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By Keith Leonard Sutherland

This paper is a study of the differential flotation of the sulphide minerals in the presence of salts of silver, lead and zinc. In practice, accidental activation due to these salts is more important than their use as reagents to replace copper sulphate. The general method of investigation has been based upon contact tests, the temperature of 35°C being chosen in conformity with earlier work. Potassium ethyl xanthate and potassium amyl xanthate were selected as collectors and pure sulphide minerals were used. The experimental procedure has been outlined in earlier papers and all solutions were kept carbonate-free.14 Contact, or spreading of an air bubble, at a mineral surface indicates the presence of an adsorbed collector film. Purity of Reagents The xanthates were purified in the usual manner.' Neither the cyanide nor the sodium hydroxide solutions contained sufficient carbonate to give a precipitate with barium chloride solution. The silver sulphate was prepared from pure silver nitrate by evaporation with concentrated sulphuric acid until there was no evidence of brown fumes, This solution was diluted and the difficultly soluble sulphate washed with water so that unchanged nitrate was dissolved. The resultant crystalline powder was pure white. The lead and zinc salts were prepared by dissolving especially pure lead and zinc in C.P. nitric and sulphuric acid solution and the crystals drained. The standard solutions were checked by titration. It was felt desirable to use the sulphate radical wherever possible, but since lead sulphate was insufficiently soluble for the purpose of the experiments, it was necessary to use some other lead salt. A.R. copper sulphate was used without further purification. Results The results are presented in the accompanying figures; the areas of noncontact (nonflotation) are shaded in Figs. 8, 9, 10 and 11; in the remainder they lie to the right of the curve. Zinc Sulphate The curves in Fig. I are to be compared with those for Fig. 2, for which zinc sulphate is absent. This comparison shows that the influence of the zinc ion is usually small. Its influence is more marked, however, for chalcopyrite in the absence of cyanide. The influence of zinc sulphate is also marked for copper-activated sphalerite, for which tests were made only in the "absence of cyanide. The results are of importance in the separation of pyrite from copper-activated sphalerite when zinc sulphate is added in the lead flotation section (p. 204 of ref. I). Sphalerite does not adsorb the collector (i.e., become floatable) under the conditions chosen.

Jan 1, 1943

By R. W. Raymond

Franklin Guiterman was born March 7, 1856, in Cincinnati, Ohio, where his father, William Guiterman, was at that time engagcd in the wholesale dry-goods business. Both of his parents were natives of Bavaria, but the inspiration of America was upon them, as they gave to their son a peculiarly American name, symbolizing thrift, individualism and scientific knowledge. Franklin Guiterman received his general education in the grammar schools and the Hughes High School of Cincinnati. He finished the latter course in the early 70's of the last century, when the great demand for mining and metallurgical experts in this country naturally led his parents to direct his further studies in that direction. Accordingly, he went to Europe, and studied at the Royal Saxon Mining Academy of Freiberg, where he completed the course in 1877, at the age of 21, and returned to the United States to engage in mining and metallurgical practice. Going to Colorado, he became assayer for the Terrible mine, at Georgetown, and in 1878, for the Little Chief mine at Leadville. The position of assayer, particularly at that period and in that region, was the door to much valuable knowledge of mines and ores. Besides learning the nature and value of the different classes of ore from the mines of his own company (if he was employed by a company) the assayer, had the first chance, through his outside customers, of seeing and testing the specimens brought by prospectors, and thus learning of important new discoveries. Moreover, if he possessed metallurgical knowledge, he might advance to the position of a metallurgical manager. Guiterman stayed in Leadville four years, and during that period was assayer or chemist for several different companies. Then for about a year he superintended copper-mining operations at Hartville, Wyo. In 1884, he had charge of sampling works at Silverton, colo.—an admirable opportunity for gaining wide knowledge of the varied ores of the San Juan country. In 1885, he was Superintendent of the Mingo plant of the Pennsylvania Lead Co., at Sandy, near Salt Lake City, Utah. The foregoing list of employments, each occupying not more than a year, certainly looks like the history of a rolling stone, gathering no moss. But the cause of these frequent changes was not inefficiency in each new position. In that time and period, a man who lost his place for such a reason was not likely to get another in the same neighborhood might away. And as for gathering "moss," the kind of "moss" that

Jan 1, 1918

By R. E. Zinkham

An investigation has been conducted to compare short transverse and longitudinal fatigue and fracture properties in 4.25-in.-thick, high strength aluminum alloy plates. One plate was produced using standard rolling techniques while the other was pre.forged before rolling. Little difference was shown in fatigue strength of longitudinal specimens taken from mid-thickness of the plate. Howeuer, in the short transverse orientation fatigue strengths at 107 cycles were about 25 and 50 pct less, respectively, for the preforged and standard rolled plate. Differences in fatigue strengths were attributed to grain size and shape as well US orientation of constituents. Fatigue crack propagation rates and fracture toughness were compared at three different stress intensity (K) levels, using a constant compliance, double cantilever, wedge-shaped specimen. In a given plate, comparable fatigue crack Propagation rates were observed in the longitudinal (i9W) and short transverse (TW) orientations. Somezuhat gveater rates were observed in the short transzerse (TR) orientation. The preforged plute gave a lower rate for all three directions. Considerable secondary cracking developed, at times, over portions of the fatigue crack in both plates, particularly at the lower stress intensity levels in the short transverse specimens. Micro structure revealed constituent stringers as possible causes of the crack branching. Fracture toughness was considerably less in both plates in the short transuerse orientation. It is concluded that preforging not only improved directional tensile properties but also the fatigue and fracture properties in general. On occasion, aluminum plates have been milled away for hinges or bolted connections and stressed through the thickness or short transverse direction. Little or no information is available concerning fatigue characteristics or fracture toughness in this loading orientation in aluminum plate, or of the effect of fabrication on these properties. It was the intent of this project to examine, develop, and apply a unique specimen that has been advocated by others to study the fatigue characteristics and fracture toughness of two differently fabricated high strength aluminum plates. Linear elastic fracture mechanics criteria may be applied to the specimen so that the fatigue crack propagation rate and fracture toughness data may be of use for design or inspection applications. Fatigue characteristics are generally measured in the longtudinal or long transverse direction, where fairly large specimens such as center notched panels,' are usually employed. Limitations are evident due to plate thickness, however, in the type and size of specimen that may be tested in the short transverse direction without extensions. Therefore, a specimen that is to be loaded in this direction should, for convenience, be compact. The general type of fatigue crack propagation specimens discussed and employed herein meet this requirement. These specimens are commonly called double cantilever beam specimens and lately "crackline-loaded edge-crack specimens".2 They may vary from a slope of zero (parallel-sides) to a wedge shape, the type employed herein. In general for most specimens the stress intensity KI at the tip of a crack is a function of the load, P and crack length, a. Some varieties of the wedge shaped specimen, however, give essentially a constant stress intensity KI over a considerable range of crack length.' This feature can be a valuable asset in fatigue crack propagation experiments because the stress-intensity can be controlled simply by controlling the load without regard to crack length. MATERIAL AND METHODS Material. A standard rolled (light pass reduction) and a ~reforged and rolled (heavy pass reduction) plate of 7179-T651 material were used for the evaluation. The chemistry, processing history and average tensile properties are shown in Table I. Specimen Selection and Preparation. The specimen selected for the generation of fatigue initiation or S-N data was an axial tension type and is shown in Fig. 1. Specimens were taken from mid-thickness in the longitudinal and short transverse directions from both plates. Specimens were polished with 500 grit paper in a direction parallel to the loading axis. For the fatigue crack propagation tests, the specimen shown in Fig. 2 was used. This is similar to a specimen that has been employed by Mostovoy3 for fracture toughness studies on 7075-T6 aluminum alloy. It also fortuitiously agrees quite well with the dimensions of a specimen for which Srawley and Gross2

Jan 1, 1970

By M. A. Selim, W. H. Somerton

Thermal expansions and heats of reaction of three typical sandstones were measured in the temperature range of 25°to 1,000°C. The significance of these data in subsurface heat-transfer calculations is discussed. Linear thermal expansions were measured both parallel and perpendicular to the bedding planes. Volume expansions are reported as the perpendicular expansion plus two times the parallel expansion. Expansion behavior of the sandstones was found to be controlled by the expansion characteristics of the quartz content. Differential expansion of the quartz grains and other minerals included in the sandstones caused permanent deformation of the heated samples after they were cooled to room temperature. Structural damage resulting from heating is probably an important cause of the reduction of thermal conductivity of heated samples. Measurements of heats of reaction were based on the known heat required for a- quartz inversion. Thermal reactions, which probably include deby-droxylation of clay minerals and decomposition of carbonate minerals contained within the samples, were found to require more than one-fourth of the amount of heat necessary to raise the temperature of the rock alone. In shales and limestones, the reaction heat could be substantially greater than that required from specific heat considerations alone. INTRODUCTION In earlier work, l-3 methods of measuring thermal properties were developed and thermal data for several sedimentary-rock types were reported. Data included thermal conductivity, specific heat and thermal diffusivity. In addition, calculations of heat transfer in subsurface formations may require data on the thermal-expansion characteristics of rock and the heats of reaction of mineral constituents. Thermal expansion of rocks is relatively small in magnitucle and, from the standpoint of change in bulk density, has only minor effects on heat-transfer cliaracteristics. Thermal-expansion behavior, however, may have significant effects on the structure of rocks. Differential expansion of different minerals and along different crystal-lographic axes may result in structural damage which could effectively reduce the thermal conductivity of the rock. Many mineral constituents of sedimentary rocks undergo phase or related changes when heated to sufficiently high temperatures. Although some of these reactions (such as the a-ß quartz inversion) are reversible and the heat absorbed is returned to the system upon cooling, many of the major reactions are irreversible. Through certain temperature ranges, the additional heat energy required to complete the reactions may be nearly as great as that necessary to raise the temperature of the rock in the absence of thermal reactions. If the heat requirements for these reactions are not considered, serious errors in heat-transfer calculations may result. Thermal-tzxpansion and thermal-reaction data have been obtained for three typical sandstones. Methods of measurement and results obtained are reported and discussed in the following. THERMAL EXPANSION OF SANDSTONES The linear expansions of three outcrop sandstones (Bandera, Berea and Boise) have been measured in the temptbratue range of 25° to 1,000° C. Expansion measurements were made in the directions parallel and perpendicular to the bedding. The differential expansion apparatus used is that described by Mitoff and Pask.4 The test sample is heated in an electric furnace with a temperature rise of 6°C/minute. The lengthening of the samples upon heating is compared with the small and known expansion of a fused silica rod. The change in length is transmitted to an X-Y recorder by means of a Statham transducer. A maximum error of ± 1.5 per cent has been obtained with this apparatus

By L. D. Fetterolf, G. T. Mahler, W. M. Peirce, R. K. Waring

UNTIL recently, the only commercial method of producing magnesium has been fused salt electrolysis, despite a considerable amount of experimental work on the direct reduction of magnesium oxide. In this early work, a number of investigators demonstrated that magnesium oxide would react with any one of several reducing agents to produce magnesium vapor, but that the mixture of magnesium oxide and reducing agent must be heated to a high temperature even in a vacuum. In particular, it was demonstrated that silicon and aluminum are effective reducing agents and that when either of these is used the magnesium vapor can be condensed to massive metal. In spite of this knowledge, no successful commercial reduction process was developed, at least in this country, because of the operational difficulties imposed by the requirement of high temperature and vacuum and because of the high cost of the reducing agent. The outstanding experimental work done by Pidgeon, who carefully reviewed all of the known methods of making magnesium and then selected ferrosilicon reduction, overcame some of the operational difficulties. The process developed by Pidgeon comprises briquetting a mixture of calcined dolomite and reducing agent, pre-heating the briquets to about 600°C. in an externally heated alloy retort, reducing the MgO with silicon in an evacuated horizontal alloy retort heated externally to about 1150°C., and condensing the magnesium vapor to a solid in a cold extension of the retort projecting beyond the fr6nt of the furnace. A major advantage of Pidgeon's process is that the retort is not cooled down between charges. Earlier investigators had used apparatus that necessitated cooling and reheating of the retort between charges. Early in January 1942, when the War Production Board was considering the Pidgeon process for quickly increasing the production of magnesium, The New Jersey Zinc Co. offered to have a research investigation of the process carried on, with the hope of assisting in its further development. This offer was accepted, and a two-retort pilot plant was built at Palmerton and put in operation on Jan. 29, 1942. An intensive investigation of certain phases of the process was carried out in the ensuing four months. This investigation was completed in the last part of May 1942, and the pilot plant was then shut down. Subsequently, The New Jersey Zinc Co. was requested to have further development work done on the process, and a more extensive investigation was undertaken in August I942 under contract with the War production Board and under the super- vision of the War Metallurgy Committee. This paper describes the phases of the investigation that are thought to .be

Jan 1, 1944

By Mark S. Childs

FRIEDENSVILLE orebody in Lehigh County, Pennsylvania, lies in the south central part of the USGS Allentown Quadrangle. Physiographically the area is located in a small reentrant-known as Saucon Valley-of the Great Valley Province into the Reading Prong of the New England uplift. Saucon Valley itself is an oval-shaped lowland eight miles long and four miles wide, surrounded by ridges except where connected with the Great Valley through a breach in the rim known as Saucon Gap. These ridges, composed of Pre-Cambrian metamorphic rocks and Cambrian quartzites, rise some 500 ft above the valley floor. They are continuous with the New Jersey Highlands. The valley lowland is immediately underlain by lower Paleozoic dolomites and limestones. This area is one of low relief having a swing of approximately 100 ft, with an average elevation of 375 ft above sea level. The entire valley, which has a water shed of about 58 sq miles, is drained by Saucon Creek. This unit flows in a northeasterly direction to the Saucon Gap, where it discharges into the Lehigh River.

Jan 1, 1957

By H. De. Cizancourt

There is no new outstanding fact to be noted concerning the development of petroleum production and research in France and her possessions during 1935. France.—Pechelbronn remains the only important producing field in France. The total output has reached 538,921 bbl., showing a small decrease on last year's figures. Out of this, 302,737 bbl. was extracted by drilling and 236,184 bbl. (44 per cent) was obtained by means of shafts and galleries. Exploration of deeper formations was still in progress, and resulted in the discovery of a new Middle Triassic (Muschel-Kalk) producing horizon. In the vicinity of Hirtzbach (South Alsace) shallow exploration tests (500 ft.) were drilled by the Société de Pechelbronn, oil indications being found in the Tertiary. Two more important wells are now drilling in deeper horizons. The Chantenay well (Niévre) was finished in August, 1935, at a depth of 3544 ft.1 A test is under progress in Savoie. South of Gabian, at Pezenas, the erection of a rig is nearly completed.

Jan 1, 1936

There is no new outstanding fact to be noted concerning the development of petroleum production and research in France and her possessions during 1935. France.—Pechelbronn remains the only important producing field in France. The total output has reached 538,921 bbl., showing a small decrease on last year's figures. Out of this, 302,737 bbl. was extracted by drilling and 236,184 bbl. (44 per cent) was obtained by means of shafts and galleries. Exploration of deeper formations was still in progress, and resulted in the discovery of a new Middle Triassic (Muschel-Kalk) producing horizon. In the vicinity of Hirtzbach (South Alsace) shallow exploration tests (500 ft.) were drilled by the Société de Pechelbronn, oil indications being found in the Tertiary. Two more important wells are now drilling in deeper horizons. The Chantenay well (Niévre) was finished in August, 1935, at a depth of 3544 ft.1 A test is under progress in Savoie. South of Gabian, at Pezenas, the erection of a rig is nearly completed.

Jan 1, 1936

By S. Whinery

I am indebted to L. E. Bryant, of Danville, Ky., President of the Virginia Mining Co., operating coal-mines in Scott county, Tenn., for the following information relating to the existence of the Clinton iron-ore under the NW. slope of the Cumberland Plateau in Kentucky and Tennessee. During the past 15 years quite an important oil-field has been developed in a region having Wayne county, Ky., as its center, and a large number of wells have been drilled in that and adjacent territory in the search for oil. Many of these wells have been carried to considerable depths below the recognized oil-bearing horizon, and one of them was drilled by Mr. Bryant at Pine Knot, a station on the Cincinnati, New Orleans & Texas Pacific railroad, a few miles north of the point where that road crosses the Kentucky-Tennessee State-line. The elevation of

Jan 1, 1913

By Edgar Bain

OF THE important phenomenon of the hardening of steel, Professor Sauveur1 says: "It would seem as if the methods used to date for the elucidation of this complex problem have yielded all they are capable of yielding and that further straining of these methods will only serve to confuse the issue, the point having been reached when this juggling, no matter how skilfully done, with allotropy, solid solutions, and strains is causing weariness without advancing the solution of the problem.. The tendency of late has been to abandon the safer road of experimental facts and to enter the maze of excessive speculations, in which there is great danger of some becoming hopelessly lost. The conclusion seems warranted that new avenues of approach must be found if we are to obtain a correct answer to this apparent enigma. With some degree of fitness we may say, this of other problems. It seems likely that one of the new avenues of approach to many metallographic problems is the study-of crystal structure, or more accurately, the atomic arrangement by means of the X-ray spectrometer. The crystal structure of some materials has been carefully worked out by the mineralogist, but his methods are, in general, unsuited to commercial metals and a method that yields even better information is at hand as the result of work on the diffraction of X-rays by Laue and the Braggs2 and later by Hull,3 St. John, and others. It should be understood that the contour of free crystals, which is the subject of measurements by the crystallographer, is the result of the atomic structure and, in general, bears a simple and obvious relation to it. The use of the X-ray spectrometer4 has been described frequently, so the procedure will not be given here.

Jan 2, 1922

By E. Buehler, R. H. Willens

A Hew melting technique has hem adapted to the rapid quenching of- alloys from the liquid state. The inelting method has no limitations on the alloys investigated for there is no reaction with crucible materials and the most refractory materials are easily melted. The vate of heating is so rapid that alloys which have a high vapor pressure constituent can be melted with a minimal loss in material. Several new superconductovs have been discoveved by vapid quenching of lolten alloys. THE rapid quenching of alloys from the liquid state has led to the discovery of many new metastable phases. The methods initially used were limited to alloys which did not react with crucible materials.1,2 There was also the unmentioned limitation in tem- perature. Alloys with melting points much greater than 2000°C could not be melted in the rapid-quench apparatus. Recently, there have been successful attempts to rapidly quench reactive alloys by Moss et at. and Matthias Moss et al. injected powdered material (325 mesh) into a high-temperature plasma and the high-velocity molten droplets impinged on a cooled copper plate. The technique innovated by Matthias was to melt the alloy in an arc furnace and splatter it against a copper plate by means of a high-velocity gas jet aimed at the melt. I) FAST COOLING APPARATUS The creation of a metastable phase in a given alloy system by rapid cooling from the melt is contingent on the quenching rate. Some alloys require very slow rates while other alloys require the ultimate in quenching rate. At the present time, the vertical-gun technique of Duwez and willens' has demonstrated, in practice, the highest quenching rates and thus the best

Jan 1, 1967

By P. Majani, F. P. Kokesh, M. Grosmangin

Determination of the quality of cementation of casing in oil wells in the past has involved inflow and circulation tests to insure that the producing zones were adequately sealed off from the adjacent zones. Existing logging methods, such as temperature and radioactivity surveys, may detect the presence of cement behind the casing. However, the qualities of the cement (i.e., its hardness and particularly its bond to the casing) are not indicated. The new logging method described in this paper operates on the principle that the attenuation of a sonic pulse transmitted by a casing is greatly increased when that casing is bonded to an outer annulus of hard material (such as set cement) which has an appreciably smaller sonic-wave velocity than that of the casing. The down-hole tool contains a source of recurrent sound pulses which are detected by a receiver spaced a few feet from the source The amplitude of the detected casing-borne pulse is measured, and the resulting signal is transmitted to the surface where it is recorded vs depth. Since amplitude is a function of attenuation, the log is readily interpreted. Laboratory studies have shown straightforward relationship between attenuation and such variables as source-detector spacing and per cent of circumference bonded. It is shown that cement not set or not bonded to the casing has compara- tively little attenuating effect. Field examples show not only the cement top, but also the variation in cementation quality below the top. Further, the increase of bonding with time and after squeeze cementation is depicted. The detection of poor cement jobs is confirmed by production tests and by formation-test results. It is anticipated that the method will have wide application in evaluating cementation quality prior to formation testing in completions and recompletions. The analysis it affords may aid in further improving cementation techniques. INTRODUCTION The main purpose of oilwell cementing is to isolate a production zone from other undesirable zones. To investigate whether this purpose has been accomplished, several logging methods have been used such as temperature logs, radioactive tracer logs, etc. While these logs all respond to the presence of cement behind the casing, they do not indicate the degree of bonding of the cement to the casing. Early in the application of sonic logging, it was noticed that considerable attenuation of sound signals takes place in cemented pipe and is often made evident on the standard Sonic log by cycle skipping.' The development of a circuit capable of continuously recording the amplitude of the casing-borne sound signal has made possible an extensive series of laboratory and field tests, which gave the following results. The amplitude of a sound signal after it has traveled in a firmly cemented pipe is only a small fraction of that recorded by the same device in free pipe. This provides a wide spectrum of energy levels; for given local conditions, empirical values of the amplitude can be correlated with the quality of cementation. Interpretations made in this manner generally have been confirmed by production tests, circulation tests and squeeze cementation. The purposes of this paper are to give a general description of the new logging method and to present some laboratory and field results. CYCLE SKIPPING Early attempts to study the quality of the cement behind the casing were performed with a standard Sonic log, which measures the transit time At, and were based on the well known phenomenon of cycle skipping.' Cycle skipping normally is interpreted as being a manifestation of weak signals at the receivers. The log of Fig. 1 was run with the recording instrumentation adjusted to enhance cycle skipping. A mirror-image presentation was used for better visual interpretation. The transit time of sound in steel is about 58 microseconds/ft (corresponding to a velocity of 17,000 ft/ sec), and the portions of the log where this value is recorded are interpreted as zones with no cement bond. Where cycle skipping produces a higher value of At, weak signals (or a high rate of attenuation) are indicated, and a good cement bond may be present. The occurrence of cycle skipping, however, depends too much on instrument adjustment to give a uni-

Established as a Division November 17, 1948 T D Jones, Chairman O C Ralston, Past Chairman R R. McNaughton, Chairman-elect B. W Gonser '53, Vice-Chairman P. T. Stroup '54, Vice-Chairman Ernest Kirkendall, Secretary 29 West 39th Street, New York City

Jan 1, 1952

[Year of Election 1944. WALTER HULL ALDRIDGE New York, N. Y. 1946. PETER M. ANDERSON Johannesburg, South Africa 1946. CHARLES CAMSELL Ottawa, Ont., Canada 1946. CHARLES AUGUSTUS CARLOW Fife, Scotland 1946. CECIL DESCH London, England 1946. WILLIAM FRASER London, England 1922. FEDERICO GIOLITTI Torino, Italy]

Jan 1, 1946

ANDES, lying south of Chuquicamata and north of Braden on the western slope of Chile's cordillera, can best be described as a big well-managed copper-mining enterprise without any peculiarly outstanding features. In point of copper produced, since output started in 1927, it ranks fifth among the Porphyries, being exceeded only by its two Chilean contemporaries and by Utah Copper and Morenci in the United States. Even so, there is little to distinguish it from other properties. It does not have the phenomenally rich ore (better than 2 per cent copper) that characterizes Braden; and it is not in the same class as Chuquicamata whose ore has the excellent tenor of around 1.7 per cent, nor has it Chuqui's immense tonnage of proven ore reserves and potential ore resources. One might say the operations are standard in that there are no basic or radical departures from established practice. A letter from New York supplying me with sundry pertinent facts for which I had asked, makes this comment regarding the answer to one inquiry: "omitted because it is the ordinary equipment found in any well-run mine." The substance of that remark applies generally to the other operations, plants, and facilities. One interesting fact that helps explain this situation should not be overlooked. Until the "new" Morenci in 1942, Andes was the last of the Porphyry copper mines to come into production. It did not do much pioneering because other companies had, of necessity, charted the way in many particulars. The company was organized by the Anaconda Copper interests in 1916 to take over a, group of claims held under option by William Braden who, a few years earlier, had interested

Jan 1, 1957

By William L. Langdon

PRELIMINARY COMMENTS Recent years have been difficult for the mining industry, as reported in the most recently published Minerals Yearbook (Volume III), the estimated value of world crude mineral production has been generally declining since an historical peak in 1979 (16).* The costs of mineral extraction have, however, been rising rapidly. Individual project costs are, in general, exceeding the growth rate of mining companies, while operating and technical risks continue to increase (16). Risks resulting from currency flotation and political actions in the host country are also on the increase. Labor difficulties (such as those experienced by Phelps Dodge) and the Reagan Administration's recent rejection of a proposal by the International Trade Commission for higher tariffs and/or quotas on copper imports have also contributed to the mining industry's difficulties. The net result of these factors has been financial difficulties for mining companies with respect to paying for their current financial obligations as well as trouble finding new financing. It may be that one of the main factors in determining the future of the mining industry will be centered upon capital structure, i.e. how its assets are financed. Historical Perspective on Capital Structure In The Mining Industry As discussed by Isreal Borenstein in (4) and Thomas Navin in (7), mining firms typically have used a financial model based upon high financial leverage, i.e. large amounts of debt relative to equity. This has been especially true for American firms developing orebodies discovered overseas. Problems sometimes occurred for those who were forced to commit themselves to completion guarantees in order to obtain bank loans. Mines under these circumstances must be brought into operation regardless of market conditions. Politicians in overseas countries also may use the high profits required by these high risk ventures to argue for nationalization of mines. Coupled with the frequent use of high leverage, mining companies traditionally have paid out a higher percentage of earnings in the form of dividends than manufacturing firms. This is significant, in that such funds paid out in dividends are not available for other uses. Hence, a greater reliance upon debt and/or additional stock issues than would ordinarily be the case for manufacturing firms. Thomas Navin has stated in (7), that the theory behind the high dividend payout was that, "most mining investors thought of themselves as investing in a wasting asset, one that would gradually deplete over time until it ultimately became valueless." Investors, therefore, required a receipt, in the form of dividends, of a percentage of current earnings and a return on original capital. This view of reality, apparently, has not changed in some quarters, even though modern mine management ordinarily replaces depleted mines with new ones. It may be that this practice of high dividend payout coupled with relatively high financial leverage should be reexamined. Current capital structure theory could prove interesting and useful for those concerned with current conditions. Capital structure patterns and related practices in this industry are not, in many cases, congruent with those thought by some to be theoretically optimal. Prelude to Capital Structure Discussion With a few notable exceptions (such as the Guggenheims and Anaconda's chief operating,. officer in 1971) mining companies' chief executives and boards of directors have not been persons with financial backgrounds. This, one could conjecture, might have accounted for the relatively nonsophisticated nature of capital structures of mining companies. In order to appreciate the possibilities with respect to alternative influence on a firm's performance, one must be acquainted with the basics of financial theory. This paper is an attempt to familiarize the reader with (1) capital structure in general, (2) the usual components of this structure, (3) the general theory behind the use of financial leverage, and

Jan 1, 1985

Illinois is rightly known as containing the coal deposit of which the first record in the United States was made. Joliet and Marquette saw "charbon de terre" along the Illinois River in 1673;1 LaSalle saw "mines de charbon" along the same stream in 1679; and Hennepin reported having "found in Several Places Some Pit-Coal" in 1682.2 In 1687 Jontel, in writing of the Illinois River country said, "along the river are coal pits, the coal whereof has been try'd and found very good."3 J. Carver reported the northern parts of the Mississippi River valley, "containing lead, copper, iron, coals, etc." in 17664 evidently referring to the Illinois country. Croghan, in the same year, saw coal along the Wabash River, near the mouth of the Vermilion in Indiana, but not far from Danville. Capt. Philip Pittman in his journey up the Mississippi in 1770 reported that "great pieces of coal are constantly found on the sand-banks, from whence it may be concluded, that there are coal-mines on the upper parts of the Mississipppi."5 This coal could only have come from the Illinois or Big Muddy Rivers. Morse, in 1798, refers to great quantities of coal on the upper branches of "the Father of Waters," and "on the Illinois River is a coal mine, which extends for half a mile along the middle of its banks."6 While, undoubtedly, some coal was used locally in various places, no records have been left of it and the first definite one is that in 1809 William Boon shipped some coal from the Big Muddy River, in Jackson County, to New Orleans, which was the first coal exported from Illinois.1 There has been considerable discussion as to this first shipment, whether it was made in 1809, 1810 or 1812. The records of arrivals of: boats in New Orleans in those early years is specific as to date, name of craft and name of captain, but no mention is made of cargo carried. William Boon arrived

Jan 1, 1942

By William M. Bowron

Thirty years ago, when I stood on the cliff of red fossil iron-ore, on Red mountain, Jefferson county, Ala., I asked what were the geological relations of this remarkable deposit. In reply I was told that it was a limestone, colored and saturated by some unknown but wholly external influences, and that at a reasonable distance from the surface the color would disappear. I could find no satisfactory explanation, either of the nature of this wonderful external permeating influence, or of the cause of such a ferrous impregnation selecting this one particular bed of limestone, to the exclusion of the higher and lower beds of the same material which are not even stained. I. The Present Theory. Referring to this subject, Dana says :' "The clays, clayey sandstones and limestones of the Clinton epoch, through New York and the Appalachians, show that the mud-flats and sand-banks, and hence the shallow seas of the coast region, still continued.... The beds of argillaceous iron-ore, which spread so widely through New York and some of the other States, west and south, could not have been formed in an open sea; for clayey iron-deposits do not accumulate under such circumstances. They are proof of extensive marshes, and, therefore, of land near the sea-level. The fragments of crinoids and shells found in these beds are evidence that they were, in part at least, salt-water marshes, and that the tides sometimes reached them." At first, this explanation seemed satisfactory, but the more I studied the ore the less satisfying the explanation became. 1. In the ore itself, I found associated with the small particles of rounded matter (now consisting of iron oxide in which organic structure, if ever present, has become lost, though the

Jan 1, 1906

By D. C. Anderson

Utah Construction & Mining Co.'s Lucky Mc mine is one of the major uranium producers in the United States. It is located near the geographic center of Wyoming in Fremont County. The climate is middle-latitude steppe, with an average annual precipitation amount of 10 in.; the temperature varies from 40º below zero to 100º above. The land surface is moundlike, rolling terrain, with sparse grass and sagebrush. The northern slopes of the higher ridges support a scattering of juniper and pi[n]ion growth. DISCOVERY The discovery was made by Neil E. McNeice, of Riverton, Wyo., on Sept. 13, 1953. After prospecting the area and staking a few claims, McNeice reported his findings to geologists of the Atomic Energy Commission (AEC), who immediately began preliminary studies of the numerous surface uranium exposures of the district. The discovery received widespread publicity, resulting in an intensive search for uranium throughout the region ; thousands of claims were staked. The AEC drilled several shallow holes near the discovery outcrop. Assays of cuttings from these holes confirmed the presence of a low-grade, oxidized uranium deposit. McNeice and his partner, L. A. Morfeld, tried to start a mining operation but were plagued by a lack of capital and technical know-how. They sought assistance from a Salt-Lake-City-based mining firm, the New Park Mining Co., engaged in underground base-metal mining in the Park City district of Utah. After a period of negotiations, New Park initiated activities that led to the forming of the original Lucky Mc Uranium Corp. The company started limited development drilling and mining operations in the summer of 1954, with the first ore production being shipped by truck to the Vitro mill in Salt Lake City. The mining

Jan 1, 1969

THE Woman's Auxiliary now has its own publica-tion, a monthly news letter that is mailed direct to all its members. It is a lively and readable sheet. Any member of the Auxiliary failing to receive it should communicate with Mrs. J. E. Johnson, Jr., 49 Church Lane, Scarsdale, N. Y., and get on the mailing list. The detailed reports of the meetings will hereafter ap-pear in the News Letter rather than in MINING AND METALLURGY. The regular Board meeting held on March 3, with Mrs. Barron presiding, was well attended and the re-ports of the committees, and from local sections, showed a keen interest in the work. of the organization. Steps are being taken to endow a "Mary Young Westervelt Scholarship," libraries are being built up in mining towns, and interesting reunions .are being held by the members in the various local sections. The Auxiliary is filling an important place and doing it well. Women of the families of Institute members not already affili-ated with it would find it pleasant to get in touch.

Jan 4, 1927