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By Russell W. Dayton

The metallurgical polarization microscope has been utilized in several researches in the last few years, thus attaining a fair degree of prominence, but little has been written in a manner suitable to a metallurgist concerning the theory of this instrument. In this investigation the theory was carefully studied, and the results are presented here in a detailed manner, yet as simply as possible. The theory is discussed with particular reference to the three chief functions of the instrument: (1) determination of anisotropy; (2) effect of strain; and (3) identification of inclusions. Each of these is investigated experimentally, with especial attention to the mechanism of producing any effect. Where possible, the discussion is supplemented by photomicrographs. The instrument used had numerous defects as a polarization microscope; these and their remedies are discussed. In the microscopic study of transparent mineral sections (chalcography) the use of polarized light has aided tremendously in the identification of a mineral. The determination of strain in transparent substances (photoelasticity) by the use of polarized light has lately become a commercial process, used in testing finished glass articles. The success of the use of polarized light with opaque materials has not been so great. The magnitude of the effects obtained is much less than that of the corresponding effects with transparent materials, and the mechanical difficulties are much greater. Königsberger,"' i in 1909, was the first to apply polarized light to the microscopic study of opaque substances; Endell and Hanemann(2) were the next, in 1913. In 1919 and 1920, Wright(3,4) prepared two papers on the subject. In the first he developed the detailed mathematical theory from the viewpoint of the electromagnetic theory of light, and in the second described the various methods in use, giving improvements of his own. Schwarz(5)

Jan 1, 1935

By G. Thodos, R. B. Grieves

A method has been developed For predicting the critical temperatures and critical pressures of binary mixtures of carbon dioxide, hydrogen sulfide, nitrogen, hydrogen, carbon monoxide and oxygen with the normal paraffin hydrocarbons. For carbon-dioxide and hydrogen-sulfide systems, relations are presented that take into account the peculiar behavior of mixtures with closely boiling components, such as carbon dioxide-ethane and hydrogen sulfide-propane mixtures which exhibit minimum critical temperature points. For hydrogen, nitrogen and carbon-monoxide systems, the extreme critical behavior caused by wide differences in pure component properties is established In addition, those fixed gas-paraffin systems which resemble paraffin-paraffin systems are also accounted for. For a mixture of known composition, the pure component critical temperatures, critical pressures and normal boiling points are all that are required to determine its critical point. Graphical relations are presented relating Tc and PC , of the mixture to the pure component properties. From the treatment of 12 carbon-dioxide and hydrogen-sulfide systems reported in the literature (74 mixtures), the expected error lor the critical temperature is approximately 1.5 per cent, and for the critical pressure, approximately 2 per cent. From the treatment of six hydrogen, nitrogen and carbon-monoxide systems reported in the literature (30 mixtures), the expected error for both the critical temperature and critical pressure is approximately 2.5 per cent. The relationships, which have been developed with only normal paraffins as the hydrocarbon components, may be extended to those isoparaffins and olefins which fall within the allowable volatility ranges. INTRODUCTION Many of the fixed gases — carbon dioxide, hydrogen sulfide, nitrogen, hydrogen, carbon monoxide and oxygen — occur in natural mixtures with hydrocarbons. Carbon dioxide and hydrogen sulfide are frequent components of the fluids produced from underground petroleum reservoirs. Nitrogen, carbon dioxide and hydrogen sulfide are present in varying quantities in most natural gases and gas-condensate well effluents. Hydrogen mixtures are of considerable interest in many phases of refining processes of petroleum. The determination of the critical temperatures and critical pressures of such mixtures is of value in vapor-liquid equilibrium studies, for the prediction of the characteristics of underground reservoirs, and for reduced-state correlations of PVT, transport and thermodynamic properties. The accurate estimation of the critical point for binary mixtures is an important initial step toward a complete analysis for the establishment of the critical temperatures and pressures of multi-component mixtures. Methods for predicting the critical temperatures and critical pressures of binary hydrocarbon systems have already been presented in the literature.8 It is possible to apply these existing methods to fixed gas-paraffin mixtures, but due to their unusual critical behavior, values calculated deviate considerably from experimental values. For systems containing trace quantities of the fixed gases, these methods are acceptable; however, for systems containing more than 5 mol per cent of the fixed gases, these utterly fail to produce reasonable critical values. Consequently, in this study a method has been developed for handling such binary mixtures over the entire composition range. CARBON-DIOXIDE AND HYDROGEN-SULFIDE SYSTEMS The critical behavior and the vapor pressure behavior of mixtures of carbon dioxide and hydrogen sulfide with paraffinic hydrocarbons may be quite similar or quite dissimilar to that of paraffin-paraffin mixtures, depending on the volatilities of the components involved. The critical temperature and normal boiling point of carbon dioxide are very close to the corresponding values for ethane, while its critical pressure is considerably higher than that of ethane. The normal boiling point of

By J. G. Richardson, K. H. Coats

During the initial growth of a gas bubble in an aquifer storage reservoir the injected gas tends to override the water. The resulting low displacement efficiency and high rate of gas travel down-structure make it difficult to maintain water-free production. This paper illustrates the use of two-dimensional, two-phase calculations to simulate this gas-water displacement. Calculations were performed for a stratified aquifer and for several homogeneous sands differing in permeability, porosity and thickness. Results are discussed and compared with performance predictions obtained from the simpler Buckley-Leuerett and Dietz formulas. This comparison indicates the necessity for the two-dimensional calculations in realistically simulating the gravity override of the water by injected gas. INTRODUCTION In recent years natural gas has been stored near markets in aquifers where insufficient storage capacity is available in depleted fields. Operators of these aquifer storage reservoirs have encountered technical problems relating to the gas-water displacement accompanying initial growth of the gas bubble. Injected gas tends to override the water, with a resultant low displacement efficiency and high rate of gas travel down-structure toward spill points. Low displacement efficiency makes if difficult to sustain water-free gas production. Sometimes the fingering of gas down-structure may be so pronounced that the injection rate must be severely curtailed, which excessively lengthens the time required for bubble growth. This paper is concerned with estimating — for given aquifer characteristics and fluid properties — the displacement efficiency, rate of gas movement down-structure and rate of gravity drainage of water behind the gas front. Several published articles relate to simulative capability necessary to handle this problem. The Dietz formula1 and Buckley-Leverett2 method have some applicability to the problem; Woods and comer3 reported one-dimensional, radial calculations which accounted for the two-phase flow of gas and water. Most recent research directed toward understanding aquifer behavior in relation to gas storage has concentrated on single-phase flow in aquifer.4 Douglas, Peaceman and Rachford5 presented a method for calculating multidimensional two-phase flow in reservoirs; their method has been applied in work reported by Nielsen and Tek,6 Blair and peaceman7 and Goddin.8 Refs. 5 and 7 show comparisons between experimental data and calculations similar to those employed here. One purpose of this paper is to illustrate the use of two-dimensional, two-phase flow calculations in simulating the difficult problem of water displacement by gas in a vertical cross-section. The pronounced fluid density and viscosity differences combine with the disparity in horizontal and vertical dimensions of the cross-section to pose one of the more difficult problems in reservoir simulation. The calculations described account for capillary and gravity forces, relative permeability and reservoir heterogeneity. An example reservoir is described and calculated results are presented for a variety of injection rates and values of permeability, reservoir thickness and dip angle. A second purpose is to compare the two-dimensional calculations with results obtained from the Buckley-Leverett and Dietz formulas. For this reason most calculations were performed for a simplified example reservoir to which the latter techniques might reasonably be applied. However, the computer program employed applies equally well to cases involving arbitrary spatial variations of permeability, porosity, reservoir thickness and dip angle.

By R. L. Segall

AN unusual thermal etch figure in copper is described and an explanation in terms of twinning is suggested. A flat polycrystalline specimen of OFHC copper cut from a rolled sheet was electro-polished in orthophosphoric acid and annealed at 950°C in a vacuum of approximately 10-3 mm Hg for 2 hr. The specimen was found to be thermally etched, the markings on the surface being consistent with the assumption that they were the traces of the (111) planes which are developed preferentially because they have the lowest free energy. However, on one grain (the grain shown in Fig. 1) the traces formed an almost regular pentagon and at first sight it seemed unlikely that they could all be (111) traces. These traces were studied further because it was thought that they might be a type of growth spiral. A fringe pattern showed that this was not so, the grain being sensibly flat and the only features having steps were the striations and the faint curved line passing out from the center of the pentagons. To obtain some additional information, the specimen was deformed in tension. The effect of the stress was first to cause the appearance of lines running from the centers to the apexes of the pentagons and then to tilt the five segments so formed. At a much greater stress, appreciable slip appeared on the grain; these effects can be seen in Fig. 2. The micrograph was taken at a fairly late stage in the deformation and the tilting is quite marked. The magnification is the same as in Fig. 1, and although some slip can be seen it could be observed better by varying the illumination and using higher magnifications. In each segment of the grain, slip (which takes place on the (111) planes) was parallel to the side of the pentagon in that segment. The marked changes in direction of slip from segment to segment seemed to be incompatible with the presence of a regular array of subgrains. These results suggest that some of the five segments were twins. If this is so, since the twinning plane in copper is the (111) plane, the radial lines must be traces of the (111) planes on the surface. From the symmetry of the striations about the radial lines, these planes must be almost perpendicular to the surface. The angle between <III>directions in face-centered-cubic copper is 70&apos;32&apos;. If, in Fig. 3, OAB (triangle 1) is taken as matrix and OA, OB are (111) planes viewed edge on, then AB is in the correct direction to be the trace of either of the other two (111) planes on the surface. If triangle 2 is the twin (about the (111) plane perpendicular to the surface and containing OB) of triangle 1, then once again it can be shown that all lines are traces of (111) planes. Similarly, triangle 3 is the twin of triangle 2, 4 of 3, and 5 of both 4 and 1. (The sequence is, of course, quite arbitrary.) However, if this were the case there would be a discrepancy of 7&apos;20&apos; to be accounted for. It is suggested that the faint curved line passing outward from the center of the pentagon represents either a low angle boundary or a sixth small twin. The slight step shown by the fringes at this line might be an indication that the former is the case. This explanation does not account for the coincidence of obtaining a grain whose surface must be so close to (110) and obtaining the curious twinning described previously; it would be of interest to find a specific mechanism for this.

Jan 1, 1958

By J. Lindbo, B. Vigeholm

IN transmission electron microscopy, specimen thicknesses quoted are frequently based upon either traditionally familiar values or a few evaluations representing the whole material. Taking aluminum in 100 kv TEM as an example, average and maximum values are widely accepted as being 2000 to 2500 and 6000 to 7OOOÅ, respectively. It is the purpose of this note to revise these figures and to point out the importance of evaluating individual specimens carefully. All evaluations have been based upon slip trace widths and lattice orientations as determined from diffraction patterns. In many cases where two or more slip systems have been operating the geometrical method described by Crocker and Bevis1 has been applied as a check. The foils were usually oriented to within 2 deg from the exact Bragg angle. Kikuchi patterns were used as indications of correct orientations but not applied in the evaluations. The tilt of the foil surface relative to the beam normal may with certain geometrical relations between the tilt axis and the operating slip plane lead to substantial errors.2&apos;3 Where these geometries were inevitable the samples were omitted in the investigations. Various measures were taken in order to overcome ambiguities, e.g., comparison with neighboring grains, tilts, evaluations based upon two or three slip systems,&apos; and comparison with extinction contour evaluations where s = 0 conditions were obtained. Errors caused by misinterpretation of the slip traces on a micrograph are easily avoided by considering the bright-dark sequence on opposite surfaces and by taking into account the tapering of the foil usually leading to a distinguishable divergence of the pair of traces. In the investigations described here the interpretation was further facilitated as the slip trace formation was observed on the microscope screen and sketches taken down. In a few observations slipping was so violent that the distinction of pairs was considered dubious and consequently given up. To assess average values, thickness evaluations carried out in two independent investigations were analyzed: I) 99.998 pct A1 extruded, cold-drawn, and recrys-tallized to grain sizes between 35 and 500 um were deformed in tension at room temperature. In order to determine the dislocation densities as a function of strain,4 specimens prepared by spark machining and electropolishing in a PTFE holder were analyzed in the electron microscope at 100 kv. Thicknesses were evaluated for 569 selected areas. Histogram I in Fig. 1 shows the results, the average thickness being 4900Å. II) Electropolished specimens prepared from 99.9999 pct A1 with magnesium contents from 0.005 to 0.5 pct rolled to foil and annealed were subjected to fission fragment irradiationa2 For volumetric dose and defect concentration determinations thickness evaluations were performed on 123 areas. Histogram II in Fig. 1 shows the thicknesses of these areas averaging 4250Å. Whereas in investigation I no selection related to thickness has been made, some thin as well as thick areas have been omitted from I1 for experimental reasons. This and the application of two different microscopes although of the same type may account for the difference in average thickness. Assuming a mean error of 10 pct for a single evaluation, the error of the average should be negligible. In order to investigate the maximum transmissible foil thickness in aluminum, specimens were prepared from single crystals with (111) and (110) orientations parallel to the beam, and from polycrystalline material. Maximum values of thickness that could be measured were given by the stopping of the dislocations. The visibility often extended far beyond the end of the slip trace, but with no means of knowing the

Jan 1, 1970

By E. R. Buchanan, R. E. Reed-Hill, F. W. Caldwell

Poly crystalline zirconium tensile specimens containing a sizable fraction of grains unfavorably oriented for slip were deformed at 77°K to strains as high as 9 pct. The contributions of the various twinning modes to the observed strain were deter~nlned quantitatively using measured twin volume fractions and Schrnid orientation factors. The results indicate that at very small strains twinning can account for almost all of the observed strain. At higher strains slip becomes the dominant means of deformation. The most significant form of twinning was {1121}. PLASTIC deformation in polycrystalline aggregates is poorly understood even today. This is primarily because slip cannot be easily observed or studied in the interior of a metal. On the other hand, twinning can be discerned inside a specimen after deformation. Twinning studies can therefore often yield quantitative information about polycrystalline deformation not otherwise obtainable. This investigation uses the above aspect of twinning in determining the contributions of twinning to the strain during tensile deformation at a cryogenic temperature (77°K). Polycrystalline zirconium was used as the object of study. There are several reasons why this information should be of value. In contrast to many metals, both the strength and ductility of zirconium increase with a corresponding decrease in temperature. This may be related to the fact that twinning becomes more profuse and complex with decreasing temperature. Secondly, it has been discovered that certain room-temperature properties of zirconium can be greatly improved by about 1 pct prestrain at 77°K. These include an increase in tensile elongation in critical directions by over 50 pctl and a large mechanical hysteresis effect.2 Both effects are believed to be related to twins formed by prestraining: plastic twin-boundary movements accounting for the increased ductility, and anelastic twin-boundary movements for the internal friction. Thirdly, hexagonal metals which twin primarily on only the (1012) mode (such as beryllium, zinc, and magnesium), unlike zirconium, are very limited in ductility at cryogenic temperatures. Therefore, the significance of the various types of twinning in zirconium at cryogenic temperatures is of more than academic interest. Three twinning mechanism-s have beenobserved in quantity at WOK, {1012), {1121), and {1122). Each must be considered as a unique deformation mechanism because of their markedly different twinning shears and basically different angles between twinning and basal planes, as shown in Table I. It is therefore necessary to separately consider the role of each of these twins during plastic deformation at 77°K. Fortunately, each twin possesses unique morphological features which makes its identification possible on a properly prepared metallographic section. The use of the polarized microscope3 can also greatly aid in identification of the various forms of twins. EXPERIMENTAL PROCEDURE Arc-melted sponge zirconium plate, previously describedY4 was machined into 1/8 by 1 1/4 in. threaded-end, round tensile test specimens. These specimens were deformed to the desired strains in a liquid-nitrogen cryostat mounted in an Instron testing machine. The tensile axis was the transverse plate direction. This specimen direction resulted in large numbers of grains in orientations unfavorable for deformation by prism or basal slip. Deformed specimens were sectioned, mounted in epoxy cold-mount resin, ground on metallographic papers, electropolished, and anodized to provide surfaces sensitive to polarized light. Standard quantitative metallographic procedures5

Jan 1, 1965

By M. D. Hassialis

[Surface Areas of Concentrates and Collector Coatings (T.P. 2002, by A. M. GAUDIN and G. S. PRELLER, Min. Tech., May. Discussion by M. D. HASSIALIS and the authors) . I Activation of Minerals and Adsorption of Collectors (T.P. 2082 by J. ROGERS and K. 1&apos;. SUTHERLAND, Min. Tech., Nov. Discussion by A. F. TAGGART and the authors). . . . 3 Correlation between Mineral Behavior in Cataphoresis and in Flotation (T.P. 2005 by A. If. GAUDIN and S. C. SUN, Min. Tech., May. Discussion by M. D. HASSIALIS). . . . . . 8] Surface Areas of Concentrates and Collector Coatings M. D. HASSIALIS.*-In the current flotation theories there exists a common gap spanned by a common assumption pertaining to the arrangement and orientation of the collector ions at the solid surface. Also common is the belief that contact angle and flotation performance are dependent upon the arrangement and orientation of collector ions. This stimulating and informative paper sheds some light upon this general problem. One of the indices of arrangement is the area available per collector ion; in this connection, Gaudin and Preller have applied the B.E.T. method for surface determinations. In a surprising number of cases, their results show a greater specific surface for tailing than for concentrate. This cannot be accounted for by the differences in specific gravity and is attributed to the presence of clay minerals of "primary" sluices in the tailing. This is not a satisfactory explanation, for experience shows that when free slimed clay minerals are present in a flotation cell they will be carried mechanically into the concentrate. A part of the answer to the decreased specific surface of the concentrate would appear to be its usual flocculated condition, yet this should not entirely account for the large spreads reported. The possibility occurs that the nitrogen adsorption isotherms for clean mineral and collector-coated mineral are different. If that were true, and if the coated mineral surface exhibited decreased adsorptive powers, the discrepancy might vanish. In discussing the disposition of collector ions at mineral surfaces, the authors adopt the more consistent viewpoint that there exists some agreement between the ions of the substrate and those of the superstrate. In the case of xanthate ions on galena, a possible arrangement is shown in Fig. 2. This arrangement shows every xanthate ion being shared by two lead ions, whereas the chemical composition calls for two xanthate ions for each lead ion (p. g). This whole discussion is misleading. In the first place, it is known that xanthate ions are not abstracted by unoxidized galena, hence Fig. 2 should show as the substrate not Pbs but PbS„ Om. It would be equally erroneous to use the lattice arrangement of PGSO4, since the surface properties of xanthate-conditioned anglesite differ from those of xanthated galena. It is highly probable that the state of the galena surface exploited in its flotation is ephemeral, since weathered galena is only poorly, if at all, collected by xanthate. Just how a substrate of oxidized galena is to be pictured depends upon one&apos;s conception of the transformation from galena to anglesite. This writer is inclined to the following sequence of events. Surface sulphide ions undergo progressive oxidation. As more oxygen is taken up by the sulphide ions they become displaced from their equilibrium positions in the galena lattice, thus accommodating for the larger volume of the S„ Om ions. Concomittant with this change the forces acting on the lead ions

Jan 1, 1946

By Robert Y. Grant

This study outlines the history of metal mining in Japan and the characteristics of the industry as they existed from 1925 to 1945. Mining and milling operations are described together with the role of the Japanese Government. A description of post-hostilities conditions and the present state of the industry is included. MANY of Japan&apos;s larger and better known mines date back to the early centuries of the Christian Era. The first stimulus to mining in Japan came through the growth of Buddhism, A. D. 600 to 700, and the attendant need for copper and other metals for temple ornaments and statues. During the Feudal period, 1333 to 1568, mine operations were expanded to meet the demand for ornament metal and for financing of campaigns. After removal of the seat of government from Kyoto to Tokyo, about 1600, the Tokugawa Shogunate placed great emphasis on mining, and many new mines were opened, some of which are still operating. Toward the end of the Tokugawa period, mining had declined sharply from its earlier peak. The easily worked, high grade portions of the orebodies had been exhausted, and the mining techniques then available could not exploit the deeper, lower grade ores. Similarly, extraction of metal from the sulphide ores presented a major problem. With the Meiji Restoration in 1868 and the rapid opening of the country to western ideas came a rejuvenation of the mining industry. Mining, milling, and smelting processes were greatly improved, resulting in the extension of development work into hitherto inaccessible portions of orebodies. The demand for metal during World War I stimulated activity throughout the industry; copper mining, particularly, expanded to a point where Japan ranked second among world producers.* During the depression following the war, mining underwent a severe contraction in activity, recovering slowly during the late 1920&apos;s only to undergo a further setback in the worldwide depression which started in 1929. Mineral output declined in 1930, but the beginning of Japanese expansion, 1931 to 1932, brought about an increase in the output of mine products starting between 1932 to 1934. Production continued to rise, the peak output being attained 1939 to 1943 in virtually all commodities. The greatest production of iron ore, chromite, and manganese was not experienced until 1944 when blocked imports, coupled with strong demands for steel, provided the needed incentive. Through necessity, Japan produced much of her mineral needs from her own mines at high cost during World War 11. Taking the 1932 to 1936 period as an average, however, Japanese mines produced only 16 pct of the iron available to industry, 8 pct of the lead, 33 pct of the zinc, and 68 pct of the copper. Nearly all of Japan&apos;s output of gold, silver, copper, lead, and zinc between 1925 and 1945 came from 30 to 49 pct of the mines for which production data are available; for example, 66 of 174 gold-silver mines accounted for 98 pct of the output of this group. Further analysis of mine output indicates that a large part of Japan&apos;s metal output was derived from a few large mines; about 10 gold-silver, 15 copper, 3 lead-zinc, 5 manganese, and 2 iron mines account for most of the production. Many of these mines have been operated for 200 to 400 years. With the

Jan 1, 1952

By E. L. Dougherty, J. W. Sheldon

Using the numerical techniques shown in this paper it is possible to compute the simultaneous dynamical behavior of multiple fluid-fluid interfaces in two dimensions. Hence, fluid-fluid inter face models of several oil recovery processes can be constructed which allow prediction of the effect of fluid flow in two dimensions on the behavior of these processes while taking into account various physical effects, such as saturation gradients, phase changes and thermal stimulation. Techniques for constructing fluid-fluid interface approximations for several oil recovery processes are reuiewed. The validity of these techniques is established by comparison to experimental results. The availability of a computer program for computing the behavior of multiple fluid-fluid interface problems makes the use of potentiometric models uneconomic. The results indicate the areal sweep efficiencies obtained from potentiometric model studies at high mobility ratios may be somewhat optimistic. The results also indicate that the areal sweep efficiency curves obtained at high viscosity ratios 2—4 using miscible fluids in porous media are misleading and that considerable care must be taken in defining the mobility ratio for a displacement process, especially for miscible fluids. INTRODUCTION Many of the methods used to estimate areal sweep efficiency assume that the oil recovery process can be represented by one or more fluid-fluid interfaces. When the mobilities of the displaced and displacing phases are assumed equal, this quantity can be computed using analytical mathematical methods.l.2 For non-unit mobility ratio, experimental methods based upon the fluid-fluid interface concept include potentiometric and electrolytic blotter models. Scaled models of porous media have also been used to study this problem. Fay and Prats3 and Aronofsky4 used numerical techniques to compute breakthrough sweep efficiency, but neither of these studies were extended beyond breakthrough. Numerical techniques which have been developed for solving a general fluid-fluid interface problem are presented in a companion paper.5 These techniques have been incorporated into a program for a large-scale digital computer which can treat simultaneously the dynamical behavior of as many as six fluid-fluid interfaces. Thus it is possible to simulate the behavior of several oil recovery processes taking into account such effects as saturation gradients. Techniques for representing several oil recovery processes by fluid-fluid interfaces are presented. Processes considered are conventional water flooding with and without a mobile gas phase, hot water flooding, miscible flooding and enriched gas drive. Other processes, whose effects could be studied by this technique, but are not considered in detail here, are underground combustion and steam injection processes and various slug processes such as gas-water injection and alcohol-solvent processes. Theoretical results obtained with single interfaces for mobility ratios of 0.25, 1, 2, 4, 8, 16, 32 and 64 in a repeated five-spot are compared to experimental results for this geometrical configuration obtained using miscible fluids and conductive analogs. Predicted recovery curves for water flooding in a repeated five-spot are compared to experimental results reported in the literature. Example calculations are shown for a conventional water flood in the presence of a free gas phase and for a hot-water flood. MATHEMATICAL PRELIMINARIES We assume that the rock matrix is homogeneous with constant thickness, absolute permeability and porosity. The fluids are incompressible. We also neglect the effects of gravity.

Jan 1, 1965

By L. Guttman, C. S. Barrett, J. S. Bowles

THE transformation from the face-centered cubic (Al) to the face-centered tetragonal (A6) structure in certain alloys of the indium-thallium system reported in the preceding paper1 exhibits many interesting crystallographic and metallo-graphic features, most of which presumably are similar to those of other cubic to tetragonal transformation such as, for example, the one which occurs in the chromium-manganese system,2 the one which, judging by microstructures and X-ray pat-terns,3 probably occurs in the copper-manganese system, the ones accompanying ordering in FePt,4 Copt,&apos; and AuCu,5 and the transformation near 115°C in barium titanate.6,7,8 If, as mentioned in ref. 1, the transformation is second order, the phases in equilibrium do not differ in composition, and it is both possible and likely that the mechanism is a diffusionless one. The present paper reports the results of a detailed study of the indium-thallium transformation and presents a theory for the atomic movements of the transformation which accounts for the observations. Experimental Crystallography of Transformation Markings The transformation from cubic to tetragonal in the indium-thallium alloys produces microstruc-tures of the type illustrated in fig. 1. These structures are observable either as relief effects produced on a smooth surface by the transformation, or after polishing and etching. These microstruc-tures are markedly similar to those found in copper-manganese alloys: iron-platinum alloys," and barium titanate,7,8 where it has been demonstrated that the lamellae are parallel to the (101) planes of the original cubic crystal. That the observed lamellae in indium-thallium alloys are also parallel to the (101) planes was proved by the following analyses performed on single grains in polycrystal-line samples containing 20.75 atomic pct T1. A study of the microstructures of a number of specimens revealed the fact that in many specimens the transformation markings continued unchanged in direction across the (111) interfaces of annealing twins. This at once demonstrates that the lamellae are parallel to a plane that is common to both parent and twin orientations, i.e., a plane in the zone <112>. This conclusion is compatible with the lamellae being parallel to (101) planes. To make a more complete determination of the habit plane of the lamellae, two grains were selected in which annealing twins ({Ill) twins) had been present in the high-temperature modification (cubic). The traces of the annealing twins, and of the transformation markings in both parent and twin crystals, were plotted together in stereographic projection, and a parent-twin pair of orientations was found that accounted for all lamellae as (101) planes. The projection of one of these twinned grains is reproduced in fig. 2. In view of these results the probability of there being another solution for the habit plane remote from (101) is very small, but to explore the possibility that the habit plane deviates slightly from (101), a more precise analysis was undertaken. In this, the orientation of a grain in the cubic modification was determined from a Laue back-reflection photograph taken with the sample at 90°C. The traces of the lamellae that formed in this grain on cooling were plotted in the stereographic projection

Jan 1, 1951

By P. A. Beck, Hsun Hu

As described by means of quantitative pole figures, the annealing texture of highly rolled aluminum consists of the four retained components of the rolling texture near (123) [121], rather more sharply developed, and of a cube texture component. Local reorientation corresponds fairly well to 40 rotation around a [111] axis. In copper strip rolled 96 pct, the annealing texture is mainly the cube texture, with the four twin orientations as minor components. The annealing texture of highly rolled brass strip consists of four components of the (225) [734] type. REVIEWS by Wassermann,&apos; Barrett,&apos; Dunn,3 and Richards&apos; give detailed accounts of the numerous publications dealing with annealing textures in rolled polycrystalline metals. Although a considerable amount of information of an empirical nature has been available for many years, even relatively recently the state of recrystallization-texture theory was considered uncertain. The reviews referred to above deal mainly with the description of experimental results, without developing generally applicable principles, suitable for explaining the observed annealing textures. The investigations of Burgers and Louwerse5 and Barrett6 showed that in deformed single crystals of aluminum the orientation of the recrystallized grains deviates drastically from that of the deformed matrix. According to Barrett and to Beck and Hu,7 the relationship between the two orientations can be best described as a rotation of about 40° around a [111] axis. Recent investigations led to similar orientation relationships for various face-centered cubic metals with a simple texture, regardless of whether the annealing process was recrystallization (strain-free grains growing in a highly deformed large crystal of aluminum&apos; or copper: or in deformed cube texture copper") or coarsening (strain-free grains growing at the expense of an essentially strain-free, fine grained, polycrystalline matrix of single orientation texture copper,&apos;" aluminum,&apos; or nickel-iron). Barrett" pointed out the possibility that this orientation relationship may be a result of the orientation dependence of the rate of grain boundary migration. More recently, considerable evidence became available in favor of this view.12,13 In apparent contradiction to the above results, it has been known for a long time that the recrystallization texture of polycrystalline metals is often similar to the deformation texture. This was found, in particular, for the fiber textures obtained by wire drawing, compression, or compression rolling.&apos; Following a suggestion by Barrett,2 Kronberg and Wilson and Beck and Hu7 described a mechanism by which a [Ill] fiber texture, resulting from plastic deformation, may be retained upon recrystallization, even though the orientation of individual recrystallized grains differs from that of the local area of the matrix in which they grow. This mechanism assumes that the reorientation corresponds to a rotation around the [1ll] axis, which is also the fiber axis. The present investigation was undertaken to examine in detail the orientation relationship between deformation texture and recrystallization texture in rolled face-centered cubic metals, using the quantitative methods of texture determination that have recently become available.", &apos;" Quantitative pole figures for the rolling textures of such metals were reported recently." Quantitative pole figures for annealing textures are given in the present paper. It was planned to investigate whether or not the orientation relationship previously found for the recrystallization of deformed single crystals, and for coarsening of single-orientation texture material, is capable of accounting for the observed, often complex, annealing textures in rolled polycrystalline metals. The question whether local reorientation is predominant, even in the early phases of the annealing process, was to be studied with high purity aluminum. by making use of an oxide film and sensitive tint illum-

Jan 1, 1953

By Frank M. Brooks

Endeavoring to meet the requirements of more oil created by the war effort, the oil industry of Kansas in 1944 maintained a level of exploratory and development work well above the average of previous years. During the year, 1866 test wells were drilled, of which 838 were completed as new oil wells, 89 as new gas wells and 939 as dry holes. These figures compare with 895 new oil wells, 32 new gas wells and 834 dry holes for a total of 1761 tests in 1943. Thus, there was a marked decrease in the number of new oil wells, and an increase in the new gas wells and dry holes. The total daily initial potential of production discovered by the successful wells amounted to 494,689 bbl. of oil as compared with 736,297 bbl. in 1943. The increase in unsuccessful tests and decrease in the daily initial potential of production has caused considerable comment and speculation among the oil operators of the state. This tends to confirm the fact that each year it is becoming harder to find the remaining oil fields. The total number of wildcats drilled in Kansas was 651 in 1944, including the so-called "extension wildcats" (more than 1/2 to I mile from known production). Of this number, 410 are classified as "rank wildcats," being more than one mile from production. The total of 651 compares with the total of 577 for 1943, showing an increase in wildcat drilling of 74 test wells: Of these tests, 81 were successful in finding new oil fields or substafitially extending known areas of production, and 20 either found new gas pools or extended old ones. The ratio of dry holes to producing wells among the "rank" wildcats was approximately 10 to I (372 dry and 38 successful). This compares with a ratio of 10 to I in 1943, 11 to I in 1942, and 6 to I in 1941. A compilation of the results obtained by 34 active companies, including all of the major companies, reveals that their efforts accounted for 286 rank wildcat wells, of which-37 found oil or gas, making a dry-hole percentage of 87. Approximately 55 per cent of all, tests (pool and wildcat) were failures. Thc Kansas Nomenclature Committee of the Kansas Geological Society named and classified 43 new oil fields and 8 new gas fields during the year. The discovery wells of the new oil fields had a total initial potential of 18,358 bbl. for a per well average or&apos; 427 bbl. The average initial potential per well in 1942 and 1943 was 894 and 419 bbl., respectively. With nearly all wells producing at their economic capacity, the total production for Kansas during 1944 totaled 101,896,704 bbl., which compares with total runs of 107,709,679 bbl. in 1943. Production of natural gas during 1944 reached a new high record of 135 billion cubic feet. This compares with 122 billion cubic feet for 1943, and 98 1/2 billion cubic feet for 1942. The large Hugoton field of Southwestern Kansas accounted for about half of the total gas produced. Highlights OF the Year Although 51 new fields were found in the state during 1944, it is apparent that the

Jan 1, 1945

By Donald E. Garrett

The processing of brines from Searles Lake, California, yields one of the world&apos;s largest supplies of borax and boron chemicals, second probably only to the massive deposit at Boron, California. Two companies produce from this deposit, the American Potash & Chemical Corp. and the West End Chemical Co., a division of the Stauffer Chemical Co. Two processes are employed in recovering borax from the brines; one is used by both companies and consists of carbonating the brine to form sodium bicarbonate, removing this, and then cooling the liquor to crystallize a crop of borax. Only American Potash uses the second process, evaporating the brine to concentrate it and remove (crystallize) much of its NaCl, Na2CO3, Na2SO4, and NaLi2PO4 content, quick cooling the remaining liquor to remove KCI, and then seeding the filtrate to remove borax. Both methods will be briefly described. Searles Lake is a large evaporite body formed during the most recent two Sierra Nevada ice stages, the Tahoe and the Tioga. Runoff waters from the Sierra Nevada Mountains collected in the large Owens Valley drainage basin and from there overflowed into the Indian Wells basin and then into Searles Lake. In each Lake, evaporation took place. To a large extent the Owens and Indian Wells lakes acted as settling basins, for much of the mud, and insoluble calcium and magnesium precipitates were deposited there. Recent volcanic activity in the mountains to the north and east of Owens Lake had scattered considerable mineral-rich volcanic ash and debris throughout the drainage area, and several hot springs were formed that contained boron and other salts. The present flow rate and concentration of several springs, and the known age of at least the Tioga zone, can fairly well account for all of the boron present in Owens and Searles Lakes.1 The tungsten content can be accounted for in a similar manner.2 Most of the salts thus originally present in the fresh water runoff-from ice, snow, and rain-accompanying these two ice stages were ultimately deposited in Searles Lake. During the Tahoe period, from 25 to 40 ft of massive, mixed salts were deposited, along with six interspersed layers of mud (four inches to two feet thick) representing comparatively brief interglacial periods. Before the final desiccation of the lake, from 10 to 14 ft of new mud was deposited, representing the Tioga stage. The crystals subsequently deposited were from 70 to 90 ft thick, and form the present lake surface. The extent of the salt body is about 34 square miles, of which 12 square miles are exposed salt; the remaining area is covered by recent alluvial deposits (chiefly mud). The present lake is generally dry on the surface but floods to a shallow depth following heavy rains. The crystal body of both zones consists of continuous clusters of salts, and the voids between crystals (about 45 pct of the total volume) are occupied by brine. The level of this brine never recedes more than several inches below the salt surface. The brine pumped to the plants for processing is generally saturated with all of the solid phases present in that area, and thus is a complex mixture containing about 35 pct solids (see Table 3). The brine composition varies somewhat at different areas of the lake and from upper to lower structures, so wells are drilled in the areas and to the depths desired. A casing is cemented in the hole to within a short distance from the bottom, and pumps with about 14-ft suctions are mounted on the casing to pump the brine into the plants. The evaporation process of the American Potash & Chemical Corp. treats upper structure brine, evaporating all of the water from

Jan 1, 1960

By W. A. Ver Wiebe

UNder the impetus of new demands caused by the defense program, the oil and gas industries of Kansas established new records during the year 1941. In all, 2113 wells were drilled, which compares favorably with the record total drilled in 1937. These 2113 tests resulted in 1446 oil wells, 76 gas wells and 592 dry holes. In all three categories there was an increase over the previous year, but unfortunately the most marked increase was in the dry holes. Nearly 80 per cent of the increase must be allocated to the drilling 01 unsuccessful tests. This was partly because of the increasing difficulty of finding new reserve areas and partly because of the erratic character of the production in the Arbuckle dolomite, which is now the main producing zone. Closer analysis of the totals reveals that western Kansas accounted for 1634 tests, of which 1186 were oil wells, 34 were gas wells and 415 were dry holes. The total potential initial daily production uncovered by the successful wells amounted to 1,691,000 bbl. of oil and 508,000,000 cu. ft. of gas. Both figures indicate a considerable decrease when compared with the proceeding year; in 1940 the respective figures were 2,128,000 bbl. and 1,289,000,000 cu. feet. In eastern Kansas a total of 479 wells were drilled. Among these, 260 were oil wells accounting for a daily initial potential production of 45,662 bbl. The new gas wells numbered 42 and added 290,438,000 cu. ft. per day to the gas potential production of the state. The remaining tests, 177 in number, were dry. It is interesting and significant that almost half (791) of the total wells drilled in western Kansas were drilled by the independent operators. Among the large companies the Cities Service Oil Co. drilled 169 wells; the Stanolind Oil and Gas CO., 101; the Skelly Oil Co., 80; the Continental Oil Co., 99, and the Shell Petroleum Co., 63 wells. In eastern Kansas the independent operators drilled 406 out of the total of 479 wells. Among the major oil companies the Cities Service Oil Co. drilled 38; the Phillips Petroleum Co., 13, and the Sinclair-Prairie Oil Co., II wells. The figures on relative percentages of dry holes to successful oil or gas wells are revealing. In western Kansas approximately one third of all wells drilled by the independent operators were dry holes. The major oil companies drilled approximately 844 wells in western Kansas, of which 678 were successful in finding either oil or gas. It thus appears that the major companies fared much Getter than the independents. In eastern Kansas the major companies drilled 73 wells of which 63 were successful in finding commercial quantities of oil or gas. No less than 286 wildcat tests were put down in western Kansas and 72 in eastern Kansas, or 358 in all, during 1941. Considerably more than half of these were drilled by independent operators; zoo in western and 66 in eastern Kansas. An exploratory hole % mile or more from production is regarded as a wildcat well in Kansas. On a percentage basis, approximately 75 per cent of all wildcat wells were failures; only 25 per cent found oil or gas in western

Jan 1, 1942

By W. A. Ver Wiebe

Under the impetus of new demands caused by the war, the oil and gas industries of Kansas established new records during the year 1942. In all, 1513 test wells were drilled, which is somewhat of a drop from the figure of 2113 for 1941. The 1513 tests yielded 800 new oil wells, 85 new gas wells, and 628 dry holes. Thus there was an increase in two categories, the gas wells and the dry holes. Considering that last year only 592 dry holes were completed out of a much larger total, the figure of 628 dry holes causes some concern among local operators. The increase in unsuccessful tests illustrates once more the fact that each year it is becoming harder to find the remaining oil pools. When the figures are broken down, it appears that western Kansas accounted for 1177 tests, of which 689 were oil wells, 33 gas wells, and 455 dry holes. The total potential daily initial production uncovered by the successful wells amounted to 753,178 bbl. of oil and 619,734,000 cu. it. of gas. The figures for new initial production indicate a substantial drop from last year&apos;s figure of 1,691,000 bbl., and the figures on gas are slightly higher. In 1941 the new gas as based on a daily potential was 508,000,-000 cu. ft. In eastern Kansas, 336 wells were drilled. Among these in were oil wells, accounting for a daily initial potential production of 16,199 bbl. The new gas wells numbered 52 and added 253,725,000 cu. ft. per day to the gas potential production of the state. The remaining tests, 173 in number, were dry. It is interesting and perhaps significant that about half (630) of the wells drilled in western Kansas were drilled by the independent operators. Among the large companies, the Cities Service Oil Co. drilled 163 wells; the Stanolind Oil and Gas Co., 52; the Skelly Oil Co., 39; the Continental Oil Co., 48; and the Shell Petroleum Co., 21 wells. In eastern Kansas the independent operators drilled 297 out of the total of 336 wells. Among the major oil companies the Cities Service Oil Co. drilled 19; the Phillips Petroleum Co. 7; and the Sinclair-Prairie Oil Co., 6 wells. The figures based on relative percentages of dry holes to successful oil or gas wells are revealing. In western Kansas almost one half of all wells drilled by the independent operators were dry holes. The major oil companies drilled approximately 547 wells in western Kansas, of which 379 were successful in finding either oil or gas. It thus appears that the major companies fared better than the independents. In eastern Kansas the major companies drilled 39 wells, of which 29 were successful in finding commercial quantities of oil or of gas. No less than 329 wildcat test holes were put down in western Kansas and 105 in eastern Kansas, or 434 in all, during 1942. Considerably more than half of these were drilled by independent operators; 223 in western and 99 in eastern Kansas. An exploratory hole 56 mile or more from production is regarded as a wildcat well in Kansas. On a percentage basis, about 80 per cent of wildcat wells were failures. In western Kansas only 20 per cent found either oil or gas. The failures were about equally distributed among the major

Jan 1, 1943

By W. A. Ver Wiebe

Under the impetus of new demands caused by the war, the oil and gas industries of Kansas established new records during the year 1942. In all, 1513 test wells were drilled, which is somewhat of a drop from the figure of 2113 for 1941. The 1513 tests yielded 800 new oil wells, 85 new gas wells, and 628 dry holes. Thus there was an increase in two categories, the gas wells and the dry holes. Considering that last year only 592 dry holes were completed out of a much larger total, the figure of 628 dry holes causes some concern among local operators. The increase in unsuccessful tests illustrates once more the fact that each year it is becoming harder to find the remaining oil pools. When the figures are broken down, it appears that western Kansas accounted for 1177 tests, of which 689 were oil wells, 33 gas wells, and 455 dry holes. The total potential daily initial production uncovered by the successful wells amounted to 753,178 bbl. of oil and 619,734,000 cu. it. of gas. The figures for new initial production indicate a substantial drop from last year&apos;s figure of 1,691,000 bbl., and the figures on gas are slightly higher. In 1941 the new gas as based on a daily potential was 508,000,-000 cu. ft. In eastern Kansas, 336 wells were drilled. Among these in were oil wells, accounting for a daily initial potential production of 16,199 bbl. The new gas wells numbered 52 and added 253,725,000 cu. ft. per day to the gas potential production of the state. The remaining tests, 173 in number, were dry. It is interesting and perhaps significant that about half (630) of the wells drilled in western Kansas were drilled by the independent operators. Among the large companies, the Cities Service Oil Co. drilled 163 wells; the Stanolind Oil and Gas Co., 52; the Skelly Oil Co., 39; the Continental Oil Co., 48; and the Shell Petroleum Co., 21 wells. In eastern Kansas the independent operators drilled 297 out of the total of 336 wells. Among the major oil companies the Cities Service Oil Co. drilled 19; the Phillips Petroleum Co. 7; and the Sinclair-Prairie Oil Co., 6 wells. The figures based on relative percentages of dry holes to successful oil or gas wells are revealing. In western Kansas almost one half of all wells drilled by the independent operators were dry holes. The major oil companies drilled approximately 547 wells in western Kansas, of which 379 were successful in finding either oil or gas. It thus appears that the major companies fared better than the independents. In eastern Kansas the major companies drilled 39 wells, of which 29 were successful in finding commercial quantities of oil or of gas. No less than 329 wildcat test holes were put down in western Kansas and 105 in eastern Kansas, or 434 in all, during 1942. Considerably more than half of these were drilled by independent operators; 223 in western and 99 in eastern Kansas. An exploratory hole 56 mile or more from production is regarded as a wildcat well in Kansas. On a percentage basis, about 80 per cent of wildcat wells were failures. In western Kansas only 20 per cent found either oil or gas. The failures were about equally distributed among the major

Jan 1, 1943

By W. A. Ver Wiebe

UNder the impetus of new demands caused by the defense program, the oil and gas industries of Kansas established new records during the year 1941. In all, 2113 wells were drilled, which compares favorably with the record total drilled in 1937. These 2113 tests resulted in 1446 oil wells, 76 gas wells and 592 dry holes. In all three categories there was an increase over the previous year, but unfortunately the most marked increase was in the dry holes. Nearly 80 per cent of the increase must be allocated to the drilling 01 unsuccessful tests. This was partly because of the increasing difficulty of finding new reserve areas and partly because of the erratic character of the production in the Arbuckle dolomite, which is now the main producing zone. Closer analysis of the totals reveals that western Kansas accounted for 1634 tests, of which 1186 were oil wells, 34 were gas wells and 415 were dry holes. The total potential initial daily production uncovered by the successful wells amounted to 1,691,000 bbl. of oil and 508,000,000 cu. ft. of gas. Both figures indicate a considerable decrease when compared with the proceeding year; in 1940 the respective figures were 2,128,000 bbl. and 1,289,000,000 cu. feet. In eastern Kansas a total of 479 wells were drilled. Among these, 260 were oil wells accounting for a daily initial potential production of 45,662 bbl. The new gas wells numbered 42 and added 290,438,000 cu. ft. per day to the gas potential production of the state. The remaining tests, 177 in number, were dry. It is interesting and significant that almost half (791) of the total wells drilled in western Kansas were drilled by the independent operators. Among the large companies the Cities Service Oil Co. drilled 169 wells; the Stanolind Oil and Gas CO., 101; the Skelly Oil Co., 80; the Continental Oil Co., 99, and the Shell Petroleum Co., 63 wells. In eastern Kansas the independent operators drilled 406 out of the total of 479 wells. Among the major oil companies the Cities Service Oil Co. drilled 38; the Phillips Petroleum Co., 13, and the Sinclair-Prairie Oil Co., II wells. The figures on relative percentages of dry holes to successful oil or gas wells are revealing. In western Kansas approximately one third of all wells drilled by the independent operators were dry holes. The major oil companies drilled approximately 844 wells in western Kansas, of which 678 were successful in finding either oil or gas. It thus appears that the major companies fared much Getter than the independents. In eastern Kansas the major companies drilled 73 wells of which 63 were successful in finding commercial quantities of oil or gas. No less than 286 wildcat tests were put down in western Kansas and 72 in eastern Kansas, or 358 in all, during 1941. Considerably more than half of these were drilled by independent operators; zoo in western and 66 in eastern Kansas. An exploratory hole % mile or more from production is regarded as a wildcat well in Kansas. On a percentage basis, approximately 75 per cent of all wildcat wells were failures; only 25 per cent found oil or gas in western

Jan 1, 1942

By H. D. Williams, R. A. Scriven

The distribution of elevation angle of finite plane facets distributed symmetrically about a given axis is derived in terms of the angular distribution of lines which these facets produce in a plane section parallel to the axis. It is assumed that the facets are not markedly elongated in preferential directions. The theory is intended for application to the angular distribution in polycrystalline metals of slip planes and of particular grain boundaries on which certain phenomena such as cavitation can occuv. Illustrative examples are given in closed form and simple numerical techniques are de-ueloped for practical application. The results are applied to the distribution of cavitated boundaries in a copper specimen after fatigue at 400°C and it is found that voids form on the boundaries that exper~enced maximum shear stress. When investigating the distribution of elevation angle between a given axis and planes symmetrically distributed about this axis the angular distribution observed in a plane section parallel to the axis is not necessarily the same as the required distribution. Consequently a technique for processing the results obtained by sectioning methods is required. An example where such a technique would find application is in the problem of intercrystalline void formation during uniaxial tensile creep. Two theories have been proposed to explain this cavitation in terms of the normal and the shear components of stress, respectively. Hull and Rimmer (1959) postulate that the growth of intercrystalline voids is controlled by the rate of supply of vacancies from the grain boundary, the local vacancy concentration being proportional to the normal stress on the boundary. Gifkins (1956) considers that slip arising within a grain causes a ledge to be formed at the grain boundary which is subsequently opened up into a cavity by grain boundary sliding. It might be possible to differentiate between these mechanisms by determining the angular distribution of grain boundaries containing cavities since the former theory predicts a predominance of cavitated facets normal to the stress direction whereas the latter should favor an angle of 45 deg to this direction. In a similar manner an indication may be obtained of the type of mechanism responsible for intercrystalline cavitation during high-temperature fatigue. Davies and Wilshire (1962) have analyzed the slip-plane distribution in a nickel specimen but the problem was not treated in any detail nor was any account taken of the finite extent of the planes being sectioned. Hilliard (1962) has given a very general account of how anisotropy in the microstruciure can be related to measurements taken in one or more plane sections by expressing both the measured and the true angular distributions as expansions in spherical harmonics.* The present analysis is con-

Jan 1, 1965

By Wayne A. Greenwalt

A method that determines venture participation when the decision maker&apos;s level of risk aversion varies according to venture profitability and risk investment is presented. The decision maker&apos;s fundamental aversion to risk is established by the selection of a desired working interest for a venture that anticipates only a discounted payout.

Jan 1, 1982

By Edgar F. Cruft

INTRODUCTION It is sometimes said that "mines are made, and not found." I rather doubt that the exploration geologist would be overly sympathetic to that statement, and, of course, like most one-liners it is only partly true. Access to different financial markets are important at the mineral prospect stage. The modern mine financier has a much more complex, and interesting, job than the financiers of an earlier era, for example, the Canadian financiers of the 40&apos;s and 50&apos;s who had one simple set of options; i.e. float a company, promote it, and sell an equity stock issue, and then promote it some more. QUALITIES OF A FINANCIER Because technical people are seldom taught financing in their basic training, and because they are usually not involved in it until at quite a senior level in their careers, the whole field often acquires a certain mystique. The engineering professions have too often believed financing is the province of the accountant or financial executive and just as we in the technical world are often too quick to bristle if the latter try to tread on our domain, the opposite can just as easily be true. Unfortunately, this is another example of a compartmentalized individual, and that is one thing the successful financier cannot be. However, to be a successful financier one does not need extensive training or experience in accounting or finance. In fact it can sometimes be a disadvantage to get too buried in working only from the standpoint of discounted cash-flow analyses, ROI&apos;s, etc. It must be stressed, however, that one had better know how these analyses are made, and be knowledgeable in understanding a balance sheet, and have a good understanding of financial terminology. The difference between a simple project-type debt financing with a commercial bank and a more inventive and creative financial package comes from an intuition and an experience relating to risk-reward factors. The most important element is "common-sense", based on knowledge and experience. The goal is structure a financial package that fits the project, and in so doing it is important to recognize that it must fit within the limitations of the group supplying the money. I find insensitivity to recognize these constraints the most common mistake made in the field. Put yourself in the other person&apos;s place and understand his sources of funds and financing limitations. The engineer has an advantage in financing, as he or she has (or should have) a better idea than anyone of the value of the product, be it the mine, prospect, or company i.e. the intangible or potential worth which cannot be put on a pro-forma. He also knows, or should know, the risks involved. Two projects might look the same on paper, but a good financier must have a sense of when to take whatever deal he can get, and when to hold out based on his evaluation of future developments. It is essential to have a good sense of commodity values and trends, trends affecting the general economy (money supply, interest rates, effects of energy costs, etc.), and political considerations. He must also have a good understanding of the science and art of taxation as deals can often be financed using the government as a silent and unwitting partner by proper use of the tax laws. WHEN TO SEEK FINANCE The first critical decision to make in financing a mineral prospect is "when". At the exploration level, when it is only a dream in the geologist&apos;s eye, the alternatives are more limited than when it is a fully-engineered project. The "when" decision depends on how much in internal funds the company has to play with, and how desirable it is to invite financial participation to spread the risk. Assuming that decision is not taken out of lack of money, no one can categorically say when to do it. There is

Jan 1, 1985