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By C. H. Mathewson, Robert Maddin, W. R. Hibbard

A satisfactory mathematical relationship between shear, elongation and change of orientation in the axial straining of a single crystalline rod or wire may be based on a simple model in which blocks, representing glide lamellae, glide over one another and rotate so as to maintain the original fixed position of the axis as the wire elongates.' Obviously such a model gives no information concerning strain-hardening or the atomic adjustments at the sliding surfaces and their influence on the internal structure of the blocks. Moreover such an operation could be conducted with rigid blocks only by using self-aligning grips or a flexible attachment which would permit the adjacent blocks to freely assume their changing orientations. There are many unsolved problems (see Andrade2) concerning the manner in which nature departs from the simple model in permitting the essentials of slip, rotation and elongation to occur along with strain-hardening and the appearance of glide lamellae of various dimensions and special characteristics, not fully appreciated at the present time. This paper describes part of an extensive investigation on the development and characteristics of glide ellipses in single crystalline alpha brass rods and is especially concerned with the observation of cross-slip in crystals oriented wholly within the range of slip on a single system according to the generalizations first presented by Taylor and Elam in 1923.³ Experimental Procedure Half-inch rods of alpha brass (nominally 70 pet Cu, 30 pet Zn)* were converted into single crystals by melting and gradual solidification in a graphite mold according to the Bridgman method.4 In order to remove any coring, the crystals were homogenized at 800°C for 16 hr and tested by etching with a 50 pet nitric acid solution. The back-reflection Laue technique as described by Greninger6 was used for determining the orientations of the crystals. Standard stereographic operations were employed to locate the specimen axis in a triangle of the Taylor and Elam3 projection so that the slip plane and direction could be predicted. The lineage structure reported by Buer-ger6 was present in the crystals used in this investigation. However, only crystals were used in which the internal differences in orientation did not exceed two degrees. Very little is known concerning the effect of the presence of a lineage structure on the detailed mechanism of plastic deformation.

Jan 1, 1949

By Augustus J. Bowie

THE discovery of the auriferous cement gravel deposits in and near Deadwood Gulch, Lawrence County, Dakota Territory, in 1876, created a mining excitement, and rush to the Black Hills. Numerous ten and twenty-stamp mills were built on Deadwood Gulch ; Central City and the town of Deadwood sprang into existence, and became the centres of the mining industry of the Hills. Gold quartz deposits were subsequently discovered and located on a so-called mineral belt, extending from Whitewood Creek on the south, to Deadwood Gulch on the north. A northerly group of these quartz locations was purchased in December, 1877, by parties in San Francisco,, who formed a company, incorporated under the name of the Father de Smet Consolidated Gold Mining Company. This company immediately commenced the work of exploration. The deposits were proved to be extensive, and easily mined, but it was found that the ore, on an average, would not. yield more than $10.00 per ton* of 2000 pounds. At this time the cost of supplies and materials in the Hills was high. Miners' wages were $3.50 per diem, and custom mills charged $6:00. per ton. The successful working of mines on "the belt" necessitated cheap milling. The ores being of so low grade,† this could be accomplished only with large and economically running mills. To insure the greatest possible economy, the Father,& Smet mill * Up to December 31st, 1879; the de Smet mine had produced bullion of the value of $718,211.68 from 76,155 tons of ore, being an average value of $9.41 per ton. During the year ending December 31st, 1879, the mine produced 46,344 tons, which yielded $425,360.42, or $9.18 per ton. The total gross cost of working for the corresponding period, including deadwork, exchange, legal expenses, fete., wits $219,914.82. The yield of the mine for the year 1880 (Engineering and Mining Journal, February 5th, 1881), was $600,011, with total expenses of mining and milling, of $313,108. † The first 4083 tons extracted from the de Smet mine, were selected, yielding $62,783.97. The next 25,728 tons produced $230,067.24. The total 29,811 tons were weighed, and worked at custom mills. The yield of the first 409 tons from tine Golden Terra Mine was $11.44 per-ton.

Jan 1, 1882

By Albert J Hoskinson

Progress on the earth depends to a large extent upon the rapid interchange of ideas and commodities between the various nations of the world. The smooth flow of commerce, by which these ideas and commodities move, is accelerated by accurate and complete maps of the various land and water areas of the earth. The production of accurate maps depends upon a complete knowledge of the figure and dimensions of the object to be charted, therefore a knowledge of the shape of the earth is a prime necessity for accurate charting purposes. Gravity observations were first undertaken to aid in determining the shape of the earth so that the geodetic surveys of its land and water areas might be more accurately connected to form an undistorted map. A large part of the earth's surface is water and it is therefore necessary to get gravity values at sea as well as on land before a complete and accurate figure of the earth can be determined. Dr. F. A. Vening Meinesz, of Holland, was the first scientist to perfect a pendulum instrument that would accurately measure gravity at sea. He had previously developed a multiple pendulum apparatus for measuring gravity upon swampy and unstable land areas in Holland and it was therefore quite natural that he should adapt the instrument to give accurate results upon a still more unstable support, the surface of the sea. His instrument as perfected gives satisfactory results when mounted in gimbals on any vessel where the roll and pitch are not more than about 5" and where the vibrations from rotating machinery and wave action are not large enough to cause the pendulums to shift on the knife-edges. This degree of stability can be obtained on surface craft only in protected waters or on very calm days. Therefore, Dr. Meinesz mounted his instrument in a submarine so that he could submerge below the disturbed surface waters and get the desired stability in nearly any kind of weather by simply diving to greater depths. Most of the gravity-at-sea work has been done with a Meinesz instrument and a very large number of the observations have been made by Dr. Meinesz himself. He has occupied nearly 1000 sea, stations and probably has traveled as many miles by

Jan 1, 1940

By Albert J. Hoskinson

Progress on the earth depends to a large extent upon the rapid interchange of ideas and commodities between the various nations of the world. The smooth flow of commerce, by which these ideas and commodities move, is accelerated by accurate and complete maps of the various land and water areas of the earth. The production of accurate maps depends upon a complete knowledge of the figure and dimensions of the object to be charted, therefore a knowledge of the shape of the earth is a prime necessity for accurate charting purposes. Gravity observations were first undertaken to aid in determining the shape of the earth so that the geodetic surveys of its land and water areas might be more accurately connected to form an undistorted map. A large part of the earth's surface is water and it is therefore necessary to get gravity values at sea as well as on land before a complete and accurate figure of the earth can be determined. Dr. F. A. Vening Meinesz, of Holland, was the first scientist to perfect a pendulum instrument that would accurately measure gravity at sea. He had previously developed a multiple pendulum apparatus for measuring gravity upon swampy and unstable land areas in Holland and it was therefore quite natural that he should adapt the instrument to give accurate results upon a still more unstable support, the surface of the sea. His instrument as perfected gives satisfactory results when mounted in gimbals on any vessel where the roll and pitch are not more than about 5" and where the vibrations from rotating machinery and wave action are not large enough to cause the pendulums to shift on the knife-edges. This degree of stability can be obtained on surface craft only in protected waters or on very calm days. Therefore, Dr. Meinesz mounted his instrument in a submarine so that he could submerge below the disturbed surface waters and get the desired stability in nearly any kind of weather by simply diving to greater depths. Most of the gravity-at-sea work has been done with a Meinesz instrument and a very large number of the observations have been made by Dr. Meinesz himself. He has occupied nearly 1000 sea, stations and probably has traveled as many miles by

Jan 1, 1940

By C. W. Burrows

The burden a man can endure depends on its magnitude and the number of times it is applied, as well as on many other factors. The resisting power of steel likewise is dependent on many factors. The maximum load it can support indefinitely is much less than its possible momentary burden. A light load straining the metal far within its elastic limit, if repeated indefinitely, ruptures the metal. The magnitude of the stresses that may be alternately applied and removed without rupturing the material depends on the number of repetitions of the cycle; the intervening periods of rest; the thermal, electric, and magnetic conditions, as well as the presence of secondary streessses. While we are unable to formulate the law between the magnitude of repeated stresses necessary to produce rupture and the length of time during which these alternating stresses may be applied before rupture, my experience is that the time increases as the magnitude of the force decreases, according to a law which! to a first approximation, is exponential. In other words, F = Ce-t where F= magnitude of alternating stresses; t= time for which stresses are continued; C = constant, which depends on the conditions under which the operations are carried out. It is quite probable that the same type of law holds for the magnitude of a continuous force and its duration. When a rod of steel is subjected to the blows of a drilling hammer several things happen. First, one end is struck by the hammer and the other end is driven into the rock, thus causing a bodily displacement of the entire material of the steel drill. The greatest stresses involved in this bodily displacement are located at the two ends of the steel and manifest themselves by the distortion of these parts. Second, after the blow has been delivered, the steel drill, due partly to its own resiliency and partly to the resiliency of the rock, experiences a vibratory motion as a whole, this motion is quite similar to the bouncing of a rubber ball thrown violently upon a smooth pavement. Third, the free vibration of the drill is determined only by its own natural period of vibration. This motion involves all the characteristics of any vibrating body emitting sound. Certain elements of the rod will experience alternations of condensation and rarefaction and, in these regions, the individual steel

Jan 1, 1922

By George H. Ashley

The present critical state of the supply, distribution, and utilization of coal and the necessity for pooling and zoning coals calls renewed attention to the lack of any fully adequate classification of coal. In the past coals have been classified as anthracite, semianthracite, semibitumi-nous, bituminous, subbituminous coals, and lignite, and a few special types, such as splint coal and cannel coal. But under the term bituminous coal are included a great variety of coals differing markedly both physically and chemically. The term subbituminous coal covers as great a range of chemical differences. In order to distinguish these varieties of bituminous coals it has been customary to designate coal by names derived from the place where mined, or by the name of the bed from which it is mined. Thus, in the market reports, coals are quoted as Pocahontas coal, New River or Sewell coal, Moshannon coal, Ohio coal, Williamson County coal, Jellico coal, and so on indefinitely, no limit being set as to the boundaries of the area to which a given name is applied. Nor is there any scale by which the coal from one place may be compared with the coal from some other district or some other bed. On the one hand, coals from the same district may be quite distinct and sell at very different prices or coal from the same bed may differ greatly in different districts; on the other hand, coals from different states may be so similar physically and chemically that one could replace the other in practical use without any appreciable difference in service. The following classification, arrived at after a careful review of a large number of systems of classification and of all of the recognized characteristics of coal, brings together all coals that so nearly resemble each other physically, chemically, and in heating qualities that any coal of a given type could replace any other coal of the same type and grade in use. Thus, if coals A and B are classed as of the same type and grade they have, so far as known to the writer, approximately the same heating value when burned under the same conditions, and the same character, length of flame, and properties affecting transportation and stocking; and if of the same grade, approximately the same percentage of impurities.

Jan 1, 1920

By W. Irwin Moyer

Two methods for the rapid valuation of oil properties are in common use. The one best known and most widely used is the "per barrel" value, based on the present daily production of the well, without regard to its past performance or the history of the sand or pool from which it produces. The second method is the "time to pay out," or the length of time required for a well to place itself upon the credit side of the ledger, from which time the returns from its production (less the operating expenses) will be clear profit. The time basis for valuation is also commonly used in the appraisal of an undeveloped lease. In most oil fields, it is not thought good business to invest in production that will not pay out in at least 4 to 5 years. Nearly all buyers (except in certain regions of very persistent production like the deep-sand territory of the Appalachian field) expect wells to pay out in considerably less time than this. Like the barrel per day price, the time necessary for a well to pay out has been determined for each field, so that one frequently hears a field or district referred to as having a certain time to pay out. This is considered the norm for that field or district and the buyer and seller base their value, to greater or less extent, on their belief in the accuracy of this time. The writer long ago became convinced of the inaccuracy of the barrel per day method, except when greatly modified for local conditions, such as the age of the wells, their economic limit, operating conditions in the field, the future price of oil, and the persistence of the sand as a producer. When so modified, this method becomes more of an analytic or predicted probable yield valuation. While the appraiser may not go through each step in a valuation based on future returnable revenue, his knowledge of the field and the local conditions surrounding his leases make it possible for him to estimate a fair sales value that, in many cases, will be a close approximation to the truth. This is quite different from the commonly understood barrel per day value, in that the conditions surrounding the sale of one lease or property at a fair market value may

Jan 1, 1922

By Ronald R. McNaughton

The most recent group of papers on the general subject of lead smelting were published in AIME Transactions, vol. 121, in 1936. The lecture deals with changes which have taken place in the Past 30 years in this industry. The subject matter covers the essential steps of charge preparation, sintering, blast furnacing, dross treatment, refining, and slag fuming together with the subsidiary or associated activities of analytical procedures, dust and fume collection, maintenance, and hygiene. IN 1936 the AIME published Transactions, vol. 121, entitled "Metallurgy of Lead and Zinc". In the preface to this volume the chairman of the Committee on the Reduction and Refining of Lead and Zinc, Carle R. Hay ward, said in part: ... since the World War few papers of major significance have appeared on the production and refining of lead and zinc, although many improvements in technique have been made, which have attracted little attention because they were merely developments of existing practice. Other changes of a more radical nature have also been made, but... they have been given little publicity. It seems appropriate, therefore, at this time that the AIME should sponsor a volume on lead and zinc metallurgy... . That the publication of this compilation was timely is attested by the rapidity with which the surplus stock was depleted. It has now become a collector's item. Although a comprehensive monograph on the occurrence, extraction, refining, and uses of zinc was published by the American Chemical Society in 1959,' one could almost repeat Professor Hayward's words to describe the present situation in the literature of lead reduction and refining. So it is my intention today to discuss briefly some of the changes and improvements which have taken place in the metallurgy of lead in the interval since the publication of vol. 121. The lead blast furnace, which made its appearance in America about 1870, is still dominant in the reduction field. However there are other reduction methods in use today in special situations. In those rare circumstances where the material to be treated is very high grade, consideration might be given to the Bolidens electric furnace method2 or the Lurgi self-fluxing process3 or possibly to the rotary ore hearth. Each of these latter three processes makes use of the roast-reduction reactions with the result that fuel require-

Jan 1, 1969

By R. J. Wysor

J. S. UNGER, Pittsburgh, Pa.-On page 22 reference is made to 36 carloads .of dust shipped. Did the material in that last sample come from a; furnace running on pig iron, ferro alloys, or spiegel? R. J. Wysor.-Pig iron; we have not made any ferro alloys; or spiegel at Bethlehem in the last 3 years. J. S. UNGER.-DO you use domestic or foreign ores? R. J. WYSOR.-In regular practice, largely foreign ores. J. S. UNGER.-How much per unit does it cost to produce that? R. J. WYSOR.-You might say it does not cost anything; we do not change our blast-furnace practice at all to obtain the dust. Although it has been a profitable byproduct, I would rather not have it unless we could reclaim it on a large scale, as we would have better working stoves. J. S. UNGER.-Does the trade take it as readily as natural salts? W. J. WYSOR.-The fertilizer dealers have been anxious to get it. This did not happen, however, until the war started. J. S., UNGER.-They have been willing to take anything since the war started. R. J. WYSOR.-Yes. However, we could have sold the material before the war; in fact, about 4 years ago, we had a contract ready to sign, but we did not think it would pay us to bother with it then. W. H. Ross, Washington, D. C.-We of the Fertilizer Division of the Bureau of Soils have been particularly interested in Mr. Wysor's investigations on the possibilities of recovering potash from the blast furnace, and we look upon the results he obtained as among the-most important that have yet appeared on the subject of finding new sources of .American potash. About 5 years ago we undertook a corresponding investigation on the recovery of potash in the cement industry. Representative samples of raw mix and ground clinker were collected from the different cement plants in this country with a view to analyzing each sample for potash. With the data thus obtained and knowing the ratio between the raw mix and the cement produced and the output of the latter, we thought it possible to calculate approximately for each plant the quantity of potash that escapes daily from the kilns. After partly completing the work, however, it had to be abandoned for a time. It was again taken

Jan 4, 1917

By T. Prof. Ph. D. Egleston

THE importance of having perfectly pure metals has led me to present to the Institute a record of some of the trials that have been made to obtain these metals, and also to show one of the largest specimens of extremely thin metal plate which has ever been made. The malleability of metals varies generally directly with their purity, and hence it is only with very pure metals that thin sheets can be obtained. The competition among different manufacturers has been so great at times as to lead to expensive and apparently useless experiments in obtaining in the first instance very thin sheets, and afterwards very large and thin sheets of metal, apparently with no other purpose than that of being able to say that they had produced the thinnest or the largest thin sheet that had ever been made. These experiments were at first confined exclusively to iron, their object being to show the great dexterity of manipulation, as well as the purity of the metal manufactured. They have since been extended to almost all metals by electrical action, and have gone far beyond the limits of what was possible with purely mechanical means. The processes which have been used are rolling or hammering, electrical deposition in a vacuum, and lastly, electrical deposition on plates, easily soluble in acids. The first and last of these methods have been known and practiced for a very long time, having been used to make thin sheets of almost all the metals. The other is of quite recent application. In the iron manufacture, the strife to produce these thin sheets was commenced in the year 1865, by the Sligo Iron Works writing to a firm in Birmingham, England, on a sheet of iron containing 270 square centimeters, and weighing only 4.469 grams. For some time this was considered to be the thinnest sheet iron that could be made. T. W. Booker & Co., of Cardiff, England, however, produced a few months afterward, a sheet of the same size, weighing only 4.015 grams. This was succeeded by one rolled by Neville and Everitt, of Llannelly, weighing only 3.174 grams. This was followed by one from Hallam, of Swansea, which was 283 square centimeters in size, and weighed but 2.979 grams; and this by one rolled by R. Wil-

Jan 1, 1879

By T. Egleston

The importance of having perfectly pure metals has led me to present to the lnstitute a record of some of the trials that have been made to obtain these metals, and also to show one of the largest specimens of extremely thin metal plate which has ever been made. The malleability of metals varies generally directly with their purity, and hence it is only with very pure metals that thin sheets can be obtained. The competition among different manufacturers has been so great at times as to lead to expensive and apparently useless experiments in obtaining in the first instance very thin sheets, and afterwards very large and thin sheets of metal, apparently with no other purpose than that of being able to say that they had produced the thinnest or the largest thin sheet that had ever been made. These experiments were at first confined exclusively to iron, their object being to show the great dexterity of manipulation, as well as the purity of the metal manufactured. They have since been extended to almost all metals by electrical action, and have gone far beyond the limits of what was possible with purely mechanical means. The processes which have been used are rolling or hammering, electrical deposition in a vacuum, and lastly, electrical deposition on plates, easily soluble in acids. The first and last of these methods have been known and practiced for a very long time, having been used to make thin sheets of almost all the metals. The other is of quite recent application. In the iron manufacture, the strife to produce these thin sheets was commenced in the year 1865, by the Sligo Iron Works writing to a firm in Birmingham, England, on a sheet of iron containing 270 square centimeters, and weighing only 4.469 grams. For some time this was considered to be the thinnest sheet iron that could be made. T. W. Booker & Co., of Cardiff, England, however, produced a few months afterward, a sheet of the same size, weighing only 4.015 grams. This was succeeded by one rolled by Neville and Everitt, of Llannelly, weighing only 3.174 grams. This was followed by one from Hallam, of Swansea, which was 283 square centimeters in size, and weighed but 2.979 grams; and this by one rolled by R. Wil

Jan 1, 1879

By L. L. Brundred

The major portion of the production of the Gulf Coast area, represented by South Texas and South Louisiana, comes from the flanks of well-defined salt domes. This oil, containing an excellent lubricating stock, ranges from 17° to 28° Be. gravity. Some lighter oil is encountered but the life of such fields is, in general, an open question. In fact, there are few light-gravity fields which have proved of much value. In all of the fields water encroachment, or, more properly, water produced with the oil, is a vital factor. After the first head of high-pressure gas is removed, ever-increasing percentages of water appear, and naturally the life of the wells is materially affected thereby. The sands are, as a rule, extremely fine, very soft, and must be carefully excluded from the hole by the use of fine screen to prevent sanding up. All sands are tipped at such extreme angles as to make coring essential for the location of water strata, oil-bearing sands and important shale. beds. Even with modern coring, the correlation of logs is a difficult problem. Due to the fact that the bulk of the oil is refined for its lubricating properties, little attention has been paid to losses by evaporation in the field. This is largely influenced by the fact that the major companies have set a price schedule, showing but two grades, "A" and "B." The average oil company, therefore, does not attempt to use the gas-lift but relies primarily on the air-lift and then only on wells considered to be particularly adapted to its use, namely those capable of producing large quantities of fluid and yet not having sufficient "kick" to flow. Furthermore, as the gas contained in the reservoirs is mostly ricthane such gas being very quickly vaporized and produced in large quantity in the early life of the fields, there is little gas left after the first flush flowing period of the wells. In fact, it is very generally conceded that gas is a precarious fuel to depend on in any of the coastal fields. This situation largely accounts for the fact that air, as the lifting medium, is almost universally used. In the average field, wells are drilled on the flanks of the domes in close proximity to one another, largely on account of the extreme dips of the formation and "town lot" leases, and space to set up machinery and

Jan 1, 1928

By Persifor Frazer

MR. Theodore D. Rand has made some interesting observations on the serpentines of Chester and Delaware counties, Penna., in which he suggests that the outcrops of this rock are detached from each other, and that while a comparatively narrow belt, running nearly east and west, mill include them all, the strike of each outcrop differs considerably from the direction of this narrow belt; and that it results that these isolated exposures exist on the map, as it were, in echelon, the easternmost end of each lying northwest of the western extremity of its neighbor. As he elsewhere remarks, this is important, if established, and the writer spent a day or two recently on the ground in the study of this phenomenon. One thing would seem to follow from such a state of facts, viz., that this serpentine at least must have been of secondary origin, for it is difficult to conceive of a rock which occurs intercalated in numerous horizons of a different formation, and agreeing with the latter in bedding, unless the former were an altered product of the latter. It is true that one might account for it by the supposition of an original unconformable deposit, which had been broken by a number of faults and distorted by throws to the northwest; but this hypothesis would do violence to the observed facts relating to the measures along with which the serpentine occurs, and in which no such distortion has been observed. * Thus for determining, by evaporative test, the calorific power of a coal, the ultimate constitution of which is known, it is requisite, that, besides the quantity of coal consumed and the weight of the water evaporated, the temperature and chemical composition of the escaping gases, or gaseous residue, shall be quantitatively determined, the same as solid residues of ash and unconsumed fuel. In observance of such requirements, the Heizversuchstation of Munich has been in operation since 1879. This consists of a permanent boiler plant, constructed on the principle of the calorimeter, with special provision for avoiding errors from loss of heat—snch, namely, as arise from radiation and conduction, and from the varying proportions of water in steam.—Muck. Steinkohlen-Cliemie, 1881, 146. See Proc. Min. and Geol. Sect., Acad of Nat. Sci., 1850 and 1881, pp. 9 and 28.

Jan 1, 1884

By Anna H. Connard

SUMMARY The discussion focusses on developments in the debt/equity swap market since the Marte project was negotiated in early 1988. It emphasises carrying forward the recent market trends to anticipate the breadth and scope of debt/equity conversions for mine development in the 1990s. Secondary market prices of LDC paper, conversion values and political influences in the host countries and the use of near debt and commodity-based instruments as components of mine financing in debt/equity deals will be placed in the perspective of recent trends and expectations for the future. THE MARTE PROJECT The Marte mine is a gold porphyry deposit in Chile's high Atacama, for which financing was put together at the beginning of 1988. The Marte project was financed by a combination of common equity and loans. It was unusual that the equity infusions were made under different programs. Some of the international equity was infused with fresh funds via DL 600. Other common foreign equity was provided through the conversion of Chilean bank debt under Chapter XIX. On the loan side,. export credits for the import component of machinery and equipment were sought. Local bank financing was negotiated for the remainder of ' the project's anticipated cost. The debt conversion market in Chile was at its apex in terms of interest, activity and government support when the mine financing was arranged. The price of Chilean paper in the secondary market hovered about 62 to 66 cents per U.S. dollar of face value. Meanwhile, the Chilean government was negotiating conversion redemptions significantly closer to full face value. The government differentiated between debt paper exchanged for corporate investors who had sourced that paper in the secondary market, and debt paper held by bank investors who would incur a transaction loss in the conversion. The use of a combined DL 600lChapter XIX equity financing created different yield calculation bases for the various investors. Chapter XIX prevents remittance of profits before year 5 and capital repatriation before year 11. Investors choosing this vehicle have either for a corporate policy in the target project not to declare dividends until repatriation is allowed, or they have to seek uses for the peso liquidity that would be generated through dividend declarations in the early years. However, DL 600 investors face no such waiting period on dividends, nor do they have restrictions imposed on cashing out of the investment before the 11th year. Therefore, any equity structure with components of both investment mechanisms will have inherent differences in cost basis and future income flows for the various participants. This equity imbalance is defensible if the investment motivations of the parties are analyzed: a mining investor using fresh funds looks for a hurdle return on equity calculated at conservative commodity prices, with as much flexibility to reap upside benefits as possible; a mining investor choosing to invest through a debt conversion mechanism will realize a modest short term gain on the conversion, reducing his effective cost basis, but sacrificing some return because of the waiting period on repatriation of dividends. INVESTMENT OBJECTIVES A bank investor exchanging his own paper for an equity participation in a mining project realizes a conversion loss on the transaction. He seeks a risk adjusted acceptable hurdle rate of return to recoup that loss over time. Motivation for the bank investor to take that loss may be derived partly from a strategy to diversify its existing portfolio by internal policy and externally regulated guidelines. The bank will compare yields on its loan portfolio to that country with anticipated dividend flows discounted back at a risk adjusted rate. It will analyze the project with return objectives of yield enhancement over time and with

Jan 1, 1990

By Society of Mining Engineers of AIME

An error has been noticed in one of the figures in the 1974 Jackling Lecture "The Henderson Ore Body-Elements of Discovery, Reflections" by Stewart R. Wallace, published in SME Transactions, Vol. 256, No. 3, September 1974, pp. 216-227. The horizontal scale shown on Fig. 5 of this article is incorrect. The horizontal and vertical scales should be equal, i.e., the horizontal distance shown as 1000 ft should be 2000 ft.

Jan 1, 1976

By Shiou-Chuan Sun, R. F. Wesner, J. D. Morgan

A new apparatus termed a "distribution analyzer" is introduced to ascertain the optimum conditions of electrostatic separation of minerals. It was found that with similar surface condition, testing environment and a constant feed rate of not higher than one layer of particles fed on the grounded roll of the separator, the behavior of each component mineral in a synthetic mixture or ore is roughly similar to that of the same mineral when tested alone.

Jan 3, 1950

By W. Irwin Moyer

Two methods for the rapid valuation of oil properties are in common use. The one best known and most widely used is the "per barrel" value, based on the present daily production of the well, without regard to its past performance or the history of the sand or pool from which it produces. The second method is the "time to pay out," or the lengt of time required for a well to place itself upon the credit side of the ledger, from which time the returns from its production (less the operating expenses) will be clear profit. The time basis for valuation is also commonly used in the appraisal of an undeveloped lease. In most oil fields, it is not thought good business to invest in production that will not pay out in at least 4 to 5 years. Nearly all buyers (except in certain regions of very persistent production like the deep-sand territory of the Appalachian field) expect wells to pay out in considerably less time than this. Like the barrel-per-day price, the time necessary for a well to pay out has been determined for each field, so that one frequently hears a field or district referred to as having a certain time to pay out. This is considered the norm for that field or district and the buyer and seller base their value, to greater or less extent, on their belief in the accuracy of this time. The writer long ago became convinced of the inaccuracy of the barrel-per-day method, except when greatly modified for local conditions, such as the age of the wells, their economic limit, operating conditions in the field, the future price of oil, and the persistence of the sand as a producer. When so modified, this method becomes more of an analytic or predicted probable-yield valuation. While the appraiser may not go through each step in a valuation based on future returnable revenue, his knowledge of the field and the local conditions surrounding his leases make it possible for him to estimate a fair sales value that, in many cases, will be a close approximation to the truth. This is quite different from she commonly understood barrel-per-day value, in that the conditions turrounding the sale of one lease or property at a fair market value may

Jan 1, 1923

By W. Irwin Moyer

Two methods for the rapid valuation of oil properties are in common use. The one best known and most widely used is the "per barrel" value, based on the present daily production of the well, without regard to its past performance or the history of the sand or pool from which it produces. The second method is the "time to pay out," or the lengt of time required for a well to place itself upon the credit side of the ledger, from which time the returns from its production (less the operating expenses) will be clear profit. The time basis for valuation is also commonly used in the appraisal of an undeveloped lease. In most oil fields, it is not thought good business to invest in production that will not pay out in at least 4 to 5 years. Nearly all buyers (except in certain regions of very persistent production like the deep-sand territory of the Appalachian field) expect wells to pay out in considerably less time than this. Like the barrel-per-day price, the time necessary for a well to pay out has been determined for each field, so that one frequently hears a field or district referred to as having a certain time to pay out. This is considered the norm for that field or district and the buyer and seller base their value, to greater or less extent, on their belief in the accuracy of this time. The writer long ago became convinced of the inaccuracy of the barrel-per-day method, except when greatly modified for local conditions, such as the age of the wells, their economic limit, operating conditions in the field, the future price of oil, and the persistence of the sand as a producer. When so modified, this method becomes more of an analytic or predicted probable-yield valuation. While the appraiser may not go through each step in a valuation based on future returnable revenue, his knowledge of the field and the local conditions surrounding his leases make it possible for him to estimate a fair sales value that, in many cases, will be a close approximation to the truth. This is quite different from she commonly understood barrel-per-day value, in that the conditions turrounding the sale of one lease or property at a fair market value may

Jan 1, 1923

By F. G. Miller, R. C. McFarlane, T. D. Mueller

During the process of gas storage in pressure-depleted oil reservoirs, it has been observed that in some instances additional liquid oil is recovered and that the composition of the storage gas is materially altered. A mathematical study was made of the dynamic behavior of such a depleted oil reservoir undergoing gas injection. The important variable considered in this study, not included in previously published work, was that of compositional effects on the phase behavior of two-phase flow. Pressure, saturation and component composition profiles were developed for a linear, horizontal and homogeneous porous medium containing oil and gas but undergoing dry gas injection. Special new techniques were developed to overcome the problems of numerical smoothing which arise in the solution of the equations representing such systems. The method of solution includes the development of partial differential equations describing the behavior of the system, representing these equations by finite difference approximations, making certain simplifying assumptions and, finally, applying methods of numerical analysis with the aid of a high-speed digital computer. In an example calculation, results using the mathematical model are compared with field observations made on a gas storage project in Clay County, Tex. This field project involved a depleted oil reservoir used 'for gas storage and gas cycling purposes. As a result of these processes, the reservoir yielded substantial amounts of secondary oil, both in the form of stock tank oil and as vaporized products in the produced gas. The methods derived in this study may be applied to a variety of oil reservoir problems which are dependent on compositional effects. In recent years the number of oil reservoirs being used for gas storage purposes has increased greatly, and there has been at least one published account of additional oil recovery resulting from gas cycling a depleted oil reservoir after repressur-ing with dry gas for storage purposes. Additional oil recovery from oil reservoirs resulting from gas storage operations could become an important secondary recovery process. This is especially true since the use of natural gas in large metropolitan areas continues to increase and more gas storage volume near these areas is needed. These facts provided the motivation for the work reported here. This paper reports on a study of the inter-relations of composition, saturation and pressure changes which occur when hydrocarbon gas is injected into an oil reservoir system. From an understanding of the process, prediction methods may be developed for use in forecasting the secondary recovery products from gas storage operations in oil reservoirs and, consequently, .the economics of such projects can be developed. The process of storing hydrocarbon gas in an oil reservoir and the cycling process both involve the transient multi-phase flow of oil reservoir fluids with changing fluid compositions. There is a scarcity of work published on the subject. One of the first laboratory models developed to study a problem similar to the one posed here was published in 1948 by Standing, Lindblad and Parsons. l They developed a model to study gas condensate recovery by gas cycling, including the effect of heterogeneous reservoir permeability. Their results showed the compositional effects of injecting a gas of known composition into a two-phase condensate reservoir of known composition. A major finding of their study indicated that maximum oil recoveries from gas cycling projects result when low cycling pressures are used. Previous to their work it was generally considered

By David W. Wisecarver, James F. Reynolds

INTRODUCTION The Department of Energy is cooperating with Snowmass Coal Company near Carbondale, Colorado to introduce the longwall mining method in moderate to steeply pitching coal seams in the United States. This venture is part of a coal mining research program directed toward development, trial, and analysis of mining technique8 to improve production and recovery in the more difficult mining conditions such as thick, multiple, and steeply pitchly seams found in the Western U.S. The project at Snowmass is the first attempt in the United States to operate a longwall in a steep coal seam. Plans are to mine three adjacent, successively downslope panels in the eight foot thick seam which varies in pitch from 27 to 33 degrees. During this work, researchers and mine engineers are expected to obtain answers to many engineering questions relative to panel design and development, selection of face equipment and beet operating techniques and procedures. They are also committed to obtaining hard data on costs, recovery, production, safety, and behavior of underground mine structure as the three panels are mined. This information is essential to future mine engineering and profitable mining of pitching Western coal reserves. Development of the first trial panel was begun in 1979 and completed in June 1981. The longwall mining equipment was then installed in the starting room and retreat mining begun on August 11, 1981. Project duration is expected to be about five years during which over tm million tons of coal will be produced. TRAINING The longwall mining method is new to Snowmass. For years the mine produced coal by room and pillar methods using conventional techniques to mine upslope rooms and Alpine F6A miners to cut entries and rooms on strike. Miners were experienced in room and - pillar mining from other mines. News of the longwall demonstration was received enthusiastically by Snowmass miners. Employee interest in the project was 100%. However, there was minimal longwall experience on site. In fact, most of the work force had not even seen a longwall. Mine and company management were well aware of the immediate need to develop trained longwall face mining crews and maintenance people qualified to work on longwall equipment and also expertise in longwall planning, equipment selection, power distribution design, ventilation requirements and panel development. The first approach to answer this huge deficiency in longwall mining experience was obviously training. Hence a training program directed toward those mining specifics most urgent to the beginning mining phases was initiated in mid-1980. Classroom lectures and hands on training, using instructors from equipment suppliers and available company longwall expertise, was conducted in longwall subjects to include face mining procedures, panel development, operation of equipment, equipment assembly and maintenance, electrical circuitry and controls, ventilation, move of longwall equipment, and safety procedures. At the same time, responsible engineers and foremen were sent on a tour of European pitching longwalls to see first hand how other mines working under similar seam conditions conducted their operations. Development techniques, types of equipment, methods for transport of men and materials, and ground control techniques were discussed with engineers, foremen and officials at each mine. This look at European longwall mining operations gave Snowmass good insight into the unique problems associated with longwall mining on 30' pitch. Mining considerations such as face conveyor/ support system slippage downslope, panel development, maintenance, safety considerations, manpower requirements, and haulage methods were covered with European experts

Jan 1, 1982