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By Henry J. Sandri

ACQUISITION JUSTIFICATION There are many reasons why companies consider acquisitions as a means to expand their operations. Some wish to reduce the impact of business cycles on their businesses. Others seek firms within the same industry for expansion and increased market share. Still others diversify in order to avoid takeovers. Whatever the reasons or justification, an evaluation of an acquisition candidate should be systematic and thorough. To many financial managers the concept of a systematic acquisition evaluation indicates the need for a regular set of evaluation criteria. While these are available from numerous sources, one basic parameter frequently overlooked is the application of these criteria to an industry which is different from the acquirer. This becomes particularly important when evaluating firms within the mineral industry. The mineral industry is significantly different from other industries to require different valuing techniques. • This paper will present a number of reasons why an acquisition candidate in the mineral industry should be evaluated differently from other acquisitions, including by other mineral firms. Additionally, this paper will review the most appropriate means of valuing a mineral firm. • Firms considering the acquisition of a mineral firm should understand the nature of the industry before ever making a tender offer. Some of the general considerations include the following: • Level of Capital Intensity: In the mid-1980's the start up cost for a gold mine has been between 20-200 million dollars and 500-1,500 million dollars for a bauxite operation. • Global Nature of Competition: Except for certain industrial minerals, most minerals and metals are traded worldwide and many on national exchanges, such as COMEX. • Start-Up Time: Many mining operations in developed and developing countries have long lead times, 7 to 10 years in some cases, prior to the start-up of production. • Long Term Nature of Investment: For most mineral operations payback usually occurs at least 7 years after production has started. Additionally, many mining operations will continue producing for 80-100 years. • High Level of Risk: The number of factors that a mining firm cannot control such as grade, volume, world supply and demand, plus the long payback periods tend to classify mineral firms at a higher than average risk compared to other investments. • Cyclical Nature: The mineral industry is cyclical in nature, experiencing long troughs and explosive peaks, thus making timing a critical issue. • Labor Intensive: Even with the large capital requirements needed to operate a mine, most mines are labor intensive in proportion to their capital equipment. • Location: Obviously, the nature of this industry requires operators to work in difficult locations, frequently far from civilized localities, in poor weather conditions and without proper supply and distribution infrastructure. One of the most important considerations is an understanding of asset replacement and asset value. Unlike manufacturing concerns, firms in the mineral industry are working toward the elimination, through depletion, of their asset base. Product flexibility is not available to a mining operation. A mineral firm basically has two options as its resource base is depleted: 1) replace the asset with new production, or 2) deplete the asset and close down operation, as in the South African gold mining model referred to later in this paper. An understanding of the

Jan 1, 1985

The Joint Economic Committee's subcommittee on international payments and exchange has recommended that, following international monetary reforms, the law which prohibits private possession of gold by American citizens be repealed. The subcommittee recommendation called for reforms to enhance the role of special drawing rights in international monetary affairs and downgrade the role of gold. Special drawing rights, also known as "paper gold", are on artificial reserve with the International Monetary Fund (IMF) which distributes them to member nations in proportion to their economic importance in the world economy. The special drawing rights are then used to settle debts between nations in the same manner as gold or currency. The subcommittee said that under the reforms now being discussed special drawing rights would be acceptable in lieu of gold among the member countries of the IMF.

Jan 1, 1973

By Carl G. Schwenk

Rocks of the Precambrian Shield of Rusk County, Wis., were recognized as a favorable host for volcanogenic base metal deposits by personnel of Bear Creek Mining Co. Most of the county is covered by a thick layer of glacial drift: consequently, geophysical techniques played a prominent role in the exploration program conceived and initiated there in 1966. The original work on three Precambrian exposures was followed by an airborne electromagnetic survey and subsequent ground follow-up. A geophysical evaluation of air-borne anomaly F-22 defined a target which was interpreted as a massive sulfide body. Numerous potential field and electrical tools were utilized to describe the geometry and physical properties of the target. Drilling confirmed the massive sulfide interpretation and eztentually outlined a 6 million-ton copper deposit.

Jan 1, 1977

By R. M. Genevray, M. B. Bever, E. J. Suoninen

THE martensitic transformation in the ß-phase of the Cu-Zn system has been the subject of several investigations. The transformation is known to be reversible and to be affected by stress. Its temperature range has been determined as a function of composition. In the investigation reported here, the effect of tensile stresses on the transformation was investigated quantitatively. Some information was also obtained on the thermoelastic behavior of the martensite formed in the first stages of the transformation. Most of the experiments were done with alloy E of an earlier investigation;' this alloy analyzed 60.49 pct Cu and 39.51 pet Zn by weight. The methods of shaping and heat treatment were also essentially the same as those previously used. The stress was applied to the specimen immersed in a cooling liquid. The transformation was followed by measuring the electrical resistance with a Kelvin bridge and the elongation with a cathetometer. Fig. 1 shows the M, temperature as a function of stress. Resistance and strain measurements gave essentially identical values. The results suggest a roughly linear relation between M. and in the range investigated, up to 12 kg s mm". At higher stresses, plastic deformation begins to interfere seriously with this relationship. The increase of M, with stress is consistent with published work on the effect of stress on the martensitic transformation. The slope of the curve, 4°C per kg mm ", is of the same order of magnitude as the corresponding value calculated for steel.' Fig. 1 also shows the difference, AM, between the temperature of 50 pct transformation on cooling, as measured by changes in length, and that of 50 pct reverse transformation on heating. This difference, which may be considered a measure of the hysteresis, increases with stress; the decrease at highest stresses is probably associated with plastic deformation. Preliminary work using only resistance measurements was done with an alloy containing 60.15 pct Cu and 39.79 pct Zn by weight. The results indicated higher values o-F M, in agreement with the known variation of M. with composition.' The effect of stress on M, (2°C per kg mm-') was of the same order of magnitude as that shown in Fig. 1 for composition E. An increase in hysteresis with stress was also found. The following experiment was made in order to investigate a partially transformed structure. A specimen of alloy E was cooled to — 85°C under a stress of 4.7 kg mm-'. Under these conditions, the martensitic transformation started but did not go to completion. The stress was then released and the specimen cooled to — 105°C. Fig. 2 shows the measured elongation c. The first change in the slope of the curve indicates the beginning of the transformation under stress. Removing the load at —85°C caused a decrease in length to the value corresponding to the elastic elongation of the parent phase resulting from the applied stress. Hence, the marten-site formed in the first part of the experiment apparently disappears completely and without hysteresis upon the release of the stress. The increase in length on further cooling indicates renewed formation of martensite. These conclusions are consistent with the concept of "thermoelastic" martensite," which has been confirmed by test." Acknowledgments The authors are greatly indebted to Professor M. Cohen for his advice and encouragement. They also thank F. Paxton for assistance. Thanks are due the American Brass Co. which supplied the alloys. References E. Kaminsky and G. V. Kurdjumov: Zhur. Tekhn. Fiziki SSSR (1936) 6, p. 984. A. B. Greninger and V. G. Mooradian: Trans. AIME (1938) 128, p. 337. "J. E. Reynolds, Jr. and M. B. Bever: Trans. AIME (1952) 194, p. 1065; Journal of Metals (October 1952). 'A. L. Titchener and M. B. Bever: Trai~s. AIME (1954) 200, p. 303; Journal of Metals (February 1954). " 3. A. Kulin, M. Cohen, and B. L. Averbach: Trans. AIME (1952) 194. p. 661; Journal of Metals (June 1952). "J. K. Pate1 and M. Cohen: Acta Metallurgica (1953) 1, p. 531. 'C. Crussard: Comptes Rendus (1953) 237, p. 1709. ' G. V. Kurdjumov: Zhur. Tekhn. Fiziki SSSR (1948) 18, p. 999. G. V. Kurdjumov and L. G. Khandros: Dokl Akad. Nouk. SSSR (1949) 66. p. 211.

Jan 1, 1957

By C. Kremer Bain

DURING the past several years of diamond drilling in Washington County, Mo., the St. Joseph Lead Co. has discovered a concentration of commercial lead-zinc ore at four different points within an area of 36 square miles. The largest and to date the most promising group of these orebodies is located in the Indian Creek area. It was considered to be of sufficient value to warrant development. The Indian Creek area is in the center of the northern half of Washington County, 11 miles northwest of Potosi, Mo., the county seat. The location is readily accessible from Potosi by car or truck over the all-weather Missouri State Highway No. 114. The topography is one of rolling relief, varying from an elevation of 700 ft above sea level on Mineral Fork and Indian Creek to a maximum of 1176 ft at High Point Tower. It is divided in equal halves between the drainage to Mineral Fork and to Indian Creek. The shaft site at 1060 elevation is on the divide between the two drainage areas. The Indian Creek side is rough and heavily wooded, with only a few cultivated clearings. The slopes to Mineral Fork are more gentle and rounded, with much of the area cleared for farm land. Most of the surface is covered with Potosi and Eminence formations, which show little evidence of any structure. Ore structure was worked out by extensive diamond core drilling, with holes varying in depth from about 700 to 1300 ft. As of Oct. 1, 1950, 218 prospect holes had been drilled within the 36-square mile area. The ore is disseminated galena with considerable accompanying sphalerite in the Bonne Terre forma-tion in the shape of irregular blanket-type deposits. The main controlling structural feature of the outlined mineral zone is a buried pre-Cambrian rhy-olite-porphyry ridge extending partly through the Bonne Terre formation, which laps against the por phyry and also covers it. The mineralized zone parallels and forms an irregular halo around the porphyry ridge and is concentrated in the Bonne Terre formation where the La Motte sandstone is cut out by the porphyry ridge. This is a very common mineral occurrence in the southeastern Missouri lead belt district. The La Motte sandstone, which normally underlies the Bonne Terre formation, is thus cut out entirely. In this area the Bonne Terre is usually about 275 to 320 ft thick, the La Motte varying in thickness from zero up to 400 ft. Commercial concentrations of ore are indicated at several places, the most notable being at the shaft site where an orebody at least 4000 ft long with widths of 500 to 600 ft has been outlined. The total thickness of mineralized rock reaches 150 ft in some holes, although total ore thickness runs from 8 ft to about 60 ft, often in more than one layer. Preliminary Planning Ore reserves as outlined lend themselves to open-stope mining with trackless haulage and mobile loading machines and drilling equipment. This type of equipment has proved to be very efficient during recent years in the company's lead belt operations. After a study of bids for shaft sinking and an estimation of comparative costs, it was decided that the shaft would be sunk by St. Joseph Lead Co. personnel using company equipment. Since the plant site is about 26 miles from the company's nearest lead belt operations, it was necessary to plan a complete surface plant, including mill, shops, office, change room, and warehousing facilities. Immediately following the filing of an application for a certificate of necessity, a headframe was selected for which detailed drawings were already available. The order was placed for fabrication so that it could be delivered and erected in time to serve for sinking the shaft. This eliminated the expense of a temporary headframe. Drilling was started on two churn drill holes near shaft location, and two 1000-gpm deep well pumps

Jan 1, 1954

By Persifor Frazer

I DESIRE to say that, owing to the number of papers which have been more or less crowded at this session of the Institute, and the fact that, as one of the Local Committee, I have the distinguished honor to feel somewhat like one of the hosts, I should not tax the patience of members at this late hour, but would have my paper read by title were it in any way possible to do this. But the task I have set myself this evening is to present to the eyes of the members of the Institute certain objects which have occupied more or less of my time during the last eighteen months or two years. The objects I allude to are some of the igneous rocks of this country, which, until quite recently, have been less understood than any others. It will be well known to some of the members that some of the cooled lavas of a previous age of our planet, when not directly coarsely crystalline and granular, were considered and spoken of as " natural glasses," or perfectly uncrystalline, vitreous, or hyaline masses of matter. Among the first results of the use of the microscope was the dispersion of this fallacy. Sir David Brewster, Mr. H. C. Sorby, and William Nichol (the discoverer of the celebrated calcite prism, which bears his name), had, with greater or less success, examined sections of various rocks and minerals, both by transmitted and reflected light, and also in the form of powder. But, until the genius of Vogelsang undertook the subject, these investigations had no permanent value, nor did they constitute an independent line of mineralogical and geological research. Since the close of his labors, by Vogelsang's premature and much-lamented death, the subject has been made one of renewed interest by his brother-in-law, Ferdinand Zirkel, as well as by Rosenbusch, Tschermak, and many others abroad, and at home by the commencement of a systematic study of the traps of Connecticut by Messrs. E. D. Dana and G. W. Hawes, of New Haven, and by the splendid set of described sections of the traps of the West which have been furnished by Zirkel to illustrate Clarence King's report. I had the honor of presenting a large number of thin sections of our traps at the Washington meeting, for the inspection of the members, with the aid of a table microscope belonging to the Smithsonian Institution. Here I propose to project these sections upon the

By J. C. Van de Water

In June the supply of M3 army demolition powder being used for mudcapping was depleted and we switched to 4 by 8, 60% Special Quarry Gelatin dynamite. This size cartridge has proved convenient, as a half stick will handle the average boulder. By keeping the gelatin in the paper while cutting it in two, there is little contact with the gelatin and therefore fewer headaches among the powdermen. To further help prevent the headache nuisance the men are furnished with plastic coated gloves. Boulder breaking costs as reported last year were $0.426 using M3. This year, 8180 boulders have been broken with M3 at a cost of $0.472 each and 7479 with 60% Quarry Gelatin at a cost of $0.660 each. This rise in cost is due entirely to the greater cost of the Gelatin as the method has not changed.

Jan 4, 1950

By P. Somasundaran, G. E. Agar

The role of calcium, phosphate, and fluoride species in determining the zeta potential of apatite in aqueous solutions was investigated in this study. The zeta potential of apatite was determined by streaming potential measurements over a wide range of concentrations of potassium nitrate, calcium nitrate, potassium dihydrogen phosphate, and potassium fluoride solutions at various pH values. While the addition of phosphate made the apatite surface more negative at all pH values, calcium caused a significant increase of the zeta potential only when the zeta potential was negative. Fluoride addition had only a minor effect on the zeta potential, but both negative and positive values were increased.

Jan 1, 1973

By W. A. White

UNDERCLAY squeeze is the plastic flowing of underclay below coal pillars into mined-out entries and rooms. Squeezes may be caused either by wet mine conditions where the moisture is taken up by the clay—making it more plastic—or by the presence of certain clay minerals, such as mont-morillonite, which are plastic when there is enough natural moisture. Under either condition, sufficient stress will cause the underclay to flow. Squeezes may fill an entry or room within several hours, or it may be several months before movement stops. Squeeze areas commonly cover hundreds or thousands of square yards. The Coal Div. of the Illinois State Geological Survey has collected samples of underclays from various mines and from cores drilled by coal companies in the state. From these samples natural moisture content, particle size and particle size distribution, and clay mineralogy are determined. Data from samples collected from the underclay below Herrin (No. 6) coal in the Lumaghi Coal Co. mine near Collinsville, Ill., are used in this report to clarify points in the discussion. Data from samples taken from other mines lead to the same conclusions. A generalized geological section for the area is given in Table I. The underclay below coal No. 6 ranges from a few inches to 3 or 4 ft thick. The upper 6 to 18 in. are noncalcareous; the lower part becomes more calcareous with depth. Limestone nodules become larger with depth, almost grading into the limestone below. In areas where the clay is nearly absent the limestone may thicken to take its place; thus they may complement each other in thickness. There are two types of squeeze areas in a mine. In one type up to 3 or 4 ft of underclay lie in what appears to be a depression in the limestone underneath. This is suggested by a rim surrounding the squeeze area where the underclay is thin and the limestone lies within a few inches of the coal. In the second type the underclay of the squeeze area is surrounded by underclay of similar thicknesses which does not squeeze. Test Methods: Natural moisture content, particle size and particle size distribution, and clay mineralogy were determined by the following methods: Natural moisture is the moisture content a clay contains in its natural environment, expressed in percentage of the weight of ovendried clay (110°C or 230°F). To obtain the natural moisture content, given in Table 11, the clay samples were sealed in containers as soon as the samples were taken in the mines. Particle size and particle size distribution were determined by the pipette method,' and the data were plotted as cumulative curves, Fig. 1, on semi-logarithmic paper. Particle size was plotted on the logarithmic scale and percentage on the arithmetic scale. The quartiles (diameters that correspond to frequencies of 25 and 75 pct) and medians (diameters that correspond to the frequency of 50 pct) of the samples were determined from these curves. The clay minerals were identified from the data obtained by differential thermal' and X-ray powder" techniques. The differential thermal analyses were made on the whole samples, whereas the X-ray analyses were made on fractions of less than 2p. Data and Discussion Moisture Content: After the sealed jars had stood for 24 hr, those that contained squeeze samples had perspired, so that droplets of water had accumulated on the insides of the jars. Table II shows the moisture in the clay after it had perspired for 24 hr. (This perspiring was not noted in samples from nonsqueeze areas.) After perspiration one of the squeeze samples still had a higher moisture content than the samples that did not squeeze. Clay Mineralogy: The thermal analysis, Figs. 2 and 3, indicates that the clay minerals are chiefly micaceous in type; the low-temperature endothermal

Jan 1, 1957

By Robert E. Tally

The ore reserves of the United Verde Copper Co. in 1907 were estimated at 4,500,000 tons, averaging about 7 per cent copper. Seventy-five per cent of this tonnage was confined to the so-called fire stopes and the remainder was virgin ore. The fire area was being operated at a maximum capacity of 150 tons per day, and the other workings furnished the remainder of the ore, approximately 600 tons per day. The mine was developed to a depth of 900 ft. and the lower levels were considered lean and unpromising. The smelter had been built directly over the ore-bodies. Its site was congested, the ground was settling and maintenance costs were excessive. The major needs of the United Verde obviously were 1. Additional ore reserves. 2. A new and modern smeltery. 3. A method for the mining of the fire-stope ores commensurate with the tonnage and values involved. It is the method specified in point, 3 with which this paper is chiefly concerned. Such a method required the removal of the old smelter, and additional ore reserves were essential not only for the maintenance of production but for the investment necessary for the building of a new smelter.

Jan 1, 1932

By William Fink

MANY investigators have attempted to determine the true nature of the internal changes taking place during aging. Merica, Waltenberg and Scott1 were the first to propose a theory of age-hardening. They attributed the age-hardening of duralumin to the precipitation of minute particles of the compound CuA12. Later Zay Jeffries and R. S. Archer2 augmented the above theory by suggesting that the small CuA12 particles acted as "keys" causing "slip interference." Many other investi-gators3 have devoted much time to the mechanism of age-hardening, some corroborating the "precipitation" and "slip interference" theory, others coming to different conclusions because of effects that to them seemed unexplainable by the early theories; e.g., the increase of electrical resistance upon aging, the fact that no change in lattice parameter could be detected during the early stages of aging even at elevated tempera-tures, and the fact that the density did not change as would be predicted. In 1932, Merica revised4 his earlier precipitation theory to take care of these presumably anomalous effects. This revised theory, the "knot" theory, assumes that substantial age-hardening occurs before actual precipitation of solute as discrete particles. The assumed mechanism is one of diffusion of solute atones into groups forming distorted regions which act as "hard" spots and cause slip interference. These "knots" are assumed to have approximately the same lattice arrangement as the solvent.

Jan 1, 1936

By E. R. Helderman, C. Y. Ang, C. C. Nealey

Beryllium-base alloys have been successfully p7.-epared by the liquid-phase sintering technique. Depending orz the composition and amount of the intended liquid please, microstructures either single -phase or duplex in feature with randomly oriented grains have been obtained. Qualitative and semi-qualitative determination of distribution of alloying elements md microsegregations in some experi)uzental alloys haue been made by electron-micro-probe analysis in conjunction with microliardness testing and standard metallography. Tensile tests reoealed that some conzpositions possess attractive elastic properties with Young's mot1uli greater than 40 X 10' psi. In powder metallurgy, liquid-phase sintering is a process or phenomenon that has proven to be of practical value. For example, the heavy metals such as tungsten-copper-nickel, high-strength heavy gyro alloys,' heavy-duty electrical contacts,' and tungsten carbide tool materials are all products of liquid-phase sintering. Mechanisms involved in liquid-phase sintering, however, are not completely understood. Questions regarding the exact roles played by rearrangement of particles, liquid/vapor surface energy, solution and precipitation, and so forth, have not been completely answered. Evidence has been cited3 that at least volume shrinkage in the densification process is diffusion-controlled. It is possible that the predominant mechanisms for the complete densification and grain growth in a liquid-phase sintered system depend primarily on the alloy systems involved, in addition to processing conditions. Despite the lack of sound understanding of the mechanisms of the process, liquid-phase sintering has been and is being used to advantage either to synthesize microstructures for their special properties or to prepare alloys which are difficult to form by fusion process. Liquid-phase sintering of beryllium alloys was first attempted by Jones and Williams.4 They first tried infiltrating beryllium with magnesium, and then succeeded in preparing the alloy by sintering Be-Mg powder compact in molten magnesium bath. This investigation resulted in the identification of some Mg-Be intermediate phases. Crossley et a1.5 also used liquid-phase sintering technique in an attempt to produce ductile beryllium alloys for structural applications. The major liquid-phase components investigated by Crossley et al. were aluminum and silver with minor additives of germanium, calcium, lanthanum, cerium, and yttrium. The lack of wetting and the bleeding out of liquid phase were the difficulties encountered during experimentation. According to Hodge,6 the two compositions investigated by Crossley, which showed some promise based on compression tests, involved large amounts (over 35 wt pct) of silver, thus making them too heavy to be of practical interest to the aerospace industry and military users. The present investigation was prompted by the search for light-weight (density less than aluminum) beryllium alloys exhibiting small anisotropy in physical properties for precision inertial navigation instrument applications. In addition to isotropy, good structural properties such as high elastic modulus or desirable combination of mechanical and physical properties are also objectives of this investigation. The technique of liquid-phase sintering was chosen for its versatility in producing either duplex or homogeneous microstructures. This report is concerned with the use of copper and aluminum, with or without silicon addition, as the intended liquid phase, and the resultant micro-structures and some physical properties of the beryllium alloys. Qualitative and semiquantitative electron-microprobe analyses of some of the alloys are presented to illustrate the usefulness of this microanalytical technique for the identification of microconstituents and their distribution. EXPERIMENTAL PROCEDURES The beryllium powder used was -200 mesh Brush Beryllium Co. QMV NP-50 grade. Typical chemical analysis of the powder is shown in Table I. Commercial high-purity copper, aluminum, and silicon powders all screened to —100 mesh were used as additions. Mixed powder compositions were ball-milled in ceramic jars for 1/2 hr to ensure thorough blending. Milled powder was loaded either in 3/4-in.-diam button die or in Metal Powder Association flat tensile specimen die and compacted under top and bottom pressure. No lubricant or organic binder was used. Sintering was carried out in a quartz tube under a vacuum of 50 to 100 µ pressure. Surface hardness and some microhardness readings were taken on sintered specimens. Sintered density was

Jan 1, 1965

By H. M. Faust

THERE are a number of different types of power plants. Some use coal to generate steam, others use oil or gas either in the form of steam or internal combustion equipment, while still others avail themselves of water power as a source of energy. A general comparison of the relative power production with different sources of energy in the United States, for several different years is set up in Table 1. This table shows that coal was used to generate 85.6 per cent of the total heat power requirements of 1909, and only 59.2 per cent of the 1930 requirements. The increasing proportion of modern heat energy generated by the use of fuel other than coal is apparent. If coal is to maintain its importance as a source of heat energy, the necessity for its improved perform-ance, in which preparation plays an -important part, cannot be stressed too strongly.

Jan 1, 1933

By Robert A. Rapp, Jan E. Verfurth

From the measurement of internal-oxidation band widths in Ag-In and Cu-A1 alloys, products for the solubility No and the diffusivity Do of oxygen in silver and apparent NODo products in copper have been obtained over a range of temperature. The NODO products for silver are in agreement with the product of the individually determined No and Do values of Eichenauer and Müller. Although interstitial diffusion of oxygen in silver is expected, the temperature-independent factor Do of the diffusion coefficient does not agree well with the theory of Wert and Zener. For Cu-A1 alloys internal oxidation does not follow the expression derived for ideal kinetics, since the apparent NODo product calculated from internal-oxidation measurements is a function of the alloy content in the specimen. Thus, unequivocal values for No or DO or even the product NODO in copper are not available from the literature. RELIABLE values for the saturation solubility NO and diffusivity DO of oxygen in fcc metals are lacking and difficult to determine, partially because internal-friction measurements are not applicable. Permeability experiments and Sieverts7-type adsorption -desorption methods3 have met with difficulty; however, Eichenauer and Müller4 have recently reported on the solubility and diffusivity of oxygen in silver as determined by the latter technique . Rhines, Johnson, and Anderson,5 and independently Meijering and Druyvesteyn,' introduced the possibility of deriving values for the product NODO in a metal from measurements of the widths of internal-oxidation zones (subscales) formed during the internal oxidation of alloys. In addition to these authors, several other investigators7-9 have made such measurements in various silver and copper alloys at various temperatures, mostly using me- chanically polished specimen surfaces. The purpose of this investigation was to determine over a range of temperature the calculated products NODO in silver and copper from systematic measurements of the widths of internally oxidized zones in Ag-In and Cu-A1 alloys, using specimens with electro-etched surfaces. Consider the internal oxidation of a dilute solid-solution alloy in which the base metal is not oxidized. If diffusion of oxygen is the rate-controlling step, then the depth 5 of the internal-oxidation zone is given by where y is a dimensionless parameter and t the oxidation time. Based on the solution of the diffusion equation, wagnerl0 has shown that under certain conditions several mathematical simplifications may be used in the evaluation of y, so that Eq. [I] may be expressed for the case that y « 1, and y(Do/DB) 1, where N(so)the is the equilibrium solubility (mole fraction) of oxygen in the solvent metal for the given oxidizing atmosphere, is the mole fraction of the solute metal in the bulk alloy, 4 is the diffusivity of the solute in the base metal, and v is the ratio of oxygen atoms to solute atoms in the precipitated oxide BO,. Rearranging Eq. [2] Maak' has derived an expression analogous to Eq. [3] for the case that an external-oxide scale, in addition to an internal-oxidation zone, is formed. For this combined external and internal oxidation for the case that 5/2 where 5 is the distance of the internal-oxidation front from the original external s.urface, and X is the distance of the external oxide/metal interface from the original external interface. The function F is defined by the expression

Jan 1, 1964

By J. S. Crump, C. R. Hocott, A. E. Hoffman

Planning of the efficient operation of a gas-condensate reservoir requires a knowledge not only of the gross phase behavior of the system but also of the equilibrium distribution of the various components between the gas and condensate phases. This equilibrium distribution can be calculated with appropriate equilibrium constants. In this paper are presented equilibrium constants determined experimentally for the oil and gas phases initially present in the same reservoir and for the gas and condensate phases of the gas cap material at a series of pressures below the original reservoir pressure. Also presented is a method for the correlation of the experimentally determined equilibrium constants. The utility of the correlation is demonstrated further by an example of its use in adjusting the equilibrium data to permit their application to another gas-condensate system of similar composition. INTRODUCTION Planning of the efficient operation of a gas-condensate reservoir requires a thorouugh knowledge not only of the gross phase behavior of the particular hydrocarbon system but also of the equilibrium distribution of the various components between the gas and condensate phases. At the initial conditions of reservoir temperature and pressure, the original hydrocarbon materials in a gas-condensate reservoir or in the gas-cap of an associated reservoir exist in a single, homogeneous vapor phase. However, some condensation of hydrocarbons to a liquid phase usually occurs in the reservoir as pressure declines incident to production. Because of this condensation. the produced gas changes composition continuously. The composition of the produced gas, as well as that of the condensed liquid, can be calculated from the composition of the original reservoir material through the application of appropriate equilibrium constants or "K"-values provided these values are known. Equilibrium constants have been used for many years in problems of surface separation of gas and oil and natural gasoline recovery. However, no satisfactory equilibrium data at reservoir conditions have been available for the higher boiling hydrocarbons which acquire abnormal volatility at high pressure and are therefore present in the gas phase in condensate reservoirs. Early work in this field indicated that the behavior of the higher boiling hydrocarbons largely determines the behavior of gas-condensate systems at high pressure.' Consequently, a portable test unit was designed to permit determination of the distribution of the heavier hydrocarbons between the gas and liquid phases of a gas-condensate system. This paper describes the test equipment and presents the results of an investigation of the reservoir fluids from an associated oil and gas reservoir in the Frio formation in Southwest Texas. Also presented is a method for correlation of the experimentally determined equilibrium constants, together with an example of the use of the method in adjusting these data for application to another gas-condensate system of similar composition. FIELD TESTING AND SAMPLING In order to determine the compositions of the reservoir fluids, field samples were secured from two different wells, one completed in the oil zone, and one completed in the gas cap. The oil well was completed through perforations in 51/2-in. casing at a depth of 6,822-6,828 ft subsea. Pressure and temperature traverses made in the well indicated the pressure and temperature to be 3,831 psig and 201 °F, respectively, at a depth of 6.828 ft subsea. Subsurface samples were taken from this well after a four-hour shut-in period.

Jan 1, 1953

By Leon McCulloch

WIIen clean iron and metallic zinc dust, protected from the air, arc heated below the melting point of zinc, the iron takes on a coating that has excellent protective value. This coating is a brittle alloy of zinc and iron, and the process is called sherardizing. Although the zinc particlcs are covered with oxide and cannot touch the iron, an extremcly small amount of the zinc vaporizes and the vapor, reaching the iron, alloys with it. Other zinc then vaporizes to replace that which has been removed from the atmosphere. This process continues indefinitely at a decreasing rate, for the coating already formed permits zinc to diffuse through it to combine with the iron beneath. In this way, the coating grows outward from the surface of the iron, as the bark grows from a tree. The method of growth was clcarly seen while sherardizing small cubes of cast iron, at about 450" C., in a srnall glass-stoppcrcd bottle enclosed in a rotating drum. The dust contained about 3 per cent. iron, which prevented caking, and coatings % in. thick were grown in a few hours. After a heavy layer had been formed, the cubes mere again treated for a shorter time. The layer last formed was seen to lie next to the iron, instead of at the outer surface, showing that the growth was from the surface of the iron outward. The coatings split at the edges and corners, leaving the iron exposed there. Flakes of graphite from the iron were lifted upward and embedded in the coatings. The composition of sherardized coatings varies from the outer surface inward, as would be expected from the mode of growth. That is, the iron content increases slowly at first, then more rapidly as the iron is approached. At the surface the least amount of iron possible is 6 per cent., as the experiments described below have shown. A study was made of the effect of iron in zinc dust on the proccss and on the resulting coatings. Glass bulbs, holding the small pieces to be sherardized, together with enough zinc dust to make them two-thirds full, were heated in a small, rotating electrically heated and controlled furnacc. The bulbs had 6-in. (15 cm.) necks, of 96-in. (9.Fj mm.) tubing, plugged

Jan 1, 1923

By Leon McCulloch

WIIen clean iron and metallic zinc dust, protected from the air, arc heated below the melting point of zinc, the iron takes on a coating that has excellent protective value. This coating is a brittle alloy of zinc and iron, and the process is called sherardizing. Although the zinc particlcs are covered with oxide and cannot touch the iron, an extremcly small amount of the zinc vaporizes and the vapor, reaching the iron, alloys with it. Other zinc then vaporizes to replace that which has been removed from the atmosphere. This process continues indefinitely at a decreasing rate, for the coating already formed permits zinc to diffuse through it to combine with the iron beneath. In this way, the coating grows outward from the surface of the iron, as the bark grows from a tree. The method of growth was clcarly seen while sherardizing small cubes of cast iron, at about 450" C., in a srnall glass-stoppcrcd bottle enclosed in a rotating drum. The dust contained about 3 per cent. iron, which prevented caking, and coatings % in. thick were grown in a few hours. After a heavy layer had been formed, the cubes mere again treated for a shorter time. The layer last formed was seen to lie next to the iron, instead of at the outer surface, showing that the growth was from the surface of the iron outward. The coatings split at the edges and corners, leaving the iron exposed there. Flakes of graphite from the iron were lifted upward and embedded in the coatings. The composition of sherardized coatings varies from the outer surface inward, as would be expected from the mode of growth. That is, the iron content increases slowly at first, then more rapidly as the iron is approached. At the surface the least amount of iron possible is 6 per cent., as the experiments described below have shown. A study was made of the effect of iron in zinc dust on the proccss and on the resulting coatings. Glass bulbs, holding the small pieces to be sherardized, together with enough zinc dust to make them two-thirds full, were heated in a small, rotating electrically heated and controlled furnacc. The bulbs had 6-in. (15 cm.) necks, of 96-in. (9.Fj mm.) tubing, plugged

Jan 1, 1923

By G. L. Wilhelm

Prior to the construction of a 450 tpd concentrator at the Mayflower mine, owned by the New Park Mining Co. and operated by the Hecla Mining Co., the common mining methods were cut and fill, with waste or gob filling and square set timbering with waste fill. Stoping operations were beset with the usual problems related to waste filling methods- storage and handling of fill material from development, costly waste excavations necessary to obtain a portion of the needed waste rock, slow mining cycles due to filling and inefficient ground support. After Hecla Mining Co.'s successful utilization of sandfill in its mines in the Coeur d'Alene district, utilization of hydraulic fill in stoping operations at the Mayflower was a logical development of the modernization plan then in progress. The mine, located in the southeasterly part of the Park City mining district, Utah, is a medium size producer of lead and zinc ores, with gold, silver and copper as secondary minerals. The mine has been producing commercial ore since 1939 from a dual vein system which outcrops at an elevation of 7200 ft in the Wasatch Range. Access to the present mining areas is gained by a 7200-ft haulage tunnel and by an interior, three-compartment main shaft. The present mining horizons are about 2400 ft deep. The average horizontal cut and fill stopes, ranging from 3-15 ft wide and up to 120 ft long, can be classed as small.

Jan 5, 1968

By W. T. Roberts, N. G. Turner

A study of the fatigue properties of several grades of commercially pure titanium has established that the strain-aging process is of minor importance in the development of a fatigue limit and a relatively high fatigue strength ratio. Metallographic observations and damping measurements at room temperature indicate that striations are able to spread from grain to grain only at stress levels above the fatigue limit. This suggests that the fatigue limit represents the stress above which large-scale dislocation unlocking takes place. Fatigue tests on annealed material at - 60" and - 196" c showed that under conditions when a thermally activated diffusion process would be suppressed the fatigue limit is not eliminated. Prestraining at room temperature did not have a detrimental effect on fatigue strength at room temperature but a decrease was recorded at — 60°C. This is further evidence that initial dislocation locking is a important strengthening mechanism. TITANIUM and titanium alloys have S-N curves with a definite fatigue limit, and a high ratio of fatigue limit to UTS can be attained. Other materials which show similar fatigue characteristics are mild steel and some Al-Mg alloys. The fatigue limit of these materials has been associated with their strain-aging capacity. It is well-known that commercial-purity titanium contains interstitial impurities which can give rise to a sharp yield point, and a small strain-aging effect following static strain has been demonstrated.7 This type of aging reaction is differentiated from the dynamic aging process when aging occurs during plastic deformation, and which is generally observed at elevated temperatures. In a titanium at room temperature, dislocation locking is associated with the interaction of interstitial oxygen, nitrogen, and carbon atoms with dislocations. Ehr-lich has shown that the distortion produced by introduction of these atoms into the hcp lattice has no shear stress component and hence there is no interaction between the stress field and the screw component of a dislocation. Thus the dislocations as a whole are only weakly locked. It is clear that strain-aging effects in hcp a titanium will be much less pronounced than those observed in bcc iron and steel. In recent years, the attribution of the fatigue limit solely to strain aging has been questioned. It has been pointed out that a definite fatigue limit is observed at temperatures as low as -196°C in some titanium alloys,' and strain aging is not expected to be effective at this temperature. The role of initial locking of dislocations in determining fatigue behavior has been examined in low-carbon steel by Oates and Wilson. They showed that under conditions in which the aging potential is low the factors which control the buildup of local stresses and hence affect dislocation unlocking, e.g., grain size, are important. There are indications that other metals can have a definite fatigue limit with no established strain-aging capacity, an example being magnesium12 which has the same crystal structure as a titanium. The spread of plasticity from grain to grain in hexagonal metals may be more difficult than in cubic metals because of the limited number of slip systems in the former, and this may account in part for their fatigue behavior. The present work was undertaken to elucidate the relative importance of crystal structure, strain aging, and initial dislocation locking in determining the properties of commercially pure titanium when subjected to cyclic stressing. 1) EXPERIMENTAL METHODS Three grades of commercial-purity titanium were used and a material of lower interstitial content was prepared by melting high-purity Japanese sponge titanium (referred to as H.P. Ti). The compositions and typical mechanical properties of the materials are shown in Table I. Fatigue tests were made in push-pull (zero mean stress) using an Amsler Vibraphore machine at a frequency of about 160 cps. Two types of fatigue specimen were used—one with a waisted gage length for determination of S-N curves and the other with a parallel gage length for metallographic studies and damping measurements. After careful machining and mechanical polishing, all specimens were electropolished prior to fatigue testing. The electrolyte consisted of 10 parts methyl alcohol, 6 parts 2-butoxyethanol, and 1 part perchloric acid (SG 1.54) and it was maintained at a temperature of -10" to -20°C during polishing. Tests at room temperature were normally carried out with the specimen immersed in a silicone oil bath which could be heated for elevated-temperature tests.

Jan 1, 1969

By B. Yarar

Samples of coal from an adit in the Fording River District of British Columbia showed hydrophilic properties between depths of 0-24.5 m (0-80 ft) and was naturally hydrophobic at greater depths. Laboratory experiments indicated that weathered samples (i.e., those mined at 0-24.5 m) could be upgraded by froth flotation at pH32 following slimes removal. The i.e.p. of samples varied regularly between pH = 1.6-4.1, the weathered fractions being at the lower end of the pH scale. These values followed a pattern comparable with the flotation behavior of samples. A patchwise structure for coal surfaces determining the resultant disjoining pressure which in turn determines flotation-non-flotation relationships is postulated.

Jan 1, 1983