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By Breaux B. Castleman

The ultimate test of a business strategy is whether it achieves the owner's objectives. Most shareholders are interested in growth and profits, and share values on stock exchanges are very often closely correlated with profit growth and profitability measured as return on equity (ROE). Strategic management, then, involves managing investments or resource allocations to optimize long-term growth and real return on equity, within reasonable limits of risk. Figure 1 shows a plot of the five year, weighted average ROE of a number of communications companies against their stock market valuations in 1983, measured as a ratio of market value to book value. The principal explanation of the differences in the relative valuations of the individual stocks is historical ROE, weighted toward the most recent years. Further analysis demonstrates the added importance of growth in explaining the differences in stock market to book ratios. [ ] Research conducted by Booz Allen and others in recent years suggests that the relationships between ROE and market to book multiples hold true in industry after industry. Furthermore, we have found that in assessing business strategies for companies in these industries, the analyses should focus on whether proposed strategies are likely to lead to consistent long-term growth in real ROE, without excessive leverage. Our research also reveals, however, that these approaches to strategy assessment are not consistently applicable in the natural resource extractive industries. Figure 2 shows a similar comparison of market to book values against five year average ROE for a group of nine mining companies in 1983. Market value of the shares shows little correlation with ROE. [ ] Analysis of the data for other extractive industries indicates a similar pattern; that is, low correlation between share values and

Jan 1, 1985

By F. P. Agterberg

It can be useful to model the mean grade values for a metal in mineral deposits containing that metal as representing the extreme value tail of a lognormal frequency distribution for the concentration values of the metal in common rocks of all types. Results for copper and zinc in the Abitibi area of the Canadian Shield are compared to results previously obtained for the Canadian Appalachian region. The lognormal model is also applied to a set of 162 large gold deposits in the Abitibi area. In the second part of the paper, 1311 large and small gold deposits in the Abitibi area are modeled as discrete events. By means of a newly developed spatial clustering model it is possible to predict the variances of random variables for frequencies of deposits in cells of different sizes.

Jan 1, 1981

By C. W. Washburne

Professor Lane makes an interesting contribution to the study of cholride waters, in saying that calcium chloride waters occur not only in the greenstones of Lake Superior copper mines, but also in the interbedded felsitic conglomerated and…

Jan 1, 1915

By D. Harrington

TheRe has been, during the past year, a wealth of report data and discussion relating directly or indirectly to various phases of ventilation of metal mines, and many of the data are from foreign sources. The phase of the subject most generously accorded the attention of the technical press is that of cooling mine air, with much less attention to other fairly intimately associated features such as fan performance, friction factors, fires, mine gases, mine lighting, health of miners, and ventilation standards. Cooling Mine Air South Africa, with its very deep mining on the Rand and with fairly high working temperatures, 'contributes the most definite data on the subject of cooling mine air, and undoubtedly the most interesting issued are those from a paper by J. H. Dobson,' in which he gives a comprehensive review of the subject as gleaned largely by analyzing the data in three papers.2 Dr. Dobson's summation is decidedly interesting. In general it is recognized that the introducing into the mine and circulating to the working places of large volumes of pure air is the most effective method of giving deep, hot metal-mine workings reasonably efficient working conditions. A tabulation as to the cost of securing various amounts of cooling by circulating various volumes, from 230,000 to 760,000 cu. ft. per min., indicates that there are cost limits beyond which increase of quantity of air in circulation is impracticable, as the annual cost of circulating 230,000 cu. ft. of air per min. in a certain mine at a depth of

Jan 1, 1928

By R. W. Smith

An amine used as a collector in a commercial flotation process is usually a rather impure substance. The differences in ionization constants and solubilities of various amines undoubtedly affect their collecting power or strength. This investigation explores some of the differences among several amines of similar (although not precisely the same) chain lengths. An attempt is made to relate the differences to both observed contact angle and Hallimond tube flotation behavior in quartz systems.

Jan 1, 1974

By Charles A. Ashburner

VERY little is known of the economical value of the cod-bells of the State of Texas. The first authentic statement in regard to their occurrence is that contained in the reports of the United States Exploratians for the Pacific Railroad, near the 32d parallel of latitude, published in 1863-55. Professor William P. Biake reports, "that a number of seams of bituininorls coal, varying in thickness from two to four feet, have been opened along the Brazos River, in Young County, about one hundred and fifty miles west of Fort Worth." Dr: Shurunrd also states, " that the claracteristic fossil fornis of the Carbeiferaas Era have been found with this coal, and considers the age of the formation established. Foesils obtained from the carboniteroas limestone remove all doubt of the age of these deposits."† In the spring of 1879, I was called upon by some Eastern capitalisets to make an examination of the Brazos coal-field, in order to obtain the thickness, extent., and value of the coal which could be mined and be'made merchantable fir stearn, heating, and metallurgical purposes. The demand for coal in this section of the country is great, and a fuel which in our Eastern markets might be considered of inferior quality, would here find a ready sale. It must be remernbered that the market value of a coal does not depen'd upon its absoltite purity, but upon its actual value in heat units which it is capable of prodwing. A poor coal which can be cheaply milled near the consuper, is infinitely more remunerative to a mining company than a superior coal whose cost to the consumer is greatly increased by high mining charges and railroad freights. The value of the Texan coals does not depend upon their purity but upon their low first cost and nearness to a market. A glance at a geological map of the United States, will show that the Brazos coal-field is the extreme southwestern extension of what may be called the Missourian, Fourth or Western, bituminous coal

Jan 1, 1881

By Enrique Touceda

As IN the case of steel and the non-ferrous alloys in general, the use of the microscope in connection with the manufacture of malleable cast iron has proved of inestimable value to the industry. Had its use not been invoked, many facts either would not be known at all or, if suspected, would be confined to the realms of conjecture. No fairer statement could be made than that the start of real progress in the industry was coincident with the application of metallography to the product, though the full significance of this statement can hardly be appreciated except by those who not only are conversant with conditions as they existed at the time referred to, but are familiar with the character of works' practice at the present time. A few years ago, about the only test made to ascertain the physical properties of the product, t except in the case of certain plants, was the bending of a casting to destruction, not only with the object of discovering whether or not the metal was ductile, but for the purpose of inspecting the fracture. The characteristics of the fracture, if correctly interpreted, were known to be of value in locating the trouble in, castings that were inferior. In general, it was found that if a casting of medium or heavy section would bend through a wide angle before failure took place, the fracture in the majority of cases would have a black velvety appearance; while if it was held at different angles to the direction of the rays of light, it would show a change of color and an iridescent sheen. But an inferior air-furnace heat or anneal might yield castings which, if thin and consequently largely decarburized, could be bent double on themselves and still not possess the fracture described. If, on the other hand, a casting broke short, its fracture might have one of a great many different color and structural peculiarities. Depending on the cause of the trouble, such castings might have any of the fracture characteristics, of which the following is but a partial list.

Jan 2, 1920

(Under this heading will be published notes sent to the Secretary of the Institute by members or other persons. ) Position of laboratory assistant in metallurgy, pyrometry, and physical testing is vacant. Salary $80 to $100 to start. Knowledge of metallography desirable. Opening for a mine superintendent familiar with stoking methods on narrow gold quartz veins; also for a. superintendent of a 50-ton fine-grind-in, cyanide mill. College man under 40 preferred. Position in sales department is open for a mining engineer, with experience in mine ventilation and possessing some knowledge of fan design; one competent to lay out ventilating systems to meet various conditions.

Jan 10, 1913

By Hans Schreiber

Launching a panel session isn't easy but after Associate Dean Howard Hartman from Pennsylvania State had made his statement, it was obvious that the balloon would go up. Hartman sees a crisis and gave its dimensions. Even with enrollments declining, there are not enough graduates being recruited by the mineral industry. Opportunities in the mining field are not attractive to youth in the face of competition from other disciplines. Nor will we be able to fill our ranks with good men from other engineering disciplines because they won't be attracted either. Salaries are too low. In 1966, mining engineers from Penn State averaged $660 per month starting. The average of all other engineers was $683 per month. The mining engineers ranked seventh out of nine disciplines. The bad image of the mineral field is created in part by industry which offers poor working conditions and inconsequential jobs and in part by the schools which have unimaginative curricula and poor teaching. Hartman called for immediate action and had his own set of solutions ready. "The gut of the problem is pay. Boost starting engineers $100 to $150 a month and older employees in commensurate manner. Compensate for poor working locations by better environment on the job." He did not fail to add that improvement of the public image of the mineral industry is needed. He called for elimination of all of the "schisms," or subdivisions of mineral industry curricula, and suggested a unified curriculum with a name such as "Geo-engineering."

Jan 4, 1967

I would like to congratulate the authors on an interesting paper and, in particular, on their justification of the use of superposition in treating gas wells. They state, however, that no theory has previously been developed lor treating the variable rate drawdown case. In a paper published a few years ago by my colleagues and myself, a method is described which allows a constant rate drawdown curve to be derived for any well. regardless of real rate variations. This method has the great advantage that it is not necessary to make any assumptions regarding the form or uniformity of the reservoir, and the derivation suggested by the present authors is simply an idealized case of our more general treatment. In the light of several years' experience in the derivation of constant rate drawdown curves: I would like to point out that the method proposed by Odeh and Jones may lead to confusing answers, particularly if applied over an appreciable time interval. The reason is that, if pressures are measured when a well is flowing, non-linearities in plots like Figs. 1 and 2 can arise due to either (1) changes in the skin factor with time and/or flow rate, or (2) an inhomogeneous reservoir. Separation of these two effects is only possible if some of the pressures used in the analysis are measured when the well flow rate is 0 or, in other words. during brief shut-in periods. REFERENCES 1. Arthur, K. B.. Metunomski, Z. G. and Ruche, Ms "Intetet ct methode d'utilisa tion des mesures de pression [)our Petude des gisemonts" Revue de T'I.F.P. (Nov., 1962) XVII, 1299. 2. Thomere, R. and Arthur, K. R.: "Analysis of the Pressure Bet~avior of a Production Well Subject to Interterence and Its Application to Reservoir Models", Paper SPE 1189 presented at SPE :Amund Fall Mecting Ireld in Denwer, Colo. (Oct. 3-6, 1965).

Jan 1, 1966

By John D. Clark

ONE'S lifetime does not usually offer the opportunity to observe and be a part of the commercial development of an entirely new material. Petalite has been known for over a century, but at first it was presumed rare. However, it was found to be so abundant that it has become a new and extremely useful industrial tool.

Jan 10, 1950

By James Bowron

Considering the importance of the steel trade and the strategic position occupied in it by the Birmingham district, it may be surprising to many to learn that the first pig iron smelted with coke was made in Alabama on Feb. 28, 1876, although merchant pig iron had been produced in Rockwood, Tenn., in 1867 -a plant that is still in operation The heavy deposit of Clinton ore, extending from Pennsylvania into Alabama, varies greatly in accessibility, on account of geological changes such as erosion or anticlinal upthrow; it varies equally as much in thickness and in quality. The brown ores extensively scattered through the South also vary materially in quality—some are relatively low in phosphorus and high in manganese, and vice versa. The red ore varies materially in phosphorus, but the iron produced from this ore was always considered too high in phosphorus for treatment by the acid bessemer or open-hearth process and did not contain sufficient phosphorus for the basic bessemer process. Under these conditions there remained only the basic open hearth as a possible process; and for many years it appeared impossible to use this, because, with coke smelted iron, the silicon was too high to permit its use in basic lined furnaces. Various attempts were made, from time to time, to produce a low-silicon iron, by carrying high lime burdens together with harder blowing, but the blast furnaces of the South were not equipped with the blowing power of today and from 31/2to 5-lb. pressure was the normal working condition. The result of these experiments, therefore, was that a furnace would get a lime set or be hastily changed to avoid scaffolding, and engineers and superintendents were careful not to renew the experiments. After the development of the beds of dolomitic stone in East Birmingham, the carrying of sufficient lime to bring down the silicon in the blast furnace to the permissible open-hearth limit was successfully done at the Alice furnace in Birmingham, commencing July 22, 1895. In a very short time the entire output of that furnace was being sold to different Northern steel manufacturers, with a guarantee that silicon and phosphorus should run below 1 per cent.

Jan 1, 1925

By M. Yokoi, K. Yoshida, T. Ishihara

The solubility of aluminum in cryolite melts has been determined by measuring the weight loss of aluminum submerged in melts contained in closed silicon nitride crucibles. The solubility in pure cryolite has also been checked with radioactive isotopes. The solubility decreases with increasing A1203 concentration, decreasing temperature, and decreasing cryolite ratio. The change of aluminum solubility in pure cryolite with the activity controlled by using Al-Ag and A2-Cu alloys supported the assumption that aluminum would dissolve in the form of monovalent ions according to the reaction 2AI + A1' —3 A1'. DURING the electrolytic production of aluminum, the electrodeposited metal redissolves in the bath in some form and is subsequently oxidized back to the former ionic state. This dissolution is believed to cause a decrease in current efficiency. Reported data on the solubility of aluminum in cryolite melts are scattered. The mechanism of the dissolution has not yet been determined, although certain tentative interpretations have been proposed. Many previous studies were performed under different test conditions. Studies were performed in open Systems and closed systems,'o and some were apparently not given sufficient time to Saturate." The solubility can be determined either analytically or gravimetrically. The analytical determination involves measurement of hydrogen gas evolved when frozen cryolite bath saturated with aluminum is treated with sodium hydroxide or hydrochloric acid. The gravimetric determination, adopted by many investigators,'-37'3>14 involves measurement of weight loss of the metal after equilibration with a known amount of salt. It appears that the former technique yields much smaller values of solubility than the latter technique. This large difference in results strongly suggests that the dissolved metal in the cryolite melt is no longer in the metallic state. In the present study, the solubility was determined by the gravimetric technique at various activities of aluminum using A1-Ag and Al-Cu alloys. An attempt was also made to determine the ionic (or atomic) state of the dissolved metal from the solubility data. 1) EXPERIMENTAL Apparatus. Preliminary tests demonstrated that silicon nitride was suitable as a container material since it is compatible to both the fluoride melts and molten aluminum. Crucibles were made from silicon powder nitrided with Nz gas at 1600°C. The good compatibility between crucible and melts is due to the near perfect nitrogenation of silicon. Only small amounts of silicon were found in the aluminum metal after the experiments. The crucible dimensions were 90 mm inside height, 38 mm ID, 105 mm outside height, and 50 mm OD. Close-fitting lids made of silicon nitride were also prepared. The crucible was placed in a close-fitting graphite crucible heated by a vertical Kanthal furnace, Fig. l. The lid and crucible are fastened tightly together by the condensation of vaporized bath in the narrow gap between them. The temperature was measured in the wall of the graphite crucible and controlled within * 5°C. The temperature difference between the measuring point and the interior of the melts was initially determined. Materials. The materials used were: Greenland cryolite (impurities CaF,, 0.5 pct; AlzO3, 0.2 pct; high-purity aluminum metal (purity 99.99 pct); A1203 and AlF, (provided by Nippon Light Metal Co., Ltd); reagent-grade NaF and CaF2; and 99.9+ pct Ag and Cu. Powdered reagents were carefully dried before use. A1-Ag and A1-Cu alloys were prepared before the experiments; their composition was checked by analysis

Jan 1, 1969

By F. P. Dewey

Rich Hill is situated in the famous car-wheel iron region of Southwestern Virginia, and although it contains many iron ores, this paper will be devoted chiefly to its car-wheel ore. Geologically, Rich Hill is somewhat difficult to describe, as the strata of the region are seriously folded and contorted. It lies at the base of one of the primordial spurs of the Blue Ridge, the ore appearing as a sedimentary deposit on the limestone No. 2, sometimes showing an imperfect stratification, but generally being an

Jan 1, 1882

By F. P. Dewey

RICH HILL is situated in the famous car-wheel iron region of Southwestern Virginia, and although it contains many iron ores, this paper will be devoted chiefly to its car-wheel ore. Geologically, Rich Hill is somewhat difficult to describe, as the strata of the region are seriously folded and contorted. It lies at the base of one of the primordial spurs of the Blue Ridge, the ore appearing as a sedimentary deposit on the limestone No. 2, sometimes showing an imperfect stratification, but generally being an

Jan 1, 1882

By John C. Calhoun, Frank T. Bethel

Glass beads have been surface treated with Dri-film to render them oil wet by n-octane to varying degrees, and capillary desaturation curves have been determined by the restored state method. The desaturation curves show a regularity of increasing displacement pressures as the oil wetness increases. This has been used to compute apparent contact angles between n-octane and water on glass. The family of desaturation curves also shows a regular crossover, such that the residual wetting liquid saturation values are in reverse order to the displacement pressures. A semi-logarithmic variation is shown between the apparent contact angle and the residual saturation. The desaturation data are interpreted to mean that the wetting liquid ceases to be a continuous phase within individual pores before the capillary pressure can be raised sufficiently to force out the wetting phase completely. The saturation of wetting liquid at which this break in liquid continuity occurs is higher as the oil wetness decreases. INTRODUCTION The petroleum industry has for some time been using measurements of capillary pressures on porous media for research correlations and engineering calculations. It has been generally recognized that the capillary desaturation curve reflects the character and arrangement of the pores within the media and the distribution of fluids within the pores. Methods have been proposed for computing pore size distributions, tortuosity factors. and relative permeabilities from capillary desaturation data.' There is little doubt that the interactions between porous rocks and their contained fluids resulting from surface forces play a dominant role in determining the magnitude and direction of capillary pressure measurements. There have been attempts to introduce as variables two quantities — inter-facial tension and contact angle — generally used to char- acterize surface forces, but in spile of the wide interest in these quantities as important variables, few definite conclusions have been drawn concerning their qualitative or quantitative significance. INTERFACIAL TENSION The interfacial tension appears in a capillary pressure function given by Leverett for correlating capillary desaturation type curves. Use of the interfacial tension in this function seems to be justified by other experiments reported. Apparently, interfacial tensions have little bearing on wetting phase residual by desaturation. CONTACT ANGLE The contact angle was utilized as a variable by Bartell and co-workers"." in tests on displacement pressures, later recognized as the initial point of capillary desaturation. Although Leverett did not include contact angle in his original formulation of the capillary pressure function, later workers suggested its addition. Few reports are available to show variation of residual liquid with contact angle as a result of capillary desaturation.' The problems attendant to measuring contact angle within a porous medium are great. As a consequence of the lack of a concrete approach to a measurement. the workers in this area of research have adopted the general expression of "wettability" to indicate the relative position of two liquids saturating a porous body. It has been shown that gross measurements on porous systems, including capillary desatura-tions, are sensitive to wettability. Attempts at giving a scale to wettability in terms of contact angle through capillary desaturation curves have been made and these apparently are steps in the right direction. In these attempts presence of many other variables precludes attainment of exactness. Also, as a result of other variables, it has been impossible to correlate changes in apparent contact angle with changes in other physical measurements of the systems in question. The present work is an attempt to eliminate as many variables as possible in measuring capillary desaturations resulting from changes in contact angle within a porous medium.

Jan 1, 1953

ABOUT 2 lb. of alumina (aluminum oxide) of high purity is required to produce a pound of metallic aluminum. Projected production of metallic aluminum in the United States is now seven to ten times the peacetime rate a few years ago. In the past, all the alumina for aluminum production in the United States has been obtained from bauxite. Part of the bauxite was mined in the United States--chiefly in Arkansas-and part was imported from Surinam. All of it was chemically treated in the United States to separate the greater part of the aluminum oxide from the bauxite, alkaline solutions being used, in a method known as the Bayer process. The ingredients of the bauxite other than alumina, such as the compounds of iron titanium, and silicon, constitute the tailings from the Bayer-process operation. This product contains sufficient iron to give it a red color and hence it is called "red mud." Lime and soda used in the processing, are also present. Varying amounts of alumina remain in the red mud, depending upon the characteristics of the bauxite, the effectiveness of the treatment, and in particular upon the amount of silica originally present in the bauxite. High-silica bauxites result in high alumina loss in the red mud.

Jan 1, 1942

By Frederick Prime

THE Great or Cumberland Valley, which (under a variety of names) extends from Canada, through Vermont, Massachusetts, Connecticut, New York, Pennsylvania, Maryland, Virginia, and East Tennessee, to Alabama, is composed in part of limestones lying immediately above the Potsdam sandstone. Geologically, they belong to the era between the Potsdam and Trenton, and are commonly termed Calciferous. A peculiarity of these limestones is their great richness in limonite or brown hematite ores, which form a large part of the charges of the many blast-furnaces situated on their outcrops. The mines from which the ores are obtained are (properly speaking) only pits or quarries, from which the ore is extracted by means of picks or shovels, powder being rarely employed. The ore does not occur casually at any point in the limestone, but forms regular lines, following apparently the 'outcrops of certain beds. In Lehigh County, Penn., where I have been engaged on the Geological Survey of' the State, during the past season, there are three or four of these lines. During the progress of the survey I was much struck by the fact that the two most important and promising lines of outcrop were, one at the base of the crystalline schists (forming the South or Lehigh Mountain), and overlying the Potsdam sandstone conformably; the other, near the line of junction of the calciferous limestone with the slates of the Cincinnati epoch. The mines along these two lines, following the topography of the country, were in place, richer and more permanent than those of the belts between, which were generally leaner. A peculiarity of these two lines of outcrop, and one to which I particularly desire to draw attention, is the occurrence of what I at first mistook for a highly altered slaty limestone, but which subsequent analysis proved to consist in great part of damourite (hydrated potash mica). The following are analyses of this damourite slate I. From Fogelsville, Lehigh County, within a few hundred feet of the contact of limestone and slate, by Dr. F. A. Genth. II. From Hensingerville, Lehigh County, within 300 feet of gneiss, by Mr. Sydney Castle, of the University of Pennsylvania. III. From Allentown, Lehigh County, within 150 feet of con-

Jan 1, 1875

The Library of the above-named Societies is open from 9 A.M. to 10 P.M. on all week-days, except holidays, from September 1 to June 30, and from 9 A.M. to 6 P.M. during July and August. The Library contains about 55,000 volumes, including sets of technical periodicals and the publications of scientific and technical societies. Members of the Institute, with few exceptions, are forced to spend a portion of their time in localities isolated from sources of information. To these the Library can render valuable service through correspondence; letters requesting information will receive special attention. The Library is prepared to furnish references and copies of articles on mining and metallurgical subjects; to determine the existence of mining-maps, and to furnish general information as to the geology and mineral resources of all countries. All communications should be made as definite as possible so that the information received may be what is desired and not include collateral matter which may not be of interest. The time spent in searching for such collateral matter will be saved, and the information will be sent more promptly and in more usable shape. The members of the Institute can be of service to the Library by forwarding copies of mining reports, maps privately issued, and similar material, which will be classified, indexed, and, made available to other members. Suggestions for additions to the Library, either by purchase or personal solicitation as gifts, will be welcomed. It is hoped that members while in the city will use the Library freely, and assurance is given that most careful service will be rendered to them.

Jan 6, 1914

By Thomas J. O’Neil

During the past five years, the mining industry has been subjected to new operating constraints that are unprecedented in number, scope, and urgency. The industry must operate in a safer, cleaner manner, yet produce more without large price increases. Compliance with any new sweeping legislation is always difficult-and particularly so in today's adverse economic climate, which is being aggravated by the steady stream of environmental control and tax-reform programs. In effect, while government is unwittingly but surely undercutting the country's productive capabilities, it blames industry for the resulting failure to meet consumer demand. Any such real or alleged failure then brings heightened bitterness from Congress. During the recent energy shortage, for instance, threats of nationalization were ventilated in public along with proposals to abolish the mineral depletion allowance.

Jan 11, 1974