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By William P. Lohden

INTRODUCTION It is recognized that, for a variety of reasons, some companies in the mineral industry today are by no means cash-rich and, in fact, are reporting a growing proportion of long-term debt in their capital structures. A review of recent balance sheets of small, medium-size, and some larger companies, indicates that a fair number still have substantial positions in cash equivalents such as U.S. government issues and other short-term money market instruments. In part, this paper concerns itself with companies which have sufficient cash and equivalents and/or cash generation to internally finance mining projects or expansions but which, for some reason, choose to borrow funds. Misconceptions which appear to frequently underlie so-called "leveraging" decisions are explored in this paper. Also considered are those circumstances under which any company, including one that is cash-rich, should consider borrowing for a project in an amount beyond what would otherwise be necessary based upon its internal financing ability. I do not 'attempt to cover the raising of equity capital in public markets in this paper. OVERALL RETURN ON TOTAL POOL OF INVESTABLE CASH SHOULD INFLUENCE FINANCING DECISIONS If you approach an individual with an investment which can be financed from his savings, or by borrowing at a rate higher than he is earning on his savings, he will quickly tell you that to pay interest at a rate higher than he is earning would reduce his overall income. Assuming he is not currently considering any additional investment

Jan 1, 1977

By Karl J. Benecke

Though the first patent on a bucket wheel excavator (BWE) was granted in 1881 in the US, this technology was developed in Germany to the high standards of today. However, this development was only possible in parallel with development of shiftable belt conveyors and boom stackers. The combination of these three types of equipment in the open pits of the Federal Republic of Germany has made lignite the cheapest energy source for power generation, despite the low heating value of German lignite on the order of 8500 kJ/kg (3600 Btu/lb) only. Comparing the costs for fuels used in power generating on the basis of their heating value, the relation between lignite, high quality black coal, and imported crude oil is on the order of 1 to 1.5 to 2.5, hence highly in favour of lignite.

Jan 8, 1979

By Richard E. McElvain, I. Cave

The selection of centrifugal pumps for mill discharge duty should be based on the total circuit concept. The practice of operating the mill circuit based on limitation of the pump can result in losses in one day which would offset the pump cost. Operating data from 25 grinding circuits have been reviewed and comparative results on added mill capacity have established advantages far beyond the less significant maintenance costs with increased circulating load and better cyclone operation. Mill discharge pumps should be selected on the following basis: i) Best available design for wear performance ii) Size to provide best economic life iii) Liner material best suited to circuit conditions Pump efficiency is a secondary consideration because power consumed by pumps is small compared to mill power input. Energy dissipated in mill pumps is contributing to comminution of ore.

Jan 1, 1982

By D. E. Light, J. Y. Somnay

The use of alkyl acid phosphates and their alkali salts as collectors for the uranium minerals brannerite and uranothorite was investigated. In particular a detailed flotation study was carried out using isooctyl acid phosphate as a promoter. Tests were conducted on an Elliot Lake ore analyzing 0.11% U 3 O 8, chiefly as brannerite, and approximately 9% pyrite. Pyrite was floated with conventional reagents; the flotation of brannerite from the sulfide tails was studied to determine the optimum pH and pulp density to employ with isooctyl phosphate. 4 uranium recovery of over 90% was possible with a selectivity index of 8.95 when these tails were floated at 17% solids and a pH of 1.7. The effect of various modifying agents was also investigated. Aluminum sulfate, lactic acid and sodium silicate improved the selectivity of collection yielding selectivity indices of 9.5 to 11.5. Ferric chloride was found to be a depressant for brannerite. A Bancroft ore which analyzed 0.13% U308, and contained uranothorite was also amenable to flotation using isooctyl acid phosphate. The composite uranium concentrate obtained assayed 0.41% U308 at a recovery of 95.3% and a ratio of concentration of 3.24. Previous investigations1,2 on the flotation of brannerite, pitchblende, uraninite and/or uranothorite from various Canadian ores showed that fatty acids, including oleic acid and tall oils, petroleum sulfo-nates and alkyl acid phosphates, were suitable collectors for these uranium minerals. Additional work carried out by the Mines Branch in Ottawa on brannerite ores from the Elliot Lake area3 used the tall oil Acintol FA-1, or FA-2, as a collector. A recovery of 92% of the uranium in a concentrate which contained about 55% of the weight and assayed 0.2% U3O8 was obtained from a feed of 0.1% U308 in this latter instance. Eigeles et a1.4 carried out flotation on pitchblende ores and found that the most promising results were obtained with alkyl acid phosphates and their alkali salts as collectors. Within the homologous series of alkyl phosphates, the best flotation characteristics were displayed by isooctyl phosphates. Further, isooctyl phosphate derivatives were much less sensitive to hardness forming salts than oleic acid, enabling all flotation tests to be made with tap water. This paper describes tests employing alkyl acid phosphates for the flotation of ores containing brannerite and uranothorite. The flotation work described herein was conducted in conjunction with the development of a leaching process for Elliot Lake, Ontario, brannerite ores. In this process pyrite in the ore was concentrated by flotation and roasted, providing sulfur dioxide which was used to produce sulfuric acid in situ in a liquid-solid extraction process. A 40% conversion to sulfuric acid was indicated at a leaching temperature of 80°C; this resulted in the extraction of 93% of the total uranium after a contact period of 6 hr. A rotary kiln was used as a leaching vessel. Preconcentration by flotation was studied in conjunction with the above process to reduce the bulk of solids for leaching and, consequently, capital expenditure. The materials and methods used in this study will be described initially. Then the results will be presented in two sections, the first dealing with the brannerite ore, and the second with the uranothorite. Finally an economic analysis of the results on the brannerite material will be made. MATERIALS AND METHODS The two ore samples examined were from uranium-producing mines. One was a brannerite ore, a uraniferous quartz pebble conglomerate from the Elliot Lake area, which contained 0.11% U3O8, 4.3% S and 4.5% total Fe. Mineralogical studies of similar samples indicated the presence of quartz, microcline, sericite, pyrite and minor quantities of rutile, pyrrho-tite and zircon. The other ore was from a biotite-rich pegmatite in the Bancroft area; feldspar, quartz and biotite formed the major gangue components. Uranothorite was the principal uranium mineral; the head assay was 0.13% U 3 O 8. Preparation of Feed: The ores were crushed to —10

Jan 1, 1963

By Daniel T. O’Brian

Exploration targets and results in the mining industry are commonly summarized in terms of tonnage and grade. Business appraisals require, as additional information, the expected profit or loss implied by the physical summary. The early incorporation of knowledge gained through financial analysis computations can provide a means for economically resolving many common exploration and development problems. Examples of such applications from the activities of exploration planning, reconnaissance, land acquisition and develoment planning follow. While prospecting for mineral deposits, geologists are frequently asked what they have found or hope to find. The response is usually descriptive, such as: "50 million tons of 1% copper," and the economic implications are deferred until a capital investment decision is required. At that time a financial analysis integrating the four analysis components-tonnage and average grade above cutoff grade, capital and operating costs, product value, appropriate profit or loss accounting-are completed.

Jan 10, 1969

By D. H. Yardley

Diversion of the American Falls of Niagara to permit investigation of ways and means to stabilize the falls while retaining or improving its natrual attractiveness is the geoengineering work that has received greatest public attention this year. The falls are re- treating slowly as rock falls occur while talus de- posits at the base have increased in size. One of the noteworthy questions is whether the talus should be removed-i.e. is it providing support to the base, and so what will happen if it is removed? Certainly the appearance would be improved if the talus were taken away. Geoengineering studies involve mapping of joints, stress measurements, core work and rock sampling and testing, Present work will provide data and interpretation for design of a long term stabilization system, Once basic information is obtained, water will be returned to the normal channel until such time as the detailed design is decided upon. The falls will then be diverted a second time while necessary work is performed. A number of site-environmental studies were carried out for the location of nuclear power plants. These projects involve geology, foundation engineering, hydrology, seismology, meteorlogy, marine geology (in some cases), rock mechanics and occasionally blast monitoring. In one case (investigated by Dames & Moore) the site area was underlain by caverns in limestones at shallow depths but with no surface expression. The geotechnical problems consisted of determining proper spacing of drill holes to locate caverns. Spacing was dependent on the smallest size of cavity that could constitute a support-stability problem for the plant. The finite element method of analysis was used to determine stress conditions around cavities of various size and depths, to assist in determining critical parameters.

Jan 1, 1970

By A. J. Fenn

Cananea is located at an elevation of 5,200 ft in the north-central part of the state of Sonora, Mexico, about 135 miles northeast of Hermosillo, the state capital, and about 30 miles south of the United States border. A graded road runs to Cananea from the border town of Naco, near Bisbee, and a branch road turns east to Cananea at Imuris, a town 36 miles south of the border on the Nogales-Hermosillo highway. Railway service is provided by a spur from the Nogales-Naco branch of the Ferrocarril del Pacífico Railroad. Fuel for the power plant, smelter, and town (population approximately 20,000) is natural gas, supplied through a pipeline from the United States. The Compa[n]ía Minera de Cananea generates electric power for its own installations and also supplies both electricity and water to the town. HISTORY The earliest record of mining in Cananea dates back to 1760, when Jesuit fathers worked the Cobre Grande mine for silver in spite of resistance from hostile Indians. About 1800, several mines were worked on a relatively large scale by the House of Guea of Chihuahua. From then until about 1890 when William C. Greene of Fairbanks, Ariz., acquired control of a large group of properties, mining continued in a rather sporadic manner. The mineralized district is approximately 6 miles wide and 15 miles long, and the orebodies are associated with breccia pipes and granitic intrusive rock. In the early days, many small mines operated within the area on high-grade orebodies. In 1899, Greene promoted the building of a mill and smelter and established the present company, The Cananea Consolidated Copper Co., S.A., now Cia. Minera de Cananea (S.A. de

Jan 1, 1969

By Herbert Haas

CHEAP power is essential to large-scale mining and metallurgical operations, particularly where fine grinding of large tonnages has to be resorted to, as is the case with an increasing number of. mines treating disseminated copper ores, or low-grade gold ores, in the grinding of which considerable power is consumed. A comparison of the cost of generating power with Diesel engines and steam turbines and a brief discussion of the different factors governing the profitable use of either type of prime mover may be timely in view of the importance of. a cheap supply of power to the mining industry, and the prominence that has lately been given to Diesel engines in America. As many of our most important mines and largest producers of metals are located in sections where neither cheap coal nor water power is available, and the price of oil fuel is increased by long hauls, the Diesel. engine will. become a prime mover of increasing importance. This applies particularly to the Southwestern States, where an ample supply of cold water for condensing purposes is unusual and local climatological conditions interfere in securing the high vacua essential to high turbine efficiency. About 12 times as much water will be required for condensing purposes with steam turbines under general conditions as is needed for jacket-cooling of two-stroke, cycle Diesel engine; four-stroke cycle Diesel engines require only one-twentieth of the cooling water. Another condition favoring the use of Diesel engines is the high load factor at which most mine power plants operate. The influence of load factor on the cost of generating power is shown in Tables 1 and 2 and in Fig. 1.

Jan 7, 1916

By Philip Bucky

THE general conception of a mine model is that of a three-dimensional object representing the mine workings, the orebody and the country rock of a particular property. Its chief uses have been to make it easier to understand the mine and to serve as a basis for the arguing of legal questions. Fayol endeavored to use mine models in a different way and to all students of subsidence "Fayol's dome theory" is of decided interest. We have more recently the suggestion of Young and Stoek of the University of Illinois, who1 suggest the use of models as a means of studying the problem. Prof. Henry Briggs, of the University of Edinburgh and Herriott Watt College, also makes use of models to determine the effects of bending at the edges of extensive workings.2 It is interesting to note that civil engineers are taking a decided interest in the application of models and the principles of dynamic similarity to the solution of their problems. The Proceedings of the American Society of Civil Engineers for 1930 contain an elaborate article by Benjamin F. Groat,3 who says, in his opening remarks: "Every engineer should know and understand that a model constructed in accordance with Newton's theory of similarity is not only the means for reproducing the complexities of flow, or other mechanical action, on a small scale, but that models may be made the best means of designing works of great magnitude. In the present state of knowledge, a properly constructed and properly tested model will answer the difficult questions of hydrodynamics much more quickly and accurately than the most profound mathematical analyses." A study of P. W. Bridgman's book on Dimensional Analyses leads one to arrive at the same conclusion.

Jan 1, 1931

By James Douglas

PROBABLY no well-informed engineer would ques¬tion the accuracy of the statement that the piece of equipment that comes nearest to being in universal use in modern hydrometallurgical and ore-dressing plants is the Dorr continuous thickener. The function of the device is to separate a thin mixture of liquid and solid particles into a thick pulp and a clear liquor. Another machine in wide use is the Dorr classifier, the purpose of which is to separate the coarse and fine particles in a pulp containing solids of various sizes. It is in recognition of the invention of these two devices and the vast amount of technical work in the successful application of them in the beneficiation of ores that the James Douglas Medal for 1930 has been awarded to John Van Nostrand Dorr. To gage the importance of the development of the thickener, particularly, it is only necessary to imagine the loss of time, capacity, and metallurgical efficiency that would result if all the Dorr tanks in the world were put out of operation for a day and replaced by the old methods of intermittent settling and decantation. Truly, the record is one of "distinguished achievement in non-ferrous metallurgy" that deservedly ranks the medalist with those who have preceded

Jan 1, 1930

By J. F. Myers, F. M. Lewis

IN the mining and handling of sulphide ores, some degree of oxidation takes place on the sulphide surfaces, which are exposed to the atmosphere. It is, moreover, well known that the oxidation compounds formed are a factor when such ores are subsequently treated by flotation. Modern operating technique and reagents are capable of contending with this condition to a major degree, provided that the proportions of the reagents used are varied correctly. This is particularly true at the Tennessee Copper Co., where the ore treated contains pyrrhotite in addition to other sulphides. A number of soluble salts, some of which are unstable, can be formed during the oxidation of the sulphide ores. Those unstable salts, whose oxygen requirements are unsatisfied, are constantly changing to more stable forms because oxygen reacts with them during the crushing, grinding and other operations of ore preparation. We add no chemicals of any kind to the ore pulp in its preparation for flotation feed. Consequently the only compounds that are present in the flotation feed are those produced by the natural oxidation of the ore in the presence of air and water. The Tennessee Copper Co. ore is composed of from 60 to 70 per cent sulphides and from 40 to 30 per cent nonsulphide material. It is not the purpose of this paper to discuss the nature of these various oxygensulphur compounds nor their effect on flotation, but to describe a method for [ ] correcting the effect. Suffice it to say that we have found that the reducing sulphur and oxygen salts have a depressing action on our bulk flotation process.1 From long experience we find that the best means of correcting for this variation in our work is to increase or decrease the quantity of xanthate, the promoting agent, as the quantity of the reducing salts increases or decreases. It was, therefore, very desirable to provide the operators with some quick and

Jan 1, 1946

By Noel Stearn

WHEN the Age of Machinery was suddenly thrust upon civilization about the beginning of the 19th century, an unprecedented demand for mineral resources sprang up. This demand brought about the rapid development of the known ore deposits and the discovery of such other deposits as could be encountered by energetic and canny prospectors. Thus in the countries now reasonably accessible nearly all orebodies have been located except those which are totally concealed even from the eyes and "senses" of experienced and expert prospectors. The high rate of exhaustion of known ore deposits and the necessity of looking farther and farther ahead for raw materials as a matter of insurance on the stupendous capital outlays involved in mining, development, and conversion operations, have resulted in exceptional activity in three different fields of effort. The first is purely geographic. Prospectors are now penetrating the few hitherto inaccessible regions in the hope of stumbling upon exposed ore deposits or locating visible indications of their presence. The second is chemical. Industrial chemists and metallurgists are seeking to facilitate the exploitation of lower grade ores or to find methods of recovering valuable metals from common substances. In the third field of effort lie the activities of the economic geologist and the mining engineer, who endeavor to locate concealed ore deposits which would remain hidden from the prospector no matter how expert or conscientious he might be. Obviously the task which such a man must face is both exacting and indefinite, and the tools which he has heretofore been permitted to bring to it are, for the most part, abstract-a knowledge of certain fundamental principles and processes involved in the origin, occurrence, structure, and distribution of deposits of natural resources and of the rocks which form the environments of those deposits; and a process. of reasoning by analogy supplemented by the use of the diamond drill, or such artificial exposure as -the test pit, trench, shaft, or tunnel.

Jan 1, 1928

By L. K. Borrett ond C. S. Yusi

The authors have made extensive use of a modern field of mathematics, topology, to give a new approach to the study of sintering. They present a topological model for the sinter body and the void space, and establish a relationship between them. However, in an interdisciplinary paper of this nature it is important that the material be presented, insofar as possible, in

Jan 1, 1967

By A. H. Taitt

The original basis for the search for oil in Great Britain was described last year.t During 1937 the exploratory drilling by the D'Arcy Exploration Company, Ltd. has been continued. Three wells have been completed in the south of England and a fourth is nearing completion. In addition, test wells are now being drilled in Scotland and East Yorkshire. Southern England The test well on the Portsdown structure, which at the end of 1936 was drilling in the Lower Lias at 5792 ft., entered the Triassic at 6540 ft. and was completed in that formation at a depth of 6556 ft., without encountering further indications of petroleum. The Henfield well encountered the Lias at a depth of approximately 4090 ft., and after drilling 800 ft. of an argillaceous development of that formation entered a series of marls, breccias and conglomeratic limestones of the Carboniferous. Drilling was suspended at a depth of 5105 ft., in the latter formation. The consistently impermeable nature of the strata encountered in the Portsdown and Henfield test wells focused attention on the desirability of obtaining shore-line conditions of the Jurassic. With this end in view the Kingsclere anticline, a few miles south of Newbury in Berkshire, was selected for a next test. The Kingsclere well has now reached a depth of 5032 ft. in the Lower Lias and has encountered a full development of the Jurassic. With the exception of the Portland sand, which has a slightly greater porosity, and the Corallian, in which relatively great thicknesses of impervious limestone were met, conditions of sedimentation have been found to be comparable with those of the earlier wells. Small traces of petroleum have been found in cuttings and cores, but formation tests carried out at frequent intervals have yielded no flow of oil. In order to test the Corallian, from which series an outcropping oil sand had been found, a test well was drilled in a near-by anticline at Poxwell in Dorset. The Poxwell well started in the Portland beds and entered the Corallian at 995 ft. The sands at the horizon of the out-

Jan 1, 1938

By J. Birkinbine

Extended discussions, by inviting attention to problems affecting the conservation of natural resources, have encouraged investigations as to their sufficiency, with the general result that the more thorough the examination, the less cause appears for anxiety as to the exhaustion or serious depletion of these resources.

Jan 1, 1915

By Noel Stearn

WHEN the Age of Machinery was suddenly thrust upon civilization about the beginning of the nineteenth century, an unprecedented demand for mineral resources sprang up. This demand brought about the rapid development of the known ore deposits and the discovery of such other deposits as could be encountered by energetic and canny pros-pectors. Thus in the countries now reasonably ac-cessible nearly all orebodies have been located except those which are totally concealed even from the eyes and "senses" of experienced and expert prospectors. The high rate of exhaustion of known ore deposits and the necessity of looking farther and farther ahead for raw materials as a matter of insurance on the stu-pendous capital outlays involved in mining, develop-ment, and conversion operations, have resulted in excep-tional activity in three different fields of effort. The first is purely geographic. Prospectors are now pene-trating the few hitherto inaccessible regions in the hope of stumbling upon exposed ore deposits or locating visible indications of their presence. The second is chemical. Industrial chemists and metallurgists are seeking to facilitate the exploitation of lower grade ores to find methods of recovering valuable metals from common substances. In the third field of effort. lie the activities of the economic geologist and the mining engineer, who en-deavor to locate concealed ore deposits, which would remain hidden from the prospector, no matter. how expert or conscientious he might be. Obviously the task which such a man must face is both exacting and indefinite, and the tools which he has heretofore been permitted to bring to it are, for the most part, abstract-a knowledge of certain fundamental princi-ples and processes involved in the origin, occurrence, structure, and distribution of deposits. of natural re-sources and of the rocks which form the environments of those deposits, and a process-of reasoning by analogy supplemented by the .use of the diamond drill, or such artificial exposure as the test pit, trench, shaft or tunnel. His primary efforts are usually bent on acquiring a knowledge of the distribution of the rocks-as accurate -is possible-which is a natural prerequisite to any conclusion as to how they became so distributed. Over very extensive areas, however, he meets. the extreme difficulty of being unable to see the rocks, except at rare intervals, since .they have been concealed by an overburden of glacial material, of alluvium, of soil, or of other rocks.

Jan 9, 1928

By Chas. A. Ashburnea

THE appliances which have been proposed, and the modifications in the construction of boiler-furnaces which have been made for the prevention of smoke, and the utilization of what are ordinarily called the waste products of combustion, have been innumerable.† †There is now open in London an exhibition "of apparatus of all kinds devised to prevent smoke."

Jan 1, 1882

By Theodore Nagel

Fuel-oil, natural gas and coke oven gas, producing the higher temperatures of open-hearth current practice, have been gradually displacing producer gas the lowest cost fuel for open hearth operations. The lower temperatures of combustion products from producer gas is caused by nitrogen dilution. Practical Application of Combustion Thermochemistry One pound of carbon burned to CO produces 3,960 B.T.U. and one pound of carbon burned to C02 produces 14,140 B.T.U. The second unit of oxygen uniting-with gasified car-bon (-CO) produces (14,140 - 3,960) 10,180 B.T.U. which is;(10,180 - 3,960) 6,220 B.T.U. more heat than produced by the first, unit of oxygen forming CO by uniting with solid carbon. A review of the relative combustion heating values of commercial gaseous fuels reveals CO requires a minimum of air for combustion, and because of minimum nitrogen dilution and the high thermal release from CO higher temperature combustion products are produced from CO than from natural gas or from coke-oven gas under similar combustion conditions. Inert nitrogen diluent lowers the calorific value of fuel gas and its diluting effect is cumulative in lowering the temperature of the products of total, combustion. It is not only logical but, practical in partial combustion, converting bituminous coal to gas, to generate the gas, with reduced nitrogen dilution.

Jan 1, 1936

By Theodore Nagel

Fuel-oil, natural gas and coke oven gas, producing the higher temperatures of open-hearth current practice, have been gradually displacing producer gas the lowest cost fuel for open hearth operations. The lower temperatures of combusts on products from producer gas is caused by nitrogen dilution. Practical Application of Combustion Thermochemistry One pound of carbon burned to CO produces 3,960 B.T.U. and one pound of carbon burned to C02 produces 14,140 B.T.U. The second unit of oxygen uniting with gasified carbon (CO) produces (14,140 - 3,960) 10,180 B.T.U. which is (10,180 - 3,960) 6,220 B.T.U. more heat than produced by the first unit of oxygen forming CO by uniting with solid carbon. A review of the relative combustion heating values of commercial gaseous fuels reveals CO requires a minimum of air for combustion and because of minimum nitrogen dilution and the high thermal release from CO higher temperature combustion products are produced from CO than from natural gas or from coke-oven gas under similar combustion conditions. Inert nitrogen diluent lowers the calorific value of fuel gas and its diluting effect is cumulative in lowering the temperature of the products of total combustion. It is not only logical but practical in partial combustion, converting bituminous coal to gas, to generate the gas with reduced nitrogen dilution.

Jan 1, 1936

By A. C. Backeberg

There is no South African code for the design of reinforced concrete headframes, and all those erected have been designed on a uniform basis which, up to the present, has tended to be conservative. With certain exceptions designs have generally conformed with British Standard Code of Practice C.P. 114. In the design of reinforced concrete headframes the following loads are taken into account:

Jan 11, 1961