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By Stuart A. Bengson

It is extremely difficult to revegetate disturbed sites and mineral wastes in an arid environment because of sporadic and undependable rainfall. Thus, irrigation is often a must for starting seed germination and vegetation. Quite aside from the harsh climate, mining disturbances by themselves cause various adverse conditions for a revegetation program. The problems of revegetating a harsh soil, for instance, are often compounded by the steep slopes of mine wastes. Since these steep slopes intensify the droughty conditions by rapidly draining away soil moisture and accelerating runoff, supplemental irrigation may be the only solution for establishing vegetative cover on the slope.

Jan 8, 1976

TENDENCIES toward nationalization grew noticeably stronger in some areas. Late last fall Bolivia took over the tin mines of four foreign operators and handed them a bill for a fabulous amount claimed for damages. In the same breath, the price Bolivia offered to pay for the mines appeared to many to be slightly ridiculous. Many engineers felt that the country would not be able to run the mines successfully. Even if they could, some thought that the Bolivian Government would gut the orebodies in an attempt to get at rich deposits for high profits, leaving the lean ores in unmineable condition.

Jan 2, 1953

By E. Northcott, F. N. Oberg

High-grade concentrates from Florida pebble phosphate deposits have long been recovered by wet methods. When work was begun in the field, only the coarse pebble (generally +1 mm) was recovered. In the 1920's a froth flotation process was developed to separate quartz from the finer phosphate fractions, but this method proved unsatisfactory for treating the intermediate fraction (-1 mm +35 mesh). Consequently various other processes were adapted, including agglomerate tabling and spiral separation of reagentized feed. Today the three processes are used-washing and screening for coarse pebble, tabling or spiraling for intermediate sizes, and flotation for -35 mesh material.

Jan 10, 1958

By D. Duffey, P. F. Wiggins, F. E. Senftle

An examination of the neutron capture gamma ray method using a 252CF neutron source indicates that this technique may be feasible for process stream analysis of ores. Simulated laboratory experiments were made on iron in taconite and magnetite, and copper and nickel in their respective ores. Satisfactory analyses were obtained for 500-1000-g samples in a combined irradiation and counting time of 100 min. For large industrial size samples this time could be shortened. Based on these experiments, a set of guidelines are given for the use of the neutron capture gamma method in an industrial mill.

Jan 1, 1974

By Raymond B. Ladoo

The Paley report made little attempt to project future production and consumption for any industrial mineral except fluorspar and only about a dozen minerals were mentioned by name. Except for fluorspar the treatment consisted mainly of statistics of production, consumption, imports, and sometimes reserves up to 1950. FLUORSPAR In 1954 the author had occasion to evaluate the Paley fluorspar estimates. At that time a fairly detailed study of the world picture was made and bases for the Paley estimates were studied. Data for later years confirm, in the main, the conclusions reached in this earlier report and it will be drawn upon here.

Jan 11, 1959

By K. V. S. Sastry

This paper summarizes recent research on the kinetic aspects and process behavior of agglomeration in balling circuits. The physical concepts underlying agglomeration, the mechanisms responsible for size changes during agglomeration, and a generalized population balance model for agglomeration systems are summarized. Experimental techniques for investigating the batch balling behavior and for simulating the balling- circuit operations are reviewed. Further, the effect of such operating variables as feed moisture, bentonite content, and the rate of feed addition are discussed. An approach to the computer simulation of the agglomerating circuits is shown and the importance of such models in process engineering is discussed.

Jan 1, 1977

By M. H. Brady, J. G. Roscoe

Continental No. 1 This mine in Lisbon Valley has an orebody about 1200 ft long and varying from 250 to 70 ft wide. Average width is about 100 ft and stope heights average about 9 ft. It was developed by a 350-ft, 11º inclined shaft for trackless haulage, although a hoist and track are installed for auxiliary hoisting. Mining has been done from horizontal open stopes with random pillar support, using a HD5 tractor for mucking and a 4-wheel drive Gettman shuttle car for tramming. Slushers have been used to some extent in thin ore zones. Back support for stopes and haulage ways has been accomplished by rock bolts and landing mat. The most interesting feature of this mine has been pillar extraction. Mining was done under contract during the first year of operations with little regard for an orderly plan of stope layout or regularity of openings. Most of this work was done in the largest area of the orebody; consequently, pillar recovery has been accomplished under conditions which are far from ideal. However, a workable system has been developed which is competitive, both in cost and production rate, with open stoping.

Jan 7, 1958

By I. H. Warren, E. A. Devuyst

The selective dissolution of pyrolusite (MnO2) in presence of goethite (FeO•OH) in aqueous ammoniacal ammonium carbamate solution has been investigated: various reducing agents were studied, in particular sodium sulfite (Na2SO3,) and hydrazine hydrate (N2H4•H2O). Sodium sulfite was found to be an unsatisfactory reducing agent for both goethite and pyrolusite, for the leaching rate decreased steadily with time to an impractical level because of the limited solubility of the reactions products. Hydrazine hydrate was an effective reducing agent for pyrolusite even at low temperature, whereas goethite required much higher temperatures for any appreciable dissolution. A 1-hr leach at 35°C dissolved 90% of the pyrolusite but only 0.1% of the goethite. An activation energy of 17.0 Kcal per mole was found for the dissolution of pyrolusite with hydrazine. A reaction mechanism for the leaching of pyrolusite with hydrazine is proposed in which a reduction reaction on the surface of the mineral is the rate-determining step. The application of ammonium carbamate to the beneficiation of ilmenite is briefly described.

Jan 1, 1973

By S. C. Robinson

International interest in storage and retrieval of geological data stems from a desire to tap this large and potentially valuable, but little-used resource. The data will be used primarily for development and testing of geological concepts and theory; secondarily as a basis for assessing mineral potential and even individual mineral deposits; thirdly for establishment of world-wide norms averages and standards; and fourthly as a search tool leading to sources of specific data and to repositories of specimens etc. International committee activities are designed to establish acceptable general standards for reference numbering, geographic location, geological terminology, coding etc. ; and to develop progressively the types of data (parameters) that should be recorded in specialized archival files in such fields of world-wide interest as palaeontology, mineral deposits, petrochemistry, stratigraphy, mineralogy, palaeomagnetism, physical geochronology etc. Establishment of world data banks analogous to those in oceanography may come later; for the present we hope to achieve some degree of agreed consistency in national and local data banks throughout the world, and to establish an international index to these banks as first steps in facilitating international exchange. For purposes of this paper, data are defined as facts, reproducibly measured or objectively described.

Jan 1, 1969

By W. A. Goodyear

It is safe to assert that in cities generally, the fuel of the future for all domestic, as well as for most manufacturing and metallurgical purposes, will be gaseous fuel. The immense advantages which gas possesses in facility and cheapness of distribution, cleanliness, and economy of manipulation, and the facilities which it offers for utilizing in almost all cases a much higher percentage of the total quantity of heat produced, than it is possible to do with any kind of solid fuel, are facts which will vastly more than compensate for the comparatively small loss of heating power, which will be found necessary in the turning of the solid fuel into gas upon a large scale, and which, in the bpinion of the writer, will, at no distant day, command attention, and will ultimately result in a revolution in our use of fuel. The employment of gaseous fuel upon a scale of any considerable magnitude, has hitherto been almost entirely confined to the utilization of the waste gases of the iron smelting furnace for heating the blast, and the rapidly increasing use, for certain metallurgical pur-

Jan 1, 1883

By Adam L. Wesner, A. C. Richardson

DURING World War II the demand for electrode carbon was greater than could be met by the supply of petroleum coke available for this use. It was believed that coke made from an extremely low-ash coal might be a suitable substitute for petroleum coke. Requirements for electrode carbon to be used for the production of aluminum are that the silicon plus iron content shall be not more than 0.14 pct of the coke. However, during the period when petroleum coke was in short supply, it appeared that relaxations of the specifications might be allowed to permit 0.4 pet iron plus silicon in the coke. For this work, the specifications were that the coal should contain less than 1 pet of ash, and the combined iron and silicon content of the coal should not exceed 0.28 pct. Heavy-liquid separations made on a number of coals showed that if certain size fractions of some coals were separated at low specific gravities the resulting float products would meet the required specifications. The objective of this work was to develop a continuous, commercially feasible process for producing low-ash coal. After consideration of various processes, the method chosen was a float-and-sink separation using a solution of calcium chloride as the separating medium. Eagle Seam coal was used for the experiments. The -10 +35 mesh fraction was found to be the most promising feed for producing the low-ash [ ] content coal. A batch of 30 tons of -3/8-in. coal was screened at 10 and 35 mesh; the yield of -10 +35 mesh was 20 pct of the feed. This fraction comprised the feed for the separation tests. In spite of the fact that this portion was screened a second time at 35 mesh, the coal still contained 16 pct that was finer than 35 mesh. Three-fourths of the undersize was in the -35 +48 mesh range. A representative portion of the -10 +35 mesh fraction was subjected to batch float-and-sink separations to determine the best gravity to be used in the continuous tests to obtain a high recovery of low-ash content coal. The heavy liquid used was a mixture of carbon tetrachloride and benzene which assured complete wetting of all of the particles. As usual in batch separations, adequate time was allowed for each separation so that even the near gravity particles had ample time to separate. The separations were made at increments of 0.01 sp gr from 1.25 to 1.28 and also at 1.32 and 1.59. Each specific-gravity increment was assayed for ash content. From these data it was concluded that 1.27 sp gr was best for the continuous separation of the coal. The products from the batch separation were composited into float 1.27 and sink 1.27 sp-gr fractions; these were assayed for ash, iron, and silicon. Table I shows the results of the batch separations. The composite float 1.27 fraction contained 66.04 pct of the total weight, and had an analysis of 0.79 pet ash, 0.073 pct iron, and 0.112 pct silicon, or 0.185 pct iron and silicon combined. These data are indicative of the results possible if a perfect separation is made at 1.27 sp gr under static conditions. Inasmuch as the method under investigation is a dynamic system these results could not be obtained. It remained to be determined, however, just how close to the theoretical results the actual continuous separation would be.

Jan 1, 1952

By A. M. Sarem

For the performance prediction of multiphase oil recovery processes such as steam stimulation, there is an acute need for three-phase relative permeability data. No fast and simple experimental technique, such as the unsteady state method proposed by Welge for two-phase flow, is available for the three-phase flow. In this paper, an unsteady - state method is presented for obtaining three-phase relative permeability data; this method is as fast and easy as Welge's method for two - phase flow. Analytical expressions are derived by extension of the Buckley-Leverett theory to three-phase flow to express the saturation at the outflow face for all three phases in terms of the known parameters. It is assumed that the fractional flow and relative permeability of each phase are a function of the saturation of that phase. Other simplifying assumptions made include the neglect of capillary and gravity effects. The effect of saturation history upon relative permeability is acknowledged and attainment of similar saturation history in laboratory and field is recommended. The required experimental work and computations are simple to perform. The test core is presaturated with oil and water, then subjected to gas drive. During the test, required data are the rates of oil, water, and gas production, together with pressure drop and temperature. The ordinary gas-oil unsteady-state relative permeability apparatus can be readily modified to measure the required data. The proposed technique was applied to samples of a Berea and a reservoir core. The effect of saturation history upon relative permeability was studied on one Berea core. It was found that increase in initial water saturation has a similar effect upon three-pbase relative permeability as it does in two-phase flow. INTRODUCTION In the light of increasing demand for three-phase relative permeability data for predicting the performance of thermal and other multiphase-flow recovery processes, a simple and accurate method of experimental determination of such data is extremely desirable. Leverett and Lewis 1 described the simultaneous flow method of obtaining three-phase relative permeability data. However, Caudle et al.2 reported that this method is very time consuming and cumbersome. Corey3 proposed calculating the three-phase relative permeability from measured krg data. Corey's theory is based on simplified capillary pressure curves,4 assuming a straight line relationship between I/Pc2 and saturation. Also, Corey's method assumes a preferentially water-wet system. The simplest and quickest method of obtaining three-phase relative permeability data is the unsteady-state method where, for instance, oil and water are displaced by gas. However, in such a test the correlation of average saturation with relative permeability does not give a valid relationship because the rates of oil, water and gas flow in the sample change continuously from the upstream to downstream end. This difficulty in calculating valid relationships was solved by Welge for two-phase flow by deriving an expression for determining the outflow face saturation from Buckley and Leverett frontal advance equations.5,6 In this paper, relations are established to determine the outflow face saturation and relative permeability to all phases in a three-phase flow displacement experiment. PROPOSED METHOD The fundamentals established by Buckley and Leverett5 for two-phase flow were extended to three - phase flow and used as a basis for the derivation of saturation equations. This approach is comparable to Welge's6 use of Buckley and Leverett theory in arriving at expressions to determine the outflow face saturation of the displacing fluid in a two-phase flow system.

Jan 1, 1967

By D. C. Buffum, L. D. Jaffee

QUANTITATIVE measurements of the temper brittleness of steel are made by comparing the difference between embrittled and unembrittled specimens in the temperature of transition from ductile to brittle fracture. Since hardness affects the transition temperature, a study of the combined effects of hardness and temper brittleness appeared desirable. In this investigation a commercial SAE 3140 steel, which has been reported on previously in temper brittleness studies,* was used. Blanks from this steel were austenitized for 1 hr at 900°C and water quenched. The blanks were then divided into six groups and further heat treated as follows: Group 1—tempered at 675°C for 4 hr and water quenched; Groups 2, 3, 4, and 5—tempered at 675", 650°, 625', and 600 °C respectively for 1 hr and water quenched; and Group 6—tempered at 500°C for y2 hr and water quenched. Each of these groups was divided into two parts; one part was tested without further heat treatment, and the other was embrittled for 48 hr at 500°C and water quenched. Tempering treatments between 500" and 600°C were avoided because of the rapid embrittlement occurring in that range for this steel. The heat-treated blanks were machined into standard V-notched Charpy bars. Each group was tested over a range of temperatures on a 217 ft-lb Charpy machine. The energies necessary to fracture the bars and the percentage fibrous fracture of each bar were recorded. The transition temperatures were obtained from a plot of the percentage fibrous fracture as a function of testing temperature. They were taken as the lowest point on these curves at which the fracture was 100 pct fibrous. The transition temperatures for both embrittled and unembrittled specimens are presented in Fig. 1 as function of the hardness. It will be noticed in this figure that the point for the unembrittled condition at 21 Rockwell C is out of line. These specimens were tempered for 4 hr at 675 °C and this point indicated that under isothermal conditions at this temperature, as is well known, embrittlement may develop fast enough to more than offset the effects of softening. From this data, it was concluded that the difference between transition temperatures for the embrittled and unembrittled conditions at any given hardness, within the range of Rockwell C 24 % to 32lh, is constant. It is also concluded that, within the hardness range studied, the transition temperatures for embrittled and unembrittled specimens rise in a parallel fashion with an increase in hardness. The authors wish to acknowledge the assistance of Frank Carr in this work.

Jan 1, 1952

H. RIES, Ithaca, N. Y.-The part of Mr. Fiske's paper that interests me especially is that portion dealing with the raw materials, and the tests that were applied to the raw materials in order to determine their value in advance, if possible, because that, I believe, is a step in the right direction. For a number of years I have done my best to persuade different consumers of clay to develop standard methods for testing raw materials. We have in this country a large variety of clays which can be used for a great many different purposes, but in many cases the consumers either have no standard methods for determining the value of those clays in. advance, or if they have they do not publish them; consequently it often puts the clay miner at a disadvantage. If, for example, manufacturers of different types of refractory materials would state publicly just what physical tests their raw materials have to meet, it would, I believe, help them to find more easily the materials that they are looking for, and the clay producer would also be benefited. It would also encourage him to have his clays tested in advance, so that samples could be accompanied by certificates of physical tests that would be of convenience to the manufacturer. At the present time, in this country there are certain types of clay which seem to be rather scarce. There apparently are not many deposits of clay that are exactly suited for the manufacture of zinc refractories. So, too, there are not many deposits of clay that are suited for the manufacture of glass-pots, or the blocks for glass tank furnaces, or clays that can be used for graphite crucibles. Now, in many cases, no standard series of tests has been developed. I am also gratified to see that Mr. Fiske considers the tensile strength. tests of value. Some years ago the American Ceramic Society appointed a committee to draw up a series of recommendations covering standard tests. These recommendations were especially for the use of State geologists and the U., .S. Geological, Survey. Among the tests that were considered was the tensile-strength test, which Mr. Fiske has mentioned in his paper. Unfortunately, a majority of the committee turned it down, and the test was therefore not officially approved, but two of us, who formed the minority, believed in it. Since then the other members of the Committee have come to see that that is an important test to make and Mr. Fiske has emphasized it in his paper.

Jan 1, 1918

By John L. Lamont, Walter Crafts

AN investigation has been made of the multiplying factors for some of the more common alloying and deoxidizing elements for use in calculating hardenability of steel according to Grossmann's method.1 The factors for manganese, silicon, and aluminum that were reported in an earlier communication2 have been confirmed by microscopic determination of the half-martensite structure rather than on the basis of an empirically determined hardness corresponding to a half-martensite structure. Measurement of ideal critical diameter by microscopic examination was found to he necessary for other alloying elements, and multiplying factors for nickel, chromium, molybdenum, zirconium, vanadium, titanium, and boron have been determined. The nature and order of magnitude of the multiplying factors reflect the effect of the alloying elements on the structural character of the steel. Except for nickel and vanadium, the multiplying factors agree fairly well with previously published results. Good correlation between actual and calculated ideal critical diameters has been found in developing the multiplying factors and in checking the results against fairly simple steels. However, some discrepancies have suggested the need for a more thorough study of low-carbon and complex steels. TESTING PROCEDURE The investigation was conducted principally on steels made at the Union Carbide and Carbon Research Laboratories, Inc., in high-frequency induction furnaces using Armco iron and standard alloying materials. However, a few open-hearth steels were used in establishing the effect of nickel, and the hardenability factor for boron was based primarily on open-hearth steels. All bars were normalized prior to the machining of Jominy hardenability specimens. The Jominy test was carried out under conditions standard for the test.3 Austenitizing temperatures judged to-be-appropriate for the composi¬tions of the steels were used., Chemical analysis was determined on a sample taken adjacent to the Jominy specimen. Residual amounts of phosphorus, sulphur, nickel, chromium, molybdenum, and copper were determined on only one heat of each group made with the same materials during the same period. "Acid-soluble" aluminum and zirconium rather than total amounts were determined, as it is considered probable that the acid-soluble amount is more representative of the effective alloy. As tin was present to the extent of only 0.002 per cent, its effect was neglected. The method used to determine boron in the steels shown in Table 9* was developed by Galen Porter, Vincent Napoleon, and Thomas R. Cunningham,of the Union Carbide and Carbon Research Laboratories, Inc., and is. a modification of J. Naftel's procedure for boron in soils

Jan 1, 1944

By Walter Crafts, John L. Lamont

An investigation has been made of the multiplying factors for some of the more common alloying and deoxidizing elements for use in calculating hardenability of steel according to Grossmann's method. The factors for manganese, silicon, and aluminum that were reported in an earlier communication2 have been confirmed by microscopic determination of the half-martensite structure rather than on the basis of an empirically determined hardness corresponding to a half-martensite structure. Measurement of ideal critical diameter by microscopic examination was found to be necessary for other alloying elements, and multiplying factors for nickel, chromium, molybdenum, zirconium, vanadium, titanium, and boron have been determined. The nature and order of magnitude of the multiplying factors reflect the effect of the alloying elements on the structural character of the steel. Except for nickel and vanadium, the multiplying factors agree fairly well with previously published results. Good correlation between actual and calculated ideal critical diameters has been found in developing the multiplying factors and in checking the results against fairly simple steels. However, some discrepancies have suggested the need for a more thorough study of low-carbon and complex steels. Testing Procedure The investigation was conducted principally on steels made at the Union Car- bide and Carbon Research Laboratories, Inc., in high-frequency induction furnaces using Armco iron and standard alloying materials. However, a few open-hearth steels were used in establishing the effect of nickel, and the hardenability factor for boron was based primarily on open-hearth steels. All bars were normalized prior to the machining of Jominy hardenability specimens. The Jominy test was carried out under conditions standard for the test.3 Austenitizing temperatures judged to be appropriate for the compositions of the steels were used. Chemical analysis was determined on a sample taken adjacent to the Jominy specimen. Residual amounts of phosphorus, sulphur, nickel, chromium, molybdenum, and copper were determined on only one heat of each group made with the same materials during the same period. "Acid-soluble" aluminum and zirconium rather than total amounts were determined, as it is considered probable that the acid-soluble amount is more representative of the effective alloy. As tin was present to the extent of only 0.002 per cent, its effect was neglected. The method used to determine boron in the steels shown in Table 9* was developed by Galen Porter, Vincent Napoleon, and Thomas R. Cunningham, of the Union Carbide and Carbon Research Laboratories, Inc., and is a modification of J. Naftel's procedure for boron in soils

Jan 1, 1944

By John L. Lamont, Walter Crafts

An investigation has been made of the multiplying factors for some of the more common alloying and deoxidizing elements for use in calculating hardenability of steel according to Grossmann's method. The factors for manganese, silicon, and aluminum that were reported in an earlier communication2 have been confirmed by microscopic determination of the half-martensite structure rather than on the basis of an empirically determined hardness corresponding to a half-martensite structure. Measurement of ideal critical diameter by microscopic examination was found to be necessary for other alloying elements, and multiplying factors for nickel, chromium, molybdenum, zirconium, vanadium, titanium, and boron have been determined. The nature and order of magnitude of the multiplying factors reflect the effect of the alloying elements on the structural character of the steel. Except for nickel and vanadium, the multiplying factors agree fairly well with previously published results. Good correlation between actual and calculated ideal critical diameters has been found in developing the multiplying factors and in checking the results against fairly simple steels. However, some discrepancies have suggested the need for a more thorough study of low-carbon and complex steels. Testing Procedure The investigation was conducted principally on steels made at the Union Car- bide and Carbon Research Laboratories, Inc., in high-frequency induction furnaces using Armco iron and standard alloying materials. However, a few open-hearth steels were used in establishing the effect of nickel, and the hardenability factor for boron was based primarily on open-hearth steels. All bars were normalized prior to the machining of Jominy hardenability specimens. The Jominy test was carried out under conditions standard for the test.3 Austenitizing temperatures judged to be appropriate for the compositions of the steels were used. Chemical analysis was determined on a sample taken adjacent to the Jominy specimen. Residual amounts of phosphorus, sulphur, nickel, chromium, molybdenum, and copper were determined on only one heat of each group made with the same materials during the same period. "Acid-soluble" aluminum and zirconium rather than total amounts were determined, as it is considered probable that the acid-soluble amount is more representative of the effective alloy. As tin was present to the extent of only 0.002 per cent, its effect was neglected. The method used to determine boron in the steels shown in Table 9* was developed by Galen Porter, Vincent Napoleon, and Thomas R. Cunningham, of the Union Carbide and Carbon Research Laboratories, Inc., and is a modification of J. Naftel's procedure for boron in soils

Jan 1, 1944

By G. Rinelli, A. M. Marabini, V. Alesse

Salicylaldehyde, a chelating agent for tin, has been found to function as a collector for the flotation of cassiterite. Infrared and nuclear magnetic resonance studies clearly show that salicylaldehyde can form a chelate compound in bulk and at the surface. Results are also given for the flotation of a tin ore with this reagent.

Jan 1, 1976

By Moshe Sheinkin, Burke O. Trafton

This paper describes the use of a computer in analyzing the expected return on a mining venture. The computer program is designed to incorporate all aspects of a mining project, including the mine, mill, smelter, and refinery. Data input may consist of the operating variables in each phase such as the mining rate, grades, reserves at the mine, and the technical operating characteristics of the mine, mill, smelter, and refinery. Detailed tax computations are shown for a domestic operating company, for a foreign company and for a foreign subsidiary. In addition, the use of the various options that are available such as expense write-offs or deferments to create tax credits during preproduction years are considered, and its effect on the DCF. The program is also constructed to accommodate changes in metal prices, and escalation of capital requirements and operating costs. Output consists of profit and loss statements for entire projects using different methods of depreciation, cash flows, discounted cash flows, net present value and returns on investment. Returns on investment are computed for equity investment, total investment, and total investment less tax credits. Allowances are made for bank and guaranteed loans. Additional financial statements can be made for the following: a) A mine-mill segment with a concentrate selling schedule b) A mine-mill-smelter complex with a smelter product selling schedule c) Profitability of the smelter separately d) Profitability of the refinery separately

Jan 1, 1969

By H. M. Chance

THE present value of most coal properties resides largely in the coal remaining to be mined, which thus constitutes the most important asset. The object of this paper is to discuss methods commonly used in computing the value of mineable coal. To distinguish clearly between such coal values and the values of other property, the several kinds of property values may be divided into classes; this is necessary to avoid unintentional omissions of items of importance. VALUE OF COAL RESERVES Judicial decisions prescribe, and appraisers commonly accept, current sales value as the preferred means for determining the value of transferable property. With few exceptions a property is worth the sum that can be realized from its sale by a willing seller to a willing buyer, a sale in which compulsion urges neither party, and between whom there is no community of interest to fix a value; or it is worth at least as much as a responsible buyer will offer for it. Actual sales of like property or bids from responsible buyers for the property, or for substantially like property, are the best established methods for determining values. Only in the absence of such sales or bids can valuations by other methods be entertained, and only for reasons of weight can sales values be set aside. Sales of coal in the ground, as customarily carried out through lease, under royalty agreements, are therefore the most trustworthy means available for determining the value of coal reserves.

Jan 6, 1926