data in order for us to be able to undertake the wide spectrum of analysis that must be made in the future. This is a big order! In order to organize and to be able to analyze these data, the USGS has embarked on a wide ranging program of compatible data base construction and the development of computer technology, based on interactive computing, to facilitate resource assessments and analyses. These activities are analogous to two sides of a coin. One side deals with the logic, philosophy, and mechanics of information storage and retrieval; and the other side deals with the sensible application of computer technology to the treatment of data. These

Jan 1, 1977

By F. H. Gilpin

SINCE Noah pitched his ark within and without with pitch, the use of asphalt in human endeavor has been increasing-for Noah's pitch was asphalt. Asphalt is a bituminous material found in nature, either pure or admixed with smaller or greater quanti-ties of mineral and non-mineral materials, or obtained by the refining of crude asphaltic-base petroleum under proper methods of control. Native or "natural" asphalts are scattered through-out the world, though the commercial value of the various deposits varies greatly, depending upon both their accessibility and magnitude and the quality of the material found. It is an acknowledged fact that such asphalts have been produced through natural causes by practically the same application of tempera-ture and pressure as are used in the modern refining of crude asphaltic-base petroleum. The best known of all the native asphalt deposits are those of Trinidad Lake in the Island of Trinidad, British West Indies, and of Bermudez Lake in Vene-zuela. Asphalt from Trinidad Lake, after refining to remove organic and some inorganic diluents, contains approximately 35 per cent, of inorganic residue, and the asphalt thus produced must be fluxed with lighter asphaltic or semi-asphaltic base oil to make it com-mercially utilizable. The refined asphalt obtained from the Bermudez Lake deposit contains from 4 to 6 per cent. of inorganic material which cannot be removed. This asphalt, also, must be fluxed to produce com-mercial products. Small quantities of similar materials are available in other locations. The best pure native asphalt' is known as. gilsonite and is mined in com-mercial quantities in the State of Utah. In numerous places in the United States, particularly Oklahoma and Kentucky, there are deposits of sand¬stone and limestone impregnated with bitumen, which are known as rock asphalts. These rock asphalts may be used, particularly in the paving industry, either as found or by slight fluxing; from some deposits the asphalt is extracted and marketed commercially.

Jan 2, 1923

By HENRY M. HOWEL

1. Introduction.-The first part of this papers treats of the causes and the restraining of piping in steel ingots; the second& considers the causes and the restraining of -segregation; and the third proposes certain precautions in engineering specifications concerning these two defects. Into their causes I have looked carefully, with the purpose of arriving at rational methods of restraining them, and at efficient ways of detecting. and measuring the harm which they cause, so as to benefit the public by reducing this harm at once effectively and with the least expense to the manufacturer, and therefore in the end with the least expense to the consumer. In Part I., I infer that the pipe is chiefly due to what I, call the virtual expansion of the outer walls of the ingot in the early part of the freezing. I find that the upper and smooth-faced part of the pipe probably forms while the interior is still molten, but that the lower, steep, and crystal-faced part probably forms in metal which is already firm. Of the five causes which may co-operate to limit the depth of the pipe, I find that three-blow-holes, sagging, and the progress of freezing from below upwards-are usually effective. I find that the pipe may be lessened by casting (1) in wide ingots,; (2) in sand molds, especially if these are pre-heated (this is rarely expedient); (3) at the tops instead of at the bottom; (4) slowly; (5) and with the large end up; (6) by the use of a sinking-head or other means of retarding the cooling of the top; (7) by permitting blow-holes to form; and (8) by liquid compression.) Most of these I consider in some detail, and in particular I dwell on the advantages of casting with the large end up, and I propose certain administrative arrangements to permit this.

Mar 1, 1907

By Earl C. Henry

Magnetic iron ore was mined in Essex County, N. Y., during the American Revolution; Benedict Arnold is said to have mined ore near Port Henry to secure iron for chains and spikes for the Lake Champlain fleet. Details regarding the operations prior to 1804 are not easily obtained but work on a commercial scale appears to have been started about 1838. The Witherbee, Sherman & Co. was established in 1849. The property of the district is held in fee almost entirely by the mining companies. The Mineville iron-ore district, as well as the entire Adirondack region, belongs to the pre-Cambrian complex. The readily identified rocks consist of gabbro, anorthosite, syenite, and granite, and are classed as igneous, eruptive, and intrusive. In addition, there is a great variety of gneisses, rocks with a variable mineral composition but all more or less distinctly foliated. The Grenville series are the oldest rocks in the district; this series consists of graphitic white limestones, graphitic sandstones, and quartzites and gneisses with or without graphite. The orebodies occur in the gneissic rocks and are comformable to the structure of the rocks. The typical occurrence of the ore in this district is in lenticular bodies with a parallel pitch to the southwest; this structure is best exemplified in the New Bed mine. The Harmony and Old Bed orebodies are faulted by two sets of diabase dikes, one set having a southwest strike and the other set an east-west strike. The ores occurring in the acid gneissic rocks are non-titaniferous. The ores occurring in the gabbros and anorthosites are high in titanium; these deposits are irregular, have no structural relation with one another, and are unquestionably of igneous origin. The origin of the gneissic rocks and the ores therein contained is not settled; both the sedimentary theory of ore concentration and the igneous theory of magmatic segregation have been advanced. The iron mineral in all the orebodies is crystalline magnetite; some very perfect and large specimens have been obtained. The gangue is

Jan 1, 1925

By AIME AIME

THAT neither the Reconstruction Finance Corp. nor its subsidiary, the Metals Reserve Corp., are in competition with private enterprise was stressed by Charles B. Henderson in an informal talk before the N. Y. Section, A.I.M.E., on Sept. 23. Among other things, the speaker stated that the R.F.C., since its establishment, had authorized loans of $12,000,000, of which over $8,775,000 has actually been distributed. Of this amount, over $6,600,000 has been repaid. None of this money was appropriated by Congress, the sole assistance from that body being the initial authorization of $500,000,000 capital stock.

Jan 1, 1941

By Willard P. Ward

SOME TIME in the year 1874 or 1875, I conceived the idea that spiegeleisen might be made -in a blast furnace from ores that were not carbonates, and which did not contain both manganese and iron in the same ore. Up to this time, such ores had formed the basis of all the spiegel that had been produced; and all the ferromanganese that was on the market before 1875 was made in crucibles, and cost about 00 per ton, for 80 per cent. Mn. I consulted the great steel metallurgist of the day, Alexander Holley, who listened attentively to what I had to say, and told me he did not think my plan was practical, so I abandoned it for the time being. But I was so stubborn that I could not get the notion out of my head. It seemed to me that a good metallurgist should be able to work the thing out in some way. I had already had some experience in smelting refractory lead ores in Utah, and was young and not lacking in self confidence, so after waiting a bit, I got Anton Eilers, the best all-around metallurgist I knew, and J. H. Bramwell, the best iron blast-furnace man I knew, both intimate friends of -mine, to come to my place in Bartow County, Georgia, and look over things. They remained for several days, and made all the examination they thought necessary; and they also advised me to give up the project, and either to keep the furnace running on car-wheel iron or to blow it out. After my talk with Holley, I improved my plant in several ways. I closed the top of the furnace, put in a hot-blast stove, a steam boiler and a Weimer blowing-engine which gave me blast enough, at a pressure high enough for all the requirements of, the furnace, and which I could bring up to a temperature of 600° to 700° F.

Jan 1, 1921

For convenience, we tabulate below the weight systems contained in the Probierbüchlein: [Pound and centner weights used by merchants for ore, lead, and copper I frother = 20 or 50 centners (depending on locality) I centner (Stolberg & Eisleben) = 112 pounds. I centner (Nuremberg) =100 pounds I pound =2 marks =32 lot =128 quintlein-512 pennyweights =1024 beller I mark -16 lot -.64 quintlein =256 pennyweights = 512 beller 1 lot= 4 quintlein= 16 pennyweights= 32 beller I quintlein = 4 pennyweights= 8 beller I pennyweight = 2 beller Netherlands mintmasters' weights for silver I mark =12 pennyweights=288 grains I pennyweight - 24 grains Assay weights for gold I mark= 24 carats 96 carat-grains. I carat = 4 carat-grains] The assayer's weights were miniature copies of the legal weights of his locality, intended, like the modern assay ton, to eliminate calculation. Each assayer made his own, not usually bothering about a given proportion between the true weights and the assay set, but maintaining the correct ratio between all the weights in any one set. The weights were quite small, to permit the use of less sample, but the exact size is nowhere stated in the Probierbüchlein. Even the legal pound varied considerably from place to place, depending on locality, and assayers would use different factors depending on the sensitivity of their balances, among other things. Agricola makes the assay centner equal to one actual drachma, by which term he means the German quintlein, or 1/12,800 of the full weight of the 100-pound centner. Schreittmann says that the 100-pound centner on the assay scale should be less than half a quintlein, i.e., the factor should be at least 25,600. Biringuccio says the assay centner might

Jan 1, 1949

By Tomek Ulatowski

This presentation discusses the necessary ingredients for the creation of an acceptable credit structure, i.e., the structure that enables the borrower to attract the funding from different groups of lenders. As the amount of debt in the capitalization of new projects increases, it becomes quite critical that the mining venture sponsors obtain funding in a manner which maximizes the project economics. Attention normally is focused on the inherent operating cost characteristics of a venture such as the cost of mining, milling, transportation, smelting, and refining. The projected costs are derived from lengthy feasibility studies often taking millions of dollars and years to prepare. For a variety of reasons as the amount of equity directly provided by the sponsors declines, the balance must be made up from external credit sources. As a result, once the project becomes operational, debt service requirements assume crucial importance. For most new ventures, in the early years of production, the total amount of periodic debt amortization charges together with the projected interest expenses equals or exceeds the total operating cost. Utmost care must be taken, therefore, to reducing these costs which will then increase the chances for the implementation of the project. Project sponsors must carefully evaluate different funding sources in terms of their potential economic impact and, concurrently, evaluate alternative credit structures in order to be able to attract the selected funding vehicles. In this presentation I will discuss credit sources in the order of their relative appeal; i.e., from the standpoint of maximizing rates of return to the project owners. The tenor of the credit, that is the period from signing a loan agreement to the time of last repayment under the loan agreement, is undoubtedly the most important variable in evaluating the attractiveness of debt sources. Therefore, I will begin by discussing debt sources with the longest maturities and will end with a description of credits with relatively shorter tenors. The availability of different funding possibilities will naturally depend on the geographic location of the proposed venture, the creditworthiness of the borrower and the sponsors, the project economics, and finally the actual liquidity conditions in the capital markets at the time that the funds are committed. U.S. LONG-TERM DEBT MARKET - PUBLIC OFFERINGS AND PRIVATE PLACEMENTS The long-lived nature of most mining projects dictates that the majority of the mine financing be raised from long-term sources. In today's world capital markets U.S. debt issues probably carry the longest maturities available. The maturities can range from 5 to 40 years. Various types of long-term corporate debt instruments can be differentiated from one another by their terms, seniority as to claims against the assets of the issuer, legal form, and whether issued privately or through a public offering. The terms of these debt issues vary widely. For example, the interest rate which is typically fixed at the time of issuance, is determined by the credit quality of the issuer, the maturity, the average life, the seniority of the debt, the quality of control covenants or type of assets pledged as security, and other exogenous factors such as: economic policy, general level of interest rates and cur-rent level of financing activity. The entire principal amount of the debt may be due and payable at maturity (known as a "bullet" maturity) or, more typically, through periodic repayments in equal or staggered amounts. Almost all such debt issues allow for prepayment at the option of the issuer, but require varying amounts of repayment penalties. Disbursements are made over a relatively short period after signing of the debt documentation which may not coincide with the actual funding needs of the project. Financial covenants can be quite stringent, covering areas such as the issuer's financial leverage, working capital, payment of dividends and other distributions, merger and acquisition activities, and limitations on the disposition of property. Long-term debt issues may also be distinguished by the seniority of their claims against

Jan 1, 1985

I. PRESIDING OFFICER. At all business meetings of the Institute the President, or, in his absence, the First Vice-President, or, in the absence of both of them, any other Vice-President or Director, chosen by the meeting, shall preside. At all other meetings of the Institute the President, or, in his absence, one of the Vice-presidents, shall preside. If none of these be present the meeting shall elect a Chairman. The President shall do and perform such other duties as may from time to time be assigned to him by resolution of the Board of Directors of the Institute. II. ORDER OF BUSINESS. At each business meeting of the Institute the order of business shall be as follows: 1. Reading of minutes of preceding meeting. 2. Report of the President. 3. Report of the Treasurer. 4. Report of the Secretary. 5. Election of Directors. 6. Reports of Standing Committees. 7. Reports of Special Committees. 8. Special Orders. 9. Miscellaneous business. This order of business may be changed at any meeting, by a vote of a majority of the Members and Associates present. At all sessions of the Institute, other than business meetings, the order of proceedings and the time of adjournment shall rest in the discretion of the presiding officer. III. SECRETARY OF THE INSTITUTE. The Secretary shall keep a record of the proceedings of all the meetings of the Institute. He shall be custodian of the corporate seal, of the minute books and of all the legal documents belonging to the Institute. He shall have charge on behalf of the Institute of all correspondence. He shall notify all Officers and Directors and all members of committees of their election and appointment; shall issue notices of all meetings of the Board, and of the annual and other business meetings of the Institute; and shall, in calling special meetings of the Directors, specify the objects of such meetings. He shall act as clerk at all the meetings of the Board of Directors and at all meetings of the Institute. The Secretary shall be custodian of all technical or scientific papers submitted to the Institute for its consideration and shall have general charge and supervision of the editing and proof-reading of all material published by the Institute, and of the distribution thereof. The Secretary shall be the custodian of all back numbers of the Transactions and other publications of the Institute. There shall be kept under his direction an account

Jan 1, 1925

By Clark L. Corey, Bogdan Lisowsky

Electrical resistivity, X-ray line positions, degree of order, and microstructures have been investigated for Ni-A1 alloys near the Ni3Al composition. The results indicate that Ni3Al undergoes disordering between 1250oC and the mp; also supersaturated y, produced in y + y' alloys by gas quenching, is extensively ordered prior to y' (Ni3Al) phase separation. The latter reaction, if not both, must follow the cooperative phenomena model. Shifts in line position as a function of quench-indulced super satulration are shown. Lattice pavarneters of equilibriunz and nonequilibrium phases are given. THE objective of this investigation was to determine the mechanism and kinetics of the reactions which occur in Ni3A1 and hypostoichiometric Ni3A1 alloys. The results are of particular significance relative to pre-precipitation phenomena. Early work on Ni-A1 binary compositions near the Ni3A1 composition (13.6 wt pct Al) has been adequately reviewed by Hanssen,1 whose phase diagram is presented in Fig. 1. williams2 verified the suggestion made by Taylor and Floyd3 and others4 that y', Ni3A1, may precipitate coherently on (100) planes of the y phase (see Fig. 1 for phase nomenclature); he further suggested a two-step precipitation mechanism consisting initially of probably short-range ordering followed by actual precipitation of y'. The precipitation stage in low-aluminum hypo-eutectic compositions has been studied by a number of investigators;*"7 short-range order or "zone" formation have been suggested as explanations for various diffuse X-ray scattering effects. The ordering reaction in Ni3A1 alloys is characterized by a) a very rapid rate of ordering in nonstoi-chiometric compositions, b) absence of a disordered phase region for the stoichiometric compound, y', or Ni3A1, c) precipitation phenomena as a dominant aspect in hypoeutectic alloys, and d) an increase in elec-trical resistivity on ordering.' The latter two factors were found by Newkirk to characterize ordering in Co-Pt, for which an extensive and detailed analysis was made.' An electrical-resistivity increase on ordering has also been reported for cuAu3.10 PROCEDURE Ni-A1 alloys in the form of 1300-g chill-cast ingots were prepared by vacuum melting electrolytic nickel and high-purity (99.99 pct) aluminum. Very small heats prepared from high-purity carbonyl nickel, supplied through the courtesy of Dr. Goff of the Naval Research Laboratory, were used for comparison with the larger ingots and no differences were noted. The cast material was homogenized in purified argon for a minimum of 72 hr at 1200°C and water-quenched from 1350°C. Compositions studied are given in Table I. The 10 pct A1 alloy was both hot- and cold-rolled. X-ray superlattice line intensities and peak positions were obtained from -270 mesh filings, using CuK, radiation with a LiF crystal monochromat adjusted to receive both 01 and a2. One-degree slits and a 1/8 deg per min scan rate were used to record line traces. A standard tungsten powder, obtained through the courtesy of G.E. Research Laboratory, was used to calibrate line positions.

Jan 1, 1968

By H. M. Chance

Jan 1, 1886

By James H. Boettcher

INTRODUCTION A complex interaction of worldwide economic and political forces is increasingly requiring 3 primary participants for the successful development of large natural resource projects in developing countries. They are the host government of the developing country (the "host government"), one or a consortium of international natural resource companies, (the "Resource Company") and one, or more likely, a syndicate of international lenders. The host government typically controls the rights to its country's natural resources and establishes the economic ground rules for their development. However, because of worldwide inflation and the depletion of easily accessible, high-grade resources, the nominal and real capital development and operating costs of projects have been spiraling. Moreover, the depletion of high-grade and mineralogically uncomplicated resources also raises the technical and operating risks associated with resource recovery. Thus, despite increasing political self-consciousness and economic nationalism in developing countries, international resource companies are still often necessary project sponsors since they can provide, among other things, the required technical and management expertise and equity capital. The presence of these factors, and often the addition of worldwide market access in a project, is often critical in determining whether or not the project will be considered creditworthy by international commercial lenders. The international commercial lender is often the critical third party in project development, due in a large part to the ever escalating-costs of project developments relative to the financial resources of many companies and even a growing number of countries. In addition, lenders have other reasons for taking more than a passive interest in all aspects of a project's development. These reasons include the following: 1. Projects are often financially structured such that the primary security for a loan, once completion and performance standards are met, is the cashflow of the project rather than recourse to its sponsors. 2. Lenders, in addition to the "project risk" just described, are frequently asked to assume various elements of "political" risk which nay put them in a sensitive economic position between the host government and international resource firms (This is discussed later). 3. International banks today have large loan portfolios of developing country debt with final maturities ranging from one to fifteen years. The various current projects undertaken are the building blocks of most developing country economies that will hopefully contribute to the long run economic development of a country as well as generate the foreign exchange necessary to repay foreign loans in the future. In this regard it is useful for lenders to realize whether a given project "makes sense" in terms of a country's natural resource endowments and competitive advantages over other countries. The type of framework discussed in this article would help lenders to better make such assessments. In order to facilitate the continued international flow of capital and technology to developing countries and of readily available supplies of raw materials from them, it is important for each of these three parties to increase its awareness of the goals and objectives of the other parties as well as the bargaining process that results in the legal, financial, credit and fiscal structures by which a joint venture project ultimately proceeds. Each of the parties faces increasingly complicated accept/reject decisions when they are faced with difficult choices among. a wide range of alternative structural combinations each of which has different implications for risk and reward to them. Therefore, by increasing the mutual, 3-way awareness of the decision processes of the other parties, it should be possible to: • provide better information and results in the formation of more rational expectations by all parties going into negotiations, • facilitate the project formulation process by allowing parties to focus more clearly on the areas of common interest and conflict, • result more frequently in final structures and agreements that better reflect the economic and political realities associated with a project and thus • result in more creative, innovative agreements that should reduce the need for changes to them and thus promote the kind of long run political stability conducive to attracting capital and further investment.

Jan 1, 1982

By C. A. Meissner

THE following is a further discussion of the paper of James Gayley, " The Application of Dry-Air Blast to the Manufacture of Iron " (Trans., xxxv., 746), with special reference to his sup-plementary paper (Bi-Monthly Bulletin, No. 4, July, 1905, pp. 797 to 819), and. to the paper of J. E. Johnson, Jr., "Notes on the Physical Action of the Blast Furnace " (Bi-Monthly Bulletin, No. 5, September, 1905, pp. 1111 to 1146). Mr. Gayley's paper has been discussed also by E. Windsor Richards, R. W. Raymond, E. H. Saniter, W. J. Foster, H. M. Howe, V. Pendred, B. H. Thwaite, James Gayley and Alexander Pourcel (Trans., xxxv., pp. 1022 to 1042), Joseph W. Richards (Bi-Monthly Bulletin, No. 4, July, 1905, pp. 703 to 718); T. W. Robinson (Bi-Monthly Bulletin, No. 4, July, 1905, pp. 788 to 796) ; C. B. Dudley, R. W. Raymond, J. E. Johnson, Jr., W. F. Mattes, James Gayley, David Baker, John Birkinbine and F. E. Bachman (Bi-Monthly Bulletin, No. 5, September, 1905, pp. 1147 to 1152);.E. de Mille Campbell (Bi-Monthly Bulletin., No. 1, January, 1906, pp. 25 to 50) ; John Birkinbine (Bi-Monthly Bulletin, No. 1, January, 1906, pp. 137, 138). At the Washington meeting of the Institute, May, 1905, a very instructive and interesting paper was presented by Mr. J. E. Johnson, Jr., entitled " Notes on the Physical Action of the Blast Furnace,"' in which reference is made to Mr. Gayley's dry-blast process. A few of Mr. Johnson's conclusions, as summarized in the last pages of his paper, do not appear to me to be in complete accordance with the results obtained at the Isabella furnaces; and I therefore present the following notes which may throw further light on this subject: Mr. Gayley has called attention to the fact that the moisture in the air is an extremely variable and uncertain factor; and

May 1, 1906