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William B. Cogswell, member of the Institute since 1872, died on June 7, 1921, at his home in New York City, after an illness of about six weeks occasioned by an infection of the middle car. Mr. Cogswell is survived by his wife, Mrs. Cora Brownell Cogswell; a son-in-law, and three grandchildren. His first wife died in 1877. William Cogswell was born at Oswego, Sept. 22, 1834, and was taken to Syracuse by his parents when he was four years old. He attended Hamilton Academy and private schools in Syracuse and Seneca Falls. In 1843, he visited England with his parents and brought back a set of drawing instruments, which led to a series of lessons in architecture under Luther Gifford, the only architect in Syracuse at the time. The boy drew many building plans and one set was used for the old Globe Hotel in Syracuse, erected in 1846 and 1847. In 1848, when only 14, he spent a year with a party that was surveying the route of the Syracuse & Oswego R. R. and relaying the tracks of the Utica & Syracuse R. R. He studied civil engineering at the Rensselaer Polytechnic Institute, Troy, for three years, but left that institution in 1852 without receiving his degree. Many years later, in 1884, the degree of C. E. was conferred upon him. During the three years following 1852, Mr. Cogswell served as an apprentice in machine shops at Lawrence, Mass., under the superintendence of John S. Hoadley. About 1856, he was made manager of the machinery department of the Marietta & Cincinnati R. R., at Chili-cothe, Ohio, and three years later became superintendent of the Broadway foundry at St. Louis, Mo. In 1860, in Syracuse, Mr. Cogswell was associated with William A. and A. Avery Sweet in the formation of Sweet Bros. & Co., which later became the Whitman & Barnes Mfg. Co. At the outbreak of the Civil War, Mr. Cogswell received a civilian appointment as mechanical engineer in the United States Navy. During 1860 he was located at Port Royal, S. C., having general supervision over the work of fitting up repair shops at five widely separated stations on the Atlantic seaboard and Gulf of Mexico. In this year his genius and resourcefulness were notably shown. He literally launched a naval machine shop, so that warships could be repaired without leaving, and thereby weakening, blockades against Southern ports. The machine shop was assembled by Mr. Cogswell and shipped by boat to Port Royal. There an old whaler was made over for machine shop purposes and Mr.

Jan 1, 1922

By John J. Porter

UNUSUAL problems have arisen at certain iron blast-furnaces in Virginia through the fact that the ore-supplies, derived from the Oriskany formation, contain from a trace up to 1 per cent. of zinc oxide. Since the technical literature bearing on this subject is very scant, the following notes, based on personal experience, will probably be of value to those of our members who are interested in iron blast-furnace practice. The course of zinc through the blast furnace is readily traced. Entering the throat as zinc oxide, finely disseminated through the ore, it descends unchanged to the fusion-zone, since a temperature of 1,000° C. or more is required for its reduction. At the fusion-zone, the zinc oxide is reduced by solid carbon to metallic zinc, which is set free as vapor and rises with the ascending gases to the cooler zones of the furnace. In cooling through the range of temperature from 1,000° to 500° C. the zinc is re-oxidized according to the reaction Zn + CO2 = ZnO + CO, and the resulting zinc oxide, being in a very fine state of division, is readily carried along by the ascending gases. Portions, however, deposit on the descending stock and are carried down, again to pass through the same cycle of changes. Still other portions deposit on the lining of the stack, and gradually form hard masses of "cadmia." Of the remainder of the zinc oxide, the greater part passes out of the furnace, and is either deposited in the down-comer, dust-trap, stoves, boilers and flues, or passes through the chimney into the atmosphere. A small portion escapes reduction and enters the slag as zinc oxide, while still another portion is absorbed into the lining of the furnace.

Sep 1, 1907

By Frederick M. Becket

DoctoR Albert Sauveur, distinguished scientist and Honorary Member of this Institute, predicted in the first Howe Memorial Lecture that the privilege of delivering' this annual address would be considered a highly significant honor. The intervening years have well borne out Sauveur's prophecy. I wish to assure the American Institute of Mining and Metallurgical Engineers that I also deeply appreciate this honor, recognizing at the same time the present and even more the future responsibilities with which it is accompanicd. Several of the previous lecturers had the good fortune to attend the classes of Professor Howc and to work in his laboratories. I was similarly favored, although in my instance and to my great regret the period was all too short. However, Howe's book, published in 1903, "Iron, Steel and Other Alloys," afforded me abundant opportunity to continue these studies. How well I remember the inspiration I derived from this famous book by Howe, the metallurgical master, pioneer, and educator! Remembering that Professor Howe contributed numerous papers to The Metallographist, a magazine supported from a technical point of view by the world's pioneers in metallography, I was curious a few days ago to learn the nature of Howe's early contributions to this magazine. The first paper by Howe in the first year of The Metallographist (1898) dealt with the allotropic theory; the second also treated of allotropy, and I quote the first sentence of that paper: The allotropic theory of the hardening of steel may, like so many other important theories, have to be accepted or rejected not on direct proof or disproof, but on the accumulation of circumstantial evidence for or against it. Howe's ability to stimulate others by his deep understanding and clarity of expression was truly remarkable; but just as striking was his intuitive judgment concerning the implications of metallurgical data in the arts and scienees. It therefore seems fitting that this lecture comprise a broad treatment of the subject chosen, rather than a closely documented thesis on any one phase of the problem; that in it attention be focused

Jan 1, 1938

By Frederick M. Becket

DoctoR Albert Sauveur, distinguished scientist and Honorary Member of this Institute, predicted in the first Howe Memorial Lecture that the privilege of delivering' this annual address would be considered a highly significant honor. The intervening years have well borne out Sauveur's prophecy. I wish to assure the American Institute of Mining and Metallurgical Engineers that I also deeply appreciate this honor, recognizing at the same time the present and even more the future responsibilities with which it is accompanicd. Several of the previous lecturers had the good fortune to attend the classes of Professor Howc and to work in his laboratories. I was similarly favored, although in my instance and to my great regret the period was all too short. However, Howe's book, published in 1903, "Iron, Steel and Other Alloys," afforded me abundant opportunity to continue these studies. How well I remember the inspiration I derived from this famous book by Howe, the metallurgical master, pioneer, and educator! Remembering that Professor Howe contributed numerous papers to The Metallographist, a magazine supported from a technical point of view by the world's pioneers in metallography, I was curious a few days ago to learn the nature of Howe's early contributions to this magazine. The first paper by Howe in the first year of The Metallographist (1898) dealt with the allotropic theory; the second also treated of allotropy, and I quote the first sentence of that paper: The allotropic theory of the hardening of steel may, like so many other important theories, have to be accepted or rejected not on direct proof or disproof, but on the accumulation of circumstantial evidence for or against it. Howe's ability to stimulate others by his deep understanding and clarity of expression was truly remarkable; but just as striking was his intuitive judgment concerning the implications of metallurgical data in the arts and scienees. It therefore seems fitting that this lecture comprise a broad treatment of the subject chosen, rather than a closely documented thesis on any one phase of the problem; that in it attention be focused

Jan 1, 1938

By Dean Goodermote, Carla S. Stone

I Introduction Coal fuels China. Roughly 70 percent of all commercial energy demand is supplied by domestic coal production and with the recent Chinese opening to the West, the Chinese Coal Industry may figure prominently in the export market as well. Because of the importance of China's coal industry to the future of China and the Pacific Rim energy balance, this paper reviews the industry and offers some cautious projections for its outlook. II Energy's Position in the Current Political and Economic Climate Traditionally, Chinese society has been dominated by the policies of its most important government leaders. Deng Xiaoping, Vice Chairman of the Communist Party is the current leader of China. Deng and his proteges are pragmatists. Although China's government structure is based on Marxist/Leninist tradition, Deng and his followers are promoting experiments with market economics and expanded relationships with Western Countries, which have encouraged foreign investment in China. Energy companies represent just one type of industry that is interested in helping the Chinese to develop their abundant natural resources. Although China's leadership is committed to a program of economic modernization, that program currently is experiencing what the Chinese government terms "readjustment". Readjustment cuts back in imports due to deficient foreign exchange and deemphasizes heavy industry, while it encourages agricultural and consumer goods output and, most imporant, energy production. Increased Chinese coal and oil production is essential both to fuel industry and, equally important, to provide foreign exchange. If sufficient energy production is not forthcoming, then economic growth will be severely retarded. China's 1979 per capita GNP of $260 is only slightly better than the weighted average achieved by low income countries of $230. (1) Delays in growth could lead to social unrest, threatening the position of the current leadership. Since there is no institutionalized mechanism for leadership succession and policy continuation, it is reasonable to assume that leadership changes could result in energy policy changes. III Energy Consumption Energy production is important to China's future economic health as highlighted by the World Bank. If China's economy grows rapidly, 5 percent to 6 percent during this decade, the Bank noted, a significant energy shortfall could occur as early as 1985. This state of affairs contrasts sharply with China's current position as a net hydrocarbon exporter. (2) To assure a healthy economic future, China's leadership is attempting to reduce its rate of increase in energy demand through conservation as well as to boost energy output. A massive conservation promotion program has been underway since 1979 and there is much room for improvement. China's industrial sector is only about half as energy efficient as is U.S. industry. (3) During the last two decades, each percent of increase in GNP has been accompanied by a 1.8 percent of increase in energy consumption. (4) This compares rather poorly with the United States where a less than one-to-one relationship exists. IV Energy Supply The short term prospects for oil production are uncertain. Production increases were rapid in the 1960's and early 1970's, averaging 20 percent annually, but most of this increase came from one field, Daquing. Now that Daquing's production has peaked and the offshore potential has yet to be developed, petroleum production has maintained a plateau of 2.1 million b/d, at least temporarily, of which approximately 15 percent is exported. (5) Output

Jan 1, 1982

[A Aall, Christian H., M49 D Mgr, American Metal Climax, Inc., 61 Broadway, New York 6, N.Y. Aaroe, S. L., A54 B Sales Mgr, The W. S. Tyler Co. of Can. Ltd., St. Catharines, Ont., Canada Abalos, Teodulo Q., J57 A Foreman, Lepanto Cons. Ming. Co., Mt. Province, Philippines Abbass, G., M55 P. O. Box 680, Hong Kong, China . Abbitt, James M., A54 770 Sole Blvd., Bartow, Fla. Abdullah, M. Y., J53 Dept. of Mines Res. Div., P. O. Box 1016, Tiger Lane, Ipoh Perak, Malaya Able, John F., Jr., J53 A Ming Engr, USA SIPRE 1215 Washington Ave., Wilmette, Ill. Abell, Leo M., M31 B Conct Supt, Phelps Dodge Corp., Morenci, Ariz. Abenius, Hakan Wilhelm, M52 A Mng Dir, Stora Kopparbergs Bergslags AB, Falun, Sweden Abenoroth, Harry F., A57 Natl. Carbon India Ltd., 18A Brabourne Rd., Box 217, Calcutta, India Abercrombie, Harry W., J56 1645 Camphor Dr., Lakeland, Fla.]

Jan 1, 1961

By C. Richard Tinsley

INTRODUCTION Documentary complications arise from the risk apportionment in project financing which generally means that once the project is up and running and has satisfied the lender's completion test, the loan agreement specifically limits the lender's recourse to the project and its assets. It is the purpose of this paper to describe the special considerations which apply to industrial minerals projects and explore the reasons why so few project financings are negotiated in this industry. SIZE Small projects do not warrant the relatively high costs of negotiating and documenting project financing. The extent of the documentation is directly proportionate to either (a) the degree of risk apportionment, or (b) the amount of control given to lawyers to negotiate the documents. Although one would like to believe that project-finance documentation could be off-the-shelf, it is almost always necessary to tailor the documents to the mine development itself and the individual desires of the borrower. Accordingly, the documentation costs and initial expenses are seldom less than $40,000, and for complex projects can reach $400,000. In addition, banks often charge an up-front fee to partly compensate them for their staff time and partly to increase their yield on what is deemed to be a "riskier" loan asset. Another factor is the generally lower debt:equity ratio when bankers are uncertain of the accuracy of the cash flow projections. The ratio of the amount of cash flow left over after debt service to debt service itself is a key tool for project finance (debt service coverage). Bankers will require a higher coverage ratio for industrial minerals projects because of the relatively higher uncertainties in the following categories: Prices Markets Geology/Quality Transportation Environmental This, in turn, means that lower debt:equity ratios are the norm for new industrial minerals projects. INDUSTRY STRUCTURE It is hardly worthwhile to generalise about a field as diverse as industrial minerals, but there are four other structural reasons why project financing has not been widely applied. 1. The most obvious example is the predominance of small-sized operations, largely a function of transportation economics. Geological conditions also contribute to their dispersion. 2. Often, the product is only a small part of a company's business in contrast to many petroleum, metals, or coal companies whose sole business is the production of the raw material. The construction industry is a good example here for cement, gypsum, crushed stone, sand and gravel, and the drilling-mud services business for barite and bentonite. A company is unlikely to jeopardise its main business through the failure of a project financing on one of its key inputs. The corrollary is that the mined input is often regarded as a cost centre and not run on the sort of economic basis suitable for project financing. 3. There may be a reluctance to reveal key aspects of an industrial minerals venture to an outsider for purely competitive reasons. Unlike the other minerals industries which readily share technical information at plant visits and

Jan 1, 1985

Albert Ladd Colby, New York, N. Y. (communication to the Secretary†):—I observed (Trans., xxxvii., 585) that to obtain tenders from several American mills, the foreign engineer should modify his maximum phosphorus to 0.10 per cent., not as Mr. E. Windsor Richards quotes me, that no American rail-maker can produce rails under 0.10 per cent. of phosphorus. Mr. Richards claims that no English engineer would agree to accept 0.10 per cent. of phosphorus on any terms whatever. Mr. Webster writes that only after an engineer has .been convinced that rails can be made in America equal in every respect to those he is getting abroad, should he be asked to modify ally conditions in his specifications. I know it to be a fact that during recent years in many cases, as, for instance, When delivery could be secured more promptly in the United States than in Europe, the consulting engineers of several British and colonial railroads have frequently agreed to modify their phosphorus requirement to a maximum of 0.10 per cent., and the rails delivered' under these modified specifications have, under like conditions, given just as satisfactory service and proved to be no more brittle than similar sections of 0.07 per cent. phosphorus rails, rolled in England under the same specification except without modification as to phosphorus. Furthermore, it would appear from the analyses of British rails, quoted by E. A. Dancaster,2 in his discussion of Mr.

Jan 1, 1908

By AIME AIME

WITH a brilliance undimmed by hard times, the annual dinner on Wednesday evening, Feb. 17, was a complete success. More than 600 members, friends and ladies gathered early and filled the anterooms of the grand ballroom of the Commodore Hotel, while the president's reception was in progress, and then at the sound of the gong and with the music of the orchestra, rising above the happy din of conversation thronged to their seats at the tables. Following the "potage Ambassadeur"-probably to eliminate a very real hazard-the usual toy balloons appeared and a gay and lively scene, punctuated by multitudinous explosions, ensued, as the hundreds, of variously colored spheres bounced yon and hither until their gaseous existence was ended on the glowing end of a cigar or cigarette. On the speakers' dais sat C. E. Beecher, Chairman Petroleum Division; J. Vipond Davies, representative of A. I. M. E. on the Alfred Noble Prize Committee; Corbin T. Eddy, Alfred Noble Prize recipient; A.' S. Tuttle, Vice-president American Society of Civil Engineers; W. C. Mendenhall, Director U. S. Geological Survey; George C. Bateman, representing the Canadian Institute of Mining and Metallurgy; Paul D. Merica, Institute of Metals lecturer and Chairman James Douglas Medal Committee; Champion Herbert Mathewson, James Douglas Medalist; Robert E. Tally; retiring President; G. Temple Bridgman, toast-master; Scott Turner, incoming President; F. W. Bradley, William Lawrence Saunders Medalist; Fred Searls, Jr., Chairman William Lawrence Saunders Gold Medal Committee; Arthur Notman, President Mining and Metallurgical Society of. America; Robert J. Grant, Director U. S. Mint; Landon F. Strobel, Chairman New York Section; Howard Scott, recipient of Robert W. Hunt Prize; George. B. Waterhouse, Chairman Robert W. Hunt Prize Committee; F. M. Becket, Chairman Iron and Steel Division; Ora E. Clark, recipient of the J. E. Johnson, Jr., Award; Richard Peters, Jr., Chairman J. E. Johnson, Jr., Award Committee; E. C. Bain, Howe Lecturer; Sam Tour, Chairman Institute of Metals Division; and H. Foster Bain, Chairman. Charles F. 'Band Foundation Committee. ' Each was heartily applauded when introduced by Mr. Bridgman, as was Mrs. Tally, who also made a bow. The toastmaster made graceful reference in introducing Mr. Strobel, to the large part the latter had taken in planning the meeting.

Jan 1, 1932

By G. G. Brown

Enthalpy-entropy diagrams are presented for natural gases of 0.6, 0.7, 0.8, 0.9, and 1.0 gravity over the pressure range of 5 to 10,000 Ib. per sq. in. and temperature range of 32º to 700°F. The charts indicate directly the work requirement and temperature rise for adiabatic compression or temperature change for free emansion of natural eases. Computation and Uses of Charts The Mollier diagram (Fig. 4), in which the enthalpy (heat content) is plotted against the entropy with lines of constant temperature, pressure,, and in some cases volume, has been found most convenient when dealing with the compression, expansion, and flow of fluids. In dealing with the flow of fluids, the sum of the increase in the enthalpy, AH, plus the increase in kinetic energy, AM —, plus the increase in potential energy, ?MZ, representing the total increase in energy of the fluid in flow, is equal to the sum of the heat q, and work added, —w, to the fluid while flowing between the entrance and exit of the flow system. AH + AM— + ?MZ = q-w [1] In cases where there is no significant change in potential energy or in kinetic energy (velocity), it follows that the increase in enthalpy is equal to the total energy supplied to the fluid. Under such conditions' the changes in the property of the fluid as it flows through a throttling valve, choke, or any other similar arrangement, may be read directly from the enthalpy-entropy diagram by following a horizolltal line between the known pressures' When compressing Or expanding a gas by means of a Or or engine in which no heat is added to or subtracted from the gas, but only work done, the changes in the properties of the gas may be determined along a vertical line of constant entropy between the entering and exit pressures. The power required for the compression of the gas may be readily determined by converting the increase in enthalpy into the desired units. The enthalpy-entropy diagram for natural gases is to the gas engineer what the steam diagram is to the steam-power engineer. For this reason it would be extremely convenient if a reasonably satisfactory enthalpy-entropy diagram could be prepared as a function of the gravity of the gas. A careful study of the known properties of natural gas indicate that this is possible. The effect of temperature upon the enthalpy at constant pressure is expressed as the "heat capacity" or "specific heat" of the gas. The best available data for natural and petroleum refinery gases indicates the relationship shown in Fig. I. From this it is clear that the specific heat of natural gases is a function only of the gas gravity and the temperature at atmospheric pressure. The effect of pressure on the enthalpy of natural gases is dependent upon the pressure-volume-temperature relationships,

Jan 1, 1945

By Homer Turner

THE nature and comparative features of anthracite and bituminous coals have been discussed by the writer in two previous papers.1 Although this paper is offered as a further contribution to the subject, it seems desirable at the outset to repeat some of the descriptive matter of the early works in order to show the actual connection between various constituents of both coals and the new photomicrographs and other physical and chemical properties.

Jan 1, 1929

By H. W. Gillett

CLYDE WILLIAMS has reminded me that in the fall of 1929, gave, in MINING AND METALLURGY, an account of the hopes and aspirations of Battelle Memorial Institute, which was then just swinging into initial operation; and that therein I remarked that B.M.I. should stand, as well, for Better Metallurgical Industries, since helping to better them was the Institute's aim. So he has suggested that some of the betterments of the past fifteen years might well be listed. A yearly summary of progress comes pretty close to the ultimate in futility, for everything proved of value in that year had its inception in earlier years, and everything really new has still to be proved. Plenty of things hailed as wonderful achievements for that year, by some enthusiasts invited to contribute to the summary, turn out in later years to be inglorious flops. But over a decade and a half, betterments that are really such become self-evident, and recounting some of them can be done without guesswork or wishful thinking. An inventory of what was known and utilized in 1929 compared to what is now known and used is not too hard to make. Perhaps the most clear-cut picture of what is known and used at a certain date is drawn by the handbooks, textbooks, and equipment catalogs of that date, with scientific periodical literature forecasting what knowledge may later be used when it is verified and assimilated. The tools available for production or for research limit the application of old and the finding of new knowledge.

Jan 1, 1945

By William J. Potter, Roger N. Pyle

Introduction The primary ingredient for survival of mining companies during a recessionary period is to be innovative and resourceful in the structuring and financing of operations. Over the past decade, many mining companies have had to retrench and restructure their operations and to redeploy their assets just to survive. During the same period, traditional sources of financing for mining companies -- commercial banks, subsidized export credit loans and long term straight debt financing in the public markets -- became less available and more expensive. Meanwhile, new markets and new financing instruments provided new alternatives for mining companies. Those companies which exploited these alternatives greatly enhanced their capacity for survival and even for profitability. This article considers the strategies adopted by some companies to adapt to changes in this recessionary environment; the inadequacy of traditional sources of financing; certain of the new financing instruments, structures and markets which have become available; and how several mining companies have utilized these new instruments, structures and financial markets to improve their competitive positions. THE IMPACT OF RECESSION ON MINING COMPANIES AND TRADITIONAL FINANCING SOURCES In its 1983 year-end article "The New Economic Order" Mining Journal characterized many of the large private sector mining companies with operations in the industrialized countries as being "gripped between the jaws of high working costs and stagnating metal commodity prices." The article went on to characterize the Canadian mining industry in particular as being "in the difficult position of having to seek to sell the bulk of its output in a world market characterized by over-capacity, where production costs were determined by internal political and economic factors while prices were set by external competitive forces of supply and demand." Miners of a wide range of commodities in the industrialized countries have come to realize that their domestic mineral resources are in many cases no longer competitive with global sources of supply. To compete and survive they would have to rely on their technical and financial expertise in mineral exploration and development and in mining and processing. Strategies For Survival Global competition has compelled management in the extractive industries to improve their worldwide cost position. This is the only means whereby a mining company can differentiate its product and attain a substantial competitive advantage. During the past decade, for example, ASARCO Inc. and Inco Ltd. chopped their payrolls, postponed expansion plans and otherwise retrenched. ASARCO reduced its capital expenditures and cash requirements for operations in 1984 to a level almost equal to its internally generated cash. The company's finances were also strengthened by increasing total lines of credit from outside sources, by selling common stock, and by reducing annual pension funding through a change in actuarial assumptions. Other companies returned to their traditional organizational structure where they had a demonstrated competitive strength. Consolidated Gold Fields, for instance, resumed its operation as a mining finance house. Its capital investment programs are now devoted solely to resource development. In mid-1984, at a time of firming zinc prices, Union Miniere S.A. used the opportunity to integrate its smelting capacity and to direct investment to certain subsidiaries at the expense of less viable operations. Smaller corporations realized that it was not enough just to be the low-cost producer. For example, Drummond Coal Company in Alabama, which dominates its regional market due to its low-costs, has also developed a world-wide trading capability and has placed incremental tonnage from its own mines as well as brokered coal produced by others, thereby minimizing capital risk. In Canada, Campbell Resources has exploited difficult times by acquiring assets cheaply. In the process it improved its capacity to withstand cyclical economic swings by diversifying from solely a copper and gold producer to a company based upon asbestos, coal, copper, gold and natural gas.

Jan 1, 1985

By Marvin Lee

Kansas continued holding, for its seventh year, the fourth position in the list of oil-producing states. The crude-oil production, according to purchaser's reports to the State Corporation Commission, was 40,008,940 bbl.; as assembled by the Oil and Gas Journal, 41,305,768, and by the U. S. Bureau of Mines, 41,942,000 barrels. Increase of production from 1932 was largely due to greater stability of the industry, and increased return of demand for Kansas oil, caused by the addition of Federal assistance in national production regulation which reduced illegal production, of some areas out of Kansas, that had been destructively competing with Kansas crude or its refined products, at less than cost of production. Prices continued to advance from the lowest level of 25c per barrel during part of May and June, until by the end of September 36" gravity crude had reached $1 per barrel and continued at this price the remainder of the year. Price stability, for a period greater than in previous years, has brought renewed confidence to those producing oil and has led to renewed interest and increased purchases of Kansas leases. Drilling was confined chiefly to the number of wells necessary to protect from offset and other drainage in the field and to meet the requirements of expiring lease contract deeper areas in Mid-Continent, are an added inducement to exploration. The renewal of interest in the search for new fields in Kansas is already apparent and 1934 will probably see more wildcatting than for several years. This is due both to the expiration of leases on large blocks and to actual demand of the industry for new fields. Exploration for favorable areas is being actively conducted by the various methods of surface, subsurface and core drilling and geophysical work. Much of western Kansas cannot be mapped by surface study and geophysical exploration has been of considerable assistance and has led to a large use of the seismograph. Several companies are conducting seismograph surveys and leasing on findings already secured. Development under the more favorable conditions of 1933 can be readily seen by the comparison of the following reports for the last weeks of December in the respective years.

Jan 1, 1934

By Fred Jones

The Cripple Creek district is in Teller County, Colo., about 18 miles in an air line west of Colorado Springs and at an elevation of 10,000 It. A line drawn through Colorado Springs and Pikes Peak will, if continued, about pass through the district. The character of the country generally is rolling, with few trees and little snow fall. The annual precipitation is about 20 in. All the water used by the mines is supplied by the Altman Water Co., which pumps from the west slope of Pikes Peak. Gold was discovered in 1891, since which time the district has produced $411,000,000. The peak of production was reached in 1900 and amounted to $25,000,000. At present the production amounts to about $400,000 per month. Geology In general, the geology of the district is simple; ash veins and dikes traverse a volcanic plug of breccia. The ore occurs as enriched spots along these dikes and veins. The dikes represent the most recent extrusions and consist of basalt and phonolite. (For a complete geological description reference is made to Professional Paper 54, 1906, of the U. S. Geological Survey.) The ore consists of small parallel seams of high grade. In only a few cases is the gold disseminated through the rock; much of the gold in the broken ore is found in the fines. The wall rock is hard blocky granite or breccia. About 25 per cent. of the rock mined is shipped as ore to the Golden Cycle mill at Colorado Springs. The height of an ore deposit is usually several times its length. Few flat oreshoots have been found. The veins are all steep and have a dip of 70 to 80°. Development The claims are all 300 by 1500 ft. and are held by location or patent. All mining is done through shafts, one of which has reached a depth of 2600 ft. The main working shafts are 41/29 by 1335 It. and are made up of three compartments, each 4 by 41/2 ft. in the clear. They are timbered with 10-in. Oregon posts and plates and 8-in. spreaders. Two compart-

Jan 1, 1925

By H. H. Rachford, J. Douglas, D. W. Peaceman

A numerical solution of equations describing two-phase flow in porous media shows promise in providing a technique for predicting the displacermet from satlds of oil by water or gas. The description includes the influence of relative permeability, fluid viscosities and densities, graviry, and capillary pressure, and, tholrgh tested ortly for two-dimensional cases, should be eqlmlly applicable in three-dimensional geometry. Two memorical methods ore presented: the first method is quite general in its applicability; the second method can be used only with certain types of boundary conditions but requires less computing. Comparisons of computed results with data from Inhoratory models are presented. These data were taken on a water flood of a strarified model and on water floods of a five-spot model for favorable and unfavorable mobility ratios. On the stratified model, excellent agreement with recovery at breakthrough was obtained; agreement with recovery after breakthrough was poor. In the five-spot model, good agreement was obtainecl with recovery at and after breakthrough. The purpose of this paper is twofold: first, to present a reservoir engineering method requiring knowledge only of rock geometry and the normally measured rock and fluid properties for calculating the multi-dimensional flow of water displacing oil from porous, water-wet rock containing connate water; and, second, to investigate the validity of the method by comparing results of calculations with previously observed displacements in laboratory models. The availability of such a verified technique of reservoir analysis would afford major advantages. First, it would demonstrate that the fundamental macroscopic concepts of two-phase fluid mechanics, i.e., relative permeability and capillary pressure, yield an adequate description of the physical process. Also, since most reservoir rocks appear to be water-wet and contain connate water along with oil, it would provide a method of technical and economic value for calculating the course of oil displacement by water directly from measured reservoir and fluid properties. It is important to emphasize that the calculation is subject only to the limitations of detail and precision of reservoir information, but not to limitations introduced by simplifying assumptions. Further, it would providc almost the only means of examining the influence of factors such as the size and extent of reservoir inhomogeneities and uncertainties in the basic reservoir data. Knowledge of this influence is essential in stating quantitatively the detail required to define a reservoir and in establishing the relation between the uncertainty in the definition of reservoir properties and the reliability of predicted performance. Moreover, in the process of solving a particular problem much detailed information would become available about the displacement process. For example, at each point in the reservoir for all stages of the displace ment. the calculations would yield not only the water and oil saturations but also the direction and magnitude of fluid velocities and the local fluid mobilities. Such dctail is potentially of great value in giving insight into the mechanics of particular displacements. The development of such a method has long been the goal of research in the application of numerical an-alysis to petroleum reservoir enginecrinz. The most complete treatment of the displacement process published to date is that of Douglas. Blair, and Wagner,' which, however, was limited to flow in a single dimension. The method presented in the present work is hascd on the numerical solution of a finite difference analogue of the multi-dimensional differential system describing the displacement process. Although current work has considered only displacement of oil by water from water-wet sands, the differential system for other immiscible displacements, such as gas displacing oil with which it is in phase equilibrium, is quite similar. It should therefore be expected that the technique described will be applicable to displacement by gas as well. The description of the simultaneous flow of fluids through porous media in terms of relative perrncability and capillary pressure has been adequately discussed in the literature and standard textbooks. Sec, for exampje, Muskat. Chapter VII.'

By D. A. Dahlstrom

WITHIN the past decade, certain economic, legal, and technological changes have intensified the necessity for an efficient classifier or deslimer of particles at and below the 200-mesh point. First, mechanization of mining has increased the percentage of clays, silts, refuse, and high-ash material in the run-of-mine coal. Second, many washing plants must rely on smaller percentages of fresh make-up water because of shortages, economic factors, or legal restrictions on waste water disposal. Finally, the crushing of middlings and coarse refuse plus the trends toward the finer sizes in sales has further increased the amount of fines produced per ton of mine-run coal. A joint consequence of these circumstances has been the augmented percentage and build-up of —200-mesh material in the finer coal fractions and tipple circulating water. This results in the following disadvantages to the operator: (1) Higher ash percentages in the fine coal caused in large measure by the greater ash content of the —200-mesh material, (2) more difficult or expensive recovery of the fine coal from plant slurries, (3) lower filtration, drainage, and drying rates caused chiefly by lower permeability and the greater surface exposed per unit mass of the finer particles, (4) greater difficulty of beneficiatiing the fine coal because of lowered equipment efficiency and the partial "coating-out" of the —200-mesh fraction on the coarser coal particles. Obviously some cheap but effective fine-size classifier must be developed to aid in solving the above problems. To eliminate the generally unwanted —200-mesh fraction from coal slurries, several methods are in use. Probably the most popular with coal operators is the settling cone wherein the larger particles settle downward to the apex of an inverted cone while the slimes and fines are carried upward by vertical fluid currents caused by the overflow of the bulk of the water at the outer rim. The main advantage of the unit is the low initial and operating cost since no moving parts are involved. Disadvantages are primarily low capacity per square foot or floor space and the loss of good coal in the overflow above the 100-mesh size due to localized, high-velocity gradients and nonuniform, fluid-flow patterns, especially at high loadings. Also, when high slime concentrations are present, desliming efficiency is severely injured.', ' Other methods employed are the drag and spiral classifiers and the hydroseparator.' These involve mechanical separations achieved by moving parts and naturally result in higher initial costs. As they are all based on the settling velocity of the particles at the mesh of separation under operating conditions, area requirements are again large per gallon of throughput if they are to classify at the 200-mesh point. Usually the selection is made to operate at a higher throughput and thus sacrifice some coarser coal in the slime overflow. Cyclone Possibilities in Desliming To overcome the disadvantages of present deslirning methods, it is necessary to use a device that exhibits a very stable and uniform flow pattern while greatly increasing the settling velocity of

Jan 1, 1952

By F. W. Maclennan

ORE production from the property of the Miami Copper Co. began early in 1911. Until 1925 this ore came from the so-called high-grade orebodies, which contained a little over 2 per cent. copper. This ore was mined by the following methods. 1. Top slicing after mining the peaks by square setting, which produced 4,524,347 tons, including ore from square setting. 2. Shrinkage stoping with sublevel caving of the pillars, which produced 2,230,577 tons. 3. Undercut caving with hand tramming, which, produced 15,427,672 tons. Estimating December tonnage, the total ore mined to the end of 1929 will amount to slightly more than 43,000,000 tons. The first method was described by E. G. Deane1 and the second by D. B. Scott,1 and the third, together with a general, description of the mine, by J. H. Hensley, Jr.1 The geology of the district has been worked out by. Dr. F. L. Ransome.2

Jan 1, 1930

By James H. Boettcher

INTRODUCTION There are many and varied sources of finance available to the mining industry for exploration, development and/or the operation of mining projects and companies. These sources include equity from major as well as "penny" stock exchanges, precious metal mutual funds, private investor groups (from "grubstakes" to tax-oriented limited partnerships) and banks. The variety is representative of the fact that the world's capital markets are segmented and stratified according to risk-reward characteristics. This interrelationship is summarized in Exhibit I and 2 which relate (very approximately) various sources of finance to a typical mining project's life cycle and risk-return characteristics. The objective of this paper is to introduce, as it applies to the mining industry, a somewhat recent phenomenon represented by one of these capital markets segments referred to as "venture capital." Venture capital investing per se, which today is a multibillion dollars per annum investment business, goes back as far as Queen Isabela's backing of Columbus' "wild ideas." The real institutionalization of the venture capital process really began in earnest, however, after World War II. Today over 700 private venture capital sources (and more government related ones) exist providing funding to a range of industries, but typically related to the "high-tech" business. The table to the right shows industries financed by venture capital funds between 1980 and 1982. Conspicuous by its absence is, of course, mining which is not a great surprise since typical mining projects up until recently were large, required long lead times and were undertaken by established mining houses. Also, as most of you can appreciate, successful investing in the mining business requires a great deal of experience and understanding of the industry which most venture capital funds do not have. TARGETED RETURN The rate of return objective of most venture capital funds is, according to the legalized version, to realize a return which is "substantially in excess of that obtainable through conventional equity investments." One may say that a common objective of venture capital funds is to realize a 20% to 30% compound annual internal rate of return on capital over their life which is often ten years. [ ] This objective has been recently more feasible in the mining sector due to the development of smaller precious metal projects which cost less and are quicker to generate cash flow than the behemoth projects of the 1970s. In addition to precious metals, venture capitalists have invested or looked at a variety of other mining projects including ones as prosaic as a high margin "kitty litter" operation, sand-gravel and other industrial minerals operations, the leveraged buyouts of coal mines or mineral divisions of major energy or mining corporations, and even in in-situ copper or gold leaching ventures. A typical investment is in the range of $100,000 to $3,000,000 although some can go as high as 5,000,000. This implies a project size up to, say, 30,000,000 if a venture capital fund does it on its own. Larger projects can be done if the equity portion of the investment is syndicated with other investors.

Jan 1, 1985

By C. H. Mathewson

UNFORTUNATE evasions of metals specifications recently brought to public attention through news items and editorials have caused executives of at least two great corporations to set up defensive procedures and to re¬affirm the patriotic purpose and conscientious effort of their plants in this battle of production. Whatever the exact conditions affecting these cases, in which the public interest has been safe-guarded by vigorous action, my reaction to such offenses in general is a feeling that they arise from the pressure and limitations that afflict our overextended war effort and that inevitably there will be more of them, doubtless more and more expertly conceived and less and less subject to detection as simple faked, or substituted analyses or tests. To the ladies, who doubtless are already beginning to ac¬quire a sense of painful resignation to a dry technical talk, may I say that the cookbook is full of specifications which customarily are varied within rather wide limits but it is generally recognized that the proof of the pudding is in the eating without regard to its exact composition or some scientific evaluation of its texture.

Jan 1, 1943