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By Noel S. Christensen

COBALT is a silvery white metal with a slight bluish cast, strongly resembling nickel in its appearance and properties, notably its resistance to corrosion, although its alloys with other metals differ quite decidedly in their properties from those of nickel. The name cobalt was derived from the German "Kobold" meaning goblin and this came to be applied to the cobalt minerals which, although they resembled ores, did not readily yield metal when smelted by the primitive processes available in the Middle Ages. Cobalt minerals were used as pigments by potters and glass workers before the Christian era. Cobalt blue glass was found in the tombs of the Egyptians and in the ruins of Troy, and many colors used by the ancient Greeks and Romans contained cobalt. The ancients were entirely unaware that the colors they used were caused by cobalt and the metal itself was only isolated about the middle of the eighteenth century by Brandt although the preparation of cobalt compounds had been carried on in a small way ever since the opening of the silver-cobalt deposits at Schneeberg, Germany, in 1470. The metal is fairly hard, with a density when pure of 8.81 in the cast state and 8.92 after working. The commercial grade of cobalt has a density of about 8.75 in the cast state. The atomic weight is 58.97. The Brinell hardness of the pure metal is 124; that of the commercial grade varies from as low as 100 to as high as 138, depend¬ing upon the impurities present. Pure cobalt has a sharp melting point at 1478°C. The tensile strength of the pure metal in the cast condition is said to be higher than that of any other pure metal. Kalmus gives it as 34,400 lb. per sq. in. for cast unannealed metal; the effect of annealing at 850 to 900°C. is to raise the strength slightly. The yield point is close to the ultimate strength and the reduction in area and elongation are both low. Mechanical working raises the tensile strength of pure cobalt rapidly and in the form of wire it will be over 100,000 lb. per sq. in. The presence of small quantities of carbon in the commercial metal raises the tensile strength to as high as 61,000 lb. per sq. in., the reduction in area and elongation being raised at the same time to approximately 20 per cent.

Jan 1, 1933

By Arthur E. Focke

IF a metallurgist employed in an industry producing mechanical parts or assemblies wishes to make the most of his opportunities he will be concerned with every use of metals in that industry. He will not only take part in the testing and treating of the metals used but will assist in their selection and study their behavior in processing and in service. In addition, he will attempt to develop an understanding of the problems involved in the use of the metals in all plant tools and equipment. Metallurgists that follow this course will soon recognize that frequently too little thought is given to the effect of the design of parts on the way the metal in them is expected to behave in service. He will come to realize that changes in the design of a part will often be much more useful than changes in the hardness, strength, composition, or structure of the metals used in them. Does this mean that a metallurgist is out of place in these industries and that he should leave the field to others or be content to fill only a minor role?

Jan 1, 1947

TO THE BOARD OF DIRECTORS OF AMERICAN INSTITUTE OF MINING AND METALLURGICAL ENGINEERS Gentlemen:-I have the honor to present the following, report for the calendar year 1920. The activities which seem to call for special comment are: THE NEW FORM OF MAGAZINE MINING AND METALLURGY appeared every month during the calendar year and has been developed until it contains some ten departments. It has brought forth more commendatory letters than have been received at headquarters on any other subject throughout the year. Less than a dozen letters unfavorable to the change have been received, and the indications are that the magazine has met a want deeply felt, especially by members distant from headquarters. The technical papers printed by the Institute are published in abstract in the magazine and opportunity is given to members who desire them to receive full copies of any or all papers published. The Bound Volumes, as usual, contain all the papers in full and discussions thereof. FINANCES The greatly increased cost of paper and printing has put a tremendous burden on the Institute's finances, since the dues of $12 per year are only 20 per cent. greater than the members paid when the Institute was founded forty-nine years ago. This has resulted in a temporary deficit, similar to that encountered by many of our sister engineering societies. The fact that our Institute has lower dues and gives more in the way of publications to its members than any other of the national engineering societies has rendered the situation more difficult for us. MEETINGS The Annual Meeting in New York, the Field Meeting in the Lake Superior District, the meeting of the Petroleum and Gas members at St. Louis, and of the Institute of Metals Division in Columbus, Ohio, have all been described in full in the magazine.

Jan 1, 1925

By Fred C. Bond

MOST investigators are aware of the present unsatisfactory investigatorsstate of information concerning the fundamentals of crushing and grinding. Considerable scattered empirical data exist, which andare useful for predicting machine performance and give acceptable accuracy when the installations and materials compared are quite similar. However, there is no widely accepted unifying principle or theory that can explain satisfactorily the actual energy input necessary canexplain commercial installations, or can greatly extend the range of empirical comparisons. Two mutually contradictory theories have long existed in the literature, the Rittinger and Kick. They were derived from different viewpoints and logically lead to different results. The Rittinger theory is the older and more widely accepted.'TheRittinger In its first form, as stated by P. R. Ritted.'tinger, it postulates that the useful work done in crushing and grinding is directly proportional to the new surface area produced and hence inversely proportional to the product diameter. In its second form it has been amplified and enlarged to include the concept of surface energy; in this form it was precisely stated by A. M. Gaudin' as follows: "The efficiency of a comminution operation is the ratio of the surface energy produced to the kinetic energy expended." According to the theory in its second form, measurements of the surface areas of the feed and product and determinations of the surface energy per unit of new surface area produced give the useful work accomplished. Computations using the best values of surface energy obtainable indicate that perhaps 99 pct of the work input in crushing and grinding is wasted. However, no method of comminution has yet been devised which results in a reasonably high mechanical efficiency under this definition. Laboratory tests have been reported- hat support the theory in its first form by indicating that the new surface produced in different grinds is proportional to the work input. However, most of these tests employ an unnatural feed consisting either of screened particles of one sieve size or a scalped feed which has had the fines removed. In these cases the proportion of work done on the finer product particles is greatly increased and distorted beyond that to be expected with a normal feed containing the natural fines. Tests on pure crystallized quartz are likely to be misleading, since it does not follow the regular breakage pattern of most materials but is regularrelativelybreakage harder to grind patternat the finer sizes, as will be shown later. This theory appears to be indefensible mathematically, since work is the product of force multiplied by distance, and the distance factor (particle deformation before breakage) is ignored. The Kick theory4 is based primarily upon the stress-strain diagram of cubes under compression, or the deformation factor. It states that the work required is proportional to the reduction in volume of the particles concerned. Where F represents the diameter of the feed particles and P is the diameter of the product particles, the reduction ratio Rr is F/P, and according to Kick the work input required for reduction to different sizes is proportional to log Rr /log 2." The Kick theory is mathematically more tenable than the Rittinger when cubes under compression are considered, but it obviously fails to assign a sufficient proportion of the total work in reduction to the production of fine particles. According to the Rittinger theory as demonstrated by the theoretical breakage of cubes the new surface produced, and consequently the useful work input, is proportional to Rr-l.V f a given reduction takes place in two or more stages, the overall reduction ratio is the product of the Rr values for each stage, and the sum of the work accomplished in all stages is proportional to the sum of each Rr-1 value multiplied by the relative surface area before each reduction stage. It appears that neither the Rittinger theory, which is concerned only with surface, nor the Kick theory, which is concerned only with volume, can be completely correct. Crushing and grinding are concerned both with surface and volume; the absorption of evenly applied stresses is proportional to the volume concerned, but breakage starts with a crack tip, usually on the surface, and the concentration of stresses on the surface motivates the formation of the crack tips. The evaluation of grinding results in terms of surface tons per kw-hr, based upon screen analysis, involves an assumption of the surface area of the subsieve product, which may cause important errors. The evaluation in terms of kw-hr per net ton of —200 mesh produced often leads to erroneous results when grinds of appreciably different fineness are compared, since the amount of —200 mesh material produced varies with the size distribution characteristics of the feed. This paper is concerned primarily with the development, proof, and application of a new Third Theory, which should eliminate the objections to the two old theories and serve as a practical unifying principle for comminution in all size ranges. Both of the old theories have been remarkably barren of practical results when applied to actual crushing and grinding installations. The need for a new satisfactory theory is more acute than those not directly concerned with crushing and grinding calculations can realize. In developing a new theory it is first necessary to re-examine critically the assumptions underlying

Jan 1, 1953

By Fred C. Bond

MOST investigators are aware of the present unsatisfactory state of information concerning the fundamentals of crushing and grinding. Considerable scattered empirical data exist, which are useful for predicting machine performance and give, acceptable accuracy when the installations and materials compared are quite similar. However, there is no widely accepted unifying principle or theory that can explain satisfactorily the actual energy input necessary in commercial installations, or can greatly extend the range of empirical comparisons. Two mutually contradictory theories have long existed' in the literature, the Rittinger and Kick. They were derived from different viewpoints and logically lead to different results. The Rittinger theory is the older and more widely accepted. In its first form, as stated by P. R. Rittinger, it postulates that the useful work done in crushing and grinding is directly proportional to the new surface area produced and hence inversely proportional to the product diameter. In its second form it has been amplified and enlarged to include .the concept of surface energy; in this form it was precisely stated by A. M. Gaudin2 as follows: "The efficiency of a comminution operation is the ratio of the surface energy produced to the kinetic energy expended. According to the theory in its second form, measurements of the surface areas of the feed and product and determinations of the surface energy per unit of new surface area produced give the useful work accomplished. Computations using the best values of surface energy obtainable indicate that perhaps, 99 pct of the work input in crushing and grinding is wasted. However, no method of comminution has yet been devised which results in a reasonably high mechanical efficiency under this definition. Laboratory tests have been reported' that support the theory in its first form by indicating that the new surface produced in. different grinds is proportional to the work input. However, most of these tests employ an unnatural feed consisting either of screened particles of one sieve size or a scalped feed which has had the fines removed. In these cases the proportion of work" done on. the finer product particles is greatly increased and distorted beyond that to be expected with a normal feed containing the natural fines. Tests on pure crystallized quartz are likely to be misleading since it does not follow the regular breakage pattern of most materials but is relatively harder to grind at the finer sizes, as will be shown later. This theory appears to be indefensible mathematically, since work is the product of force multiplied by distance, and the distance factor (particle deformation before breakage) is ignored. The Kick theory' is based primarily upon the stress-strain diagram of cubes under compression, or the deformation factor. It states that the work required is proportional to the reduction in volume of the particles concerned. Where F represents the diameter of the feed particles and P is the diameter of the product particles, the reduction ratio Rr is F/P, and according to Kick the work input required for reduction to different sizes is proportional to log Rr/log 2.5 The Kick theory is mathematically more tenable than the Rittinger when cubes under compression are considered, but it obviously fails to assign a sufficient proportion of the total work in. reduction to the production of fine particles. According to the Rittinger theory as demonstrated by the theoretical breakage of cubes the new surface produced, and consequently the useful work input, is proportional to Rr-1.5 If a given reduction takes place in two or more stages, the overall reduction ratio is the product of the Rr values for each stage, and the sum of the work accomplished in all stages is proportional to the sum of each Rr-1 value multiplied by the relative surface area before each reduction stage. It appears that neither the Rittinger theory, which is concerned only with surface, nor the Kick theory, which is concerned only with volume, can be completely correct. Crushing and grinding are concerned both with surface and volume; the absorption of evenly applied stresses is proportional to the volume concerned, but breakage starts with a crack tip, usually on the surface, and the concentration of stresses on the surface motivates the formation of the crack tips. The evaluation of grinding results in terms of surface tons per kw-hr, based upon screen analysis, involves an assumption of the surface area of the subsieve product, which may cause important errors. The'evaluation in terms of kw-hr per net ton of 200 mesh produced often leads to erroneous results when grinds of appreciably different fineness are compared, since the amount of -200 mesh material produced varies with the size distribution characteristics of the feed. This paper is concerned primarily with the development, proof, and application of a new Third Theory, which should eliminate the objections to the two old theories and serve as a practical unifying principle for comminution in all size ranges. Both of the old theories have been remarkably barren of practical results when applied to actual crushing and grinding installations. The need for a new satisfactory theory is more acute than those not directly concerned, with crushing and grinding calculations can realize. In developing a new theory it is first necessary to re-examine critically the assumptions underlying

Jan 1, 1952

By Fred C. Bond

MOST investigators are aware of the present unsatisfactory investigatorsstate of information concerning the fundamentals of crushing and grinding. Considerable scattered empirical data exist, which andare useful for predicting machine performance and give acceptable accuracy when the installations and materials compared are quite similar. However, there is no widely accepted unifying principle or theory that can explain satisfactorily the actual energy input necessary canexplain commercial installations, or can greatly extend the range of empirical comparisons. Two mutually contradictory theories have long existed in the literature, the Rittinger and Kick. They were derived from different viewpoints and logically lead to different results. The Rittinger theory is the older and more widely accepted.'TheRittinger In its first form, as stated by P. R. Ritted.'tinger, it postulates that the useful work done in crushing and grinding is directly proportional to the new surface area produced and hence inversely proportional to the product diameter. In its second form it has been amplified and enlarged to include the concept of surface energy; in this form it was precisely stated by A. M. Gaudin' as follows: "The efficiency of a comminution operation is the ratio of the surface energy produced to the kinetic energy expended." According to the theory in its second form, measurements of the surface areas of the feed and product and determinations of the surface energy per unit of new surface area produced give the useful work accomplished. Computations using the best values of surface energy obtainable indicate that perhaps 99 pct of the work input in crushing and grinding is wasted. However, no method of comminution has yet been devised which results in a reasonably high mechanical efficiency under this definition. Laboratory tests have been reported- hat support the theory in its first form by indicating that the new surface produced in different grinds is proportional to the work input. However, most of these tests employ an unnatural feed consisting either of screened particles of one sieve size or a scalped feed which has had the fines removed. In these cases the proportion of work done on the finer product particles is greatly increased and distorted beyond that to be expected with a normal feed containing the natural fines. Tests on pure crystallized quartz are likely to be misleading, since it does not follow the regular breakage pattern of most materials but is regularrelativelybreakage harder to grind patternat the finer sizes, as will be shown later. This theory appears to be indefensible mathematically, since work is the product of force multiplied by distance, and the distance factor (particle deformation before breakage) is ignored. The Kick theory4 is based primarily upon the stress-strain diagram of cubes under compression, or the deformation factor. It states that the work required is proportional to the reduction in volume of the particles concerned. Where F represents the diameter of the feed particles and P is the diameter of the product particles, the reduction ratio Rr is F/P, and according to Kick the work input required for reduction to different sizes is proportional to log Rr /log 2." The Kick theory is mathematically more tenable than the Rittinger when cubes under compression are considered, but it obviously fails to assign a sufficient proportion of the total work in reduction to the production of fine particles. According to the Rittinger theory as demonstrated by the theoretical breakage of cubes the new surface produced, and consequently the useful work input, is proportional to Rr-l.V f a given reduction takes place in two or more stages, the overall reduction ratio is the product of the Rr values for each stage, and the sum of the work accomplished in all stages is proportional to the sum of each Rr-1 value multiplied by the relative surface area before each reduction stage. It appears that neither the Rittinger theory, which is concerned only with surface, nor the Kick theory, which is concerned only with volume, can be completely correct. Crushing and grinding are concerned both with surface and volume; the absorption of evenly applied stresses is proportional to the volume concerned, but breakage starts with a crack tip, usually on the surface, and the concentration of stresses on the surface motivates the formation of the crack tips. The evaluation of grinding results in terms of surface tons per kw-hr, based upon screen analysis, involves an assumption of the surface area of the subsieve product, which may cause important errors. The evaluation in terms of kw-hr per net ton of —200 mesh produced often leads to erroneous results when grinds of appreciably different fineness are compared, since the amount of —200 mesh material produced varies with the size distribution characteristics of the feed. This paper is concerned primarily with the development, proof, and application of a new Third Theory, which should eliminate the objections to the two old theories and serve as a practical unifying principle for comminution in all size ranges. Both of the old theories have been remarkably barren of practical results when applied to actual crushing and grinding installations. The need for a new satisfactory theory is more acute than those not directly concerned with crushing and grinding calculations can realize. In developing a new theory it is first necessary to re-examine critically the assumptions underlying

Jan 1, 1953

By J. G. Davis, P. C. Thakur

Hazardous methane gas in coal mining is receiving increased attention due to the increased US demand for coal which has resulted in the exploitation of deeper seams and the utilization of more productive equipment. Problems posed by methane emission has the Mining Research Division of Continental Oil Co. (Conoco) accelerating efforts that began in the early 1950's with Consolidation Coal Co. (Consol).1 The program's focus is on finding new techniques for degasification of virgin areas as well as control of methane in gob areas.

Jan 10, 1977

By E. P. Pfleide, L. W. Gibbs. J. R. Gross

A method using computer techniques is described for the comparative evaluation of truck performance over any given haul road using readily obtainable manufacturers' data. An additional computer program is utilized to calculate individual cycle times for each truck and shovel combination, fleet requirements for any desired production rate, and to estimate comparative costs. The introduction of a large number of variables into the program permits management to determine the critical system factors having the greatest bearing on costs. Thus, the method described can be used not only for analysis of needs for a new surface mine but for cost improvement in existing mines where changes in truck and shovel operations are contemplated. The systems analysis approach to the solution of problems in the mining industry is gaining in industry acceptance. This is a logical development in view of the fact that a mine constitutes one of the most dynamic systems of production. In contrast with a manufacturing plant, situated in a location selected through choice and utilizing a regulated source of quality controlled raw materials, the miner must go where the ore is and he is faced with ever changing physical conditions. He is subjected to the vagaries of nature, and he can never mine the same ore twice. What is systems engineering? There seems to be no concise and universally accepted definition of the term and its meaning is still fairly local. It deals largely with trade-offs of subsystem characteristics to achieve some desired result in an overall system. This concept of suboptimization can be explained by an example. If the objective of a mining company is to produce a certain quality ore at minimum cost, the optimum operation is not achieved by minimizing all costs, since all phases of mining are interrelated. Reduction of blasting costs might well increase loading, hauling, and crushing costs out of proportion to the resulting saving in explosives. Hence tradeoffs are necessary. It is evident then that an optimum system is achieved through a blending of suboptimal components which taken together yield the desired result. OBJECTIVE For our mathematical model we will assume the existence of a hypothetical new organization called Taconite Mining Co. (TMC). TMC has made an analysis of their orebody, their proposed operation, and

Jan 1, 1968

By John B. Knaebel

The annual Jackling Award Lecture, sponsored by the Society of Mining Engineers of AIME, is intended to honor and commemorate one of the greatest mine-makers of all time, an innovator whose vision and determination made ore out of waste rock. He ushered in a new philosophy of mining which revolutionized some segments of the industry and notably affected our economy generally. To have been asked to given the Jackling Lecture this year is an honor that I scarcely deserve, but which I have accepted in humble gratitude. Although it is true that "many a mine has made the man," it is also true that while ore bodies are found, mines are made. That statement has been hammered into my skull many times by a man whose own career exemplifies its truth, a man who has been first and last a steadfast friend, who for a while was my boss and mentor, and who as one of this country's great mining geologists has laid his hand to the making of many a mine. I will doubly cherish the memory of the honor bestowed upon me because the presentation of the Jackling Award was made by this man. After the Lord made Dick Hunt he threw away the mold. Metals and other mineral products are essential ingredients of the social economy of the modern world. No well informed and thoughtful person can doubt that they will be indispensable to mankind as long as the fabric of civilization as we know it today can be held together. They are mined from ore bodies, which, unlike some other kinds of bodies, are physically inorganic and wholly incapable of reproducing themselves. Since in time they become mined out, an endless procession of new producers must be made by someone if the fundamental needs, to say nothing of the not so fundamental whims of an affluent society, are to be gratified. In saying that these mines must be made, I mean exactly that. It is my purpose to comment upon some of the problems we must cope with in making them. I shall try to avoid dwelling needlessly upon aspects of new mine development with which most people in this business are thoroughly familiar, and will attempt to discuss in a useful way some of the newer and more significant features of the economic climate in which these endeavors must be conducted. To begin with, an Almighty force put the ore into the ground, and selected the places in which to put it. Mankind was not consulted. Beyond that stage, however, mankind must find the ore deposits and contrive to extract their contents and put them into useful service. In doing this, he must use tools and techniques devised by man to overcome obstacles created in part by nature, but also in part by man himself. And most importantly of all, in making the tools and applying the techniques, he must use people. In the whole process the most pliable ingredient at hand-and also the most unpredictable-is people. Mines play out, and men die. As time goes on, we will have new mines, and they must be made by new men. The Environmental Dilemma It is perhaps timely to touch first upon the newest and in many ways the most potent consideration affecting the feasibility of developing new mines-the problems related to protection of the environment and to the

Jan 1, 1973

By Lester F. Engle

Books have been written, complex charts drawn, great batches of punched cards handled by ever increasing numbers of computers, and innumerable meetings held-all for the purpose of making effective the ultimate objective of new, revised or improved process facilities. It is to the credit of management, engineers, and others that in the vast majority of cases, the outcome of their work has been technically sound and economically rewarding. There is a way, however, to insure even better results.

Jan 5, 1966

By A. Kenneth Schellinger

DURING the comminution of a brittle material in the presence of dry air, no known phase change or chemical reaction takes place. The energy changes associated with the comminution are those of the transformation of kinetic energy into heat energy and the energy absorption represented by the actual rupture of molecular and/or ionic bonds. The random nature of the actual grinding process in a tumbling-mill often precludes the effective application of a rupture force on each individual particle of brittle mineral present. The result must be a great deal of useless vibration on an atomic scale in both the brittle mineral and the grinding medium below the elastic limit, which vibration is eventually manifested as heat energy in the mill. The actual rupture of molecular, or ionic, bonds creates new surface on the brittle minerals; each square centimeter of this new surface then must possess a number of potential bonds, each of which could reform theoretically with the release of energy. The sum total of this potential energy of bonding per unit of new surface, minus bond satiation effects of the enclosing gas or liquid, must be the surface energy of the mineral. If the comminution of the brittle mineral were carried out within the chamber of a calorimeter, the energy released as heat could be determined rather accurately. Moreover, the total kinetic energy input to the comminuting mass (mineral and medium) conceivably could be derived by a suitable torquemeter and revolution counter if the whole calorimeter were revolved. The difference between these two energy figures should then represent the net energy (gross energy input-heat energy output) used in creating

Jan 6, 1951

NEW YORK SECTION Executive Committee DAVID H. BROWN, Chairman JOHN H. JANEWAY, Vice-Chairman F E. PIERCE, Secretary, 35 Nassau St., New. York, N. Y. P. A. MOSMAN, Treasurer LEWIS W. FRANCIS BENJAMIN B. LAWRENCE At the meeting of the New York Section held at the Machinery Club on Dec. 8. 1915, the subject was "The Engineer in Modern Warfare, with Especial Reference to the Present European Conflict." Dr. Henry S. Drinker, who is Chairman of the Institute committee on the Engineer's Reserve Corps movement, opened the evenings' talk with a short statement of the aims and advantages of the Students' summer military camps, fostered by the Society of the National Reserve Corps, he being a member of the Advisory Committee of University Presidents. The speakers of the evening were Col. William M. Black and Col. John Biddle, both of the Corps of Engineers, U. S. Army. Col. Black is the

Jan 1, 1916

By A. H. Hand

When considering the question of future demand for crude petroleum in California, one must first decide whether it is to be approached in the light of the definition of "demand" when used in economics; i.e., "The quantity of any commodity required or sought in the market," or in the light of markets developed to dispose of total supply. Therefore, is the California demand of future years to be predicated on a continuation of supplying markets developed following the surplus production commencing in 1922, or predicated on supplying what would be termed economic markets ? If the latter, what are economic markets ? Obviously, the Pacific Coast States and Canada, Alaska, Hawaii and probably the Pacific side of Central and South America, can be considered as normal markets for California petroleum products. While there have been small quantities of gasoline shipped into the PacSc Coast from East Texas, transportation costs, plus import taxes in the case of foreign oil, are a sufficient barrier to justify considering that these markets will be retained. But how about our participation in Atlantic and Pacific foreign and intercoastal markets? During the five years preceding 1931 California shipped substantial quantities of gasoline to the United Kingdom and to France, Germany and Italy. During recent years our business in European markets has been restricted to occasional shipments of gasoline and Kettleman crude. This loss of business is occasioned by the development of production in the Mid-Continent, principally East Texas, and in Iraq, Rumania, Venezuela and other closer producing areas, which makes it impossible at the prevailing crude-oil prices for California to be competitive in supplying any substantial portion of these markets. It is therefore apparent that under a stabilized price structure that will return the California producer a reasonable price for his oil, future Atlantic foreign -business will be restricted to occasional spot cargo sales. As to Pacific foreign shipments which, in addition to Central and South America, consist principally of shipments to Japan, China, Australia and New Zealand: A considerable portion of the business we had with Australia and New Zealand until four or five years ago is now being

Jan 1, 1937

By Robert Gillham, Victoria Yablonsky, Grover R. Castle

INTRODUCTION The commercial paper market, unique to the United States, is a direct exchange of funds between high-grade borrowers and large lenders; because it eliminates both the bank's role as middleman and also some significant transaction costs, commercial paper is the lowest cost short term instrument in the world. For this reason, virtually all borrowers would like to enter the market, but only issuers with the highest rating from Moody's and Standard & Poor can attract purchasers at the best rates. COMMERCIAL PAPER The commercial paper market, in existence for over 100 years, has traditionally been used for short-term financings, with most paper maturing within 30-45 days. Under the U. S. Securities Act of 1933, (section 3(a)3) industrial paper can avoid registration only if it matures within 270 days and is used for current transactions. It was first used to finance the short-term seasonal working capital needs of manufacturing companies. Since World War II, commercial paper use has grown steadily, serving in the 1950's as the market in which finance companies financed the explosion in consumer credit purchases of heavy consumer durables. LETTER OF CREDIT BACKING As far as is known, the use of letters of credit to support energy-related commercial paper began about 13 years ago with an arrangement to finance the nuclear fuel for Con Edison's Indian Point 3 Plant. Goldman, Sachs was the architect of this financing and Chemical Bank provided the letter of credit support. After an early burst of interest, this type of financing wobbled severely in the difficult credit markets of the mid-seventies before regaining serious momentum in 1976 and 1977. A mining project would not normally qualify as a borrower in the commercial paper market because of its credit standing and because its large capital needs require long term financing. However, lately, commercial paper has begun to take the place of a bank term loan in limited recourse project financings. L/C backed commercial paper took this new and startling turn in 1982 when it was used as part of the $700 million financing for the development of the Newlands-Collinsville coal mines of Mount Isa Mines Ltd. in Australia. This was the first use of L/C backed commercial paper in a long-term limited recourse project financing. First Boston acted as financial advisor and, again, Chemical Bank provided sole letter of credit support of $155 million. The $785 million BHP financing for the acquisition of the Queensland (Australia) coal assets of Utah International from General Electric Company followed the next year; there we acted with two other Front Banks to provide $270 million of L/C support. These two important transactions indicate that not only has commercial paper become an integral part of a long-term financing package, but also that it is no longer the exclusive domain of the best known U. S. companies. Lesser-rated companies and a multitude of foreign borrowers have gained access to this "exclusive club." How has this become possible? OPERATION OF AN L/C An instrument of the commercial banks, the "direct pay" letter of credit, has enabled lesser-rated companies to issue commercial paper in their own names. The letter of credit allows the issuer to substitute the credit rating of the supporting bank for its own. The L/C in effect allows a lesser-rated company to rent the bank's credit rating. This upgrading is possible because the bank is unconditionally obliged to pay the note-holders at maturity and then turn to the Issuer for reimbursement. The Issuer commonly "rolls over" a new short-term issue and reimburses the supporting bank from the sale of the new issue until cash flows from the project allow the borrower to reduce the level of paper outstanding. The commitment for an L/C facility, up to 12 years in the case of the Broken Hill transaction, governs the life of the commercial paper tranche of the financing. The term of the L/C commitment thus has the power to extend the ordinary 30-45

Jan 1, 1985

By R. B. Tippin, J. S. Browning

The feasibility of multistage heavy liquid cyclone beneficiation of spodumene was successfully demonstrated in this investigation. The indicated recovery for the multistage circuits was mathematically estimated as continuous test runs would be necessary to determine the true influence of a middlings recycle. In the three-stage circuit, both the concentrate analysis and spodumene recovery exceeded 90%. The two-stage circuits were unable to simultaneously yield an acceptable produce with a satisfactory recovery. With the Nation's growing industrial mineral requirements, the U.S. Bureau of Mines has undertaken the task of investigating new mineral dressing techniques and improving the existing concentrating methods of ore beneficiation. One such project is the gravity concentration of minerals using heavy liquid separation (HLS).1-3 Heavy liquid separation is based on the simple principle that a material, whose specific gravity is less than the density of a solution, will float on top of the liquid and a material with a greater specific gravity will sink. Heavy liquid separation techniques were developed in the laboratory over half a century ago but the process has yet to be commercially adopted. In the past, commercial operations have failed because of numerous problems.4 Industrial interest has recently been reactivated because of engineering advances. The number and quality of the heavy liquids suitable for mineral processing has increased while the cost has sharply dropped. New and improved liquid recovery systems5,6 are under consideration with present emphasis on 1) solvent extraction, 2) thermo-evaporation, and 3) water washing. The toxicity of the heavy liquids7 presents a problem, but throughout the chemical and mining industries, many similar hazardous materials are safely handled. A distinct advantage of using heavy liquids is its ability to provide a near perfect separation of fine-sized mineral particles even when the specific gravities are close. Effective separations have been made on minerals down to 200 mesh and with a density

Jan 1, 1968

Roger A. Markle was sworn in as director of the US Bureau of Mines on September 27, 1978, ending a 20-month period during which the Bureau was without a leader. Some Bureau observers wondered out loud if this delay was a signal that Interior was slowly pulling the rug out from under the agency. When Markle was finally tapped for the director's position-coal industry executive to lead an agency that had been stripped of its fossil fuel R&D functions as well as its safety and health enforcement role--the speculation was fast and furious: One camp had it that Markle was brought in to phase out the Bureau; others said that Markle's directive was to revitalize the organization by charting a new Bureau course. In March, with the proposed Department of Natural Resources making headlines, ME went to Washington to interview Markle about his first six months as director and the goals he has set for the Bureau's future.

Jan 4, 1979

By Kiyoshi Sugasawa

At Sumitomo Metal Industries, technologies for manufacturing metallurgical coke have been developed, under the names of Sumicoal System and DKS formed coke processes. Sumicoal System is the process utilizing approximately 70% conventional fine coal, 30% briquettes charge, and 2-3% caking substance. This technology was industrialized in 1975, and now the blending ratio of non-coking coal has reached up to 20%. On the other hand, a large scale demonstration plant using the DKS process was constructed and operated over one year. As the result of that test, it is thought that the DKS process has also reached the stage of industrialization. This paper will describe these new coking technologies.

Jan 1, 1977

By Charles M. Bayer

Reading in the AIME annual reports that certain activities have been financed by the Rocky Mountain Club Fund, less senior members of the Institute may wonder. "What's the Rocky Mountain Club?" Less youthful members will not have to wonder. They will recall the Club as an intriguing, almost fantastic organization, largely of western mining men, that flared across the New York horizon, flamed brilliantly for a little more than two decades, then sputtered out of existence- glorious even in its last flash. It was the only product of its mold, a fabulous group of magnanimous men who unhesitatingly sacrificed a cherished dream for which they had raised millions of dollars so that the money, instead of creating a magnificent club house, could be used instead to save the lives of starving Belgian children in World War I.

Jan 12, 1964

By David Hall

IN October, 1926, the Inspiration Consolidated Copper Co. began the operation of its new leaching plant, which has a capacity to handle 8600 dry tons of ore daily and produce therefrom approximately 160,000 lb. of electrolytic copper per day. (See Fig. 1.) The energy for the leaching process is supplied by three motor generator sets (Fig. 2), each set consisting of one 5450-hp., 6600-volt, three FIG. 1.-LEACHING PLANT OF INSPIRATION CONSOLIDATED COPPER CO. AT INSPIRATION, Ariz. phase, 25-cycle, 500-r.p.m. synchronous motor and two 1920-kw., 150 to 320-volt, 6000-amp.,12-pole, d. c. generators, and one 70-kw., 125-volt d, c. exciter. The capacity of the three sets is 36,000 amp. at 320 volts. A description of the metallurgical processes of this plant was. given in a paper by H. W. Aldrich,1 and from his paper we quote the following figures for the month of July, 1927:

Jan 1, 1928

By H. M. Beatty, T. L. Joseph, Gust Bitsianes

SUCCESSFUL blast-furnace operation depends upon securing an optimum balance between a number of important variables. This balance will vary somewhat from furnace to furnace in the same plant and with raw materials available in different plants. It is difficult to isolate the effect of any one variable unless it has a rather pronounced effect upon the efficiency of operation. The physical properties of iron ore and coke are known to affect the process, yet it is difficult to set up any definite yardstick by which these differences can be appraised. In recent years, whenever practicable, operators have taken steps to obtain better control over the absolute size and uniformity of size of the ore and coke. The size and physical character of the stone, however, have received comparatively little attention, emphasis being placed upon chemical composition, fluxing efficiency, and action as a desulphurizing agent. Since the stone occupies only about 10 per cent of the volume of the stock column, its influence upon permeability is less than that of the ore and the coke. The large pieces now used have a tendency to roll to the center and thus increase the permeability of this part of the stock column. Smaller pieces would be more effective in promoting the permeability of denser portions of the stock. The size and physical properties of blast- furnace stone are important also for reasons best understood by considering the results obtained by the crushing and the sizing of iron ore. Crushing ore to about 2 in. at Provo, Utah, and to about I in. in Alabama produced material somewhat less permeable to gases, even though sized. In spite of some sacrifice in permeability, the efficiency of the process was improved by crushing and sizing the ore, as indicated by a substantial saving in fuel and increased output. This saving in fuel is due in large measure to more thorough reduction of ore in the upper part of the furnace and to a corresponding decrease in the amount of carbon consumed prematurely above the tuyeres by the reaction CO2 + C = 2CO ? 70,080 B.t.u. [I] The physical properties of stone, its size and rate of calcination are important because they influence the rate at which C02 is released and the completeness of calcination before reaching a level in the furnace where the temperature does not exceed 1050°C. (1920°F.). Briefly, carbon dioxide from the limestone or from the reduction of ore may cause premature com- bustion of carbon above the tuyeres. Assuming that 1000 lb. of limestone is used per ton of pig iron, about 435 lb. of C02 will be liberated during calcination of a good grade of stone. If all this CO2 from the stone were to oxidize carbon prematurely, about 120 lb. would be consumed above the tuyeres in a heat-absorbing reaction. The amount of carbon thus consumed when a

Jan 1, 1942