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By Stanley J. LeFond

Brazil is one of the most outstanding examples of economic development of our time. Its amazing growth record is substantiated by a GNP which has increased at an average rate of 92% for the period 1968-1970 and estimates for 1971 range from 11.7-12.5%. Hence, this growth, coupled with a more relaxed attitude of the Brazilian government towards foreign participation in business opportunities and the remittance of profits out of the country, has caused many exploration companies to reevaluate the potential of Brazil. Despite recent press notices and publicity, Brazil is still not a mining country in the tradition of Canada or Australia. It is still basically an agriculture and manufacturing country.

Jan 11, 1973

By N. A. Gjostein

From their study of the anisotropy of grain boundary mobility in aluminum, the authors conclude that tilt boundaries have a higher mobility than twist boundaries because the atomic misfit at the pure-twist boundary is relatively small compared to the misfit at a tilt boundary for a given amount of misorientation. If this is true, then one would expect a twist boundary to have a lower grain boundary energy than the corresponding tilt boundary. Fig. 6, taken from the work of Gjostein and Rhines,10 shows that this is indeed the case for [001]-cu tilt and twist boundaries in the high-angle region, thus lending support to the authors' conclusion.

Jan 1, 1968

By Willard P. Ward

The numerous direct processes which have been patented and brought before the iron-masters of the world, differ materially from that now introduced by Mr. Wilson. After a careful examination of his process, I am convinced that Mr. Wilson has succeeded in producing good blooms from iron-ore, and I think that I am able to point out theoretically the chief reasons of the success of his method. Without going deeply into the history of the metal, I may mention the well-known fact, that wrought-iron was extensively used in almost all quarters of the globe, before pig or cast-iron was ever produced. Without entering into the details of the processes by which this wrought-iron was made, it suffices for my present purpose to say that they were crude, wasteful, and expensive, so that they can IE employed to-day only in a very few localities favored with good and cheap ore, fuel, and labor. The constructiou of larger furnaces and the employment of higher temperatures led to the production of a highly carbonized, fusible metal, without any special design on the part of the manufacturers in producing it. This pig-iron, however, could be used only for a few purposes for which metallie iron was needed; but it was produced cheaply and with little loss of metal, and the attempt to decarbonize this product and bring it into a state in which it could be hammered and welded was soon successfully made. This process of decarbonizatioa, or some modification of it, has successfully held the field against all, so-called, direct processes up to the present time. Why ? Because the old-fashioned bloomeries and Catalan forges could produce blooms only at a high cost, and because the new processes introduced failed to turn out good blooms. Those produced were invariably "red-short," that is, they contained unreduced oxide of iron, which prevented the contact of the metallic particles, and rendered the welding together of these particles to form a solid bloom impossible. The process of puddling cast-iron, and transforming it by decarhonization into wrought-iron has, as everybody knows, been in successful practical operation for many years, and the direct process referred to so closely resembles this, that a short description of the theory of puddling is not out of place here.

Jan 1, 1884

By Walter F. Bradley

CLOSE to 300 members and guests were registered at the Regional Meeting of the Institute in San Francisco. Oct. 3-6, and many other mining men were present at some of the sessions, but failed to register. Headquarters were at the Palace Hotel. Technical papers for the Metals Session were sponsored by the San Francisco Section, whereas the program for the Industrial Minerals Session was arranged by the Southern California Section. Walter W. Bradley, Chairman of the San Francisco Section, opened the General and Metals Session, introducing President Buehler, who gave a hearty welcome to those present. Clyde M. Eye, of the. Benguet Consolidated Mining Co., presented the first paper, entitled "The Economic and Strategic Value of Philippine Metals to the United States." In closing, he urged. that this country retain and control the Philippines because their large

Jan 1, 1935

By D. J. Coolidge, H. L. Sheakley

THIS paper does not deal with all sands used in the glass industry in Missouri; it covers only that used in the plate-glass factory at Crystal City. However, it is probably safe to say that other sands, pro- [ ] duced throughout the state for this purpose, are of identical nature. The glass sand used in Missouri is commonly called the St. Peter deposit, which is ascribed to the Ordovician Rock series in the form of sandstone. This St. Peter deposit, aside from a few small outliers, covers a large area of eastern Missouri. It forms, through a broad curve, the northeast margin of the typical Ozark region between Cape Girardeau on the southeast and Mineola, Montgomery County, on the northwest. The belt is extremely irregular, varying from one to ten miles in width; its length is 150 miles in a straight line. [ ] The outcrop near the entrance to the Crystal City mine appears in the form of a sandstone bluff approximately 30 ft. high, running along Plattin Creek (Fig. , I). Above the sand rock an overburden of Joachim limestone appears, which, thickens to nearly 300 ft. and forms the hill commonly called Buck Knob. Test holes, where drilled at various points and the drillers' log indicate that the St. Peter deposit ranges in thickness from 63 to 71 feet. PROPERTIES OT THE ST. PETER SAND From an analysis of the glass sands of the St. Peter formation in Missouri, the follow-

Jan 1, 1942

By R. E. Old

Through the use of pressure and production records, formation properties and bottom-hole sample data, the performance of an oil reservoir may be studied analytically to define and evaluate the natural forces acting on and within the reservoir. Use is made of material-halance methods and the equations for natural water encroachment. to estimate reserves. Methods for calculation of pressures are given. A study of the Jones sand, Schuler field, Arkansas, has been made and is given here to illustrate the value of the methods discussed. Introduction With the decreasing rate of discovery of new oil reserves, attention is necessarily focused on the efficient development, evaluation, and production of existing reserves. From the nation's viewpoint, the necessity of conserving resources is obvious. From the operator's viewpoint, the problem is to lengthen the period of profitable operation, in an attempt to increase the return on his investment. To do this the operator must take advantage of the natural forces acting on and within the reservoir. Natural water encroachment, the nemesis of profitable operation in the past, can be and is being harnessed to produce a greater oil recovery during the stage of flowing production. Proper evaluation of water encroachment rates and a fuller under- standing of reservoir behavior dictate the appropriate production procedures. Complacency in hit and miss production is obsolete. Oil production must and will approach the efficiency of other businesses, such as manufacturing. A manufacturer will not place an article on the market until he has fully investigated the processes involved, additional investment in equipment, costs of production, and expected profits. These may be modified by actual experience at a later date, but at least he begins with an idea of expected return. It is just as logical that an oil operator should investigate these same factors during the development and the early period of production of an oil reserve. The complexity of the problems existing in oil reservoirs should not be underestimated. Conversely, they should not be regarded as insoluble. Many completely defy solution, but there are others that can be solved completely or attacked intelligently to yield approximate results. The petroleum engineer has many tools, both figuratively and literally, at his disposal. Physical data such as core analyses, electrical logs, bottom-hole sample analyses, and bottom-hole pressures are accumulated extensively. Advances in the analytics of fluid flow have kept pace with the advances in measurement of physical data. It is the purpose of this paper to show how some of these records may be analyzed to define certain phases of reservoir behavior.

Jan 1, 1943

By R. E. Old

Through the use of pressure and production records, formation properties and bottom-hole sample data, the performance of an oil reservoir may be studied analytically to define and evaluate the natural forces acting on and within the reservoir. Use is made of material-halance methods and the equations for natural water encroachment. to estimate reserves. Methods for calculation of pressures are given. A study of the Jones sand, Schuler field, Arkansas, has been made and is given here to illustrate the value of the methods discussed. Introduction With the decreasing rate of discovery of new oil reserves, attention is necessarily focused on the efficient development, evaluation, and production of existing reserves. From the nation's viewpoint, the necessity of conserving resources is obvious. From the operator's viewpoint, the problem is to lengthen the period of profitable operation, in an attempt to increase the return on his investment. To do this the operator must take advantage of the natural forces acting on and within the reservoir. Natural water encroachment, the nemesis of profitable operation in the past, can be and is being harnessed to produce a greater oil recovery during the stage of flowing production. Proper evaluation of water encroachment rates and a fuller under- standing of reservoir behavior dictate the appropriate production procedures. Complacency in hit and miss production is obsolete. Oil production must and will approach the efficiency of other businesses, such as manufacturing. A manufacturer will not place an article on the market until he has fully investigated the processes involved, additional investment in equipment, costs of production, and expected profits. These may be modified by actual experience at a later date, but at least he begins with an idea of expected return. It is just as logical that an oil operator should investigate these same factors during the development and the early period of production of an oil reserve. The complexity of the problems existing in oil reservoirs should not be underestimated. Conversely, they should not be regarded as insoluble. Many completely defy solution, but there are others that can be solved completely or attacked intelligently to yield approximate results. The petroleum engineer has many tools, both figuratively and literally, at his disposal. Physical data such as core analyses, electrical logs, bottom-hole sample analyses, and bottom-hole pressures are accumulated extensively. Advances in the analytics of fluid flow have kept pace with the advances in measurement of physical data. It is the purpose of this paper to show how some of these records may be analyzed to define certain phases of reservoir behavior.

Jan 1, 1943

By E. S. Wheeler

The rapid increase in the use of monel metal and malleable nickel in the form of sheet, rod and tube has resulted in a similar increase in the demand for these metals in the form of castings. These castings range in size from small valves and pipe fittings weighing a few ounces to large centrifugal pumps, gate valves and marine propellers, some of the last weighing as much as 24,000 lb. A group of such castings is shown in Fig. 1. A large nickel agitator is shown in Fig. 2. Monel metal castings are widely used in accessories for steam power plants and in a variety of chemical plant equipment where the corrosion resistance, high strength and toughness characteristic of this metal render it particularly valuable. Nickel castings find extensive use in the construction of corrosion-resistant apparatus, and are often used in conjunction with wrought nickel sheet and tube in the fabrication of equipment for handling a variety of chemical and food products, particularly dairy products. In response to this demand for castings, numerous foundries have undertaken the production of castings of these metals and have met with varying degrees of success. The successful production of castings of monel metal and nickel requires careful attention to molding practice, proper melting equipment

Jan 1, 1930

By H. H. Power

THE PETROLEUM DIVISION of the A.I.M.E. continued with its diversified activities during 1.935. Sessions at the New York meeting in February were devoted to production engineering, domestic and foreign oil production, and petroleum economics. The symposiums on domestic and foreign production proved their increased usefulness. The data accumulated for 1935 were added to those published during prior years in "Petroleum Development and Technology." A joint session on the use of metals in the petroleum industry was held by the Institute of Metals, Iron and Steel, and Petroleum Divisions. W. S. Farish, chairman of the board of the Standard Oil Co. (N. J.), was the principal speaker at the annual dinner. The October meeting, held in Hous¬ton, was characterized by an excellent program and large attendance. Four sessions were devoted to problems in estimating reserves, reservoir energy, properties of drilling muds, electrical logging, water flooding, and other subsurface studies. Foreign representatives of the Anglo-Persian Oil Co. presented a paper on surface tension and specific gravity of crude oil under reservoir conditions. The address by President Buehler, the dinner at San Jacinto Inn, a trip to various lo

Jan 1, 1936

By Ingvar Janelid

DURING the last ten years, in the effort to save manpower and costs, methods of drilling and blasting in Sweden have changed and developed in a revolutionary manner. These developments have been accompanied by extensive alterations in methods of tunneling and in mining technique. Since the end of the 1940's there has been a 100 pct change-over in Sweden to the use of tungsten carbide tipped drill steel. Both investigations and practical results have shown clearly that a tungsten carbide chisel bit fastened directly on the drill steel is the most economical for Swedish conditions. This applies to drill steel up to the longest size it is practical to handle. In terms of drilling footage, durability of the drill steel and the tungsten carbide bit is generally the same. In this respect, therefore, a detachable bit offers no advantage over integral steel. Transportation of integral steel to the grinding plant, instead of detachable bits only, involves heavier work, but this is counteracted by placing grinding plants closer together or by grinding at the working place itself. The drilling rate with integral steel is higher, the trouble of changing bits is avoided, and the difficulties which always arise with joints are eliminated. At present steel dimensions are usually 7/8 in. with a shank 41/4 in. long, whereas the international standard shank was formerly 31/4 in. The longer shank renders possible a better guide control of the steel and consequently longer life for the rotation chuck and the water-flushing pipe. After extensive experiments and investigations, agreement has been reached in Sweden on certain series of standards, shown in Table I. Other steel dimensions are, of course, available for special purposes. The standard drill-steel set begins with a 34-mm diam and has a length interval of 2 2/3 ft. On the other hand, for ordinary drifting it has been proved more economical to use greater length intervals on the steel, so only one steel change is required for a 61/2-ft round. Moreover, owing to the relatively close hole spacing necessary in a drift round, it has been possible to reduce the diameters of the tungsten carbide bits. This results in faster and cheaper drilling. As shown by the table, the lengths of drill steels for normal drifting are 33/4 ft and 71/2 ft, with 29 and 28-mm diam bits. During the last few years operators have begun to use 3/4-in. drill steel in place of the 7/8-in. drill steel chiefly employed earlier. This is a valuable development in drilling technique, particularly in view of

Jan 1, 1955

By H. E. Lee, D. Ingvoldstad

AT Bunker Hill the original charge storage and preparation system was installed in 1917 to accommodate lead-silver gravity mill products. Only minor tonnages of wet fines such as vanner and flotation concentrates were received. Charge flux and diluent requirements were provided by an ample supply of siderite middlings and coarse lime-rock. While oversize material was crushed through %-in., the use of roll crushers in series resulted in a more or less granular, free-running charge of adequate porosity. Under such conditions, receipts could be proportioned directly from receiving bins, and suitable blending was obtained by passing the resultant layered composite through a small Stedman disintegrator. This elementary system served well for production and smelting of an extremely lead-rich sinter, in the low column blast furnace. Here sinter physical quality is less critical, and appreciable quantities of raw flux and oxidized ore may be charged directly to the blast furnace without seriously impairing furnace capacity. Prior to 1938 the relative proportions of zinc receipts were low and extraneous flux requirements at a minimum. However, subsequent war-inflated zinc demands brought marked increase in fine concentrate and slimy zinc leach residue receipts and an abrupt introduction to smelting a more refractory zinciferous charge. The higher temperature demands of the more refractory zinciferous charge required a higher smelting column and the higher column, in turn, rendered the blast furnace less receptive to improperly prepared feed. Inadequate presinter processing facilities prevented the production of acceptable sinter, and blast furnace production declined to 50 pct of former capacity. In view of a prevailing contention among lead metallurgists as to the deleterious action of high zinc slag on blast furnace capacity, it was natural to overstress this factor and to concentrate on possible changes in furnace design. Another interpretation was that primary correction should be sought through expanded sintering facilities. This divergence of opinion, together with the extreme material shortages of the 1940's, delayed corrective

Jan 1, 1957

By Warren Smith

IT has been 5 years since the writer left the Philippine Islands and while in that country his chief work did not lie in this field, though he has visited all but one of the localities mentioned in this article. The principal field studies relating to oil were made by his colleague, Mr. Wallace E. Pratt. The writer's investigations dealt with the general stratigraphy and paleontology of the Philippines. With the exception of the investigations made by Mr. Pratt and the writer very little information on this subject is available. A number of geologists in the employ of large oil companies have visited the Islands from time to time but, following the general rule, the public has scarcely ever been permitted to learn anything of the results. The writer is indebted to the Bureau of Insular Affairs, Washington, for late information regarding recent legislation in the Islands relating to petroleum. All the known oil seeps, petroleum residues, such as ozocerite, and natural-gas emanations are associated with Tertiary sediments. The chief seeps and most promising prospects are located as follows: 1. Bondoc Peninsula (lower end), Tayabas Province, Southeast Luzon. 2. The west coast of the island of Cebú from Alegria north to, and perhaps beyond, Toledo. 3. Central Mindanao not far from Lake Lanao. 4. The ozocerite veins on the Island of Leyte in the northwestern part in the vicinity of the town of Villaba. 5. Natural gas from some deep wells in Tertiary shale formations on the eastern flank of the Cordillera and extending out under the plain on the island of Panay.

Jan 2, 1920

By A. Lawley S. Schuster

The tensile behavior of copper foils prepared from rolled bulk material has been studied over the thickness range 2 to 53 , and for a range of pain sizes. For foils of comparable grain size, having the cube texture and tested along (100), yield strength increases with decreasing foil thickness t below -26p, with a corresponding decrease in ductility. Deformation occurs in the form of localized slip clusters distributed throughout the gage section. To the extent that the tensile strength (10 to 18 kg mm-) is unaffected by foil thickness, and that the foils possess fair ductility, the stress-strain behavior resembles that of bulk material rather than that of whiskers or evaporated films of comparable dimensions. The dependence of yield strength o on foil thickness t below -26p is of the form: oy = oo + kt-1/2. Possible explanations for the stress increase are considered based on 1) the dependence of active dislocation source length on foil dimensions, 2) the locking of surface sources, or the blocking of mobile sources at the surface due to surface film. It is now well-established that filamentary whiskers of many materials show exceptionally high strength compared with bulk crystals.'-11 As the diameter of the whiskers decreases to -1, the observed fracture strength approaches, and in certain cases exceeds, the calculated shear stress for the nucleation of slip in a perfect crystal.' In general, the stress-strain curve is entirely elastic, with strains at fracture approaching 1 pct. Similarly, thin films12-24 of evaporated or electrodeposi-ted material have been shown to possess tensile strengths three to seven times that of bulk material, with total strains at fracture -1 to 2 pct. In the present study, attention has been directed to the room-temperature tensile behavior of thin foils of copper over the thickness range 2 to 53, prepared from rolled bulk material. Yield stress, ultimate tensile strength, elongation to fracture, and work-hardening behavior are measured as a function of grain size and foil thickness. Structurally such foils are superior to either evaporated or electrodeposited films, and in the recrystallized condition exhibit considerable ductility. Apart from preliminary work by Sumino and Yamamoto25 on the work-hardening behavior of rolled and recrystallized copper foils, no systematic tensile studies have been carried out on material of this form. EXPERIMENTAL PROCEDURE Tensile specimens were prepared from 99.995 pct purity rolled copper foils of thickness 2, 6, 12, 26, and 53, obtained from the Hamilton Watch Co., Lancaster, Pa. Irrespective of specimen shape, it is necessary to use tensile foils with edges free from notches or tears. To this end, any form of cutting operation was excluded, and the tensile foils prepared using a photoengraving process, the details of which are described elsewhere.26 Since tensile data are required under conditions of uni-axial stress, the specimen shape is extremely important. Ideally, the foil should be infinitely long, allowing a gradual taper from the grip area to the gage section; however, from a practical standpoint, long foils are easily damaged during testing. A modified tensile specimen was therefore selected having a parallel gage section 1.25 by 0.20 in. with a tapered shoulder section increasing to 0.5 in. at the grips, and an over-all length between grips of 4 in., Fig. 1. In practically all tests, these foils fractured within the parallel gage section. By approximating the foil contour (Fig. 1) to a hyperbola it is possible to analyze the stress distribution in the tensile foil using two-dimensional elasticity

Jan 1, 1964

By M. L. Requa

EVERY forward step in civilization brings with it an increase in population and increasing demand for raw materials. Modern civilization, because of its industrial development, depends more and more for its well-being on ample supplies of raw materials; the higher the type of that civilization, the greater its dependence. No fact is more obvious than that the raw materials should be put to use with greatest prudence and efficiency. National life is not a matter of a decade or a century. Conservation is no longer a matter for political discussion; it is a vital element in the future welfare of all nations. Unfortunately, to the minds of many, conservation means the locking up of natural resources, their arbitrary withdrawal, bringing about, in short, a condition of industrial stagnation. This has occurred in past centuries through misdirected governmental effort. Two eminent engineers have variously defined conservation as follows:

Jan 1, 1925

By H. O. Hofman

The mining and metallurgical laboratory, as we understand the term in this country, is a place .in which mechanical and chemical working-tests are made on ores, fuels and furnacematerials. It is of quite recent origin. The first laboratory of this kind to be used in connection with teaching was put into operation in 1871 at the Massachusetts Institute of Techilo1ogy. † The idea had already existed in the mind of President W. B. Rogers when he wrote, in 1864, his pamphlet 'on " The Scope and Plan of the School of Industrial Science of the Massachusetts Institute of Technology;" but several years elapsed, and an extended visit to the mines and mills of Colorado, Utah, Nevada and California was required before this idea could take a form adapted to the purposes of original research as well as of instruction. The laboratory was given from the first into the charge of Prof. R. H. Richards, who, by improving its methods and enlarging its scope, has brought it to the position which it occupies to-day as the leading representative of its class. Private laboratories for making tests upon ores had previously existed here and there, especially on the Pacific coast, for silver and gold ores; but in the educational field the

Jan 1, 1896

By E. R. Darby

When bronze is melted in open-flame furnaces a considerable amount of slag is formed during the melting operation. This slag may be incidental to the melting practice or it may be formed intentionally by slag-forming constituents added to the furnace charge to provide a covering for the melted metal When this slag is removed from the furnace, it contains, in addition to the free metal carried with it by the skimming operation, a considerable amount of metal as oxide either combined or mechanically mixed with it. By the usual crushing and washing methods this metallic oxide generally goes to the tailings pile, so diluted by other foundry waste that its recovery is economically impossible. If this furnace slag is not inixed with other foundry waste, practically all of the metal oxide as well as the free metal may be recovered by some form of smelting operation. The first side of the problem to be considered is the amount of slag produced. It may not be true that the majority of foundries have no record of the amount of slag made, but it is certainly true that a very great many either have no record or pay little attention to it. Usually the collection of furnace slag for one normal week's run will be sufficient to determine the advisability of its being handled in a different manner from the crushing and concentrating generally employed. If a large representative sample of the accumulation is crushed and concentrated and the recovery compared with the results of a careful assay, it will be found that a large percentage of the total metal content was lost in the washing process. The percentage of loss will be greater than the metallic oxide content, as some free metal in extremely fine particles always is carried away in grains of slag. From such a comparison, it may be determined whether or not the slag should be melted, sold or treated as before. An example of an actual test of this kind is given below. In a foundry melting 50,000 to 80,000 Ib. of bronze per day, a week's accumulation of furnace slag and ladle skimmings amounted to 16,500 1b.—over three times as much as the foundry superintendent estimated before the accumulation was made. Two tons of this material was taken as representative of the lot. This was ground through a thoroughly cleaned ball-mill and concentrated over a Wilfley table. The

By A. T. Miesch, L. B. Riley

Distribution of minor elements in sandstone-type uranium deposits of the Colorado Plateau is being studied by the USGS on behalf of the A EC. A primary objective has been to provide basic data which could be useful in geo-chemical exploration for new deposits. The basic statistical measures — similar to those used in sedimentary petrology—are described. The underlying principle is that the frequency distributions fit or approach the log-normal form. Since 1952 the U. S. Geological Survey on behalf of the U. S. Atomic Energy Commission has conducted a study of the distribution of minor elements in sands tone-type uranium deposits of the Colorado Plateau. A primary objective in this study has been to provide basic data which could be useful in geo-chemical exploration for new deposits. Among the basic data considered important are estimates of the abundance and habit of each element in the ore and in the host rocks. It has been found that a few basic statistical techniques, and variations of these techniques, are useful in this type of study. Some of the basic techniques have been used to advantage by researchers in geochemistry and in other fields of geology, especially sedimentary petrology; others have been used to only a limited extent. Among the latter is the linear correlation coefficient, which has proved useful in assessing the element associations in a particular rock type without analysing individual mineral separates. In computing the basic statistical measures a scale has been used which is, in some ways, similar to the phi ($) scale used by sedimentary petrol-ogists in grain-size studies.' FREQUENCY DISTRIBUTIONS It has been recognized for some time that the results of analyses for a given minor element in a suite of samples of rocks or ores yield frequency distribution curves which are approximately normal when the curves are plotted on logarithmic or geometric scales. In other words, the analytical results give an approximate lognormal frequency distribution. A classical example is given by D. G. Krige2 in the study of the distribution of gold values from a mine on the Witwatersrand. Another example is shown in Fig. 1, the distribution of barium concentrations in samples of uranium ore from the Chinle formation. The geochemical data are analogous to grain-size data gathered by the sedimentary petrologist. Both types of data, after simple logarithmic transformations, may be treated by conventional statistical methods based on the normal distribution. This is not to say that other types of transformations may not serve equally well or better for particular element distributions.3 Spectrographers and other analysts are quite aware of the dependence of their precision on the concentration of the element present.4 For example, in the part per million range the variation may

Jan 1, 1961

By M. W. BERNEWITZ

ALTHOUGH many persons know that a lot of type metal and etchings are used in the U. S. Government Printing Office few would expect to find anything on metals in the annual report of the Public Printer, George H. Carter. Yet the report for the fiscal year ended June 30, 1931, contains many interesting items. For example: Among the 57,500,000 lb. of materials and supplies delivered to the printing office was little new metal, but the metal in circulation is 6,000,000 to 7,000,000 lb. In the cost of production $31,523 is charged against metal, nearly one-third for salaries and wages. In miscellaneous sales were $4,696 from waste metal and $1,147 from waste gold (from books). Electrotype and stereotype covered 11,438,314 sq. in. The vaults and storage rooms contain 1,700,000 plates and 130,000 pages of type containing 4,600,000 lb. of metal valued at $275,000. In what was known as the Congressional Globe vault were 46,000 stereotype plates; these were salvaged by remelting for other platemaking service. The Congressional Record superseded the Congressional Globe in 1873.)

Jan 1, 1932

By F. T. Havard

(Canal Zone meeting, November, 1910.) I. INTRODUCTION. THE present truce in litigation between Western smelting and ranching interests gives opportunity for a summary of the results achieved by metallurgists in condensing fume and de-acidifying furnace-gases. In the absence of complete records of past experiments, there has been a good deal of unnecessary duplication of attempts and' failures. Yet, especially under the recent policy of our large corporations, looking to the economic recovery of the values of by- and waste products, original and, in some cases, effective measures have been developed by American metallurgists. In the case of Bliss vs. the Anaconda Copper Mining Co., the Montana Supreme Court, recognizing the progressive efforts made to render the flue-gases innocuous, and the value to the community of the smelting company's operations, refused to hamper its work, and returned a verdict in favor of the defendant. In the trial, the experimental firms of the company in the so-called "affected region" were proved to be thriving perfectly, showing that immunity was guaranteed to vegetation and stock by the wide distribution of the sulphurous acid gas in the dry air of Montana. Indeed, L. S. Austin has proved that by the time the fume is 4,000 ft.. distant from the stack, the percentage of sulphurous acid has been diminished from 2.28 to 0.00045; and Angus Smith has shown that rain must contain 40 parts per million of free acid before vegetation is affected. The arsenic in the stack-gases is but a very small part of the original content of the ore, of which 80 per cent. and over is rejected in the concentrator and furnace waste-products or recovered in the flues. Nevertheless, neither the peace in Montana nor the armistice

Aug 1, 1910

By Daniel T. Brian, O&apos

Exploration targets and results in the mining industry are commonly summarized in terms of tonnage and grade. Business appraisals require, as additional information, the expected profit or loss implied by the physical summay. The early incorporation of knowledge gained through financial analysis computations can provide a means for economically resolving many common exploration and development problems. Examples of such applications from the activities of exploration planning, reconnaissance, land acquisition, and development planning are presented. While prospecting for mineral deposits, geologists are frequently asked what they hope to find or have found. The response is usually descriptive, such as "50 million tons of 1% copper," and the economic implications are deferred until a capital investment decision is required. At that time, a financial analysis integrating the four analysis components is completed. These components are: 1) Tonnage and Average grade above cutoff grade 2) Capital and operating costs 3) Product value 4) Appropriate profit or loss accounting Close examination of these components reveals that there is no intrinsic reason for avoiding financial analyses at earlier stages in exploration, as long as the uncertainty of the estimate is realized. Tonnage and average grades are commonly estimated at early stages in exploration. For this component, the appropriate cutoff is the major uncertainty. Capital and operating costs are difficult to estimate before detailed quantitative information is available, but estimates useful for the types of applications pertinent to earlier exploration stages are possible. Product value estimates may or may not be difficult, depending on the pricing structure of the particular commodity. A simplified accounting procedure usually may be adopted without introducing any significant loss of validity. This paper describe some of the financial analysis applications which are pertinent during mineral exploration and deposit development. These applications lend additional insight during exploration planning, land acquisition, physical exploration, and development. The examples are oriented toward a hypothetical management investment policy which is based on a single criterion, a minimum 15% discounted cash flow rate of return. In reality, managements use multiple criteria. This simplification is convenient for purposes of presentation and does not invalidate the examples. Computers are useful, but not a requirement, for the applications described. The use of computers provides the results on a more timely basis at costs lower than equivalent manual computations. UNDERLYING PRINCIPLES AND ANALYSIS METHODS Data estimates are subject to uncertainty. The analyst may choose to assess this uncertainty by using one of two principles. Each principle has some advantages. The principle most commonly employed is "assumed certainty." Each financial analysis is based on one set of selected data, which may represent the average estimates, minimum expected conditions, etc. The critical data is identified by making successive calculations, varying the values used. Such studies, called sensitivity analyses, isolate the economic effect of various uncertainties, and guide the allocation of future efforts toward improving the overall accuracy of the analysis. A second principle, "assumed risk," examines the interactive effect of the current uncertainties by qualitatively assigning probability distributions to each data element. These probability distributions indicate the currently appraised chance that a given numerical value will prove to be true. The corresponding procedure, risk analysis, consists of processing many individual financial analyses, each analysis being based on randomly selected numerical values from the probabilistic distributions. The result is a numerical presentation of the uncertainty, but care must be exercised in the interpretation of results. The advantage of this procedure is the direct measurement of economic uncertainty caused by the interaction of uncertain estimates. Kennecott Copper Corp. has developed computer systems for accomplishing sensitivity and risk analyses.

Jan 1, 1970