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By A. C. Bulnes

This paper applies the methods of statistical analysis to the interpretation of core analysis data of dolomitic limestone from the San Andres formation at Wasson and the Clearfork formation at Fullerton. Probability relationships are shown to connect the porosity and the permeability and the porosity and the fluid saturation. For example, the porosity-permeability relationship expresses the probability that a sample of porosity,f, will or will not be permeable. The over-all porosity frequency distribution of the reservoir together with the frequency curves of permeability (one for each class interval of porosity) provide a precise basis for computing the weighted average productive porosity of the reservoir for any assigned value of the minimum productive permeability. The probability that the permeability of a core specimen from Fullerton will exceed a given value appears to be dependent on the percentage porosity of the specimen, its void structure type (i.e., porosity in the qualitative sense), and the given value of the permeability. If continuous profiles of void structure type and porosity are available together with the appropriate porosity-probability of permability plots, the nes pay thickness may be estimated. The Invasion Index of a well is defined in terms of the porosity and permeability data. This index is suggested as a basis for comparing wells as regards their suitability as fluid-injection wells. Three problems of importance in the exploitation of limestone reservoirs may be stated as follows: 1. The determination of the productive porosity of the reservoir. The productive porosity is defined as f = fPVP/V [II in which Vp, is the volume of the reservoir that is sufficiently permeable to oil to give up an appreciable fraction of its original oil in place during the economic life of the reservoir; fp, is the arithmetic mean porosity of the permeable volume v*, and V is the total volume of the reservoir. 2. The determination of the number of feet of oil-bearing porous rock that will produce at a commercial rate into the well bore; i.e., the net pay thickness. 3. The choice of fluid-injection wells in a secondary recovery program. The ultimate recovery of the reservoir is proportiona1 to the productive porosity. The productive capacity of the well is proportional to the net pay thickness. The principal purpose of this paper is to show that the methods of statistical analysis when applied to core analysis data of dolomitic limestones offer a useful approach to the solution of these three problems, as well as others of importance in reservoir engineering. The use of these methods was suggested by the work of Jan Law.1

Jan 1, 1946

By N. A. D. Parlee, I. D. Shah

ThIS reports on some work done on the solubility and diffusivity of oxygen in liquid silver. Solubility. Improvements in the measurement of the solubility of oxygen in silver and silver alloys were made because precise data were needed for calculating diffusion coefficients of oxygen in these alloys. The apparatus and the procedure used were similar to those of Parlee and Sacris.' The main improvement was in the temperature-measuring technique. A MV30 mullite protection tube containing a calibrated Pt-Pt, 10 pct Rh thermocouple was inserted in the reaction tube from the top through a vacuum-tight swage-lok fitting. The protection tube was well-immersed in the liquid silver, which was heated by induction. A Leeds and Northrup potentiometer was used in connection with the thermocouple. All runs reported were made at 1 atm. The temperature range investigated varied from 940" to 1200°C. The ternary point in Ag-0 phase diagram2 is at 939°C and 0.32 wt pct O. This point was reinvestigated using the above-described apparatus and was found to be at 939°C and 0.315 wt pct 0. It was determined by observing the sudden evolution of oxygen at this point while the solubility measurements were made. The point was easily reproducible if precautions were taken to keep the liquid silver essentially in equilibrium with oxygen and to lower the temperature very slowly. All of the results of this new solubility investigation are plotted in Fig. 1. They are represented by the "least-squares" line shown in the figure and the following equation for solubility at po2 = 1 atm: log% O =695.4/T - 1.086 This equation differs only slightly from that proposed by Parlee and sacrisl and that of Diaz, Masson, and Richardson.3 The points of Parlee and Sacris, using an optical pyrometer, are shown for comparison.

Jan 1, 1968

By Robert Lepsoe

It is generally realized that in cyaniding the precipitation efficiency of zinc dust is due to the fine division or extended surface of its metallic particles; but frequently it is thought that the presence of other metals, say 2 to 3 percent. lead, is advantageous, causing more complete precipitation. The results of testing about fifty brands of commercial zinc dust have led to the conclusion that there is a distinct relation of precipitation efficiency to fineness and that the effect generally can be estimated by examining the size of metallic particles. The presence of lead was not found to be of any importance. Specifications Generally the term "97 per cent. to pass a 350-mesh screen, 95 to 97 per cent. uncombined metallic zinc" is used by the leading European exporters. Among the many methods of determination of metallic zinc, I have found the iodine test (iodine in potassium iodide) very satisfactory and rapid. It has been controlled by the other methods, samples of the same product having been sent to three different analysts: Iodine method................... 98.11 per cent. metallic zinc, Volumetric method.............. 07.63 per cent. metallic zinc, Ledoux Co., New York Bichromate method.............. 08.16 per cent. metallic zinc, Watson Gray, Liverpool. England Bichromate method.............. 98.20 per cent. metallic zinc, Norway Inst. of Tech., Trondhjem Determination of Precipitation Efficiency The method devised by W. J. Sharwoodl was used. The method proved to be satisfactory, the tests being merely for the comparison of different samples, hence the personal factor in manipulation was eliminated. As nearly all tests showed more zinc in solution than was accounted for by the silver precipitated, the term "dissolved zinc" was introduced—it means zinc dissolved by the action of cyanide and oxygen: Zn + 4KCN + H2O + O = K2Zn(CN)4 + 2KOH; or more probably, resolution of its equivalent precipitated silver, as tests stirred two hours showed more "dissolved zinc" than those stirred

Jan 1, 1925

WITH the economic situation of the world what it is, we may expect important events in every month of 1922, and January showed us some-what of the nature of things that will happen. The Germans announced their inability to meet in full the reparation payments that were due Jan. 15. The Su-preme Council arranged a plan for them to pay some thing on account every 10 days, and called a conference at Cannes to talk things over. While this conference was in progress Premier Briand resigned and was suc-ceeded by Poincaré. This emphasized the growing differences between British and French policies and interests. The French want to exact the utmost from the Germans; so do the British. The latter think, however, that the French aims will so cripple the Germans that they can not work properly and hence can not trade. Great Britain, with a huge unemploy-ment problem, must have trade. The French thought that Briand was unduly deferring to the British and withdrew their support of him. The other important political developments of the month in Europe were the establishment of the Irish Free State, relieving the British of the vexatious Irish question; and the growing tendency to recognize the Soviet government of Russia and admit its representa-tives into international conferences. In the United States the great political event was the establishment of the dominance of the agricultural bloc in the Senate, which implies the passage of agrarian legislation that will probably be unwise. Economically, there was no progress in the United States. If anything there was probably some reces-sion in the physical volume of business. There were some further reductions of wages, but these were irregular, geographically, and moderate in amount. The great unionized trades maintained the jam. Events of great importance were the formal demand of the anthracite coal miners for increased wages on April 1 and the declaration of the bituminous coal miners that they would resist a reduction at that time. The attitude of these groups is believed to presage labor troubles in the spring. In the metal markets affairs were dull during Janu-ary, but prices were generally firm, save for a little further weakening in iron and steel. In the matter of production, however, there was some quickening of activity, especially in copper, zinc and iron.

Jan 2, 1922

By J. D. Runkie, A. G. Lyle, G. A. Gillies

Tar evaluation of data obtained by selective flotation from even a simple ore is a very difficult process, and when the ore tested is complex the process becomes extremely difficult and cumbersome The authors, in the course of an investigation into the selective behavior of various flotation reagents on nonmetallic minerals§ were confronted with an aggravated form of this difficulty, owing to the large mass of data that had accumulated over a period of years They finally devised a method whereby the results of the various flotation tests could be correlated and interpreted by means of graphs representing recoveries and rejections of the component minerals in the ore This method of graphical analysis proved so useful in nonmetallic flotation that it was afterwards applied to sulphide flotation, where it yielded equally satisfactory results Since this method of analysis leads to very definite conclusions as to the effect of changes in reagents and flotation procedure, it is felt that a wider application of the method might assist the industry by reducing the amount of test work required, and possibly increase the accuracy of the final analysis GRAPHS In Fig I, four curves are plotted on the same graph with cumulative percentages as ordinates and cumulative weights as abscissas In this instance the four curves are named, respectively the barite-recovery curve, the limestone-rejection curve, the silica-rejection curve, and the summation curve In these tests barite was the mineral concentrated, therefore a barite concentrate was produced Definitions Before explaining the curves in detail it might be advisable to define several new terms, such as "percentage rejection," "summation index," and "summation curve," as well as the word "test," which has been used in a special sense. A "test" will include all the operations performed upon a batch of ore from the time it is placed in the rod mill until the last product has been assayed Thus a test may be a comparatively simple procedure producing only one concentrate and a tailing, or it may be a very complicated procedure producing five or more concentrates of a specific mineral as well as a tailing The number of concentrates produced will depend entirely upon whether the collector was added to the pulp in the flotation cell in one lot or was added in five or more portions Percentage Rejection-The ability of a selective flotation collector to reject an undesired mineral is just as important as its ability to collect the desired mineral The percentage rejection curves shown on the graphs give this factor due consideration and its value is calculated as follows Suppose a concentrate contains 5 per cent of an undesired mineral This indicates

Jan 1, 1942

By E. S. Machlin, A. J. McEvily

HE results of an experimental investigation by McEvily and Machlin have indicated that a strong relationship exists between the processes of cross slip and fatigue. Whenever dislocations can cross onto an intersecting plane and expand thereon, as in AgCl crystals, the usual type of S-N behavior is obtained, but when such a process is difficult, as in NaCl crystals, fatigue does not occur in its usual manner, if at all. MgO, because of its crystal structure (NaCl type) and slip systems ({110}<110>) would not be expected to fail in fatigue. However, Cornet and Gorum2 have found something akin to the usual type of fatigue behavior for MgO crystals. The purpose of this note is to attempt to resolve this apparent discrepancy. In Cornet and Gorum&apos;s work as-cleaved crystals were tested under cyclic axial loading, whereas in McEvily and Machlin&apos;s work chemically-polished crystals were tested in reversed bending. Because of the difference in specimen preparation, the major effort of the present work was directed toward comparing the behavior of as-cleaved as opposed to chemically-polished specimens. The effect of type of loading seemed less important, but a check was made on this also. Eighteen bend tests and one axial load test were made. The specimens were cleaved from Norton magnorite blocks, and measured 1 by 3/16 by 1/8 in. To avoid failures in the grips, the thickness of the bend specimens was reduced from 1/8 in. near the ends to 0.04 in. in the central portion. This reduction was from one side of the crystal only. Twelve specimens were polished in orthophosphoric acid to remove the damage due to cleavage. The other six specimens were not chemically polished so as to maintain the as-cleaved condition of the crystal faces which had not been reduced. The axial-load specimen was reduced from both faces to a thickness of

Jan 1, 1962

By Dennis K. Mortensen

The Role of the Operator The ultimate objective of any installation is to be able to accomplish the useful work that it was originally designed for. The operator needs a tool that he can both operate effectively and maintain efficiently. The overall design and subsequent installation of a comminution circuit should be a marriage of good engineering practice and practicality. Since the operator must operate and maintain his equipment, his input into the design and installation is vital to its ultimate success. The design of a crushing or grinding circuit is dependent upon many factors including flowsheet design, equipment selection, physical layout, space restrictions, climatic restrictions and considerations for future expansion. The operator must live on a day-to-day basis with the results of the final design and installation. The most satisfactory operation will result when the operator has a major input into each of the criteria that are used to define the final design and installation. The operator referred to is not only the mining company or organization that is having the installation built for its specific use but, more specifically, the person or persons that will actually be responsible for its daily operation and maintenance. Future references to the "operator" will include those individuals with that daily reponsibility. The operator&apos;s input into the installation of the circuit is of equal importance to his input into the design. The engineering organization which puts together all of the various design drawings for circuit installation is generally restricted to trying to get all of the details onto a multitude of 24" x 36" two dimensional drawings with a few isometric drawings thrown in. It&apos;s almost impossible to get all of the details of a final installation onto all of the drawings, and field modifications are necessary to make everything fit properly. In a multilevel installation, such as a grinding or crushing circuit, it is difficult to envision space requirements to adequately operate and maintain the various pieces of equipment simply by looking at a set o£ drawings. For some designs it is helpful to build a scale model so that a more realistic view of what the installation will look like can be seen. The scale model allows the operator to make whatever changes in design are needed to operate and maintain his equipment most effi-

Jan 1, 1982

Jan 1, 1881

By Warren E. Wilson

The transportation of solids in pipe lines is a matter of deep concern in many fields of engineering. Much experimental and theoretical work has been done in an effort to devise means of designing pipe lines that will satisfactorily transport given solid loads, but there remain many unanswered questions in this field. The present discussion will be confined to a rather narrow portion of this field and will endeavor to point out certain factors that may well be considered when comparing the relative economy of various installations. The data have been presented previously but a new interpretation was prompted by a suggestion in a paper by Professor O&apos;Brien,&apos; of the University of California, that the friction work per pound of dry material should be considered in determining the relative efficiency of various installations. This method of considering relative economy in various pipe lines leads to some rather unexpected conclusions, especially with reference to the economy of large pipe sizes. A previous suggestion by the writer concerning the economy of a rather peculiar type of installation is strengthened. It is not believed that the considerations set forth herein apply directly in the case of dredge lines, where economy is largely a matter of a high rate of pumping in order to reduce the unit overhead charge. However, it is believed that some value may be gained from these considerations in cases involving the disposal of a fixed amount of solids per unit time with a minimum expenditure of energy and at a low cost for replacement of worn pipes. Such situations are not uncommon in the disposal of mill tailings and the disposal of solids deposited from irrigation waters. It was found that data leading to general conclusions for various pipe sizes were not available but certain definite trends are indicated and methods of analyzing available data are presented in the hope that they may be of assistance in preparing engineering estimates on designs of pipe lines of the type described above. Energy Requirements Carrying out the idea contained in Professor O&apos;Brien&apos;s paper concerning the method of computing energy required to transport solids, the following analysis leads to some rather interesting conclusions. Let us represent: Solids load in terms of mass per unit time by w Ratio of mass of suspended solids to total mass of mixture flowing by p Volume rate of flow of mixture by Q Length of pipe by L Slope of energy grade line by s Mass per unit volume of solids by m8. Mass per unit volume of liquid by mi Mass per unit volume of mixture by 11 We then have as an expression for the solids load: w = pqmm The work done per unit mass, p, on the mixture to move it along the pipe the

Jan 1, 1947

By Warren E. Wilson

The transportation of solids in pipe lines is a matter of deep concern in many fields of engineering. Much experimental and theoretical work has been done in an effort to devise means of designing pipe lines that will satisfactorily transport given solid loads, but there remain many unanswered questions in this field. The present discussion will be confined to a rather narrow portion of this field and will endeavor to point out certain factors that may well be considered when comparing the relative economy of various installations. The data have been presented previously but a new interpretation was prompted by a suggestion in a paper by Professor O&apos;Brien,&apos; of the University of California, that the friction work per pound of dry material should be considered in determining the relative efficiency of various installations. This method of considering relative economy in various pipe lines leads to some rather unexpected conclusions, especially with reference to the economy of large pipe sizes. A previous suggestion by the writer concerning the economy of a rather peculiar type of installation is strengthened. It is not believed that the considerations set forth herein apply directly in the case of dredge lines, where economy is largely a matter of a high rate of pumping in order to reduce the unit overhead charge. However, it is believed that some value may be gained from these considerations in cases involving the disposal of a fixed amount of solids per unit time with a minimum expenditure of energy and at a low cost for replacement of worn pipes. Such situations are not uncommon in the disposal of mill tailings and the disposal of solids deposited from irrigation waters. It was found that data leading to general conclusions for various pipe sizes were not available but certain definite trends are indicated and methods of analyzing available data are presented in the hope that they may be of assistance in preparing engineering estimates on designs of pipe lines of the type described above. Energy Requirements Carrying out the idea contained in Professor O&apos;Brien&apos;s paper concerning the method of computing energy required to transport solids, the following analysis leads to some rather interesting conclusions. Let us represent: Solids load in terms of mass per unit time by w Ratio of mass of suspended solids to total mass of mixture flowing by p Volume rate of flow of mixture by Q Length of pipe by L Slope of energy grade line by s Mass per unit volume of solids by m8. Mass per unit volume of liquid by mi Mass per unit volume of mixture by 11 We then have as an expression for the solids load: w = pqmm The work done per unit mass, p, on the mixture to move it along the pipe the

Jan 1, 1947

By H. S. Martin

Although it was known some years ago at the Utah Copper Co. mills that fine grinding improved flotation recoveries, no accurate data were available until recently as to just how far the grinding could be carried economically. In 1923 the ultimate degree of fineness for flotation feed was supposed to be about 10 per cent. on 65 mesh, with approximately 55 per cent. through 200 mesh, which meant that most of the mineral would pass 100 mesh. At this time Garfield and Wilfley tables were used ahead of flotation and a good deal of the coarse mineral removed prior to the ball mill regrind. Shortly afterwards, mill-scale tests developed the fact that on a feed containing not over 10 per cent. +65-mesh material flotation alone would give a copper recovery equal to that obtained by the combination of tables and flotation, but that on much coarser feed the recovery with flotation alone was lowered. This was at a time when all the sulfide minerals were floated if possible, so that the only requisite was to grind fine enough to free the mineral from gangue. Earliest Use of Microscopic Examination of Tailings As early as 1921, the writer had attempted to determine by chemical analysis the relative proportions of copper minerals in tailings from an ore that made extremely poor flotation results. Chemical analysis was not satisfactory or conclusive, and samples of these tailings were sent to the U. S. Bureau of Mines Station at the University of Utah for microscopic examination. The question at that time was to determine, if possible, which copper minerals had been lost and why, but R. E. Head, in his report, revealed other interesting data. He said in part: Briefly stated, the mineral partieles or grains may be classified into scparate groups as follows: 1. Free grains of pyrite, chalcopyrite, chalcocite and bornite, respectively, which contain 110 other included sulfides; 2. Grains in which all three of the copper sulfides are representel (the core may be of chalcopyrite, partially altered to boruite, these two minerals being cntirely surrounded by a shell of chalcocite); 3. Grains composed of equal amounts of bornite and chalcocite or chalcopyrite and chalcocite. The grains of free mineral particles are perhaps the most numerous, taking the ore as a whole, but it is noticeable that of the grains of combined or associated sulfides

Jan 1, 1930

By Theodore Simons

During the last half century a great amount of ingenuity and energy has been devoted to the invention of appliances for the recovery of valuable minerals from very fine sands and slimes. The reason for this is that in almost every dressing plant the greatest losses of values, considered relatively as well as absolutely, occur in the treatment of slimes. The natural aim of mill operators to minimize these losses has in recent years received another impetus, from the fact that the gradually diminishing occurrence of high-grade ores makes a more intense recovery of values from existing resources absolutely necessary for profitable operation. The results of such attempts are found in the appearance of a great number of machines and appliances which make it profitable to-day to rework old clumps, containing the tailings of older processes. A constantly growing difficulty of obtaining skilled labor and the increase in wages made it prohibitory to employ those types of machines which required much attention, and in the middle of the ninieteenth century the various concentrating tables of the percussion type, which automatically discharge their products, began to take the place of the intermittent tables, on which, when the bed had reached a certain thickness, operation had to be stopped in order to allow the skimming by hand of the separate layers formed on the table. In the course of years, two general types of machines evolved for the treatment of fine sands arid slimes: The so-called concentrators and vanners, on the one hand, and the buddles and round tables on the other.&apos; For the profitable treatment of the very finest slimes, round tables have as a last resort proved more satisfactory and econoillical than other machines. In recent years they have agaiu become the subject of close inves-

Jan 1, 1914

NEW MEMBERS The following list comprises the names of those persons who became members during the period Apr. 10 to May 10, 1915: Members ADMAN, WILLIAM, Supt., Susquehanna Coal Co Lykens, Pa. BARTH, CARL G., JR., Min. Engr 6151 Columbia Ave., Philadelphia, Pa. BOOTH, ERIC EDWIN, Min. Engr., Mount Elliott Mine, Selwyn via Cloncurry, North Queensland, Australia. BOYDELL, HARRY CYRIL, Asst. Mgr., Randfontein Central Gold Min. Co., Box 42, Randfontein, Transvaal, South Africa. BRADY, SAMUEL HOWARD, Mine Supt Bohemian Club, .San Francisco, Cal. Buses, HARRY EDWARD, Mine Supt., Engels Copper MiningCo Keddie, Cal.

Jan 6, 1915

By Joseph Singewald

THE problem of the utilization of the low-grade red iron-ores has peen before the iron-mining industry of the South for several decades. the experiments by W. H. Coghill1 of the U. S. Bureau of Mines to determine the degree of liberation of minerals in the Alabama low-grade red iron-ores after grinding interest the writer very much because 10 fears ago, while a member of the U. S. Bureau of, Mines, he experimented similarly on the same ores using a heavy solution .2 Extensive experiments were made in the nineties by W. B. Phillips3 in association with H. A. J. Wilkens and H. B. C. Nitze. The ores were rushed to pass 15 mesh and were separated by magnetic machines into concentrates, middlings and tails. The experiments were made with carload lots in an experimental mill. Most of the ores tested, however, were soft, whereas the main problem is the utilization of the low-grade hard ores. Phillips gives the results of only four tests of hard ores; two of these are of self-fluxing ores of the grade now utilized and two of ower grade and less amenable to concentration than the average low-grade ore that underlies the self-fluxing ore of the Big Seam. The average of these least favorable samples shows the production, from an ore analyzing 32.30 per cent. Fe, 10.34 per cent. CaO, 33.40 per cent. insoluble, of a concentrate with 43.82 per cent. Fe, 8.90 per cent. CaO, 18.48 per Sent. insoluble with a ratio of concentration of 2 and an iron recovery of 39.2 per. cent. The grade of this concentrate compares favorably with the average grade of washed brown ores of the district which is given by Burchard4 as 45 per cent. Fe, 14.6 per cent. Si02. The slightly lower iron

Jan 2, 1927

By V. R. Garfias

INTRODUCTION FOR a number of years the senior author has been interested in the various geologic and engineering problems involved in the development of the petroliferous districts of northeastern Mexico, having in a previous paper 1 endeavored to present a summarized statement of the information relating to the geology and soil resources of this region. Of the many interesting geologic phenomena, perhaps those which have been the object of more speculation relate to the igneous intrusions which, in places, have a controlling influence on the accumulation of oil in commercial quantities, a relationship which has been tentatively explained by various observers with as many interestingly different views. The authors of the present paper aim to record, in the course of a general discussion of the various viewpoints, some additional data, and present further tentative conclusions with a view to rounding out an up-to-date summary of the subject. The greater part of the area in question lies in the State of Vera Cruz, only a northwest fraction being in the State of San Luis Potosi. Vera Cruz is bounded on the north by the State of Tamaulipas, the northernmost of the Mexican States along the Gulf. The topography of the States of Tamaulipas and Vera Cruz and of Texas and Louisiana to the north, is controlled by the Gulf coastal plain which in northern Vera Cruz has an average width of about 60 miles, the transitional topography between that of the rugged flanks of the Sierra and the lowlands of the coast being made up of a series of terraces and irregular hills and valleys.

Jan 8, 1917

By C. G. Palagi, S. S. Stillar

The C. E. Weed concentrator treats 51,000 tons per day of 0.5% to 0.7% copper ore received from the Berkeley Pit, the Continental East Pit and the Butte underground mines. Improved operating techniques and conversion from semi-autogenous secondary grinding to ball milling have increased tonnage from an original design of 42,000 tpd. Separate treatment of sands and slimes, with recovery of soluble copper from the slimes, has increased total copper recovery. Concentrator tailings are pumped 600 vertical feet and 20,000 horizontal feet for disposal.

Jan 1, 1976

By M. Kaitz

A continuing discussion in both the petroleum engineering and economic literature is directed to the difficulties encountered in the use of discounted cash flow rate of return (DCF) as a measure of investment worth. Although useful in most Instances, DCF has been criticized because it is time-consuming in its trial-and-error solution, theoretically invalid, not adaptable to cash flow streams yielding multiple return solutions and not entirely reliable in selecting between mutually exclusive investments. The theoretical invalidity of DCF stems from the reinvestment assumption implicit in the calculation that earnings are reinvested at the DCF rate. The emerging consensus of the economic literature is that the net present value or the present worth of the net cash flow stream (discounting at the average opportunity or cost of capital rate) is more correct and reliable. Other criteria proposed have been ratios of net present value divided by initial investment or by present value of all investments in a project. All of these criteria are simple to determine and explicitly assume a reinvestment rate for [he income generated by a project. This paper develops and discusses a theoretically valid profitability criterion which is simple to compute and retains the appeal of a percent return on investment. It is called "percentage gain on investment" or PGI. It measures the gain an investment is expected to realize over like capital invested in the average opportunity and explicitly considers reinvestment potential. Why add another Concept to the large array of investment criteria now available, any one of which, or perhaps a combination of several, appears to embrace the form&apos;s (or individuals) objectives? The answer is that not one of the existing criteria provides both a readily comprehensible and theoretically valid measure of risk coverage that has general application. The proposed PGI does fulfill these requirements. INTRODUCTION An ancient expression warns that "one must yield to the times" — there are better ways of doing things. A review of the petroleum engineering and economic literature on one topic alone, measurement of investment worth, certainly is witness to this truth. In use for a number of years, the DCF has recently received attention, directed mainly to its theoretical invalidity. Several alternatives to DCF have been proposed to provide a valid, simply determined criterion to describe investment worth and to overcome the criticisms previously mentioned. This paper introduces another method called percentage gain on investment (PGI) and is proposed as but one of several yardsticks that should be used in making investment decisions. MEASURES OF INVESTMENT WORTH This paper will consider only those criteria which give weight to the time pattern of future earnings. These criteria are usually compared with an average opportunity rate or cost of capital of the firm to judge the relative worth of the investment. For purposes of demonstration, a 9 percent average opportunity rate will be used throughout this paper. Implicit in the DCF calculation is the assumption that earnings are reinvested at the DCF rate. Some argue, though, that there is no reinvestment assumption,&apos; that the DCF rate is simply that maximum rate of interest one can pay on the investment over the life of the project and break even. The determination of DCF is accomplished by discounting the net cash flow stream at that rate (DCF) which will yield zero. The question is: why should reinvestment potential be explicitly considered in calculating return on investment or other criteria measuring economic worth? Perhaps the answer lies in consistent or equal treatment of future cash flow. It appears entirely illogical to give different present worth value to $1 received, say, 10 years from now, which is the circumstance resulting in comparing projects with different DCF returns. In fact, $1 received in 10 years has the same value regardless of which project generated the income. DCF return thus favors investment projects which are expected to provide early income as compared to those providing long-term income. Not surprisingly, the controversy on reinvestment assumption is an old one. Hoskold&apos; discussed this same problem in 1877. He considered the future income from mineral properties as an annuity or a series of fixed future payments. (As will be demonstrated, his equation can be modified for variable income.) Prior to Hoskold, the value or what one could pay for the mine, was determined with the use of standard, single-interest tables. Here is what Hoskold said with regard to these tables. "This table, and others of its kind, to be found in most works on annuities, is constructed correctly according to

By W. H. Adams

Shortly after becoming one of the van-guard of mine-developers in the State of Virginia, during the year 1883, I called the attention of the Institute to certain deposits of pyrites, which have been largely worked since. In all cases these deposits are covered with iron-ore (limonite), extending 40, 50 or 60 feet from surface to water-level. The several classes of brown iron-ores are found almost continuously along a prominent ridge of mineral-bearing slates, which can be traced from the James river northeasterly to the North Anna, the Rappahannock and the Potomac rivers, crossing the counties of Louisa, Spottsylvania and Stafford. Outcrops are plainly discoverable from end to end of this belt, also, in places, to the right and left of it, and at intervals there are evidences of workings, some of them for known purposes and others of unknown age and meaning. These old workings have an interest aside from the minerals they may contain or may have yielded. I have been engaged during the past five years in the collection of facts concerning them, which might determine definitely the site of those iron-furnaces, placed by tradition within reach of " the towne called Germanna," which were the first ever built in this State or on this continent. The events which led to the establishment of this important industry are sufficiently narrated in a paper written by Mr. R. A. Brock, Secretary of the Virginia Historical Society, and printed in the Proceedings of the National Museum, 1885, page 77, from which I quote the following : " To Virginia, the first of the English settlements in America, belongs the honor of inaugurating within her limits, as a colony, that most important industry, iron manufacture. "The London Company contemplated a variety of manufacturing enterprises from the very beginning of its authority; prominent among them was that of iron. In 1610 Sir Thomas Gates testified before the council of the Company at London, that in Virginia &apos; there were divers minerals, especially iron-oare,&apos; lying upon the

Jan 1, 1892

By F. E. Buch

The smelter is designed for a production capacity of 10,000 short tons of blister copper per month, when operating on the present concentrate grade. The :smelter lay-out is shown in Fig I. The major units of equipment comprise two reverberatory furnaces, three 13 by 30 ft Peirce-Smith converters, two straight line casting machines, one being served by a 13 by 30 ft holding furnace and the other by a ladle tilting quadrant, two converter aisle cranes and two converter blowers. The plant is compact and the general arrangement of standard gauge railway tracks and conveyor belts provides for a smooth flow of incoming materials and metallurgical products. Concentrate is received by conveyor belts and fluxes in standard railway trucks. The local track system is covered by an electric trolley locomotive. The Smelter treats a wet (10 pet moisture) flotation concentrate containing approximately 53 pct total copper and 0.9 pet oxide copper. The predominating minerals are chalco-cite, chalcopyrite and bornite accompanied by small quantities of malachite and cuprite. The gangue is highly siliceous and requires limerock as a flux. Metallurgy would be straightforward were it not for the necessity for eliminating bismuth which occurs as an impurity in the ore along with the copper. Directly or indirectly most of the Smelter problems can be traced to the necessity for bismuth removal. Copper recovery, based on new copper treated, averages 97.5 pct. General Description Flotation concentrate, containing 10 Pet moisture, is conveyed from the filter plant to the smelter storage bins by conveyor belts, the material being weighed in transit by a revolving drum type of weigh-hopper manufactured by Samuel Denison and Son, Ltd. The weigher consists of a steel drum with dished ends carried on a horizontal shaft and rotated by an 8 hp squirrel-cage motor through a worm and Spur reduction gear. A feed mouth in the drum permits of filling and discharging. The whole unit is supported on a framework resting on weighing levers, which in turn connect to transfer levers, thence to an indicator of the steelyard type situated 16 ft from the centre line of the drum. The indicator is of the "Denison" patent equilibrium controlled ticket stamping type, insuring mistake-proof records by a combination of electrical and mechanical movements which Prevent the operator from printing until the cover enclosing the steelyard is closed and until the poise-weights have been Set correctly to the weight of the hopper and contents. The machine is capable of weighing 30 short tons at a time but the usual load is 28 tons. After obtaining the gross weight the drum is rotated and discharged into a receiving bin situated below it. The empty drum is weighed and the net weight re-

Jan 1, 1949

By Chester Fulton

IN Polk County, Florida, the mining of raw phosphates began some 50 years ago with dredging operations on the Peace River, and in other near-by places by removal of shallow overburden with negroes and wheelbarrows, or with mules and scrapers, and the excavation and screen-ing of deposits found close to the surface. There were many individual operations of comparatively short life. Later steam shovels removed the overburden, and still later hydraulic methods were substituted for the steam shovel. Within the last 10 years large electrically operated drag-lines have almost entirely replaced hydraulic mining for overburden removal. The matrix is still mined by hydraulic giants and pumped to the washer or recovery plant. The many small operations have long since disappeared and the most desirable phosphate lands have gradually been acquired through purchase or merger by the seven companies that are operating in the field today. These companies are producing and selling about 2,000,000 long tons of phosphate per annum, or about two-thirds of what the industry likes to think is the normal output, with 1929 and 1930 in mind. To produce these 2,000,000 long tons of raw phosphate, they mine and treat about 1,000,000 tons of tailings from older and less efficient opera-tions, about 11,000,000 tons of matrix, and remove from above this matrix some 22,000,000 tons of overburden. The mining practice that has made possible the excavation and handling of 34 million tons of material to win but 2 million tons of merchantable product, selling for probably an average of only $4 per long ton when dried, should be of interest to the mining profession, though little has been written of it. The Florida Pebble Field, as it has come to be known, comprises an area (Fig. 1) within a radius of about 18 to 20 miles centering around Mulberry in Polk County, a small town 30 miles east of Tampa, Florida&apos;s largest port on the gulf coast.

Jan 1, 1936