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INTRODUCTION Trade financing is a particularly important component of short-term financing for a minerals company since errors, extra costs, or payment delays/defaults can easily wipe out the profit margin on a particular shipment or can cause problems when arranging purchases of e.g. reagents. It is required to make any minerals operation function and does not have to be cross-border to require proper management. Sources of working capital are as follows: 1. Extended credit terms from suppliers 2. Inventory loans from banks, finance companies 3. Accounts receivable financing or factoring 4. Credit lines or overdraft facilities from banks. TRADE CREDITS These are provided under the familiar terms "net 10 days" or payment due by the "10th day of the following month." Thirty days for payment is usual but longer periods can be negotiated with regular suppliers. Shipment may be made on open account with specified periods for settlement. In the mining industry, a custom smelter gains trade credit by paying for concentrates three months after the month of shipment. INVENTORY LOANS Various forms of inventory finance are provided via "floor-plan" or warehouse financing. A set percentage, usually 60%-80%, of a good-quality, readily saleable inventory item (e.g. bullion, concentrates, ingots) will be provided by a bank or finance company which will usually have security over these products and has a right to inspect the goods from time to time. Legal security will he achieved by warehouse receipts, floating liens, chattel mortgages, trust receipts, or through collateral management service companies. The latter certify control over stock or distribution outlets and often carry insurance against fraud. Costs range around 1.5% - 2.0% p.a. or more plus some fees to cover out-of-pockets or other costs. ACCOUNTS RECEIVABLES Accounts receivable financing is based on the company's generation of satisfactory receivables which are continuously assigned to a bank or finance company ("factoring"). Because of the risks in being able to collect receivables, such as payments to a smelter for its blister copper shipments to a refinery, this form of financing costs as much as 3% - 5% of the debt amount purchased plus an additional charge for processing paperwork. Receivables can be purchased with or without recourse and on a notification or non-notification basis to the client's customer to, respectively, pay the invoice directly to the bank or not. LETTERS OF CREDIT Letters of Credit ("L/C's") are a common feature of international trade finance whereby a bank, at the request of the buyer, issues a written undertaking to an exporter to pay a specified sum of money within a set time on presentation of previously specified documents. This undertaking means that the exporter is no longer relying on the credit standing and integrity of the foreign importer. A dispute about shipment does not otherwise affect the obligation to pay upon presentation of a "clean" set of documents. These documents include the hill of lading and other documentation, often on standard "form" bases. There are a number of conventions and techniques in L/C's such as irrevocable/revocable L/C's, time L/C's, confirmation/advising L/C's and transferable L/C's. These are tools to adjust for the varying risks that the importer will not pay. Other routes where one is comfortable with an importer include documentary sight hills (D/P hill), documentary term bills (D/A bill), and, of course, open account.

Jan 1, 1985

The engineering personnel shortage, present and impending, so well brought out in the article in Mining Engineering in the August, 1951 number, both in the editorial lead and the article by William B. Plank and Henry J. Petrie, has left untapped and has ignored a potential source of supply that would fill the need ably and with complete satisfaction. This source is comprised of the women engineers- and geologists, both presently, trained and able to handle work at all levels, and the many who would make splendid engineers and geologists if they could hope for even a modest taste of the square deal that should be theirs, but, as we all know, is not. I write from experience. It is not pleasant or sensible to have to urge borderline cases among men students to consider engineering and geology as careers to fill the need, when I have far more able, interested and suited young women students whom I must divert into other channels. It does not make sense to scrape the bottom and sides of the barrel to induce potentially second or third rate male engineers and geologists to enter the profession when we have superior material among the women, eager to do good work in these fields. It does not make sense for these men to become second or third rate in these fields when they might be first rate salesmen, musicians, advertising copywriters or policemen. Nor does it make any more sense to force potentially first rate female geologists and engineers to become second or third rate and very frustrated typists, kindergarten teachers, dress sales-women or clerks. At this point I am willing to admit that where superstitious -miners object to women in underground workings, men are available for the jobs. Moreover, it is not necessary for women to be sent into the most difficult country, if there is reluctance on either side of the contract. There may be fewer of them eager for the roughest assignments, in proportion to the men, but women are so accustomed to discrimination far more complete than that against any racial or religious group, that a reasonably tough assignment would seem like a heaven-descended joy. In my own experience, I have found that my girl students majoring in geology, could keep up with me in the field in the roughest terrain, but. the men, all but the best students and the most physically fit young men, complained that they could not keep up with me and that I always "walked their-legs off. The women, a few men and I always returned with bags heavy with well chosen specimens and proper notes. Most of the men carried no specimens and-but poor scraps of notes on loose bits of paper. Yet the men were urged to prepare for a career in engineering or geology if their examination marks were reasonably good. When we find that we still have a shortage of engineers and geologists, after putting all the qualified women to work, then we may begin to worry. Until then, we are simply fooling ourselves as we wander in, a forest of outmoded tradition and emotional habit reactions. MARY W. GARRETSON ASSOC. MEMBER, AIME SCARSDALE, N. Y.

Jan 1, 1952

By H. H. Rachford, W. P. Schultz

The use of computing machines to solve physical problems has made it imperative to represent physical data in a form computing machines can use. Although curve-fitting is an old and well-practiced art, there still seems to be some interest in questions regarding what methods can be used and why. Even though there are many good references on this subject, it may be of some value to discuss a particular method which has been found to be useful, and to make available the associated tables for its use in the hope that there can be saved a few of the tedious hours necessary to reduce many of the suggested methods to practice. Although a very brief discussion of the mathematical background of the tables is included immediately below, those interested only in their use can skip directly to the section on Use of the Tables. Direct Fit of a Set of Points A frequently encountered problem is: Given data which can be represented by a smooth curve +(x), to find an easy-to-evaluate function F(x), with only a few coefficients, which is a good approximation of +(x) on the interval 0 5 x 5 x,,. Consider F(x) as a linear combination of m + 1 arbitrary, single-valued, continuous, linearly independent functions, f,(x), Ff.r) = a,f,,(x) + a,f,(x) + . . . -+ aifi(x) + If the value of Q(x) is known or can be read from the curve at the points xj: +(x,), +(x,), . . . +(xj) . . . +(x.), and if n = m, then all the coefficients of F(x) can be determined, and F(x,) — +(x,) = 0 for j =. 0, 1, . . . n. This follows from the solution of the set of linear simultaneous equations. +(x<.) = aofu(x,) + aJI(x0) + . . . + a,,f,,(x,) =a, = f,,(x,) + a,f,(x,) + . . . + a,f,,(x,) +(x,,) = a,,f,(x,,) + a,f,(x,) + ... + a,,f.,(x,,) ...........(2) for the coefficients ai. Although the set a, from the solutions of the set of Equations 2 yields an fix) which gives an exact value of $(x,) for the n + 1 points, there is no restraint on ~(xj in the interval xi < x < xj+,. Indeed, if the points +(x,) are not sufficiently smooth, very serious differences may arise between F(x) in the interval and the smooth curve +(x). Least-Squares Fit It has been suggested&apos; that if n is made to exceed m, and the set a, is found to minimize the function the function F(x) is much less sensitive to small errors in +(xi), and usually provides a much better fit to the smooth function +(x). This is known as the best fit in the sense of the least-squares error. To minimize $, set £ = 0,i = 0,1,... iTi,.....(3) The m + 1 equations from Equation 3 are k—n k=n a.^p /,,(a) f,(xt) + a, X A: = 0 k=O k = n k = n k=0 k=0 +(x.) f,(x,),............(4) one equation being obtained for each i = 0, 1, . . . m. Inasmuch as the arbitrary functions f(x) may be evaluated for x,, k = 0, 1, . . . n, and the +(x,) are known values of the curve to be fitted, the simultaneous Equations 4 may be solved for the set a,. Particular Functions Given the functions fi(x) and the set +(xj), the solutions for require evaluating a number of sums of products as well as the solution of an m + 1 order set

Jan 1, 1956

By Claudio Guarnaschelli

Alteration of the electronic distribution of mineral surfaces by light irradiation has been used to modify the adsorption characteristics of flotation reagents. Energy of a few electron volts is suficient to cause the necessary transitions that either enhance or retard the adsorption phenomenon. The adsorption characteristics of potassium ethyl xanthate on galena and marmatite are presented as functions of the energy of illumination, type of semiconductor, and surface oxidation. In dilute solutions, the adsorption differences are readily detected by controlled kinetic measurements. The correlation between the electronic distribution and the adsorption and desorption phenomena at the solid surface is gaining more attention and acceptance. These interrelations have found a practical application in mineral processing since all of the sulfide minerals display semiconducting properties. By varying the ratio of free electron to electron vacancies, the separation of ilmenite from rutilel and zircon from pyrochlore" has been executed successfully. Plaksin et al.&apos; indicate three possible ways of utilizing the semiconductor properties of a mineral. The first one involves the control of the oxidation-reduction potential of the liquid phase, the second one consists of allowing selected additives to diffuse through the mineral surface, while the third one entails a change in the adsorption and chemical activity of minerals by irradiating their surface. The aim of the present work is to consider the effect of irradiation on the adsorption-desorption characteristics of natural minerals. Since the effect of irradiation is to change the electronic distribution at the surface:

Jan 1, 1971

By J. Halpern, D. R. McKay

SOME of the most important hydrometallurgical developments in recent years relate to processes involving the oxidation of sulfide minerals in aque- ous suspension at elevated temperatures by air or oxygen under pressure. Among these is the acid pressure-leach process which has been developed, particularly for the treatment of pyritic uranium ores.1-5 In this process, an aqueous suspension of the ore is digested in an autoclave, in which an overpressure of air or oxygen is maintained, at temperatures above 100°C. Oxidation of the pyrite (FeS,)

Jan 1, 1959

By W. D. Robertson, E. Scala

Electrical resistivity of a number of pure liquid metals and alloys has been measured as a function of temperature and composition. The data show a close correspondence between the liquid and solid states with respect to thermal, structural, and compositional relationships. STUDY of diffuse scattering of X-rays by liquid metals1 has demonstrated that some degree of order persists above the melting point and that the atomic constitution of liquids is more analogous to the solid state than to a gas. Consideration of the change in various thermodynamic properties that accompanies transformation from solid to liquid leads to the same general conclusion.² evertheless, specific knowledge of the constitution of the liquid state is limited when compared with that of the solid and gaseous states owing, in part, to the difficulty of interpreting the X-ray data and in part to the indirect character of deductions based on thermodynamic data. Of the structure-sensitive physical properties, electrical resistivity of liquid metals is perhaps the most easily interpretable, particularly when comparison is made with the solid state. According to the available data, most of which was obtained prior to 1914, cubic metals exhibit a normal linear and positive temperature dependence in the liquid state and the data have been accepted without question. The divalent metals, zinc and cadmium, are apparently exceptional in that resistivity is not linear with temperature and it passes through a minimum. Mercury also exhibits a nonlinear temperature dependence but the slope is always positive. Important comparisons with magnesium could not be made at the time the following work was undertaken because the necessary experimental data were not available. Data on liquid solutions are very limited and are largely from a single source."-" Based on Bornemann&apos;s work, Norbury7 pointed out that the resistivity of liquid copper alloys appeared to be dependent on the valence of the solute and that the increase due to the solute was of the same order as in the solid state. However, large extrapolations were involved and no quantitative relationship was developed. Therefore, before proceeding with additional deductions regarding the resistivity of liquid metals and interpretation in terms of structure, it appeared necessary to verify and extend the previous work with particular emphasis on divalent metals and the effect of alloying elements of different valence in dilute liquid solutions. The present work includes: 1—A determination of the resistivity of high purity liquid magnesium, tin, indium, copper, zinc, and cadmium as a function of temperature. 2—The effect of 1 atom pct of copper, cadmium, aluminum, tin, antimony, and

Jan 1, 1954

By John D. Wiebmer

Lignite Development in North Dakota is a "shotgun wedding" according to former state senator Robert L. Stroup-the unwilling groom (North Dakota) is being led to the altar by the nation&apos;s demand for increased coal production. The state&apos;s attorney general, Allen I. Olson, reacts to the situation this way: "We have no specific coal policy. We plan to keep the whole matter down to a dull roar and drag our feet until we see how we fit into the national energy picture." But despite a state administration labeled as "cautiously negative" toward resource development, North Dakota has experienced a twofold increase in annual lignite production within the last two years. And within the next four years, three more mine additions will double the state&apos;s output again.

Jan 8, 1977

Jan 1, 1961

By R. N. Dokken, J. F. Elliott

A high-temperature solution calorimeter was used to measure directly the partial molar heat of mixing of nickel in the Cu-Ni system, 0 to 15 at. pct Ni and 1200°C; of silver in the Cu-Ag system, 0 to 50 at. pct Ag and 1100°C; and of cobalt in the Cu-Co system, 0 to 6 at. pct Co and 1200°C. The heats of fusion of copper and silver were also detervnined directly. The results of these investigations are as follows: Cu-Ni: HM = [2.64 + 0.25Xm JXNiXCy kcal/g-U~OI Cu-Ag: HM =[4.00 + 0.31XAglXAgXCu kcal/g-atom Cu-Co: HF~ = [8- 5X~,]X& kcal/g-atotn Cu, AH, = 3290 * 275 cal/g-atom Ag, AH, = 2890 * 250 cal/g-atom The performance of the calorimeter was enhanced by improving the operational and control procedures, particularly the temperature-wieasuren~ent method and the solute-addition practice. The interpretation of the experimental data was improved by developing machine computational techniques that increased the speed, flexibility, and accuracy of the treatment of the data. THIS paper reports further measurements of the heats of solution of liquid metals with the high-tem- perature solution ca1orimeter.l Measurements were made of the partial molar heats of mixing in the following liquid alloys: Cu-Ni, Cu-Ag, and Cu-Co. In addition the heats of fusion of copper and silver were also determined. The apparatus and the experimental procedure were essentially those of Benz and Elliott.2 Several modifications in the experimental method and the means for interpreting the data were incorporated in this study to improve the results. The operation of the calorimeter and its characteristics will be described only briefly here. The

Jan 1, 1965

By Stanley J. LeFond

Jan 1, 1985

By W. C. Hagel, H. J. Beattie

Variations in the secondary phase reactions of six nickel-and cobalt-base alloys were determined as a function of solu-tioning from 1700" to 2200°F and aging at 1200" to 1800° F for times up to 1000 hr. Room-temperature impact energies and hardnesses were also measured. Precipitation hardening of these alloys results mainly from the grain-interior formation of ? &apos;; M23C6 appears principally as grazn-boundary cells which can be eliminated by intermediate high-temperature aging treatments. Cellular precipitation of ?&apos; occurs up to 1500°F in cobalt-nickel alloys devoid of chromium, where precipitation by this mode can be attributed to a large degree of lattice disvegistery. THE usefulness of nickel- and cobalt-base alloys is dependent on balancing the strength and ductility provided by the solid-solution matrix, dislocation-type subboundaries, grain-boundary phases and genera1 precipitation within individual grains. Since equilibrium relationships for complex austenitic alloys are not easily fixed, a satisfactory balance

Jan 1, 1960

By AIME AIME

ALMOST as many attended the annual dinner this year as last, when the presence of Mr. Hoover was such an attraction that almost two-thirds more than had ever attended before were present. Only by putting the late comers at tables in the balcony could everybody be accommodated. Past President De-Golyer was the toastmaster and in opening the post-prandial exercises referred to the regrettable fact that this was the last of the long series of dinners which have been held at the Waldorf, as the hotel will be torn down to give way to an office building before another year. To the delight of the gathering "Oscar" appeared and, in a delightfully brief but characteristic speech, referred to the long association that had existed and hinted that a new Waldorf-Astoria may arise, where the Institute could continue to gather annually in an enlarged replica of the room they had met in so long. Before taking up the presentation of the medals, Mr. DeGolyer referred to the Institute&apos;s "Legion of Honor," the 34 men who have been members continuously for over fifty years. For various reasons only five of them, W. S. Ayres, F. G. Corning, Henry D. Hibbard, A. F. Schneider and Arthur Thacher, could be present. They were all seated at the speaker&apos;s table, and W. S. Ayres, 56 years a member, as the dean of the group, was called on to respond for them all. He said: "The introduction I have just received would indicate that this particular group of men to which I belong is considered by the chairman to be a group of real antiques. Possibly you are questioning the accuracy of his judgment. I hope you are, although there may be some first-sight evidences tending to substantiate the view held by the chairman.

Jan 1, 1929

By C. G. Bieber, R. F. Decker

The effects of minor constituents on the malleability of nickel alloys are described. These effects are related to the atomic diameter, valence, and position on the Periodic Table. The basic methods for removal or neutralization of deleterious elements are then reviewed. Finally, practical methods for melting nickel alloys are described in detail and related to minor constituent control. L HE first malleable nickel was produced by Fleit-man in about 1870 by the addition of manganese and magnesium to the molten metal to counteract the harmful effects of sulfur. Merica and Waltenbergl explained the mechanism by which these elements accomplished the desired result. They showed that sulfur in concentrations in excess of about 0.005 pct produced films of a brittle low melting eutectic of nickel-nickel sulfide which completely surrounded the grains. When manganese was added to molten nickel it reacted with the sulfur to form manganese sulfide which precipitated as widely scattered globules in the grain boundaries. The further addition of small amounts of magnesium converted the sulfur to a very stable sulfide of magnesium which was relatively insoluble in both the liauid and solid states and therefore occurred as finely divided particles within the grains where it had relatively little detrimental effect upon the malleability of nickel or its alloys. The practice of treating nickel with manganese and magnesium came to be called "deoxidation" and was employed without appreciable modification for the commercial production of wrought nickel and high nickel alloys (in this paper—50 pct or more nickel) until about 1930 even though the results were never entirely satisfactory. At that time a more extensive study was made of the effects of minor constituents on malleability and metallurgical quality. The results, small portions of which have been published,2-4 are presented here with other pertinent data. EFFECTS OF MINOR CONSTITUENTS UPON NICKEL Systematic additions were made of 0.5 pct or less of each of most of the elements of the periodic ta- ble. It was established in this study that some minor constituents other than manganese and magnesium were extremely influential. The malleability, as evaluated by the reduction of area in tension tests, depended roughly on temperature as shown in Fig. 1. Four temperature zones are of interest; the cold malleable zone (up to about 1000° F), the red short zone from roughly 1000° to 1500&apos; F, the hot malleable zone around 2000° F and the incipient melting zone. Most of the malleability problems are associated with the red short zone and the discussion will concern this mainly. The reduction of area in normal tensile tests on high-purity nickel (see curve A of Fig. 1) appeared to have no

Jan 1, 1962

By H. W. Gudenau, R. S. Chatty, W. Wenzel, M. Ponthenkandath

During several experimental programs conducted at the Institute of Ferrous Metallurgy, Technical University, Aachen, whisker formation was observed when iron ores were reduced at low as well as at high temperatures. Thus, in an attempt to find the reason for the volume change taking place during reduction, iron whisker growth was observed. Whisker growth appears to be one of the important reasons for the swelling of pellets. One set of experimental observations determined that when iron forms as needles rather than as a crust on the surface of oxide, the pellets became very porous. In related experiments, the beneficiation of finely disseminated iron ores, in which the metallic iron is separated from the gangue in granular or nodular form, was achieved by a reduction-concentration method. In this process, which is conducted at sufficiently high temperatures, oxide whisker growth, resulting from the formation of volatile suboxides and a gas transport mechanism, plays a vital role in the joint deposition of SiO, and iron from the vapor stage.

Jan 1, 1973

By Ancel St. John

Defects in the interior of metal objects are troublesome to both manufacturer and user. For the former, they frequently increase manufacturing cost through the rejection of material when defects appear after considerable work has been done. For the latter, they often cause damage to equipment, personal injury, or loss of life when a part, which has passed all inspections and has been put in service, gives way because of a hidden flaw. Methods of testing that locate such flaws without subjecting the specimen to possible, if not actual, destl-uction are few; x-ray examination, whether fluoroscopic or radiographic, is one. Hitherto, however, x-ray examination has been restricted to objects of nearly uniform thickness and regular outline; the inspection of such articles as those shown in Fig. 1 has been inconvenient and unsatisfactory. This figure represents a group of 5/16-in. hexagonal-head machine bolts,

Jan 1, 1923

By Ancel St. John

Defects in the interior of metal objects are troublesome to both manufacturer and user. For the former, they frequently increase manufacturing cost through the rejection of material when defects appear after considerable work has been done. For the latter, they often cause damage to equipment, personal injury, or loss of life when a part, which has passed all inspections and has been put in service, gives way because of a hidden flaw. Methods of testing that locate such flaws without subjecting the specimen to possible, if not actual, destl-uction are few; x-ray examination, whether fluoroscopic or radiographic, is one. Hitherto, however, x-ray examination has been restricted to objects of nearly uniform thickness and regular outline; the inspection of such articles as those shown in Fig. 1 has been inconvenient and unsatisfactory. This figure represents a group of 5/16-in. hexagonal-head machine bolts,

Jan 1, 1923

By E. Gregory, C. G. Goetzel

The outstanding elevated temperature properties of materials made from sintered aluminum powder have been well established in recent years.1,2 and considerable investigation has been carried out on the structures which appear to be responsible for this type of strengthening.2,3 The maximum operating temperature of such materials is severely limited, however, by the low melting point of the aluminum matrix; and, therefore, considerable interest was aroused in methods of introducing the

Jan 1, 1959

By E. L. Jr. Spain

THE deposits described in this paper occur over much of Wayne County and in the southeast portion of Hardin County, Tennessee, and in the northeast and northwest portions of Mississippi and Alabama respec-tively. The presence of tripoli in this region has been known for some time and descriptions of various occurrences in Tennessee have been made by Jewell1 and Miser2, while Hilgard3, Lowe4 and Logan5 have treated the deposits that occur in the adjacent portions of Alabama and Mississippi, but there has not been a general survey of the entire field summarizing completely the geology of the deposits with respect to their origin and stratigraphic relationships. During 1934, while engaged in surveys of mineral resources through this region for the Tennessee Valley Authority, the writer collected data with this in mind, and has assembled them in this report. He is indebted to H. S. Rankin and N. A. Rose, of the Tennessee Valley Authority Geology Division, for field assistance.

Jan 1, 1936

By L. P. Teas

As sphalerite is such a common constituent of many types of ore, the present investigation was undertaken to determine what its relations are to the other minerals in the deposits, and also whether these are of any genetic significance. The data presented herewith were obtained from a mineralographic study of about 200 ore specimens from some 43 different localities, represented by suites of specimens in the Cornell University collection. These, grouped according to their genesis, were as follows: I. Contact-Metamorphic Deposits.-Silver City, N. M.; Kelly, N. M.; Silver Bell, Ariz.; Bingham, Utah; Agaguca, Michoacan, Mex.; Matehuala, Mex.; Sombreretti mine, Mex. II. Deep-Vein Zone Deposits.-Mineral, Louisa Co., Va.; Edwards, N. Y.; Chestnut Yard, Va.; Allah Cooper mine, Louisa Co., Va.; Globe, Ariz.; Moyie, B. C.; Rossland, B. C.; Broken Hill, N.S.W.; Weedon, Que.1 III. Intermediate-Vein Zone.-Park City, Utah; Leadville, Colo.; Butte, Mont.; Santa Barbara, Mex.; Red Cliff, Colo.; Burro Mountains, N. M.; Idaho Springs, Colo.; Blue River, Ore.; Rye, Colo.;1 Slocan district, B. C.; Freiberg, Ger.; Clausthal, Ger: IV. Shallow-Vein Zone.-Ouray, Colo.; Goldfield, Nev., Zacatecas, Mex.; Field, B. C.; Kapnik, Austria; Frontenac mine, Kingston, Ont. V. Meteoric Water Deposits.-Joplin, Mo.; Southwest, Wis.; Austinville, Va.; Crittenden County, Ky.; Ridgeburg, Pa.; Moresnet, Belgium. It is not supposed that the investigation of such a limited number of occurrences may warrant conclusive and universal generalizations, but the conclusions reached are believed to be reliable in so far as the specimens, that were examined are concerned.

Jan 11, 1917

By Frank F. Aplan

In looking into the crystal-ball scene of minerals beneficiation for 1970 and beyond, an impartial observer becomes con- fused as to what has been done and what is possible in the way of improvements. The mining official must balance the burden which is being shouldered by the mineral industry for maintaining our environment in its pristine state on one hand, with the solid advancements made in technology and cost savings on the other hand. Then the official wonders if this is really the criterion for judging overall performance today. As a prospective engineer, Dave Bolles sees it this way: "Specialization has caused many engineers to subordinate everything to doing their job the cheapest and fastest way. In the future this won&apos;t be enough. The engineer in the mineral industry will be responsible not only for mining, concentrating and smelting, but also for the resultant wastes- the mine dumps, the tailing dams and the slag piles." (See Drift on page 63).

Jan 1, 1971