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By W. H. Schacht

In the Lake Superior District, the air indoors must be heated continuously during eight months of the year and occasionally during the remaining months. Incident with mining in this district, therefor?, there is need for heating many of the buildings connected with these operations. In addition to the mine buildings, that is, shops, engine houses, offices, change houses, etc., such public buildings as schools, library, and theater, when close to the mines, are often supplied from the mine heating mains. At the Copper Range Company's mines, Champion, Trimountain and Baltic, the heating surface thus supplied from the mine mains is over 50,000 sq. ft. (4645 sq. m.) which requires a steam consumption, at times, of 18,000 Ib. (8165 kg.) per hour, or the equivalent of a rate of ovcr 50 tons of coal per day (were live steam used). This figure is based on a consumption of 1/3 Ib. per sq. ft. of heating surface during the coldest weather, and provided the system is not wasting steam by blowing it to the atmosphere or into the return line on account of leaky traps, which so often is the case. Under the latter conditions, steam consumptions of three to four times the above rate are not uncommon. This shows that the cost of heating is of enough importance to he given serious consideration, especially at this time of rising prices of fuel. The power and heating value of exhaust steam arc appreciated by most engineers, and its application for such purposes is general. At our stamp mills, the exhaust from the stamps is used to operate low-pressure turbines, thus reducing the former water rate per horsepower developed by more than 50 per cent. At the above-mentioned mines, electric motors have replaced the many small steam engines, so that this supply of exhaust steam has been practically eliminated. The larger engines are compound, triple, or quadruple condensing. The hoists, however, in all cases are simple and non-condensing and of two sizes, namely, 24 by 60 in. and 32 by 72 in. (61 by 152 cm. and 81 by 183 cm.). These hoists now offer the only available supply of exhaust steam; but as this flow is intermittent and varies from extreme violence to zero, the steam so discharged cannot be

Jan 1, 1922

By Werner Joseph, Richard R. Knobler

When the first batch of refined copper ingots was cast at Mantos Blancos in January 1961, eight years of exploration, development and metallurgical pioneering by Mauricio Hochschild & Co. had come to a successful conclusion. This Chilean copper deposit, located in the Atacama Desert 30 miles from Antofagasta, is now producing approximately 20,000 tons of copper per year. The Mantos Blancos deposit has been known since 1912 and various attempts had been made to work the high-grade zones before the present operation was started. The major drawback of the ore to any previous development was its chloride content which varies between 0.4% and 1.5% C1. Although the chloride ruled out the conventional leaching-electrolysis scheme, it did lend itself to the process of precipitating the copper as cuprous chloride.

Jan 1, 1962

By W. R. Crane

Mining of the red iron ores of the Birmingham district has been carried on energetically during the past 60 years, and their development has created a large iron and steel manufacturing center, the only important one in the South. The district produces approximately 10 per cent. of all the iron ore of the United States (80 per cent. of the Alabama ore mined is red ore); also, 40 of the 400 blast furnaces of the country are in the district tributary to Birmingham. The rapid growth of the district has been made possible through investigations that resulted in radical changes in furnace practice, and a still greater impetus will come from the study of the low-grade, high-silica ores, as a result on which they will be made amenable to treatment by concentration. Mining practice in this district has been comparatively simple because of the occurrence of the ore; but with the rapid extension of the workings and the disturbed condition of the ore bed at some distance from the outcrop, more difficult conditions are encountered and the tendency is toward worse rather than better conditions. Should the high-silica ores of the lower bench of the Big Seam become available through beneficiation, mining practice will have to be modified to meet the new conditions, which will be rendered more difficult by the increased weight of cover that will exist at considerable distances from the outcrop. Support of workings will require greater attention and the efficient and economical operation of the mines will depend largely on the successful solution of the problems of working and handling the ore. History and EaRly Development The first explorers of the coal and mineral lands of Alabama were blacksmiths and mechanics mustered out of the army after the war of 1812. These men recognized the red rock of the Birmingham district as iron ore, and utilized it in making cooking utensils and farm implements. The first blast furnace was built and operated at Russellville in 1818, where also was a foundry and rolling mill. Soft ore was used at that time, but, in 1864, the first red hematite ore of Red Mountain was smelted, near Irondale. Birmingham was founded in 1871, and the successful use of coke in making pig iron in 1876 was the beginning of

Jan 1, 1925

By H. W. Mead, C. E. Birchenall

The rates of growth of graphite nodules in cast irons are calculated for a model of a growing graphite sphere surrounded by a shell of austenite through which carbon and iron are diffusing. The carbon is supplied by a cementite-austenite mixture at the outer edge of the shell. The calculated rates from carbon diffusion agree fairly well with the measured values, but the rates based on iron self-diffusion are much too low. Because the iron must be removed for the process to continue, o plastic deformation mechanism is suggested. THERE has been an unfortunate tendency in the literature of growth and dissolution reactions to identify the slope of a plot of the logarithm of the growth or dissolution rate vs reciprocal of temperature with the activation energies determined by diffusion measurements in chemically similar systems. If the solubility limits at the growing or dissolving phase interfaces change appreciably with temperature, such procedures may lead to serious errors in specifying the mechanisms controlling the rates of these processes. A reaction involving the simultaneous growth of graphite from and dissolution of cementite in austenite will be discussed here to show that substantial oversimplifications have been made in earlier studies of this process. From a dilatometric study of the overall y-range graphitization process, Bunin and Danil'chenko' found an apparent activation energy of 90 kcal per g-atom. They concluded that, since this value was much nearer the approximately 68 kcal per g-atom observed for self-diffusion in pure iron than it was to 32 kcal per g-atom for diffusion of carbon in iron, the rate-controlling process must be the diffusion of iron away from the growth interface to provide space for graphite to grow. Bunin and Salli' bolstered this agreement with the observation that graphite forms preferentially at surfaces, cracks, and pores where free volume is present initially. Ziegler, Meinhart, and DeaconQ ad found an apparent activation energy for graphitization of 98 kcal per g-atom. This value, like that of Bunin and Danil'chenko, applies to nucleation and growth occurring simultaneously. It is not generally assumed that nucleation is entirely diffusion-controlled. Treatments such as prior cold-working and prequenching, which strongly affect the rate of graphitization, would be expected to have little effect on diffusion processes occurring at the graphitization temperature. In any case 90 kcal per g-atom is not particularly close to the 54 kcal or lower to be expected for diffusion of iron which is carbon-saturated.' The presence of silicon in iron is said to reduce the activation energy for diffusion,' so its presence in cast irons would be expected to have a similar effect. The growth rates of nearly spherical graphite nodules have been studied by Brown and Hawkes." The initial rate of growth before impingement of adjacent carbon-depleted areas was found to be parabolic, and rate constants were measured at several temperatures. Their apparent activation energy for the growth process only was roughly 45 kcal per mol. Burke and Owen' made growth-rate measurements on several alloys, recording appreciable induction periods, initial nucleation rates, and average radial growth rates based on an assumed linear rate of radial growth. They found that increased silicon content increases the ovel-all reaction rate and the initial rate of nucleation, and decreases the induction period. Assuming 1) spherical nodules. 2) constant volume rate of nucleation, 3) austenite in equilibrium with cementite at positions where the cementite is not depleted, and 4) a constant diffusion distance during the growth of a nodule, they calculated an apparent overall activation energy of 68 kcal per mol, which was related to an activation energy for nucleation of 79 kcal per mol and activation energy

Jan 1, 1957

By C. A. Mitke

In the Southwest, mcchanical ventilation of metal mines has been receiving consideration for many years. The United Verde Copper Co., in Jerome, has used large mine fans for ventilation and fire-fighting purposes for at lcast 15 years, while the Copper Qucen Branch of the Phelps Dodge Corpn. commenced installing mechanical ventilation in its various divisions 10 years ago.' Since then, with few exceptions, every large mine in this part of the country has installed and put in operation a mechanical ventilating system. The properties of some of these companies consist of from two to six divisions, or separate mines, each of which requires an independent ventilating system. In other words, thirteen copper mining companies, with an aggregate tonnage, when operating at capacity, of approximately 50,000 tons a day, have installed mechanical ventilating systems in their mines. All these mines are within a radius of approximately 200 miles, which constitutes the largest copper-producing area in the world. The capacities of mechanical ventilating installations in these mines range from 100,000 to 300,000 cu. ft. of air per minute, depending on the size of the mine, character of the workings, tonnage produced, etc. The latter varies from 300 to 20,000 tons per day. The mines include both high- and low-grade deposits, the greatest depth of the former, at present, being approximately 2500 ft.; and of the latter, 1200 ft. The volumes of air at present being coursed through the mines are from 60,000 up to 225,000 cu. ft. of air per minute,which, in their relation to the undcrground working force, range from 200 to 800 cu. ft. of air per man, per minute. While not to be taken as criteria, these figures are indicative of the character of the ventilation furnished.

Jan 1, 1923

By C. A. Mitke

In the Southwest, mcchanical ventilation of metal mines has been receiving consideration for many years. The United Verde Copper Co., in Jerome, has used large mine fans for ventilation and fire-fighting purposes for at lcast 15 years, while the Copper Qucen Branch of the Phelps Dodge Corpn. commenced installing mechanical ventilation in its various divisions 10 years ago.' Since then, with few exceptions, every large mine in this part of the country has installed and put in operation a mechanical ventilating system. The properties of some of these companies consist of from two to six divisions, or separate mines, each of which requires an independent ventilating system. In other words, thirteen copper mining companies, with an aggregate tonnage, when operating at capacity, of approximately 50,000 tons a day, have installed mechanical ventilating systems in their mines. All these mines are within a radius of approximately 200 miles, which constitutes the largest copper-producing area in the world. The capacities of mechanical ventilating installations in these mines range from 100,000 to 300,000 cu. ft. of air per minute, depending on the size of the mine, character of the workings, tonnage produced, etc. The latter varies from 300 to 20,000 tons per day. The mines include both high- and low-grade deposits, the greatest depth of the former, at present, being approximately 2500 ft.; and of the latter, 1200 ft. The volumes of air at present being coursed through the mines are from 60,000 up to 225,000 cu. ft. of air per minute,which, in their relation to the undcrground working force, range from 200 to 800 cu. ft. of air per man, per minute. While not to be taken as criteria, these figures are indicative of the character of the ventilation furnished.

Jan 1, 1923

By Paul D. Foote

Most of the treatises on metallurgy intimate that simultaneously with the development by the atomic physicist of a really satisfactory theory of the atom will be inaugurated a new epoch in the science of metals. Metallurgically and metaphorically, we shall dwell in the Utopia of Sir Thomas More. It is my privilege this afternoon to demonstrate that this state has not arrived. An atom is a miniature planetary system consisting of a positively charged nuclear sun about which revolve electrons each carrying the negative charge e. The charge on the nucleus is + Ze where Z is the atomic number and the number of planetary electrons in a neutral atom is equal to Z. These electrons are arranged in several groups having different binding energies. Ordinary x-ray phenomena relate to processes occurring deep within the atom, usually with electrons in the so-called K or L shells. Such electrons in the heavier atoms are so closely bound to the nucleus that the forces exerted by neighboring atoms in a solid are relatively inappreciable. For most practical x-ray investigation, the atom may be considered as in the gaseous phase completely isolated from its neighbors. The K radiation from an element in the gaseous state, in the solid or liquid phase, or even in combination with other elements in all its possible valences, is almost identical.‡ Visual and ultraviolet spectroscopy is concerned with disturbances of the most loosely bound outer or valence electrons of the atom, always in the vapor state. The remarkable progress of the last year in both theo-

Jan 1, 1926

By T. A. Rickard

In a previous paper (ante, p. 411) some description was given of the occurrence of the auriferous alluvium, extensive deposits of which lie among the highlands of the province of Otago, New Zealand. The present paper will describe some of the methods by which that alluvium is exploited. The alluvial mining of New Zealand is not yet hindered by " debris legislation." The mines are for the most part situated in a country of little agricultural value, and large rivers with rapid currents act as tailings conveyors. In time, however, steps will have to be taken to restrict the discharge into the Clutha of the tailings which are slowly raising the river-bottom. The methods of California have been followed in Otago with such alterations as peculiar local conditions require. The distinctive feature of the alluvial mining of Otago is the prominence given to the hydraulic elevator. The all-important factor in this form of mining is the control of an abundant water-supply at a suitable height above the level where it is to be utilized; and in this respect the gold-fields of the south island of New Zealand are most favora-

Jan 1, 1893

By Bradley Stoughton

FRom 1886 to 1889, approximately, Henry M. Howe was engaged most actively in preparing his Afetallugy of Sieei, which became the foundation for his leadership in the science of physical metallurgy of steel. During the same period, Hadfield was developing the first of the industrially-important alloy steels, and Riley was initiating the commercialization of nickel steel. Both of these alloys are treated briefly in Howe's book; indeed, he missed practically nothing of interest in all the steel literature preceding 1889. There had been many good books on steel before his, but none of the same character. His genius, like that of Aristotle and Francis Bacon, manifested itself in the painstaking collection of data, followed by their coordination and interpretation. Not only manganese and nickel steels were discussed, but several which most of us, with our tendency to overlook the past, are wont to regard as exclusively recent developments, such as: silicon, chrome, copper, tungsten, vanadium, titanium, chrome-tungsten and many other steels. But Howe never devoted much special attention, in his writings, to alloy steels; the science of the relations of iron and carbon offered field enough even for his capacity for constructive thought. And, today we find the science of alloy steels in much the same condition as was the metallurgy of steel before Howe wrote his first great book. Many, many important facts have been presented to the world, especially by Sir Robert Hadfield, James Riley, Henri le Chatelier, Kotaro Honda and his associates, Maunsel White, Harry Brearley, and a host of others. Several books have been devoted wholly or chiefly to alloy steels, such as those by Hibbard, Mars, Heyn and Wetzell, Grube, Burnham, Gillett and Mack, Billón, Brearley, Monypenny, Becker, Savoia, Sauveur, Guillet, Tammann, Guertler, Goerens, Guia, Wuest, Ledebur, Schenck, Aitchison, Osann, Guettier, Buchetti, Escard. The vast number of data on the subject are indicated by a bibliography' which was collected in preparing this address. It covers the years 1911 to

Jan 1, 1927

By J. W. Stewart

ONE of the postwar problems posed for mineral engineering educators is the desire of some mature student veterans to finish their college education under the G. I. Bill of Rights as quickly as possible, a desire that is quite understandable. Not only have they lost several years of education, which they wish to make up as quickly as possible, but many are married and have families and want to become productive as soon as possible in order to support their families properly. The obvious solution to this problem, if it really is serious, would appear to be a continuation of the wartime Accelerated Program, as it was carried on in most colleges and universities. As a matter of fact some schools are known to have continued their wartime programs in one or another form. To ascertain just what our mineral engineering schools generally are doing to meet this postwar problem, last April a questionnaire was sent to administrative officers at colleges and universities

Jan 1, 1946

By J. T. Norton, N. J. Grant, A. M. Gervais

An investigation of the creep deformation of coarse-grained high-purity aluminum at temperatures approaching the melting point permitted the formulation of a theory of subgrain formation. Subgrain boundaries were found to be formed by two different processes: kinking and polygonization. Polygonization is considered as the main factor in subgrain formation. SINCE "slipless flow" was first discussed in detail by Hanson and Wheeler,' many studies have been undertaken to determine how metals deform at high temperatures. Several types of observations have been reported. Jenkins and Mellor,² working on the creep of mild steels and various grades of commercial irons, found metallographic evidence of a kind of substructure within the grains after deformation at high temperatures. Homes" observed after creep deformation of steel at high temperatures that the original X-ray spots were sharply divided into several small ones. The same phenomenon was reported by Hirst4 from his studies on lead and later by Crussard5 from his work on aluminum. The works of these investigators demonstrated beyond any doubt that the splitting of the X-ray spots was due to the fact that the grains underwent a division into subgrains during deformation at high temperatures. Since then, numerous experiments have been undertaken on aluminum in order to determine the mechanism of formation of subgrains. Research workers can be divided, for the purpose of discussion, into two different groups as regards thinking on subgrain formation. On one hand, based on the work on polygonization by Cahn,6 Guinier and Lacombe,7 Greenough and Smith," Crussard,10,11 and Servi, Norton, and Grant," it was concluded that subgrain formation was a consequence of the simultaneous effects, first, of inhomogeneous deformation which produced bending of the lattice, and second, polygonization. On the other hand, Wood and coworkers13-16 based their work on the results of an earlier report" which dealt with crystallite size and a fragmentation theory. It is interesting to note that while Greenough and Smith8 and Wood et al. performed similar experiments, their conclusions were quite different. Wood et al. did not recognize polygonization as a fundamental mechanism and said that aluminum, at the beginning of the deformation, fragmented immedi- ately into subgrains in order to permit deformation of the metal, the number of these subgrains being a function of strain rate and temperature. They concluded that deformation of grains occurred by flow along the subgrain boundaries. In view of the contradictory conclusions, it would appear that the data were not explicit enough to provide an unambiguous conclusion. It appears that the techniques by which most of the results were obtained, namely, X-ray work, were not enough by themselves to solve the problem. Another approach was needed. In the present research, therefore, an extensive metallographic study was planned to supplement the X-ray work. The importance of revealing the subgrain boundaries metallographically was realized, and this will explain the extensive development and use of etching techniques. In order that subgrains would be considerably larger and therefore more readily visible under a microscope, the creep experiments were performed at very high temperatures approaching the melting point of aluminum. Development of Experimental Technique Creep tests were run at constant load on high purity (99.995 pct) aluminum specimens having a very coarse grain size. None of the specimens was run to fracture. The specimens were originally round (diameter, 0.187 in.; gage length, 1 in.) and had parallel flats milled in the gage section to permit

Jan 1, 1954

By Robert W. Hunt

I have repeatedly said that the mechanical treatment of the metal forming a steel rail, during its manufacture, was comparatively of much greater importance than its chemical composition; and years of observation have confirmed and emphasized this fact. ' The comparison of the wear of the earlier steel rails with that of later ones, and to the great disadvantage of the latter, ia still being constantly made by railway oficials. And while some of us, with experience covering the whole history of the manufacture of steel rails, are aware of the great differences in the conditions governing their production at various periods, I do not think the engineering world generally appreciates the direct and imperative influence which these variations have had, and are having, upon the wearing-quality of the rails. In the earlier days, the steel was poured into ingots which would make but two 30-ft. rails not exceeding a weight of 60 lb. per yard—giving a mass weighing, say about 1,400 lb., and of a section of about 12 in. square. To-day the ingots are about 22 in. square, and weigh more than 4,000 lb. Of course, the interior of the larger ingots must remain hot and liquid longer than that of the smaller ones, and from this condition arises the steel-rail makers béte noire—segregation of the metalloids and piping of the steel. Ingots of the smallest section will pipe, but with the increase of the size, so will follow that of the interior cavity. This well-known tendency demands that special care should be exercised to avoid the evils arising from it.

Jan 1, 1905

By R. P. Dolan, W. M. Shedd, B. L. Buchanan

Analytical expressions are derived from empirical data relating the basic physical device parameters to the radiation dose. To put in perspective and justify the approach taken, the overall problem and methods of attempted solution of radiation damage to transistors in a missile or satellite environment is briefly examined. The main emphasis is on a new criteria for neutron radiation hardness and the device design implications resulting from using this criteria. Contrary to other derived criteria, the derived bipolar hardness relation depends mainly on the initial lifetime rather than the base transit time. It is shown, that contrary to previously accepted beliefs, the inherent attainable radiation tolerance of JFET's is at least a factor of ten greater than the radiation tolerance ofbipolars. Experimental results on JFET's designed for maximum neutron radiation tolerance are presented. The accuracy, utility, and range of possible validity of various published lifetime and carrier removal damage constants are discussed. It is well known that transistors are subject to damage due to radiation at much lower radiation levels than those which would cause structural damage to a missile or satellite. The three principal categories of radiation damage to transistors are displacement, ionization, and thermomechanical. The main cause of displacement damage is fast neutrons, and the main effects which permanently degrade transistor operation are minority carrier lifetime reduction and carrier removal. A second-order effect is mobility reduction. The main cause of ionization damage is gamma radiation which results in permanent effects due to charge build-up in the oxide and transient effects due to photo-current generation. The transient effects are usually handled by using circumvention techniques in the electronics system. The extent of the transistor degradation due to displacement and ionization damage depends strongly on the transistor type, whereas the extent of thermomechanical damage does not depend on the transistor type, but depends mainly on packaging and metallization which are common to all transistor types. The standard transistor types are categorized in Fig. 1 and typical cross-sections are shown in Fig. 2. The original reason for the designation of the two classes of transistors was that the unipolar operation depends on only one carrier (majority) and the bipolar operation depends on both minority and majority car- riers. The bipolar is then seriously degraded by minority carrier lifetime reduction, whereas the unipolar or field effect transistor is not. One of the two principle classes of field effect transistors, the junction field effect transistor (JFET), depends strongly on carrier removal. However, the insulated gate (MIS) is little affected by either carrier removal or lifetime changes, but is virtually eliminated as a radiation resistant device because of permanent charge build-up in the insulator caused by ionizing radiation. The bipolar and JFET suffer only minor effects due to charge build-up in the oxide passivation when compared1 to the MOS. This is because the active region of the MOS is adjacent to or part of the oxide layer. It is then the bipolar and JFET which are potentially resistant to permanent radiation damage. DERIVATION OF RADIATION TOLERANCE RELATIONS Criteria. The bipolar is by far the most widely used transistor type. The usual criteria for hardening bipo-

Jan 1, 1970

By R. W. Heckel, H. W. Paxton

The growth of grain boundary films and Widmanstiitten plates of proeutectoid cementite in hypereutectoid steels ulas considered quantitatively in three plain carbon steels and one "pure" iron-carbon alloy. Growth was found to take place at a slower rate than would be predicted on the basis of a model invoking rate control by long range diffusion of carbon. The films in the pure alloy grew faster than those in the plain carbon steels. A possible explanation is suggested. In 1904, Nernsst' and Brunner2 postulated that ionic crystals growing in supersaturated aqueous solutions grew at rates determined by diffusion through the solution to the growing crystal interface. The gradient down which the diffusion took place was assumed to be fixed by the supersaturated bulk solution concentration, the concentration dt the crystal surface and some arbitrary distance. The flux of material to the crystal was described as Flux where D is the diffusion coefficient, A the crystal surface area, Ci the bulk solution concentration, Co the saturated solution concentration, and 6 the thickness of the diffusion zone. It is obvious that the expression is an adaptation of F+ick's3 first law of diffusion (steady state). This was the initial formulation of what will be defined here as "diffusion controlled growth," i.e., growth limited by the long range diffusion of a component either to or from the advancing interface assuming both phases at the interface to be in equilibrium. This idea of equilibrium interface concentration implies an infinite reaction rate at the interface. Volmer, Zener,' and 11schner6 have derived expressions for the diffusion controlled growth of spherical precipitates in metallic systems. These analyses agree that the growth in a given direction should be parabolic with time. Brown and Hawkes7 observed that graphite, formed both from the decomposition of cementite and from the decomposition of eutectoid austenite in cast irons, grew according to a parabolic relationship and, therefore, concluded that the laws of diffusion controlled growth, as defined above, were obeyed. They, among others, failed to consider, however, that parabolic growth is a necessary, but not sufficient, condition for diffusion controlled growth. Mehl and Dube"' have pointed out that equilibrium may not be realized because the concentration at the interface cannot change instantaneously from that of the bulk to the saturation value. Furthermore, they propose that an equilibrium solute concentration in the parent phase adjacent to the precipitate would remove the thermodynamic activity gradient across the interface and, thus, stop the growth process. Frisch" has also emphasized the importance of interface concentrations that vary throughout the growth of a new phase. The variation in activity across an interface, as discussed by Onol' and Cahn and Hilliard,12 is of fundamental importance to this question. Ham13 considered the data of Turnbull14 on the growth of barium sulfate in aqueous solutions. He concluded that the data could be analyzed in terms of a radiation-type boundary condition. Flux across interface = K (c, - C,) [21 where C, is the concentration in the solution at the interface, Co the saturated solution concentration, and K the proportionality constant. The edgewise growth of Widmanstlitten plates, frequently referred to as the rate of lengthening, was first considered by Zener.'' Basing a mathematical analysis on steady-state (constant velocity) growth he concluded that where G is the growth rate, D the solute diffusivity, Ci the concentration in the bulk, Co the equilibrium interface concentration, C, the concentration in the precipitate, a a constant, Y the radius of curvature of the edge of the plate, and rC the critical radius, i.e., the radius which would increase the activity of solute at the interface at equilibrium under the influence of capillarity to that of the bulk. Zener1'

Jan 1, 1961

By William L. Langdon

PRELIMINARY COMMENTS Recent years have been difficult for the mining industry, as reported in the most recently published Minerals Yearbook (Volume III), the estimated value of world crude mineral production has been generally declining since an historical peak in 1979 (16).* The costs of mineral extraction have, however, been rising rapidly. Individual project costs are, in general, exceeding the growth rate of mining companies, while operating and technical risks continue to increase (16). Risks resulting from currency flotation and political actions in the host country are also on the increase. Labor difficulties (such as those experienced by Phelps Dodge) and the Reagan Administration's recent rejection of a proposal by the International Trade Commission for higher tariffs and/or quotas on copper imports have also contributed to the mining industry's difficulties. The net result of these factors has been financial difficulties for mining companies with respect to paying for their current financial obligations as well as trouble finding new financing. It may be that one of the main factors in determining the future of the mining industry will be centered upon capital structure, i.e. how its assets are financed. Historical Perspective on Capital Structure In The Mining Industry As discussed by Isreal Borenstein in (4) and Thomas Navin in (7), mining firms typically have used a financial model based upon high financial leverage, i.e. large amounts of debt relative to equity. This has been especially true for American firms developing orebodies discovered overseas. Problems sometimes occurred for those who were forced to commit themselves to completion guarantees in order to obtain bank loans. Mines under these circumstances must be brought into operation regardless of market conditions. Politicians in overseas countries also may use the high profits required by these high risk ventures to argue for nationalization of mines. Coupled with the frequent use of high leverage, mining companies traditionally have paid out a higher percentage of earnings in the form of dividends than manufacturing firms. This is significant, in that such funds paid out in dividends are not available for other uses. Hence, a greater reliance upon debt and/or additional stock issues than would ordinarily be the case for manufacturing firms. Thomas Navin has stated in (7), that the theory behind the high dividend payout was that, "most mining investors thought of themselves as investing in a wasting asset, one that would gradually deplete over time until it ultimately became valueless." Investors, therefore, required a receipt, in the form of dividends, of a percentage of current earnings and a return on original capital. This view of reality, apparently, has not changed in some quarters, even though modern mine management ordinarily replaces depleted mines with new ones. It may be that this practice of high dividend payout coupled with relatively high financial leverage should be reexamined. Current capital structure theory could prove interesting and useful for those concerned with current conditions. Capital structure patterns and related practices in this industry are not, in many cases, congruent with those thought by some to be theoretically optimal. Prelude to Capital Structure Discussion With a few notable exceptions (such as the Guggenheims and Anaconda's chief operating,. officer in 1971) mining companies' chief executives and boards of directors have not been persons with financial backgrounds. This, one could conjecture, might have accounted for the relatively nonsophisticated nature of capital structures of mining companies. In order to appreciate the possibilities with respect to alternative influence on a firm's performance, one must be acquainted with the basics of financial theory. This paper is an attempt to familiarize the reader with (1) capital structure in general, (2) the usual components of this structure, (3) the general theory behind the use of financial leverage, and

Jan 1, 1985

By C. A. WARNER

IN all the meetings of the Petroleum Division, emphasis was placed on the essential importance, in the successful furtherance of our war effort, of efficiently producing, transporting, refining, and utilizing maximum quantities of crude oil and natural gas with the minimum expenditure of critical material. With representatives present from all branches of the petroleum industry, from all parts of the United States, the sessions were opened Tuesday morning with Commander Harry P. Stolz. U.S.N.R., Chairman of the Division, and A L. Haider as associate chairmen. From that time until the symposium on petroleum economics was closed Thursday afternoon papers of exceptional interest and importance were presented and discussed in a most frank and open manner.

Jan 1, 1943

By R. C. Mahon

The Homer iron-ore mine is at Iron River, Mich. Because it covers a large area, 400 acres, and because there was a considerable depth of water in the glacial drift above most of the ore bodies, this mine has presented a number of unusual and often difficult operational problems. The purpose of this paper is to discuss a few of the most important problems encountered. Surface Water Mining on this property was started on one 40-acre tract. The ledge in this area was the highest on the property and, although it was a real problem, water could be handled by underground pumping. During the first period of mining, drifts were driven just under the ledge and holes were drilled through to the surface material. In later years these drifts have been extended wherever possible. Although these drifts assisted in the drainage problem, it was evident they would not be sufficient alone. Before mining on a large scale could be started on this property, the water problem had to be solved. A number of test holes were put down to the ledge, and showed that there was an average 150 ft. of water-saturated glacial drift above the ledge over the rest of the mine. The upper 70 ft. was gravel and sand and the lower 80 ft. clay and hard pan, with some narrow seams of sand and gravel. It was evident that the water above the clay seam could not be drained off through openings in the ledge and for that reason it was decided to install surface drainage wells. This method of drainage was entirely new at that time and was pioneered at the Homer mine. The sinking of the first well was started in June 1929. Immediately following the first well a number of wells were sunk, but only to the top of the clay seam. This was done with the idea that a greater capacity could be obtained in a shorter time from gravel seams where the water flowed more freely and that the cost of pumping the water above the clay seam would be considerably less than if the wells had all been sunk to the ledge at once. Before the drainage of surface water was started, 1200 gal. per min. against a head of 800 ft. was being pumped from the mine. By March of 1932, with five surface wells in operation, the mine pumping had been reduced to 150 gal. per min. At this time we were pumping 5000 gal. per min., under an average head of 110 ft. from the surface wells. The total pumping costs were 30 per cent less than in 1929 because the greater capacity was being pumped at a much lower head. From 1932 to 1936 the mine was idle and all surface pumping was stopped. Since 1936, 10 new wells have been added with a total pumping capacity of 8000 gal. per min. at the present time. The water level has been lowered 70 ft. since surface pumping was started in 1929, and it is now approximately at the top of the clay. To remove the water below the clay seam, 11 of the 15 wells were sunk to the ledge.

Jan 1, 1946

By John Chipman, Minu N. Dastur

This paper presents equilibrium data on the reaction of water vapor with vanadium dissolved in liquid iron at 1600°C. The thermo-dynamic behavior of vanadium and oxygen when present together in the melt is discussed. A deoxidation diagram is presented which shows the concentrations and activities of vanadium and oxygen in equilibrium with V209 or FeV2O4. STUDIES of the chemical behavior of oxygen dissolved in pure liquid iron1-3 have served to determine with a fair degree of accuracy the thermody-namic properties of this binary solution. The practical problems of steelmaking, however, involve not the simple binary but ternary and more complex solutions. Only a beginning has been made toward understanding the behavior of such systems. The silicon-manganese-oxygen relationship was studied long ago by Korber and Oelsen4 and more recently by Hilty and Crafts." The carbon-oxygen reaction was investigated by Vacher and Hamilton6 and by Marshall and Chipman.7 A number of deoxidizing reactions have been studied empirica1lys'10 with the object of determining the appropriate "deoxidation constants." The work of Chen and Chipman" afforded a clear-cut view of the effect of the alloy element, chromium, on the thermodynamic activity of oxygen in liquid ternary solutions. These investigators determined the oxygen content of experimental melts which had been brought into equilibrium with a controlled atmosphere of hydrogen and water vapor and were able to show that the presence of chromium decreases the activity coefficient of oxygen. They determined also the conditions under which the two deoxidation products, Cr2O3 and FeCr2O4, were formed and showed that the activity of residual oxygen is considerably less than its percentage. It was the object of this investigation to apply a similar method to the study of molten alloys of iron, vanadium, and oxygen. Vanadium was once considered a moderately potent deoxidizer, but this is now known to be erroneous, in the light of its behavior in steelmaking practice. Its reaction with oxygen retains a certain amount of practical interest in that a high percentage of one element places a limit on the amount of the other that can be retained. As a deoxidizer it will be shown that vanadium lies between chromium and silicon. Experimental Method The apparatus was that used by the authors3 in their study of the equilibrium in the reaction: H2(g) +O = H2O(g);K,= [1] PII., ao Crucibles of Norton alundum or of pure alumina were used. The latter were made in this laboratory and were of high strength and low porosity. Under conditions of use they imparted no significant amount of aluminum (less than 0.01 pct) to the bath. Temperature measurements were made with the optical equipment and calibration chart of Dastur and Gokcen.= The charge was made up of calculated amounts of ferrovanadium (20 pct V) and clean electrolytic iron totaling approximately 70 g. The first few heats were made in alumina crucibles with an insufficient amount of vanadium so that no oxide of vanadium would be precipitated under the particular gas composition. All the heats were made at 1600 °C under a high preheat and with four parts of argon to one part of hydrogen in the gas mixture to prevent thermal diffusion. The rate of gas flow was maintained constant at 250 to 300 ml per min of hydrogen. The time for each heat was three quarters of an hour after the melt had melted and attained the required temperature (1600°C). The water-vapor content of the entrant gas mixture was gradually raised in succeeding heats, keeping the vanadium content of the melt constant. This was controlled by manipulation of saturator temperature. A point was reached when for a given H2O:H2 ratio some of the dissolved vanadium was oxidized and appeared as a thin, bright oxide film on top of the melt. By raising the temperature of the melt it was possible to dissolve the oxide film which reappeared as soon as it was cooled down to 1600°C. The temperature readings taken on the oxide film were consistently higher by 80" to 85 °C as observed by the optical pyrometer. The heat was allowed to come to equilibrium under a partial covering of this oxide film. At the end of the run the power and preheater were shut off and the crucible containing the melt was lowered down into the cooler region in the furnace. This method of quenching proved quite

Jan 1, 1952

By Arvid E. Anderson, Frank K. Cameron

The weathering of copper-bearing ores with the formation of a water soluble salt and the recovery of the metal by leaching and evaporation precipitation, are processes long known, which have at various times been utilized with more or less commercial success. It is commonly assumed that the technical principles involved are quite simple and their application to a particular case easy. If these assumptions were true, we should anticipate a long list of uniformly successful leaching operations, which is not the case, and one would be justified only in calling attention to either unique or peculiar features of any particular enterprise; whereas, in studying the problems of the recovery of copper from the old workings of the Ohio Copper Co. in the light of available descriptions of other leaching projects, we have not found the assistance hoped for to guide us to the best realization of our own opportunities. It appears desirable, therefore, to call attention to these guiding principles, together with a description of the facts of accomplishment. Justification lies in the fact that the leaching and precipitation of copper at the Ohio Copper Co. mine in Bingham Canyon, Utah, is successful. This success is measured by an average monthly production of 600,000 Ib. of copper at an average operating cost, to date, of 3.85 cents per pound at the company's workings, or 6.32 cents per pound after paying shipping and smelter charges on the finished copper. A total of 17,076,099 Ib. of copper had been shipped to the smelter from the beginning of operations, August, 1922, to April 1, 1925. Probably these results can be bettered with further study and realization of the factors involved and the devising of methods of meeting them. It is now an assured fact that the enterprise will have a relatively long and continuously profitable life and that its reserves will not, nor cannot, be suddenly and permanently depleted. It is particularly noteworthy that the financing of this enterprise has been entirely from its earnings. The few hundred dollars necessary for the first experiments and production were obtained by the sale of used, and no longer needed, equipment from a mill belonging to the company; and all funds since required throughout the growth and development of the enterprise, from a few troughs with a production of 2000

Jan 1, 1926

By F. P. Dewey

The first systematic attempt of the National Museum to gather material representing the economic geology and metallurgy of the country was made in connection with the Centennial Exhibition. The department may be considered as having originated then, althongh it was not formally inaugurated until December, 1882. Previous to the Centennial, all the illustrations of economic geology had been included in the mineral collection, and the illustrations of metallurgy were so very few that they had also been included with the minerals. When the museum began its collections for the Centennial, the subject of the mineral resources of tile United States was placed in the hands of Professor Wm. P. Blake, who was eminently fitted to undertake the work by his experience at various international exhibitions and his extensive acquaintance with the mining industry of the country. Professor Blake prepared a broad and exhaustive plan for this purpose, and the very large collection shown at Philadelphia was well calculated to set forth the vast mineral wealth of the country. The history of the department proper may conveniently be divided into three periods : first, the formative period, during which the Centennial material was mainly administered upon, ending Jnly 1, 1884, with the beginning of the preparation for the New Orleans Exposition; second, the New Orleans Exposition period, from July 1, 1884, to June 30, 1887, during which the collections for the New Orleans Exposition were made, exhibited at New Orleans, returned to Washington, and installed permanently in the museum; third, the southwest-court period, from July 1, 1887, to October 1, 1889, during which the collections were arranged in the southwest court of the museum.

Jan 1, 1891