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By DeVerle P. Harris

Risk for most mineral investments is greater than that of average business ventures, because the physical and economic characteristics of the mineral deposit are never known with certainty. Inasmuch as the merits of a potential mineral investment cannot be fully appraised without consideration of the impact to the investor of the possible unfavorable events associated with the adoption of the project, methods of risk analysis are important in project evaluation and investment selection. The conceptual framework for risk analysis and the means by which some of the recommended practices might be implemented are examined. In addition to the normal business risk due to market forces, the physical and economic characteristics of the mineral deposit are never known with certainty, for only partial or indirect information is available, such as data from drill cores or surface and underground workings. Consequently, risk for most mineral investments is greater than that of average business ventures. Inasmuch as the merits of a potential mineral investment cannot be fully appraised without consideration of the impact to the investor of the possible unfavorable events associated with adoption of the project, methods of risk analysis are important in project evaluation and investment selection. This paper examines the conceptual framework for risk analysis and means by which might be implemented some of the recommended procedures. Utility Theory A discourse on risk and its impact upon investment selection quite often leads the reader into the concept of utility theory, for utility theory is a device constructed by economists to measure the satisfaction an individuai receives from a good; in the case of investment analysis, that good is the outcome of an investment. It briefly is reviewed here to describe the reaction of the individual to risk and as a stepping stone to other techniques more suited to risk analysis at the level of the firm. Utility theory proposes that an investor possess a utility map (curve), such as indicated in Fig. 1, which indicates the value in utiles of potential monetary rewards to an individual with some specific endowment of resources. Points on this map are obtained from the following relationship:

Jan 1, 1971

By Clarence G. Merritt

Stainless iron, as mild stainless steel is usually called, an alloy ranging from 11.50 to 15.00 per cent chromium with carbon under 0.12 per cent, has been considered to be not appreciably affected in respect to corrosion resistance by heat treatment. This metal, while one of the most widely used of the "straight" chromium stainless alloys, has failed in many applications because of insufficient information regarding heat treatment. These failures have been attributed to many possible causes from an inherent lack of resistance to corrosion and misapplication to mlysterious electrolytic effects or comparatively minute non metallic inclusions. Many uses for a steel with such excellent physical properties as are latent in this alloy have been lost on account of corrosion failures which could have been avoided by applying proper heat treatment. The alloy has not received the recognition or attention it should because of the fact that the details of its metallurgical behavior were not thoroughly understood. Response to heat treatment of the steel is well known as regards tensile properties,1-2 but its application has been for improvement in tensile characteristics or on account of machining considerations rather than for corrosion prevention. The potential user of this steel has not been clearly advised in papers, either technical or commercial, that have been written about it in the last 10 years or more, of particular features that are of prime importance in developing the excellent properties of this metal. The data to be presented in this paper are concerned mainly with the effect of heat treatment on the corrosion resistance, but a study has also been made of the concurrent microstructural changes and an explanation developed for the phenomena revealed, as well as a correlation to the other physical properties—hardness, tensile characteristics and impact strength. Stainless steel, largely used for cutlery purposes, an alloy of approximately 13.00 per cent Cr with 0.30 per cent C;, must be hardened and the surface prepared by polishing or pickling for best resistance to staining and corrosion. Monypenny reports that a loss of hardness is

Jan 1, 1932

By C. G. Bieber, J. R. Mihalisin, R. T. Grant

A growing demand for longer service life of gas turbines has placed increasingly rigorous requiret~rents upon superalloys employed for that application. Long-titne testing at high temperature has revealed that phase transformations occur in all superalloys. A common one of particular interest is o formation. Presented here are studies made to identify a and to characterize its formation and effect on properties in three cast nickel-base superalloys—IN 100 alloy, alloy 713C, and alloy 713LC. Methods are discussed by which o can be eliminated or inhibited in IN 100 alloy and alloy 713C. Evidence was obtained to indicate that some types of o may be more detrimental than others. Limitations in the electron vacancy approach to o prevention are pointed out, and it is shown how alternative approaches, such as reducing a complex superalloy matrix to the form of a pseudo-ternary system permitting equilibrium diagram treatment, lead to additional insights into the formation of in these alloys. AROUND 1960. Beiber1 developed IN 100 alloy, which still remains one of the strongest commercially available nickel-base superalloys. The principle used in the design of this alloy was to produce large quantities of y' phase in a y matrix through the use of copious amounts of aluminum and titanium. In 1963, ROSS' showed that when certain heats of this alloy were held for a long time at 1650°F they formed an acicular phase, subsequently identified as a.3 a is a hard and brittle phase first discovered in the Fe-Cr system by Bain and Griffiths.4 They termed it the "B" constituent. Subsequently this same phase was found in other systems, primarily those of the transition elements, and acquired the name "a" by which it is now known. The crystal structure of the a phase was first determined in the Fe-Cr system in 1950.5 It was shown to be tetragonal with a c/a ratio of about 0.52. as is the case with a found in other systems. This characteristic crystal structure is now the means by which a is identified. In superalloys, such as IN 100 alloy. large amounts of o impair the high-temperature creep strength and drastically reduce room-temperature tensile ductility. Discovery of o phase in some heats of IN 100 alloy quickly led to investigations of other superalloys for similar transformations. It was found that many of the stronger, more highly alloyed. super-alloys were indeed susceptible to o formation. This investigation has been concentrated on three commercial alloys: IN 100 alloy, alloy 713C, and alloy 713LC. J.R.MIHALISIN,MemberAIME, and C.G.BIEBER are with The International Nickel Co., Inc., Paul D. Merica Research Laboratory, Sterling Forest, Suffern, N. Y. R. T. GRANT, Member AIME, is with The International Nickel Co., Inc., Pittsburgh, Pa. Manuscript submitted May 22. 1968. IMD A detailed study has been made of the phase transformations and their relation to a formation along with a consideration of electron vacancy approaches for predicting a-forming propensity in these alloys. EXPERIMENTAL PROCEDURE Phase transformations were studied by light and electron microscopy, electron diffraction, microprobe investigations, and X-ray diffraction. Specimens for light micrographic examination were prepared by conventional grinding and polishing followed by etching with glyceregia (2:l HC1/HNO3 + 3 glycerine by volume). Photomicrographs of stress-rupture specimens were taken adjacent to the fracture unless otherwise noted in the text. Negative replicas for electron microscopy were taken from surfaces electropolished with a solution of 15 pct H2SO4 in methanol. For carbon extraction replication, a solution of 10 pct HC1 in methanol was used. A Siemens Elmiskop I was used for all electron microscopy. Selected-area diffraction studies were made at 80 kv using evaporated aluminum for standardizing the patterns. A nondispersive electron microprobe attachment was used to analyze the extracted precipitates chemically. The fluorescent X-rays were recorded using a flow counter containing P10 gas (90 pct Ar-10 pct methane) with a beryllium window and a single-channel pulse-height analyzer. The pulses from the analyzer were passed to a scaler-ratemeter and differential curves of counting rate vs pulse amplitude were obtained. The base line of the analyzer was driven with a synchronous motor at 0.5 v per min and a channel width of 0.5 v. The time for 105 counts was printed out for each 0.5-v increment. The microscope was operated at 80 kv with beam currents of 1 to 20 pa. This equipment detects elements from atomic number 13 to 40. X-ray diffraction studies were usually made on residues electrolytically extracted in 10 pct HC1 in H2O, although in one case a pattern was obtained from an etched surface of a metallographic specimen. A Siemens Crystalloflex IV was used with iron-filtered CoKa radiation. X-ray patterns were recorded using a goniometer speed of : deg per min. The scintillation counter and pulse-height analyzer operated at a channel height of 10 v and a channel width of 12 v. The equipment was calibrated with a powdered gold standard. The residues usually contained a number of phases. several of which could not be found in the ASTM card file. In addition, as is shown for the case of a phase in IN 100 alloy, other phases had a somewhat different lattice parameter from that reported in the ASTM card file, making it difficult to separate and identify constituents by comparison with ASTM d spacings. For these reasons, phases were identified on the basis of the lattice parameter obtained by indexing the ob-

Jan 1, 1969

By S. R. Krogh, T. O. Olsen

Analytical expressions for the breakage rate as functions of mill charge, mill speed, particle size, ball diameter, and ball load are derived, using idealized models for probability of breakage (Gaudin and Meloy), energy distribution (Mempel), and arithmetic mean of effective ball energy (Langemanns). Computational results using the theoretical equations are compared to experiments. The equations enable simulation of ball mill grinding at different grinding conditions.

Jan 1, 1973

By I. Iwasaki, K. A. Smith

A chlorination process for treating metal sulfide flotation concentrates is described. The process involves low temperature chlorination combined with sulfur chloride conversion and selective oxidation to produce nonferrous metal chlorides, elemental sulfur, and ferric oxide in a three-stage fluidized bed reactor. The nonferrous metal chlorides may then be water leached, separated, purified, and electrolyzed to recover copper and nickel metals and to regenerate chlorine for recycling.

Jan 1, 1986

By S. K. Ghosh

This paper discusses how the information on ash composition, ash-fusion temperatures, and ash-slag viscosity can be used to predict slagging and fouling potentials of a particular coal. A review of several empirical parameters that are commonly used for determining such potentials is given. Also, some guideline values for interpreting the relative propensity of slagging and fouling of various types of coal are provided.

Jan 1, 1986

By C. W. Ryan

THIS paper contains a brief sketch of the geology of soapstone in the Piedmont section of Virginia, in the southern portion of Nelson County; also a description of methods of prospecting, developing quarries, quarrying and and milling methods in that section. The paper is intended for those who have little information regarding soapstone; undoubtedly men of practical experience will find many points for criticism.

Jan 1, 1929

By J. Fred, Johnson

THIS TALK is a digest of some of the information contained in tables, one on practices and one on costs of shaft sinking, in Bulletin 357 of the U. S. Bureau of Mines written by E. D. Gardner, Supervising Engineer of the Bureau at Tucson, and myself. The table of practices contains information on 43 shafts and the table of costs contains information on 25 shafts. These various shafts were sunk between 1917 and 1930 so they may be termed modern practice with costs applicable in the United States, Canada and Mexico. In the compilation of this material the statistics on shafts which were concreted have been eliminated, as these figures were entirely out of line with corresponding figures for timbered shafts. It is my experience that where costs are divided between sinking and concreting the tendency is to load the costs onto the larger item of concreting. Thus a shifting of costs making an addition of 10 per cent in concreting costs may suffice to make a deduction of 40 per cent in sinking costs. Fine work is done (on the books) and everybody is happy. Most shafts are sunk with three shifts of men per day. Each shift consists of men who are miners, muckers, or timbermen, as chance may call for during their shift. Where pumping or high fixed costs do not necessitate three shifts it is cheaper to sink on two shifts. It is desirable for speed and economy in any case to work out a cycle of operations for each 24 hours. In this way men are hired for their ability as machinemen, muckers, or timbermen; they know exactly what to do and there is no passing the buck to the next shift.

Jan 1, 1933

By Luther W. Bahney

(San Francisco Meeting, October, 1911.) LIME is the alkali that is almost universally added to the solutions in the cyanide process of gold- and silver-extraction for maintaining the so-called, protective" alkalinity. It is produced by the burning of limestone. The value of lime for this purpose depends upon the percentage of calcium oxide contained, which is determined by three factors : 1, purity of the limestone used; 2, degree of the burning-temperature and the period of burning; and 3, length of time of storage of burned material and the condition stored, and whether it has been damp or wet during the storage. These three factors render uncertain the quality of lime bought in the open market. In the United States, lime bought from reliable manufacturers, who thoroughly burn a pure limestone and deliver at once to the consumer from the kilns, may be of a fairly-high and uniform composition ; but in Mexico and Central America, where it is purchased from many small producers, who often start with a poor grade of limestone and burn it in small crude kilns with as little fuel as possible, the quality of the product is quite variable. In consideration of the foregoing, it is apparent at once that there is a great need for a rapid technical method for the valuation of the lime to be used in a cyanide-plant. The determination of calcium by the gravimetric method, with the necessity of determining also the proportion of carbon dioxide, silica, and iron, requires too much time, and is usually out of the question for an isolated plant unequipped with a skilled chemist and, the necessary apparatus. The calculating of all the calcium so found to calcium oxide, although sometimes done, is manifestly very inaccurate.

Nov 1, 1911

1. Healthy and active Local Section organizations are vital factors in promoting the vigor and growth of the Institute. 2. Activity on the part of Local Sections should be recognized and stimulated by appropriation of funds from the Institute's treasury; and these appropriations should be as large as is consistent with the relative needs for other activities. 3. As between different Sections, the amount of such appropriations should be based primarily on the extent of activities as reflected in the number and character of meetings held and the attendance of the members at such meetings. 4. In making a request for funds for any year, the officers of a Local Section should submit a report on the printed form approved by the Directors at their meeting on November 19, 1937. 5. A standing Committee on Local See-

Jan 1, 1943

POSITIONS VACANT (Under this heading will be published notes sent to the Secretary of the Institute by members or other persons.) Two metallurgical chemists for permanent positions in Siberia; one man to have charge of laboratory dealing with the products of a mill working silver-lead-zinc ores, the other to have charge of laboratory in connection with smelting these products. Established camp; living conditions and climate good. Married men preferred. No. 57. An electro-metallurgist for small zinc plant now under construction. Moderate salary to start but likelihood of substantial increase if plant proves successful. No. 58. Assistant engineer in office of consulting engineer for large mining and smelting company. Man desired with technical education and broad experience in mechanical line in connection with mining and smelting operations, capable of taking charge of office and drafting room. No. 59.

Jan 1, 1916

1. Healthy and active Local Section organizations are vital factors in promoting the vigor and growth of the Institute. 2. Activity on the part of Local Sections should be recognized and stimulated by appropriation of funds from the Insti¬tute's treasury; and these appropriations should be as large as is consistent with the relative needs for other activities. 3. As between different Sections, the amount of such appropriations should be based primarily on the extent of activities as reflected in the number and character of meetings held and the attendance of the members at such meetings. 4. In making a request for funds for any year, the officers of a Local Section should submit a report on the printed form approved by the Directors at their meeting on November 19, 1937. 5. A standing Committee on Local See-

Jan 1, 1942

1 Healthy and active Local Section organizations are vital factors in promoting the vigor and growth of the Institute 2 Activity on the part of Local Sections should be recognized and stimulated by appropriation of funds from the Institute's treasury, and these appropriations should be as large as is consistent with the relative needs for other activities 3 As between different Sections, the amount of such appropriations should be based primarily on the extent of activities as reflected in the number and character of meetings held and the attendance of the members at such meetings 4 In making a request for funds for any year, the officers of a Local Section should submit a report on the printed form approved by the Directors at their meeting on November 19, 1937 5 A standing Committee on Local See-

Jan 1, 1952

EXPLORATION U.S. 4,065,972 - Exploration for subsurface ore bodies of uranium. mercury or other inorganic or organic minerals having specific gases associated thereto Small gas sample containers are planted in a plurality of shallow holes in the surface of the earth in a predetermined pattern and left in place for a period of time sufficient to collect migrating gases. Each container includes a gas collection chamber and means for admitting gases at a predetermined flow rate. Strips of detector material which is sensitive to specific gases are mounted in the collection chamber. Recovered containers are subjected to qualitative and quantitative analysis. F. W Holub and H. W. Alter, assigned to Terradex Corp Jan. 3, 1978. 9 pp (73-421 5R) Filed 5-24-76 (689,710) Same. British 1,498,737, dated Jan. 25, 1978

Jan 1, 1979

1. Healthy and active Local Section or¬ganizations are vital factors in promoting the vigor and growth of the Institute. 2. Activity on the part of Local Sections should be recognized and stimulated by appropriation of funds from the Insti¬tute's treasury; and these appropriations should be as large as is consistent with the relative needs for other activities. 3. As between different Sections, the amount of such appropriations should be based primarily on the extent of activities as reflected in the number and character of meetings held and the attendance of the members at such meetings. 4. In making a request for funds for any year, the officers of a Local Section should submit a report on the printed form approved by the Directors at their meeting on November 19, 1937. 5. A standing Committee on Local Sec-

Jan 1, 1944

POSITIONS VACANT (Under this heading will be published notes sent to the Secretary of the Institute by members or other persons.) Metallurgist wanted for research in iron and steel. Man with experience in mills preferred. Salary $4,000. No. 13. Opening for a few technical graduates to act as instructors in mining to men at the mines under the supervision of the State mine inspector. Salary $1,800 per year. No. 14. ENGINEERS AVAILABLE (Under this heading will be published notes sent to the Secretary of the Institute by members or other persons.) Mining engineer and metallurgist open for engagement, as superintendent of mines or constructing engineer. Technically educated, with 14 years' experience in United States and Latin America in concentration, amalgamation, cyaniding, constructing. Just finished building large modern all-sliming cyanide mill in Central America. No. 18.

Jan 4, 1914

By W. L. Falke, A. A. Cochran

Vast deposits of low-grade manganese ore exist in the United States, yet domestic production is insignificant compared to the more than 2 million tons of ore imported yearly into this country.1 A basic problem in connection with manganese is to find economical ways to utilize domestic resources.2 As a part of its program to conserve domestic mineral resources and to reduce dependence on foreign sources, the U.S. Bureau of Mines has conducted extensive research to broaden manganese technology and to find economical processes for recovering manganese from these low-grade resources. Although a great many processes have been proposed for treating domestic manganese resources, a failing of many of them is that too many steps are involved for economical operation.2 Some of the major processes that have been proposed were reviewed by Norman and Kirby.3,4

Jan 3, 1967

NOTHING makes the run-of-the-hall Congressman feel quite so secure as to be on an investigating committee. It's sure fire publicity for one thing and is a convenient excuse for absence from Congressional sessions when controversial issues are being balloted. The minerals procurement program has just had a thorough investigation by Congressmen of the House Interior and Insular Affairs Committee who heard valuable testimony from men like John D. Morgan, director of materials procurement, DPA. He listed over 40 government agencies concerned with mineral affairs. Testimony disclosed the justification for many of the agencies but Congressmen and mine operators have been regarding the defense minerals program in the same light as did the mining student who remarked to the descriptive geometry prof "it's not the intrinsic difficulty of the problem which gives me trouble; it's the multiplicity of detail."

Jan 9, 1951

By Douglas Baker

Zinc concentrates assaying approximately 54% zinc and 30% sulfur are roasted in a suspension type roaster to yield a zinc oxide calcine assaying about 65% zinc and 0.40% sulfur. This calcine is the feed material to the sulfuric acid leaching section of an Electrolytic Zinc Plant. The SO2 gases resulting from the elimination of sulfur from the concentrates are passed through a waste heat boiler for the generation of high pressure steam, cleaned by a baghouse, and delivered to the humidifying tower of a sulfuric acid plant system. The gases are then treated in a mist precipitator for final fume removal and then converted to sulfur trioxide in a three pass contact system using vanadium pentoxide catalyst for the manufacture of sulfuric acid. Waste heat steam is used to power the steam turbine which drives the acid plant blower.

Jan 1, 1970

By Macelwane

WHAT characterizes a geophysical engineer and sets him apart from all other engineers? This is a question that is important not only for accrediting purposes but is assuming increasing importance in the licensing of professional geophysical engineers by state boards. What is the basis of distinction of one type of professional engineer from another type is answered in part by the need which brought each type into being precisely because that need could not be satisfied by pre-existing types and which nevertheless demanded the special outlook, training, and abilities of an engineer. The need which called for the civil engineer was the adaptation to the tasks of civilian life of the capabilities developed by the military engineer for the design and construction of roads, bridges, dams, earthworks, military buildings, and other structures and of mechanisms required by military operations.

Jan 4, 1954