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Jan 1, 1886

By S. M. Moos, R. E. Dugger

In reviewing available vacuum filtration equipment in this paper, several types of filters have been included which are probably not familiar to operators in the mining industry. However, it was felt that these units might be of interest in the event that an application should arise for the filtration of a product in the future that does not exist today. In addition, exposure of our industry to equipment used in other industries might have a tendency to be thought provoking and perhaps lead to the development of equipment and/or applications in our industry which do not necessarily exist at this time. Most innovations in filtration equipment have been confined to the improvement or design change of components and accessories, particularly reflecting the availability of materials of construction that have been developed. Recent developments in the application of horizontal belt filters have been innovative. The application of this unit as a substitute for or an adjunct to thickeners in a CCD circuit can certainly be innovative and perhaps provide a basis for reduction in capital and operating costs in this area. For example, mill tails are generally pumped at the highest possible density that will adequately flow. Tailings ponds and dams with their attendant design requirements are based upon this estimated water volume. Availability of a much dryer, non-flowing filter cake opens up several new options for disposal. Considerable cost savings could result in the design and planning of disposal areas for containing dryer material. No attempt has been made in this paper to provide a manual for the operation of all of the many types of equipment that are available. Rather, the paper tries to present an overview. Fundamentals of Vacuum Filtration Filtration may be defined as the separation of solids from a liquid effected by passing the liquids through a porous medium. If the filtrate is induced to flow through the medium by hydrostatic head, we refer to it as gravity filtration. If we utilize super-atmospheric pressure upstream of the medium we call it pressure filtration and if sub-atmospheric pressure is applied downstream of the medium we call it vacuum filtration. Centrifugal filtration occurs when a centrifugal force is applied across the medium. Centrifuges will not be discussed in this paper. The process goal of filtration may be the production of dry solids where the cake is the valuable product, clarified liquid

Jan 1, 1980

George B. CoRless, Chairman. Superintendent, Gulf Coast Division, Humble Oil & Refining Co., Houston, Texas. W. H. Geis, Associate Chairman. Geologist, Los Angeles, California. Benjamin C. Craft, Secretary-Treasurer. Associate Professor, Petroleum Enginecring, Louisiana State University, Baton Rouge, La. Executire Committee George B. Corless, Chairman. M. Albertson, Production Engineer, Shell Petroleum Corporation, Houston, Texas. D. R. Knowlton, General Production Superintendent, Phillips Petroleum Co., Bartlesville, Oklahoma. R. P. McLaughlin, General Manager, Dominguez Oil Fields Co., Los Angeles, California. Hallan N. Marsh, Production Engineer, General Petroleum Corporation of California, Los Angeles, California. Theron Wasson, Chief Geologist, The Pure Oil Co., Chicago, Illinois. Production Engineering M. L. Haider, Vice-chairman. Petroleum Engineer, Carter Oil Co., Tulsa, Oklahoma. Joseph Chalmers, DeBataafsche Pet. Maatschappij, The Hague, Netherlands. Emile HugUenin, Deputy State Oil and Gas Supervisor, Los Angeles, California. Carl E. Reistle, Jr., Petroleum Engineering Department, Humble Oil & Refining Co., Houston, Texas. Production J. TERry Duce, Vice-chairman. Geologist, The Texas Company, New York, N. Y. Basil B. Zavoico, Associate Vice-chairman. Geologist, The Chase National Bank, New York, N. Y. Engineering Research R. L. Huntington, Vice-chairman. Associate Professor, Petroleum Engineering, University of Oklahoma, Norman, Oklahoma. Economics Sidney A. SwensrUd, Vice-chairman. Assistant to the President, Standard Oil Co. (Ohio), Cleveland, Ohio. Refinery Engineering Walter Miller, Vice-chairman. Vice-president, Continental Oil Co., Ponca City, Oklahoma. 10

Jan 1, 1938

By L. F. Mondolfo

An aluminum-copper 4 pct Cu alloy aged at room temperature for times increasing up to 78,000 hr was annealed at 170°C and the hardness and electrolytic potential determined during retrogression and subsequent aging. It was found that there is a change of behavior with increasing time of aging at room temperature which indicates that, given sufficient time, retrogression disappears and the room-temperature aging tends to progress directly into the high-temperature aging. WHEN an age-hardenable alloy is aged at low temperature after proper quench, changes of properties and structure take place. If this material is then heated to a temperature higher than the previous one, but still well below the solution-treatment temperature, the properties and structure changes produced by the low-temperature aging disappear and the material apparently reverts to the as-quenched condition, ready to undergo aging from the start. This phenomenon is termed reversion or retrogression. First discovered by Cayler3l it has been extensively investigated, as shown by the number of publications listed in the bibliography. From all the information available the following facts emerge: 1) All aeg hardenable alloys can be retrogressed.9 13, 19) 24, 33, 41, 42, 44, 47, 53, 54, 61, 63, 64, 66, 73, 78 2) All the properties changes that take place during aging at low temperature can be retrogressed to a smaller or larger extent.4,5,7,12,19,32,49,50,57,58,60,67,75,76 67, 75, 76 3) Retrogression requires that the temperature be well above the preliminary aging temperature. If the difference between the two temperatures is small, Little or no retrogression takes place.7,20,32,33,41,49 57. 65 4) The larger the difference between the preliminary aging and the retrogression temperature, the faster and more complete is the retrogression.20, 33, 41, 48, 65, 67 5) Retrogression can be produced several times in the same alloy.23, 35,41,57,59 6) The amount of retrogression that can be obtained depends on the aging temperature. Alloys aged at the lower temperatures can be retrogressed the most. The higher the preliminary aging temperature the less retrogression can be produced.20,25,33,37,44,49,54,58 7) Appreciable retrogression after aging at elevated temperatures is possible only if the preliminary aging has lasted a short time. After a certain time of aging at high temerature retrogression does not take place any more,:5,6,9,10,11,21,40,58 8) During retrogression the Guinier-Preston zones redissolve and disappear. The other precipitate

Jan 1, 1960

By P. de Vitry, Willis P. Mould

THE wire saw is a tool not less than 60 years old, probably nearer 100 years old. It was developed in Europe and is reputed to have originated in Belgium. Frombold is said to be the original patentee. [ ] Wire sawing equipment, as indicated in Fig. I, is very simple. It consists of a three-strand wire cable, usually 3/16 or 1/4 in. in diameter, or a single flat ribbon of medium hard, tough, alloy steel twisted into a helix of those diameters, made to form an endless belt of any length up to several thousand feet. The wire is guided into the cut by sheaves mounted in slides on steel columns situated close to either end of the cut. The feed motion usually is controlled either by gravity or by hand-operated feed screws. The steel columns or "standards" range from 15 to 30 ft. in length. At the top is a swiveled arm supporting a sheave similar to the traveling sheave below. Immediately under the swivel-mounted sheave is a guy plate or collar with shackles attaching four chain or wire-rope guys with suitable tightening devices, or with two guys and two jack legs for supporting the standard vertically or at any desired angle. The usual drive is by a 10-hp. motor through a gear reducer, on which are mounted two grooved sheaves, one of which is keyed and the other free running on the shaft. Tension is provided by a car running on a track in line with the driving sheave

Jan 1, 1946

Jan 1, 1971

Jan 1, 1947

By E. C. Skinner

Cardox, which consists essentially of a steel tube containing carbon dioxide compressed to the liquid state, is a trade name designating a device used principally in coal mines to break down coal. The use of Cardox to break down coal was developed in the Middle Western coal fields around 1927 or 1928. At first, a large, heavy tube was used, requiring many parts. Through experimentation and technologic improvement, the weight of the tube has been brought down from 88 lb. to 20 lb. and the new, light tube makes use of larger volumes of CO2 at lower pressures than formerly was thought possible. This blasting method is extensively used today in coal mines and probably one tenth of the bituminous coal produced in the United States is prepared with Cardox. Construction and Application As used in the coal mine, Cardox looks like a piece of steel pipe 2 to 3 in. in diameter and 3 to 5 ft. long. When it is necessary to fire a shot, the tube is wired with two leg wires that are long enough so that when the tube is pushed the desired distance into the hole the wires will protrude 5 to 6 in. It has been found that No. 18 insulated copper annunciator wire is the best material for leg wires. A two-conductor rubber-covered shot-firing cable of sufficient length is then attached to the leg wires. A 2 to 6-volt current is applied, either by means of shot-firing batteries or the standard type of shot-firing generator. Upon the application of the current, the charge in the cartridge is set off. Because the breaking action upon the coal is supplied by the relatively slow physical expansion of the carbon dioxide gas rather than by the rapid chemical formation of gases as in more familiar explosives, the result is a slow heaving action, somewhat similar to that produced by black powder, rather than a shap detonating effect. Permissible powder does its work at roughly ten times the pressures in use with Cardox. The escaped gas from a Cardox shot apparently works along the planes of weakness in the coal face, such as the coal cleats, the edges of the cut, and along the top of the seam, breaking off the coal toward the free faces and heaving the mass of coal outward. Cardox tubes are manufactured in various sizes to take care of variable conditions of seam size, undercut depth, cleatage, coal hardness, and so forth. The tubes range in diameter from 2 to 3 in. (Table I) and the normal CO2 charge is from 24 to 96 oz. For any one tube size, several sizes of shear disks are available, thus excellent control of the type of shooting desired is possible. In general, local experience and experimentation dictate the size of tube chosen for any particular job. For high coal, and deeper or wider cuts, a larger size is chosen to start with, and the opposite is true for low coal, softer coal, or small cuts. After the tube size has been experimentally selected, tests are run in the mine to determine how many shot holes are needed and where the holes should be placed. The size of the disk,

Jan 1, 1944

By J. Parke Channing

The Miami orebody occurs in an altered Pinal schist. It is popularly known as one of the '(porphyry " deposits but, as at Inspiration and Ray, the ore is an altered mincralized Pinal schist. The orebody mined is the zone of secondary enrichment. Speaking in general terms, the area of the orebody at Miami may be considered as 1000 ft. long and 800 ft. wide. The vertical thickness varies from 200 to 400 ft., so that it is an extremely irregular mass. The study of the ground movement and resulting subsidence at Miami is complicated by the fact that the formation is not homogeneous throughout the mining area, the orebody terminating on its eastern extremity at a fault plane adjoining the Gila conglomerate. This conglomerate is a recent sedimentary deposit somewhat analogous to glacial drift and consists of boulders of granite, schist, and other material cemented with clay, and at times is quite hard. The fault dips eastward at an angle of 45". The original method of mining was top slicing, the slices being 10 ft. thick. At first, there was a good deal of experimenting with mining methods. Some undercut rooms were tried, and the stopes were filled with broken ore with the idea of removing intervening pillars by top slicing. The adoption of the top-slicing method in itself involved considerable experimenting, including some experiments with a long-wall system. The method finally adopted involved the operation of top slicing areas 250 ft. square, each with a central supply raise and ore-gathering raises, each block being worked as a unit. Mining operations in the Captain orebody, which connects with the boundary of the Inspiration property, were started by the room-and-pillar system, the rooms extending across the orebody, with widths of 10 to 15 ft., with 15- to 10-ft. pillars between. The intent was to operate the rooms as shrinkage stopes, permitting the pillars to crush when the ore was drawn from the rooms. It was found that the shrinkage stoping was unnecessary, so a system of block caving was adopted. This system was so successful in the Captain orebody that, about three years ago, the method of mining in the orebody was changed from top slicing to block caving, the method now in use. The block caving system, as practiced

Jan 1, 1923

By F. V. Lenel, G. S. Ansell, E. C. Nelson

IRMANN'S' discovery that extrusions of fine alumi-num-flake powders possess remarkable high-temperature strengths has led to the production of a new class of engineering materials whose properties are derived from a fine dispersion of oxide particles in a metallic matrix. A fundamental study of such materials and elucidation of the mechanism whereby the oxide parti-

Jan 1, 1958

By Robert Lewis

Some recent experiments in the use of compressed air for rock drills at higher than usual pressures, up to 150 lb. per sq. in., emphasize the importance of maintaining the compressed-air system in the best condition if the greatest possible over-all efficiency is to be secured. No claim of high over-all efficiency can be made for the compressed-air system of braking that is used on railroad trains, yet the air brake works effectively. Compressed air is not used efficiently in the rock drill, but no other type of machine drilling is yet a serious competitor of the air-driven rock drill.

Jan 1, 1930

By Alfred L. Beebe

to. A strip of thin platinum foil, about one inch square, is perforated with pin-holes over its entire surface. It is then bent into the shape of a letter U, and its opposite corners are connected by short pieces of platinum wire, so as to form a sort of basket. In this is placed a piece of amalgamated zinc of convenient size, and the whole is suspended by a stout platinum or silver wire in the bottle containing the solution to be reduced. Another strip of platinum foil,

Jan 1, 1886

By G. W. Preckshot, J. W. Gorman

MOLTEN metals offer an excellent medium for the study of molecular diffusion and interphase transfer. In the absence of intermetallic compound formation, solutions of molten metals are solutions of elements. Therefore, complicating factors such as molecular structure, dissociation, association, polarization, and so on, are generally absent. Further, metals remain in the liquid state over a wide range of temperature. Thus, the effect of temperature on transport processes can be studied in more detail. Although some data are available for the diffusion of metals in the molten state at high temperatures,"""".'!' the most useful and accurate data are those for the diffusion of various elements in mercury at room temperature. The effective radius of diffusion for the various elements in mercury may be calculated from the Stokes-Einstein relation.'-These calculated radii are compared with the atomic and ionic radii calculated from X-ray data on crystals." The effective radii of diffusion of the alkali and alkali-earth metals correspond to those of the neutral atom; those of cadmium, silver, lead, zinc, thallium, bismuth, and tin correspond to ionic radii; and those of copper and gold indicate larger radii due to association with mercury or more likely, faulty diffusion data. Independent evidence"' supports the notion that alkali metals are uncharged in amalgams. The concept of metals moving free of their conductance electrons in the liquid state has been discussed by Eyring, et al,'" in connection with studies on the viscosity of pure molten metals. Considering the approximate nature of the tabulated atomic and ionic radii and the variance in the diffusion measurements, the application of the Stokes-Einstein equation to the diffusion of metals in mercury gives gratifying results. It is noted that a number of these metals have article radii eaual to or less than those of the solvent mercury.".'*,"' Soba1,'" sing the inaccurate Roberts-Austin20 data, indicated that the effective radius of diffusion might well be a function of temperature. Additionally in studies of mass transfer between phases, many conflicting opinions have been expressed concerning the assumption of equilibrium at the interface." ,","," The results of the present work on the diffusion of solid copper in molten lead throws light on the tempera- ture variation of the diffusion radius as well as the extent of the interfacial resistance. The theoretical background and experimental procedure are presented here in detail. Results on other systems will be presented in subsequent papers. Nomenclature The following nomenclature is used in the paper: A—cross-sectional area of diffusion column, sq cm C, C,—concentration of solution and saturated solution respectively, g per cc D,D'—-diffusivity, sq cm per sec e—Naperian base h—ratio, k/D k—mass-transfer coefficient, cm per sec L—diffusion column length, cm n—series index q—flux, g per sq cm-sec r—radius, cm or A R—-gas constant t—time, sec T—temperature, K V—volume, cc w—weight of copper-lead alloy on copper cylinder WT—-total copper transferred to lead diffusion, column, g Z—distance from top of diffusion column, cm 2'—distance from copper-lead interface, cm (2' = L-2) u,,—roots of diffusion equation Mathematical Apparatus The model shown in Fig. 1 applies to the diffusion of solid copper into molten lead. Here Fick's first law may be written where all terms are defined in the nomenclature. It is assumed that the volume of the lead column is constant. This is justified since experimental densities compared favorably with calculated densities based on perfect interstitial mixing. Thus there is no counter diffusion of lead. It is clear that 2 in Equation [I] should be measured relative to the interface which moves relative to the diffusion cell but not to the liquid phase. Hence, the frame of reference is the plane of the copper-lead interface. The diffusivity calculated at constant volume, D", is that defined by Hartly and Crank" and is designated herein as D. No Interfacial Resistance—The two situations of the presence and absence of interfacial resistance will be treated. The simplest is the latter which re-

Jan 1, 1959

By Ralph V. Higgins

This paper concerns the magnitude of the amount of supersaturation that occurs in an underground reservoir during the flow of oil and gas to wells and to the amount of undersaturation that occurs during repres-suring of an oil reservoir where some effective permeability to gas exists. The study is based on earlier laboratory findings of other investigators on the rate of diffusion of gas in oil as a function of the depth of oil. Utilizing these relationships and the principles of reservoir mechanics, a quantitative estimate of undersaturation and super-saturation was calculated. The results showed that the diffusion of the gas is rapid enough that for all practical purposes no supersaturation exists during the flow of oil to wells or undersaturation during repressuring in reservoir sands having some effective permeability to gas. The reason diffusion of the gas virtually keeps the oil saturated is the long time required in radial flow for oil to reach the well and the slow rate at which pressure in reservoirs is increased during repressuring. INTRODUCTION Knowledge of the phase relationships during flow of gas and oil in an underground reservoir is essential to operating the reservoir in the most efficient manner. In material-balance calculations and in fluid-flow studies, the oil is assumed to contain all the gas that it will dissolve at given temperature and pressure. Pressure-volume-temperature relationships are normally obtained in the laboratory using "bottom-hole" or combined samples of the reservoir fluids. In such laboratory determinations equilibrium is obtained between the oil and gas in the pressure cells by mechanical agitation. During the flow of oil and gas in reservoirs, however, no comparable agitation occurs to mix thoroughly these fluids to aid in effecting equilibrium between the two phases. During repressuring of a partly depleted underground reservoir, the gas is usually injected into the reservoir faster than the oil can absorb it; consequently, the oil is undersaturated. On the other hand, as the oil flows through the reservoir to the wells during producing operations the pressure decreases faster than the gas in solution can diffuse through the oil to the gas phase. The oil therefore is supersaturated with gas. Where the oil is undersaturated, gas diffuses away from the gas-oil interface, and where it is supersaturated the gas diffuses toward the interface. In either case the gas moves from a higher to a lower saturation. This report contains the results of a study of the factors influencing the degree of nonequilibrium of the phase relations of oil and gas in porous mediums during the flow of oil through reservoirs to wells and also during the injection of gas into partially depleted sands. Data from an underground reservoir are presented and the degree of supersaturation during the flow of the oil through the reservoir to the well is approximated. Also data from another reservoir are used and the degree of undersaturation during the repressuring operation is calculated. In addition, the flow rates of oil in laboratory experiments and in underground reservoirs are compared, as data from the laboratory are often used to interpret events in the reservoir, and the rates of flow influence appreciably the degree of nonequilibrium. Much of the contents of this report was prepared in 1943; but, because of other activities during and since the war, the manuscript was left untouched until 1952, when it was decided to include an estimate of the amount of undersaturation during repressuring as well as supersaturation during flow.

Jan 1, 1955

By C. E. Shoenfelt

Wildcat drilling in the Rocky Mountain region did not suffer as large a decline in 1942 as was anticipated. The drilling program laid out by the Government at the beginning of the year stressed wild-catting operations and called for reduction of drilling in proved fields. The increased wildcatting campaign did not yield a great many new discoveries, nor important extensions to old fields. Several interesting wildcat wells were drilled in Colorado in 1942 but no new fields were discovered. The Wilson Creek field was extended and about 400 acres added to its reserves. In Montana two new oil fields and two small gas fields were discovered. The developments in the marketing situation had improved, however, making the prospects especially bright for 1943, as will be shown presently in the section on Montana in this report. In New Mexico eight wells were completed, which constituted discoveries ol either oil or gas but none of these was of major proportions. In Wyoming one new oil field and one new gas field were discovered, and one old oil field and one old gas field were extended. Most important was the disco-very of prolific oil producers in deeper sands in three old oil fields, of which one at least, Elk Basin, probably is of major proportions. Government Action On Dec. 26, 1942, President Roosevelt signed the O'Mahoney bill, calling for a flat 12.5 per cent royalty on lands in the public domain. It is expected that the enactment of this bill will encourage wildcatting in the public land states. Opportunity for a full discussion of the problems of reserves and production was afforded at the hearings conducted on the O'Mahoney bill by the minerals subcommittee of the Senate Committee on Public Lands and the statements submitted at these hearings last fall placed the situation, its causes and the logical remedy, clearly on record. It was established at the hearings that for several years the volume of oil discovered per wildcat well drilled has steadily declined; new fields discovered have not been of major proportions; drilling costs have advanced rapidly; a sharp decline in exploratory drilling took place in 1942, while the proportion of dry holes increased; the inescapable conclusion is that to find new reserves the search for oil must be intensified and much more wildcat drilling ' must be done. To ensure an adequate drilling campaign, the Petroleum Industry War Council, the Interstate Compact Commission and other representative oil organizations have voiced by resolution their opinion that an upward revision of crude prices is necessary to provide an incentive to the prospector to undertake the hazards of wildcat drilling, since statistics prove that only ope in five or six wells drilled results in actual production. Former Price Administrator Henderson rejected the recommendations for price increases and declared himself unalterably opposed to a general price advance, On the ground that such advances would contribute to inflation. Now that Mr. Hender-

Jan 1, 1943

By C. W. Spencer, J. Singer

A PARTIAL phase diagram for the As-Te system is given in Hansen.' The only compound reported is As2Te3, melting at 362°C. Stoichiometric quantities of reagent-grade elements were reacted in evacuated quartz and directionally cooled. The resulting ingot consisted of very thin threadlike crystals from which only very small single-crystal fragments were isolated. A powder diffraction diagram disclosed nonisomorphism with the analogous V-VI compounds insofar as these have been reported; Sb2S3, As2S3, Bi,S,, and Bi2Te3 data in the ASTM index of powder patterns, together with the single-crystal data on Sb2Se3,2 were used for the com- parison with the observed spacings. Single-crystal data confirmed the uniqueness of the As2Te3 structure. Single-crystal Weissenberg diagrams have so far yielded the following data: As2Te3 is monoclinic, space group C-m (OkO data still lacking), a = 14.4A, b = 4.05A, C = 9.92A, ß = 97". The cell volume is about 5802. The set of isomorphous ortho-rhombic cells of Sb2Se3, Sb2S3, and Bi2S, are apparently related to As,Te, in having one lattice constant close to 4.0 and with cell volumes as large as 540A8. Assuming Z = 4 for As2Te3 also, the density is calculated as 6.1 which agrees well with a roughly determined value of 6.0. A complete structure analysis is under way.

Jan 1, 1956

Organization Place Date 1917 American Institute of Architects Philadelphia,.,; Pa. Dec. 26-29 American Society of Mechanical Engineers New York City. Dec. 26-29 American Mining Congress State Chapter Phoenix, Ariz. Dec. 26-29

Jan 11, 1917

By John J. Secretary Egan

The present list of problems relating to the physical chemistry of steelmaking has been prepared by the Committee on the Physical Chemistry of Steelmaking, from answers to a questionnaire submitted to a number of metallurgists engaged in both industrial and educational work throughout the United States. The purpose of the project is to make available to research laboratories a list of problems, all reduced to their simplest terms, the solution of which would aid in creating a better understanding of the steelmaking process. It is not intended to restrict the problems to practical steelmaking. The list also includes the study of the properties, and their correlation, as well as the physical and chemical reactions, of all substances that occur or that may be in any way associated with steelmaking operations, such as metallic substances, refractories, nonmetallic inclusions, and the constituents of slags. Many of the problems can be carried out in university or other research laboratories. Others may be most successfully attacked by cooperation of the research men with the operating personnel. It is the Committee's earnest wish that this cooperation be fostered. It is requested that investigators who are working on any of the problems listed and who anticipate future publication of their results, notify the Secretary of the Committee that such investigation is in progress. Suggested additions to the present list are also requested. The Committee is undertaking to act as a clearing house for information regarding the topics in this field that are being actually studied. Interested persons are invited to correspond with the Secretary. I. Data involved in the state of equilibrium for the various systems (laboratory work, almost entirely). A. Specific heats, heats of formation, entropies and free energies of various PURE ELEMENTS OR COMPOUNDS; ALSO CERTAIN TYPICAL SLAGS AND REFRACTORIES I. Determination of specific heats and entropies of oxides, sulphides, nitrides, etc, over a wide temperature range. 2. Determination of free energies of oxides, sulphides, nitrides, etc., over a wide temperature range. 3. Determination of the heats of formation of the oxides, sulphides, nitrides, etc. 4. Determination of the thermodynamic properties of the more important mineral-ogical constituents of the basic open-hearth slags such as calcium silicates, calcium phosphates, calcium ferrites, manganese silicates, FeO and Fe2O3. 5. Determination of the specific heats of open-hearth slags, including liquid silicates, if possible.

Jan 1, 1941

By Leonard P. Colvin

Like all successful American enterprises, the mining industry is constantly trying to increase production, lower costs and improve working conditions. Companies are, of course, intensely interested in new equipment to help them gain these important ends, and one recent development-the mechanical raise climber--contributes to all three goals. Properly used, it increases production, cuts costs and has a number of important safety aspects all of which are the subject of this article.

Jan 1, 1962

By Armando M. Lago

Secular and cyclical patterns of postwar sources and uses of funds of the mineral sector are analyzed. A simultaneous equation behavior model of sources and uses of funds is developed for both mining firms and integrated producers, and these models were put through the task of predicting the financial and expenditure be-havior of mineral corporations in response to mergers and changes in investment tax credits and depletion allowances. Finally, the quantitative analysis methodology is applied to the analysis of optimum capital structure of mining corporations. The postwar changes that have occurred in the expenditure and financial behavior of mineral corporations are reviewed, particularly the relative importance of factors that affect the industry's supply and demand for funds. This quantitative statistical investigation of factors affecting sources and uses of funds of mineral corporations is achieved through the formulation of a simultaneous equation model of sources and uses of funds. After a description of the study sample, the postwar cyclical and secular financial behavior of mineral corporations is analyzed in detail. An econometric model of mineral corporate financial behavior is formulated. This model is then estimated and reviewed. Policy issues regarding depletion allowances, investment tax credits, and industrial organization of the mineral sector are discussed. Finally, the optimum financial structure of mining firms is discussed and the effect of corporate financial structure on the mining corporations' average cost of capital is analyzed.

Jan 1, 1971