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By Robert F. Calman

OUTLINE FIVE EXAMPLES OF GOLD-LINKED FINANCINGS 1. Financing the Lupin Mine • Sale of Cdn $40.0 million of 12% preferred shares and Cdn $40.0 million of Gold Purchase Warrants @ $595 per ounce. 2. Financing the Copper Range acquisition • Borrowing 100,000 ounces from a Canadian chartered bank @ US$307 for five years. 3. Financing the Round Mountain expansion • Borrowing up to US $80.0 million in dollars, convertible into gold, repayable over five years from a group of North American banks. 4. Financing the Tenneco Precious Metals Division acquisition •Sale of SFr 110.0 million of ten year 3-718% bonds with warrants to buy 132,000 ounces of gold at US $560. 5. On Forward Sales, Puts and Calls • Gold, Silver, Canadian Dollars, Swiss Francs THE FINANCIAL RULES AT ECHO BAY 1. Never bet the company 2. Equity is the primary form of capital for a gold mining company 3. On debt 4. The Yardsticks for Corporate Decisions 5. Financial Community Relationships 6. Dividend Policy No Text Available Tables Follow

Jan 1, 1990

By George W. Hezzelwood

THE Balatoc mine, one of the Haussermann group,[t] is on the Island of Luzon, the largest of the Philippine group, about 260 km. north of Manila, and 12 km. from the city of Baguio. The Baguio district is the most important gold-mining area of the Philippines, with 14 producing mines in 1939, milling 2,3;8,894 tons of ore, yielding [P]40,881,048, approximately 55 per cent of the total Philippine production of [P]74,131,216. PRODUCTION HISTORY The Balatoc mine began production in January 1929 with a 150-ton cyanide mill. Increases in mill capacity have taken place as follows: March, 1932, to 350 tons June, 1933, to 470 tons December, 1933, to 515 tons July, 1934, to 700 tons December, 1934, to 1000 tons May, 1935, to 1200 tons October, 1938, to 1300 tons April, 1939, to 2000 tons January, 1941, to 2150 tons Production during the period of expansion has steadily increased in total value in spite of the fact that grade of ore milled has dropped-from $31.06 in 1929 to $5.78 in 1940. Annual reports give production as shown in Table 1, the average values being based on gold at the old price of $20.67 per ounce. [ ] GEOLOGY The ore occurs in quartz-calcite veins that vary in width from narrow stringers to mineralized zones 40 to 50 ft. wide. Wall rocks consist largely of diorites, with some andesite, and a fragmental breccia called locally the "Balatoc plug." Texture of the ore varies widely in the different veins-from a soft, highly altered, gouge material filled with quartz fragments through a soft, unaltered quartz-calcite to a hard, massive quartz ore. Three major vein systems have been extensively developed, and smaller amounts of work have been done on several others. These veins strike east-west to N. 60°, dipping south from 50° to 90°, and are essentially tension breaks between a series of faults or shears striking N. 30°E. to N. 50°E. and dipping southeast from 50°to 90°. The shear veins and tension veins probably formed more or less simultaneously,

Jan 1, 1942

R. L. Fleischer (Department of Metallurgy, Massachusetts Institute of Technology)— The authors have presented valuable observations of oehavior of aluminum at intermediate and high temperatures. I should like to consider their interpretation of the appearance of cross slip plane traces in sample B-3 as partly due to "bending of the crystal due to grip constraint." Because bending moments might be set

Jan 1, 1960

By R. B. Ladoo, C. A. Stokes, R. N. Secord, A. L. Hall

INDUSTRIAL mineral history shows that the entrance of new, nonmetallic minerals into commercial production can be expected to occur from time to time. Latest entrant into the field is wollastonite. Except for one short-lived period in Kern County, Calif., starting in 1933, wollastonite has never before been produced on a commercial scale. But the signs are up for its entrance as an economic factor in the mineral market. Small scale experimental production from a deposit near Willsboro, N. Y., started about 1943. A pilot plant was built in 1949-50 and irregular, small scale, production has continued. In early 1951 Godfrey L. Cabot, Inc. of Boston, world's largest producer of carbon black, took an operational lease on the property to study the deposits and make market surveys. This became Cabot's first venture in the mineral field, when they took over operations and began design of a new mill, expected in production in 1953. Properties The properties and major uses of wollastonite are comparable to New York fibrous talc. It has about the same specific gravity and index of refraction as talc, but is somewhat whiter and softer. The two most important fields of use, paint and ceramics, are the same as for talc. Ground wollastonite has a fiber length as much as 13 to 15 times the diameter. This particular property makes it applicable in the paint field and others. In addition, the length-diameter ratio may be controlled to rather narrow limits by choice of grinding method. Another important commercial property is brightness or whiteness. Wollastonite reads from 92 to 96 pct of MgO on the G.E. brightness meter for a 99 pct -325 mesh grind. Purity and uniformity of product are important. Chemically, the wollastonite now being mined analyzes SiO2 51.76, CaO 47.56, FeO 0.46, MnO 0.04, and H2O 0.09 pct. Theoretically pure wollastonite analyzes SiO2 51.75 and CaO 48.25 pct. This analysis indicates over 98 pct calcium silicate, with only small amounts of contaminating ingredients. That these ingredients are not detrimental to color or brightness is shown by the high brightness value of the fine ground material. [ ] By-product calcium silicate from electric furnace production of phosphoric acid has little physical re-semblance. to this wollastonite, being an off color white, and lacking in fibrous crystalline character. Minerology Wollastonite is a calcium metasilicate, CaSiO3, a white, medium hard, fibrous mineral. In this deposit wollastonite occurs as well crystallized aggregates of bladed crystals intergrown with garnet, and with a few percent of green diopside. The beneficiated product is about 75 pct wollastonite, 15 pct garnet, and 10 pct waste, largely middling. Wollastonite-garnet ore occurs in at least two beds. The main bed, varying in true thickness from 30 to 70 ft, dips into the hill at an average 30° and is enclosed in gneisses. Diamond drilling has proven the orebody to an average depth of 200 ft along 2000 ft of outcrop with adequate tonnage for many years of quarry operation. The wollastonite-garnet ratio varies locally, but average composition is uniform over long distances. A friable ore, it is easy to drill, shoot, and crush. Beneficiation Unlike talc this ore has to be beneficiated. Successful treatment depends upon the fact that it contains virtually nothing but wollastonite, garnet and a minor percentage of diopside. A very pure wollastonite product can be made by high intensity magnetic and/or gravity separation methods.

Jan 1, 1952

By Augustus Locke

The paper has two parts: the field argument and the microscopic argument. The field argument indicates that either the deep chalcocite has replacea sulfide of extraordinarily easy replaceability or it is hypogene. The microscopic argumentindicates that this sulfide, if it existed, must have been hypogene bornite; that this bornite must so excel known bornite in replaceability as to constitute a new variety; that the existence of this new variety is wholly unsupported by evidence; and that the deep Butte chalcocite is therefore hypogene. IN 1900, when the public first heard of "secondary enrichment" the Butte chalcocite seemed clearly supergene. Mining, through successive regions of leached capping, bonanza sulfide, and sulfide less rich, had paused at lean bottom levels which, though chalcocite-bearing, suggested the waning of copper. The deepest chalcocite, at 1500 ft., was yet too shallow to disturb the supergene hypothesis. But, with deeper mining, lean levels yielded to fat ones. Here and there they showed, within the same vein, an inverted distribution, chalcopyrite above and chalcocite below. To the miners' astonishment, they carried chalcocite, unaffected by cross faults, on an independent course to the depth of 2500 ft. The pattern of ore distribution, hitherto revealed only in fragments, was now appearing in perspective, and, in the depth of the chalcocite, was beginning to make Butte differ from all districts where the chalcocite is indubitably supergene. The idea of hypogene origin at length came into favor; by 1913, when Sales1 advocated this origin, the argument had become a powerful one. This argument rested on field evidence; but, already, there was beginning to emerge microscopic evidence not included in this arugment. Especially pertinent was the proof that (1) The deep chalcocite lies in-mixed with bornite, often microscopic; (2) the deep chalcocite often replaces bornite; and (3) replacement of bornite by chalcocite is accom-

Jan 3, 1924

By Albert Sauveur

THE following experiments were conducted in order to study the influence of the rate of cooling through and below solidification on the dendritic structure (macrostructure) and microstructure of some hypoeutectoid steel. The steel selected was of commercial grade and had the following composition: C, 0.40 per cent.; Mn, 0.85; Si, 0.70; P, 0.099; S, 0.043. After melting in vacuum in an Arsem furnace, the various samples were allowed to solidify and to cool to room temperature as indicated in Fig. 1. Samples were thus obtained representing all possible combinations of slow and fast cooling through the various ranges of temperatures indicated, namely: (1), zone of solidification or primary crystallization, (2) zone of granulation, and (3) zone of secondary crystallization. The location of the different temperature zones in the iron-carbon equilibrium diagram is shown in Fig. 2. The authors adopted. Belaiew's notations. The designations of the various samples readily indicate their treatment, as will be apparent from Table 1.

Jan 1, 1930

By T. F. Witherbee

IN the sections, Figures 1, 2, and 3, are shown three crucibles that have been applied to substantially the same furnace, all the conditions having been the same except a variation of one foot of bosh, and a slight variation in the angle of the same. The bosh of No. 3 was originally the same as No. 2, the additional foot in diameter being the result of three months' cutting. Beginning with No. 1, which was 5 feet 6 inches diameter, with tuyeres 5 feet 4 inches high, and cinder-tap four feet from bottom, great trouble was found in holding iron a proper length of time, four hours being the outside limit when working well, and two hours or less if working badly. "Break-outs" through the iron

Jan 1, 1880

By T. K. Perkins, R. N. Hoffman, O. C. Johnston

A simplified theory of viscous fingering in miscible systems has been developed. It predicts the correct functional relationship between pertinent variables and permits the calculation of the order of magnitude of fingering behavior for simple systems, such as linear or radial. The theory is based on the following four observations: (1) cross-flow takes place only near the ends of fingers; (2) the relative finger width is about 0.5; (3) fingers can be suppressed by transverse dispersion, the suppression being quantitatively described by a critical ratio of dispersion times; and (4) the widths of extending fingers are close to the minimum size finger that can grow at any stage of displacement. Fingering is studied in two-dimensional linear and diverging radial systems, both theoretically and experimentally. For linear systems, the length of the fingered region is proportional to mean displacement; the finger width is proportional to square root of mean displacement; and there is a small initial region void of fingers because of suppression by longitudinal dispersion. For the radial system, two limiting conditions are recognized. If the mean displacement is small compared with the wellbore radius, the length of the fingered region is proportional to the mean displacement. The width is proportional to the square root of mean displacement. If the mean displacement is large compared with wellbore radius, length of the fingered region is proportional to mean displacement, but the number of fingers approaches a constant value. Also, in the radial case there is a small initial region void of fingers because of longitudinal dispersion. INTRODUCTION The behavior of viscous fingers in miscible systems has been of interest to the oil industry for many years. Previous studies have clearly shown the existence and nature of fingers in small models.1,2,3,4 Engineering techniques for extrapolating to reservoir situations have been proposed. 5,6 Still, because of the lack of a real understanding of the mechanics of fingering, there remains uncertainty and disagreement as to the best way to scale or calculate fingering behavior in the reservoir. In this paper we discuss a study of the mechanics of fingering in miscible systems (i.e., why do fingers behave as they do?). A simplified theory is developed which we believe will (1) predict the correct functional relationship between pertinent variables, (2) permit us to calculate the order of magnitude of fingering behavior for simple systems such as linear and radial, and (3) give further insight into the problem of scaling or otherwise extending the results to more complicated reservoir conditions. The paper includes the following sections: (1) brief summary of the mixing behavior of miscible fluids in linear and radial systems; (2) four fundamental observations of fluid flow (under fingering conditions); (3) based on these four observations, a simplified theory of fingering in linear and radial systems is developed; and (4) the theoretical equations are compared with experimental fingering data measured in laboratory models. A REVIEW OF DIFFUSION AND DISPERSION As will be shown later, the behavior of viscous fingers in miscible systems is controlled in large degree by the mixing between the two fluids. A quantitative description of fingers will first require a quantitative description of mixing. Fortunately, much work has been done to clarify this subject; a fairly comprehensive review has been presented in a previous paper. 7 For present purposes let us (1) briefly summarize the quantitative description of diffusion and dispersion (both longitudinal and transverse) within a differential element; (2) present a simplification of the "width of mixed zone"; and (3) describe the effect of geometry on width of mixed zone. If one fluid is displaced from a porous medium by another miscible fluid (in the absence of fingers)

Jan 1, 1966

Jan 1, 1943

Jan 1, 1943

For the benefit of those of our members who are considerable holders of securities,but owing to their isolated situations are not in close touch with the metropolitan market and current quotations, we are publishing two very interesting graphs, showing the course of the bond and stock markets in New York over a long period. These graphs are furnished through the courtesy of the financial department of the New York Tribune.

Jan 11, 1919

By F. H. McDowell

The increasing interest in the subject of electrical separation warrants the addition to what has already been written of a few lines covering the practical workings of the Tilly Foster mill under the direction of Mr. E. S. Moffat, General Manager. Since my last paper was presented to the Institute, Mr. S. P. Tomkins, the superintendent, has had thrust upon him for solution several problems complicated by the introduction of new conditions. 1. The richer portion of the lean ore dump, and that nearest the railroad track, having been worked up in 1890, the handling of the balance, including a largely increased amount of rock, could only be accomplished at an increased cost. 2. The tailings had accumulated close about the mill to such an extent that arrangements had to be perfected to move them further away.

Jan 1, 1893

By J. W. Fuller

DURING the last 20 years, experimenters have sought to utilize pulverized coal in boiler plants, but refractory and slag troubles have usually overbalanced any, gains in efficiency that were obtained. These troubles were caused largely by lack of knowledge of the proper methods of coal preparation and lack of a furnace design that would be adaptable to pulverized-coal firing. When this information was obtained the results were so much more satisfactory that within the last 5 years approximately, 80,000 boiler hp. have been installed in plants ranging from 1000 to 20,000 boiler hp. rated capacity, which are operating at an average of 174 per cent. of rating. The first commercial installation for burning pulverized coal under boilers was made at the Parsons shops of the M. K. & T. railroad in 1916. Of eight 250-hp. water-tube boilers thus fitted, six were operated continuously for 3 yr., when oil was obtained at such a low price as to warrant its use. Since then, this plant has been operating alternately on pulverized coal and oil, depending on prevailing prices. Recently gas has been discovered within 20 mi. of this plant, so that this fuel may also be used. No change in furnace design was made when changing from pulverized coal to oil or gas firing. One of the principal advantages of this method of firing is its ability to utilize, with maximum efficiency, all kinds of coal, irrespective of quality or physical characteristics. In fact, quite a number of the present pulverized-coal installations were made for the purpose of utilizing coal that could not be marketed or used in any other way. The Pacific, Coast Coal Co., at Black Diamond, Wash., formerly hand fired the boilers, using approximately 125 tons of prepared steam-size coal daily. The Black Diamond steam coal is the best quality of coal for steaming purposes mined in that section of the country, and there is a market for all that can be produced. By installing a pulverizing plant, it was possible to substitute coal of a size and quality that had no commercial value, so that 125 tons daily of the best steam coal formerly used at the mines is now marketed.

Jan 12, 1921

By B. F. Tillson

There is a dearth of information on the economic threat of silicosis. Even the insurance companies and rating bureaus are in a quandary, and the majority of them avoid any action that will stir up an awakened public consciousness of the serious nature of this industrial hazard. Individual claims for $100,000 are now common in silicosis lawsuits. Because of ('hidden costs," in lowered plant efficiency, the total cost of this disease to industry is probably four times its apparent direct cost. The direct costs vary with the labor policies of the employer and with the labor legislation in force. Direct costs may originate in three ways: (1) voluntary assumption by the employer of medical expenses and loss of earning power of stricken employees; (2) state enforcement of industrial disease compensation acts; and (3) awards or settlements after suits in common law. Examples are offered in the last two classifications. In the Rand, South Africa, compensation laws are in effect and in approximately 20 years prior to 1932 about $65,000,000 has been awarded for silicosis and an additional liability of $34,000,000 incurred, or an average of about t5,000,000 per year. During 1932 silicosis compensation on the Rand was about $6,000,000. No figures are available for the direct capital or operating costs for preventive measures there, nor for the additional "hidden costs." It might be reasonable to assume that silicosis has cost the gold-mining industry of South Africa twenty to twenty-five millions of dollars per year. It is estimated that common-law silicosis claims have, in the last few years, aggregated $50,000,000 in New York State alone and have exceeded $300,000,000 in the United States. Attention is called to the involved nature of the insurance situation for industrial diseases in contrast to accidents. The indeterminant, insidious nature of silicosis makes it particularly difficult to predict necessary insurance premiums and reserves. The serious hazard of this disease was not properly appreciated by either insurance companies or industrialists, so sufficient study has not been given its causation, prevention, detection, treatment, and compensation. Therefore legal difficul-

Jan 1, 1934

Jan 1, 1971

By T. F. Witherbee

In the sections, Figures 1, 2, and 3, are shown three crucibles that have been applied to substantially the same furnace, all the conditions having been the same except a variation of one foot of bosh, and a slight variation in the angle of the same. The bosh of No. 3 was originally the same as No. 2, the additional foot in diameter being the result of three months' cutting. Beginning with No. 1, which mas 5 feet 6 inches diameter, with tuyeres 5 feet 4 inches high, and cinder-tap four feet from bottom, great trouble was found in holding iron a proper length of time, four hours being the outside limit when working well, and two hours or less if working badly. "Break-outs" through the iron

Jan 1, 1880

By C. H. Chou, Albert Sauveur

The following experiments were conducted in order to study the influence of the rate of cooling through and below solidification on the dendritic structure (macrostructure) and microstructure of some hypo-eutectoid steel. The steel selected was of commercial grade and had the following composition: C, 0.40 per cent.; Mn, 0.85; Si, 0.70; P, 0.099; S, 0.043. After melting in vacuum in an Arsem furnace, the various samples were allowed to solidify and to cool to room temperature as indicated in Fig. I. Samples were thus obtained representing all possible combinations of slow and fast cooling through the various ranges of temperatures indicated, namely: (I) zone of solidification or primary crystallization, (2) zone of granulation, and (3) zone of secondary crystallization. The location of the different temperature zones in the iron-carbon equilibrium diagram is shown in Fig. 2. The authors adopted Belaiew's notations. The designations of the various samples readily indicate their treatment, as will be apparent from Table 1. Sample SSS.—This sample was slowly solidified and cooled to room temperature in the crucible in which it was melted. The dendritic (macro) structure is shown in Fig. 3. The dendrites an: sharp and dis-

Jan 1, 1930

T. M. Drown, South Bethlehem, Pa.: Mr. Thackray's paper shows in a striking way the high degree of rapidity and ac curacy exhibited by the chemists of our steel-works in ordinary everyday practice. That determinations made in an hour should present only slight differences in the third place of deci male is certainly matter for surprise and congratulation. This remarkable result has been due, perhaps, in part, to a remark able cause. The managers of works, ignorant of all the diffi culties of the laboratory, have demanded "the impossible " of their chemists—and the chemists have done it! Andrew A. Blair, Philadelphia, Pa.: Mr. Thackray's paper is extremely interesting, especially in its bearing on the question of a standard method for the rapid determination of phosphorus in the laboratories of steel-works. Before discussing the re sults in general, I desire to explain the results obtained by me under method A'. This is the method which I have used in the work of the sub-committee on Methods of the Interna tional Steel Standards Committee. It may be described briefly as follows: Solution in nitric acid; oxidation of carbonaceous matter by permanganate; precipitation of phosphoric acid by molybdate solution; reduction of molybdic acid in the reductor, and titra tion by permanganate. This method was used apparently by only three chemists, Dr. Dudley, Mr. Crowell, and myself. In determining phosphorus by this method, among the most essential points to be considered are the ratio of iron to molyb dic acid, or the reducing action of zinc on molybdic acid as compared to its reducing action on iron, and the ratio of molyb dic acid to phosphorus in the ammonium phospho-molybdate obtained by precipitation from the solution of the steel. In regard to the first point, the usually accepted ratio is 1 to 0.90756, or, as it is roughly stated, 0.9076, which is based on the assumed reduction of the molybdic acid to Mo12019,. This

Jan 1, 1896

By F. C. Kelley, L. L. Wyman

In order to clarify and amplify the existing data concerning the action of the cementing material in cemented tungsten carbide alloys, the authors have initiated this investigation of the entire range of cobalt-tungsten carbide alloys. Inasmuch as the ultimate objective is relative to what actually goes on during the sintering of cemented tungsten carbide materials, this work was necessarily restricted to heat treatments similar to those used in actual production of these materials. In the course of numerous experiments, the authors have noted several conditions that indicated that there was a solubility to be considered. Among these factors are the following: 1. Many of the alloys showed a much larger amount of binding constituent to be present than could possibly be accounted for by the cobalt content. 2. In many areas, grains of the carbide constituent are much larger than the particles of carbide originally added. In addition, these grains are of very regular contour. 2a. In samples of cemented tungsten carbide which had been fused in the atomic hydrogen torch in the presence of excess binder constituent, immense grains are formed, and their shapes are very regular. This is also true when the cemented tungsten carbide of 13 per cent. Co content is fused alone in the atomic hydrogen torch. Contrary to general expectation, chemical analysis of this material, after fusion in the atomic hydrogen torch, checks the analysis of unfused material. 3. In making the cemented tungsten carbide materials by the process of exerting the pressure at the time of heating a certain portion of the ' contents squeezed out of the mold. Chemical analysis has shown that this material contains approximately 12 to 20 per cent. of tungsten. The microstructure shows a cored dendritic structure interlaced with eutectic network, and some graphite, as shown in Fig. 1. 4. Thermal analysis of these materials has consistently indicated an arrest point close to 1350" C.

Jan 1, 1931

The following is an incomplete list of members and guests who called at Institute headquarters during the period Sept. 10, 1919, to Oct. 10, 1919. L. D. Anderson, Salt Lake City, Utah. P. S. Matthews, Newark, N. J. Ray J. Barber, New York City. A. Poole Maynard, Atlanta, Georgia. L. A. Barton, Major U. S. Engineers. L. J. Mayreis, Jamshedpur, India. J. A. Battle, Chicago, 111. Benj. L. Miller, Bethlehem, Pa. R. W. Bissell, New York City. Geo. D. Morgan, Bartlesville, Okla. Gilman E. Brown, Shanghai, China. A. C. Munroe, El Paso, Texas. Stanley Brown, Chuquicamata, Chile, Paul I. Norton, Jr., Columbus, Ohio. S. A. Walter G. Perkins, Stanford University, Norman Carmichael, Clifton, Arizona. Cal. Richard H. Catlett, Newark, N. J. Fred S. Porter, Seattle, Wash. Roderic Crandall Charles E. Prior, Cherry Creek, Nevada John J. Croston, Atlanta, Georgia. G. M. Richards I. N. Dally, Seattle, Wash. Gilbert Rigg, Melbourne, Australia. A. Faison Dixon, New York City. Pierre H. Sauvajol, Paris, France. Walter Dobbins, Springfield, Ill. Carl Scholz, Chicago, Ill. Foss E. Douglass, Rancagua, Chile. Ellsworth H. Shriver, Marysville, Ohio. H. S. Emlaw, Grand Haven, Mich. Harvey B. Small, Magangue, Colombia. R. S. Everet, Barre, Mass. Henry B. Smith, New Britain, Coma. H. W. Gipp, Melbourne, Australia. J. T. Smoody, Cornwall, Pa. F. A. Glass, Brainerd, Minn. S.. J. Speak, London, England. C. D. Grier, New York City. D. R. Thomas, New York City. James L. Head, Rancagua, Chile. Kirby Thomas, New York City. Geo. B. Holderer, New York City. R. M. F. Townsend, Washington, D. C. W. Spencer Hutchinson, Boston, Mass. Carl J. Trauerman, Helena, Mont. Henry Jequier, Paris, France. A. C. Veatch, London, Eng. L. W. Kemp, Chuquicamata, Chile. Myron R. Walker, Pittsburg, Pa. Herbert S. Kohlberg, El Paso, Texas. Curtis C. Webb, New York City. H. M. LaFollette, La Follette, Tenn. James Wilding, San Francisco, Cal. Richard Lamb, New York City. S. H. Zimmerman, New York City.

Jan 11, 1919