Search Documents

By John M. Campbell, W. E. Portman

A series of correlating charts have been prepared to enable the field engineer to predict the amount of stock tank fluid produced by stabilization of first stage separator fluid. The charts shown are particularly convenient for estimating the relative effect of temperature and pressure in economic studies. Further work is planned to investigate the factors affecting stage separation' yo supplement this preliminary work. The direct correlation of separation variables is dictated as a convenience to eliminate the trial and error calculation necessary when using the standard flash vaporization equations. These are obtained by a material balance using the equilibrium vaporization ratio K, and have appeared in the following, or similar. form many times in the literature. where La = mols of any component n in the separator liquid Ko — equilibrium vaporization ratio for any component at separator pressure and temperature Fa = mols of any component n in the feed Vn = mols of any component n in the vapor V = total mols of separator vapor These equations may of course be effectively and accurately solved by use of digital and analog computers. However, these are not usually readily available in field offices and the need often arises for fast results during routine operational problems. Consequently, many methods have been devised in an attempt to simplify the basic calculation.2-14 The methods proposed are generally satisfactory, but do not eliminate trial and error methods and the necessity of subsequent calculations to obtain the answer in volume terms. The purpose of this work. therefore, was to develop accurate charts that would give the result directly in gallons. When using stage separation the recoveries would be lower than those shown, for stabilization usually gives about 95 + per cent recovery on the potential stock tank components in the separator liquid. The recoveries are shown in terms of a 14 psi Reid Vapor Pressure product which has a true vapor pressure of 14.7 psia at 98°F. Consequently, this product represents a stable stock tank liquid under normal storage conditions. To estimate natural gasoline re- coveries by stabilization the volume shown may be multiplied by 1.20 for 18 Ib RVP natural gasoline and 1.36 for 26 lb RVP natural gasoline. PROCEDURE The five analyses shown in Table 1 were chosen since they were representative of wellstream compositions often found and had almost the same propanes plus liquid content, expressed in gallons per 1,000 std. cu ft of wellstream. The distribution of the components though is widely variant. A temperature range of 0-100°F. and a pressure range of 200 to 1,250 psia was chosen inasmuch as most separations fall within these limits The K values used were modified values of those originally published by Katz and Hachmuth.' In the range chosen these have generally given good results when predicting fluid recoveries. The choice was somewhat arbitrary, for the authors' personal experience has shown that

Jan 1, 1957

By L. S. Richardson, N. J. Grant

REACTIONS of oxygen and nitrogen at low pressures with titanium have recently been studied by a number of investigators.1-3 Gulbransen and Andrew' noted that the reaction with nitrogen followed the parabolic rate law whereas the reaction with oxygen deviated slightly from this law in the temperature range 300° to 800°C. In the work reported here, commercial titanium (75 A) was used as the test material. Cylinders 2.5 in. long and 0.25 in. in diameter were machined from heavier bar stock. The test pieces were given a metallographic finish, immersed for 30 min in cold concentrated HC1, washed in water, then acetone, and dried with lint-free cloth. Reaction rates were determined in a modified Sieverts type apparatus by measuring the decrease in gas pressure of the reacting gas contained in a constant volume. The amount of gas added could be measured in a calibrated gas burette to an accuracy of 0.01 mm. During the course of a run the temperature never varied by more than 10°C and then only for brief moments. After placing the specimen in the furnace, the system was first evacuated for 12 hr at room temperature, and then flushed with purified argon five times, adsorbed gases being discharged during this period from the glass system with a high frequency spark coil. The flushing and discharging were repeated at 400°C. This rather involved procedure was found necessary after a number of trial runs indicated extraneous effects traceable to the system. Reaction periods up to 2 hr were used, at initial gas pressures of 0.2 to 0.5 atm. Experimental Results Fig. 1 shows the decrease in oxygen pressure for tests at 0.5 atm at various temperatures as a function of the square root of the time. Deviations from linearity are minor and the parabolic rate law is obeyed. Fig. 2 shows the same plot for the nitrogen reaction. A definite deviation from linearity is noted; however, it is probable that the higher initial rates are caused by the presence of small amounts of oxygen contamination, the initial faster rate changing to the slower rate after about 5 to 10 min. Calculations of the rate constants were made on the basis of the latter portion of the curves. The parabolic rate law constants calculated from these curves are shown for oxygen and nitrogen in Fig. 3. In spite of some scatter the average curves are quite definite. Changes in gas pressure of the order of 20 pct did not result in a measurable change in the rate law constants. The activation energy for the oxygen reaction was calculated to be 47,400 cal per mol (above 700°C), which is not in agreement with the value quoted by Gulbransen and Andrew' for lower temperatures, their value being 26,000 cal below 600°C. The activation energy for the nitrogen reaction was calculated to be 45,400 cal per mol above about

Jan 1, 1955

By Charles Wert

THE diffusion and precipitation of carbon and nitrogen in a iron have previously been investigated using the internal friction as a measuring tool.' Most of this work has been done on rather pure iron; no effect was observed which would indicate that either of these phenomena is affected by the rather small amounts of impurity found in these samples of iron. Fastz observed, however, that both the diffusion rate and the aging properties of nitrogen in iron were sensibly changed by the addition of Vz pet Mn. The diffusion rate at a given temperature is reduced and the nucleation of nitrides is apparently changed somewhat. He observed no such changes for carbon in this alloy. Later Dijkstra and Sladek" extended these observations on nitrogen to other alloys of iron. They found that metals other than manganese also influence the behavior of nitrogen in iron; chromium, molybdenum and especially vanadium affect the diffusion and precipitation of nitrogen even more than manganese does. Their results have been verified in all essential details by this author, who finds in addition that small additions of nickel have about the same effect on the diffusion of nitrogen as the same amount of manganese. The present work was undertaken to study the effect on carbon in iron of these alloying elements. The alloys used had two sources. The material used as a "standard" (designated Fe in this paper) in the measurements was some iron supplied by J. K. Stanley, of Westinghouse Electric Corp., who reported 0.01 pct 0, as the only major impurity. He also made up an alloy of 0.26 pct Ni and one of 0.9 pct Mo using this same iron as a base. They were supplied by him in 2 lb billets, which were sawed into rods and cold formed into 0.030 in. wires for measurement. The alloys of chromium, manganese, and vanadium were prepared by the metallurgy section of the Institute for the Study of Metals, University of Chicago, by adding these metals in turn to vacuum melts of National Research Corp. iron. The small castings prepared in this way were also cold formed into 0.030 in. wires. After these wires had been prepared they were decarburized for 30 min at 730°C in wet Hz. After this treatment, no trace of carbon (as measured by internal friction) could be found. All specimens were then carburized for about 15 min at 710°C and water quenched. By this treatment the internal friction at 40°C was raised to a Q-' ~ 0.015. The diffusion of carbon in these alloys was studied by observing the shape and position of the internal friction peak at 0.9 cycles per sec. These measurements were made using a torsional pendulum in a manner described earlier.' The data are plotted in Fig. 1. It is seen that there is no apparent difference in internal friction between the various alloys. This is in marked distinction to the broadening and shift-

Jan 1, 1953

By H. P. Greenwald

IN the year just passed the Coal Division's Committee on Rock-Dusting reviewed the status of this safety measure in American coal mines and prepared a paper thereon which will be presented at the February meeting of the Institute. This paper supplements one appearing in Vol. 139 of the "Transactions," page 87 (1940). Because that paper will be issued soon, only a summary is given herein.

Jan 1, 1944

By Walter Miller

DURING the second year of America's active participation in the war the main objectives of the petroleum refining industry were again to provide the four most important product needs for war: 100-octane aviation gasoline, toluene for TNT production, high-quality lubricating oils for the needs of aviation and the armed forces, and petroleum chemicals for synthetic rubber manufacture. All other materials supplied by the petroleum industry took an inferior priority ranking, depending on the degree of essentiality. To accomplish the above objectives the industry initiated and carried on a building program during 1942 and 1943 which will put those two years down in petroleum refining history as the greatest construction years of all time, a record which will hold for decades to come. Led by an estimated total of $900,000,000 going into 100octane and contributory plant investment, it is easy to picture a total of two billion dollars and more going into additional refining-industry plant investment during 1942 and 1943, most of it privately paid for, but a substantial part covered by R.F.C. Government money financing.

Jan 1, 1944

By Leo H. Glanville

UNTIL 1934, natural ventilation was depended upon in the mine of the Climax Molybdenum Co. at Climax, Colorado. In that year a 7-ft. axial-flow, low-pressure fan was installed as an exhausting unit. In 1936, three more fans of the same kind were installed, all as exhausting units, with a total capacity of 115,000 cu. ft. per min., and since then fans and sprays have been added as required. ATMOSPHERIC CONDITIONS Adverse atmospheric conditions at this elevation of 11,500 ft. account in part for difficulty in maintaining adequate ventilation throughout the mine. Barometric pressures range from 18.99 to 20.01 in. of mercury; the normal average being 19.70 in. Air weight is 0.051 lb. per cu. ft., and humidity is low-about a 30 per cent yearly average. This makes the use of mechanical humidity aids mandatory the year around to prevent excessive dryness of the mine workings and the resultant dust hazard. The yearly temperature range is from minus 24° to 95°F.; typically, in February 1942 the mean low was minus 3.25°F. and the mean high, 21.3°F. In August the mean low was 34.8°F.; the mean high, 64.26°F. Even during the summer month air filtration through the openings of the cave area is 32°F., owing to accumulation of snow in the glory hole and in part to glacial ice, which, combined with a rock temperature of 39°F. on the upper levels (elevation 11,945 ft.) and 42°F. on the main haulage level (elevation 11,490 ft.), makes it difficult to maintain a comfortable working temperature. The one advantage in ventilation of mine workings at the altitude of the Climax mine is that the power required to circulate a given air volume is 32 per cent less than would be required at sea level. PROBLEMS Since 1936 the mine management has studied intensively plans for providing adequate ventilation for the entire mine for its expected life. As the ore breaks into large pieces, much secondary blasting is necessary, therefore there is a considerable amount of smoke, gas and dust, which requires circulation of a large amount of air to remove the contamination. It is undesirable to use haulage drifts and manways as air passages because some would be passageways for contaminated air also, and there would be undesirable high velocities in some drifts. High velocities and large volumes of subfreezing air dry out the passageways through which they pass, and thus increase the amount of dust. Regulating doors in haulage drifts are difficult of upkeep and interfere with production. It was decided as a general principle to distribute fresh air to each working place at low velocities and low pressures and to remove contaminated air as soon as possible with a minimum of travel through working places.

Jan 1, 1943

By Samuel S. Wyer

The following abbreviations hare been used in the text: Am. Mfr. and Iron World. American Manufacturer and Iron World, Pittsburg, Pa. Can. Min. Rez;. Canadian Mininy Review, Ottawa, Can. Cuss. Mag. Cassier's Mayazine, New York, N. Y. Col. Eng. Colliery Engineer, Scranton, Pa. Col. Guard. Colliery Guardian, London, Eog. Eng. and Min. Jour. Engineering and Mining Journal, New York, N. Y. Eng. News. Engineering News, New York, N. Y. Engr. Engineering, London, Eng. J. I. and 8. I. Journal of the Iron and Steel Institute, London, Eng. Jour. W. Soc. of Engrs. Journal Western Society of Engineers, Chicago, Ill. Lond. Eng. The Engineer, London, Eng. Mines and Min. Mines and Minerals, Scranton, Pa. North of Eng. I. M. E. North of England Institute of Mining Engineers, Newcastle-on-Tyne, England. Oester. Zeitsch f. Berg u. Hüt. Oesterreichische Zeitschrift für Berg-und Hittenwesen, Vienna, Austria. Pract. Engr. Practical Engineer, London, Eng. Proc. I. C! E. Proceedings Institution of Civil Engineers, London, Eng. Trans. A. I. M. E. Transactions American Institute of Mining Engineers, New York, N. Y. Trans. A. S. M. E. Transactions American Society Mechanical Engineers, New York, N. I!. Duns. Fed. I. M. E, Transuctions Federated Institute Mining Engineers, Newcastle-on-Tgne, England. Trans. L 31. E. Transactions Institute Mining Engineers, Newcastle-on-Tyne, England.

Jan 1, 1907

By AIME AIME

THE list of deaths reported during the year 1904 comprises the following names (the figures in parentheses indicate the year in which the persons named were elected to membership). Honorary Members.-Sir Lowthian Bell, Dr. Thomas M. Drown. Members and Associates.-Jacob Neff Barr (1884), John Walter Best (1899), A. Poyntz Blandy (1903), A. Cass Canfield (1876), William E. Carroll (1901), William E. C. Coxe (1874), Russell W. Davenport (1877), Isidor Davidov (1893), Louis M. Davis (1884), Edward Doerr (1897), Edward M. Ferguson (1878), C. Le Neve Foster (1893), Geo. Clinton Gardner (1878), Wm. J. Harris (1871), Richard P. Heckscher (1893), H. D. Hoskold (1.894), Wm. S. Hungerford (1882), Edwd. K. Landis, (1882), August Lengemann (1902), Wm. M. Lippitt (1900), Henry McCalley (1888), Robert J. McCartney (1897), Arthur McClellan (1871), Arthur S. Mahony (1888), Philip W. Moen (1888), Henry G. Morse (1881), Charles Parkin (1875), Clarence V. Page (1900), Rubens P. Patterson (1886), Henry Paul (1889), W. H. Pettee (1871), James B. Randol (1879), Irving H. Sevier (1904), Win. J. Sims (1902), John H. Slavens (1901), Chas. B. Squier (1886), Chas. W. Stickney (1891), Homer H. Swaney (1903), Walter B. Wilson (1892), Whittaker Wright, The following paragraphs, constituting the concluding portion of the Annual Report of the Council for 1904, have been withheld from publication until now, in order to make them as accurate and complete as possible. Jacob Neff Barr, a mechanical engineer of note, died on May 5, 1904. Being especially interested in railroad work, he invented the Barr contracting-chill process of casting car-wheels,

Jul 1, 1905

By John J. Collins

The plight of the Japanese mining business is pitiful. Coal mines were given the highest priority for all materials they needed, yet between the end of the war and June 1948, the government was obliged to subsidize them to the extent of 22 billion yen, this being the difference between the consumer's price and the producer's price. Most of the metal mining companies have been operating at only one fifth to one third of war-time production rates, and financial losses have been terrific. The chief difficulties have been a plethora of office workers and a dearth of equipment, supplies, and miners. The principal material needs at metal mines are steel rails. cars, plates, nails, rubber hoses, and belting, to say nothing of modern core drills which are totally lacking. Until recently the great shortage was in coal; for lack of fuel the smelters and factories failed to produce the very metals and equipment now needed to operate the mines. Nation-wide shortages have created a monstrous inflation of prices throughout all the economy, currently amounting to 200 times the prewar figures. For example, the price of copper ranged from 500 to 900 yen per metric ton for many years until 1937, but in mid-1948 producers were

Jan 1, 1949

The Lake Superior Mining Institute, Ishpeming, Mich. A. J. Yungbluth, Secretary. An Annual Volume of Proceedings, carrying papers presented during the year, has been published since 1S83, with the exception of the years 1S97, 1899, 1907, 1916, 1918, 1919, 1920, 1921, 1924 and 1927. No meetings were held during those years and conse-

Jan 1, 1933

By C. W. Sherman, John Chipman

IN the mathematical statement of the law of mass action, the activity of each substance consumed or produced in a reaction is used to obtain a numerical constant which is characteristic of the equilibrium of that reaction at the given temperature. The activity in many cases is equal to, or proportional to, the concentration. If this is the case, any units denoting concentrations, such as weight percentage or mol fraction, may be substituted in the equilibrium expression. It is even permissible to use mixed units provided only that each unit is that used in defining the activity of the corresponding substance. The indiscriminate use of concentration units in writing equilibrium constants sometimes leads to very erroneous results. On the other hand, what appear to be contradictory results from similar investigations often might be resolved if the activity is the quantity that is used to determine the equilibrium constant for the reaction in question. De-sulphurization serves as an important illustration. Sulphur in lron and Steel The control of the sulphur content of the finished product is one of the oldest and broadest problems in the metallurgy of iron and steel. In general, this control must be exercised through the action of a slag, and for this reason experimental studies of the distribution of sulphur between slag and metal have assumed considerable importance. Under slags of the type found in the basic open-hearth furnace the ratio (% S)/[% S] does not in general exceed about 8. Under blast-furnace conditions, however, de-sulphurization ratios of 50 to 100 are readily obtained, and under laboratory conditions using similar slags, the ratio may be as high as 400. The fact that blast-furnace metal is much more readily desulphurized than is molten steel rests upon two distinct phenomena. The first of these is connected with the slag reaction. In the open-hearth furnace, the equilibrium in the following reaction places a definite limit on the sulphur content of the slag: S + 0-- = 0 + S- - where the symbols underlined indicate elements dissolved in the liquid metal, while slag constituents are represented as ions. The high oxygen content of the open-hearth bath prevents this reaction from proceeding far enough to effect good desul-phurization. In the blast-furnace process, however, the oxygen activity is limited by the presence of carbon in the metal and in the coke bed and the controlling reaction becomes: S_+O- + C_=S- + CO(gas) [2] The second phenomenon which contributes to the easier desulphurization of blast-furnace metal is the effect of high concentrations of other elements. These elements, notably carbon, silicon, and phosphorus, increase the thermodynamic activity of sulphur several fold. As a result of this increase, the escaping tendency of sulphur from the metal phase is increased and its removal facilitated. Previous Studies It becomes, therefore, a matter of importance to determine the effects of various elements upon the activity of sulphur in the melt. The experimental approach to this problem has been made through the equilibrium between sulphur in the melt and gaseous atmospheres containing hydrogen and hydrogen sulphide. The reaction and its equilibrium constant are written as follows: S + H2(gas) =H2S(gas);K1 = -- [3] Pn2 • as where the symbol a, represents the activity of the sulphur in solution in the metal. The understanding of the chemical behavior of sulphur in steel and pig iron rests on a firm knowledge of the binary system Fe-S. A number of studies of the equilibrium have given closely agreeing results from which the activity and free energy of the dissolved sulphur may be found. The recent paper by Sherman, Elvander, and Chipman1 includes a discussion and quantitative comparison of the results of several of the significant researchesr-" on dilute solutions of sulphur in iron. The results of this study indicate that the relationship between the ratio Ph,s/p+ and the percentage of sulphur in solution is not a linear one. This

Jan 1, 1953

By Yeatman, Pope

FOR many years geologists have felt that mining companies should adopt a more liberal policy in the publication of their reports. The increasing usefulness of the geologist to the mining profession in recent years demands that consideration be given to this question. Prior to 1900, the call for geologists of high reputation by mining companies was probably mainly in connection with lawsuits arising from the interpretation of rights or ownership as defined by the "Law of the Apex," and from problems such as finding the continuation of the vein or whether the vein followed was the main one or a branch. Later, outside of legal questions, the most intensive and general use of their services arose from the search for oil. Geologists to determine the position of the formations

Jan 1, 1938

By Albert Sauveur

(Cleveland Meeting, October, 1912.) ALTHOUGH many metallurgists know that some pearlitic special steels can be made troostitic, martensitic, and even austenitic, without quenching, and, therefore, without exposing them to the dangers of the quenching-bath, the practical significance of such possibility does not seem to have received the attention it deserves. Let us recall briefly the mechanism of the transformation alluded to. In Fig. 1 (after Guillet) is shown the constitutional diagram of nickel-steel that; is, of alloys of iron, carbon, and nickel. Any steel the composition of which falls within the area LPO is pearlitic after slow cooling; any steel the composition of which is represented by a point within the area MLO is martensitic, and any steel within the area MNO is austenitic. Starting with pearlitic steel, then by increasing the carbon-content or the nickel-content, or both, the metal becomes martensitic and eventually austenitic; that is, its composition crosses first the boundary-line LO and then the line M0-and it remains martensitic or austenitic after slow (air) cooling.1 We have inn this way imparted to the metal without quenching it the properties of hardened carbon-steel. In other words, the steel is now self-hardening. Nickel cannot be introduced into solid steel, but by the well-known process of case-hardening it * Professor of Metallurgy and Metalllography in Harvard University. + Assistant in Metallurgy and Metallography in Harvard University. 1 The boundaries between the various zones are not, as a matter of fact, as sharp as indicated in the diagram, because pearlite is not transformed abruptly and in its entirety into martensite when a certain critical composition is attained, nor is martensite suddenly and completely converted into austenite. Greater refinement in the construction of the diagram would undoubtedly result in the introduction of troosto-pearlitic, troostitic, and troosto-martensitic zones between the pearlitic and martensitic areas and-of a martenso-austenitic zone between the martensitic and austenitic areas. Fur the purpose of this note, however, the existence of these transition-conditions may be ignored.

Nov 1, 1912

By H. I. Aaronson

ONLY limited studies have been made of pro-eutectoid a morphology in hypoeutectoid Ti-Cr alloys during previous investigations, 1-3 The nature of the eutectoid reaction, ß?a + TiCr2, has been considered in somewhat more detail.1,2,4,4 Inasmuch as the proeutectoid ferrite reaction in plain carbon steels has recently been extensively investigated in this laboratory, advantage has been taken of the opportunity to compare the morphologies developed in two rather different eutectoid systems in order to permit a preliminary estimate to be made of the degree of generality which may be ascribed to the various results obtained. Experimental Procedure The chemical analyses of the alloys used are given in Table I. The 7.22 pct Cr alloy was prepared by the Battelle Memorial Institute from iodide titanium and high purity chromium. The initial ingot was made by arc melting a master alloy and iodide titanium. The resultant ingot was twice remelted. by the consumable electrode technique. Upset forging at 950°C reduced the final ingot to 3/4 in. sq bars. The 10.94 pct Cr alloy was prepared by the Titanium Metals Corp. of America from sponge titanium and chromium of ordinary purity. This alloy was melted twice by the consumable electrode technique, forged at 1200° to a 3/4 in. sq bar, and rolled at 815°C to a 1/2 in. round. Specimens 1/4 in. x 1/4 in. x 1/16 in. were cut from the 7.22 pct Cr alloy; halves of disks 1/2 in. in dlam and 1/16 in. thick served as specimens of the 10.94 pct Cr alloy. These specimens were individually encapsulated in Vycor, Each capsule was evacuated three times to a pressure of 2 to 6 x lo-' mm Hg and flushed twice with a reduced pressure of argon prior to sealing. The inclusion of two small packets of zirconium chips permitted the capsules to be outgassed and internally gettered, without heating the specimen, prior to heat treatment. The specimens were solution annealed for 40 min at 1000°C, isothermally reacted in deoxidized lead pots, and quenched in iced water. Most of the isothermal reaction treatments were carried out at 25" intervals between 725° and 550°C on specimens of the 7.22 pct Cr alloy and at 650°C on specimens of the 10.94 pct Cr alloy. Results and Discussion Morphologies of Proeutectoid a*—Kinetics of the ß?a Reaction: Fig. 1 shows the TTT-curves for the beginning of the proeutectoid a and the eutectoid reactions in the temperature range investigated in the 7.22 pct Cr alloy. The M, temperature in this alloy is below 0°C. The curve for the beginning of the proeutectoid a reaction is in good agreement with that of Frost, Parris, Hirsch, Doig, and Schwartz' for a 7.54 pct Cr alloy, appears at considerably earlier reaction times than the corresponding curve presented by Rostoker4 for a 7 pct Cr alloy, and lies athwart the curve of Spachner and co-workers11 for an 8 pct Cr alloy. Differences in criteria for the beginning of the a reaction and the relatively high rate of this reaction at lower temperatures presumably account for some of these divergences and may also explain, in part, the apparent failure of an iodide-base 7.22 pct Cr alloy to react more slowly than sponge-base 7 to 8 pct Cr alloys. Grain Boundary Allotriomorphs: Crystals of this morphology nucleate at and grow preferentially and more or less smoothly along the matrix grain boundaries.5-7 Allotriomorphs are the first morphology to precipitate at most grain boundaries at reaction temperatures from 725°C, the highest temperature studied, at least through 575°C. Fig. 2 Shows typical allotriomorphs, formed during an early stage of transformation at 725°C. Grain boundary allotriomorphs are not the predc=iaant morphology at late reaction times at any temperature studied. However; from 725" through

Jan 1, 1958

By D. W. Loughridge

INTRODUCTION Raising capital in the 1990s is a timely subject. However, many of us thought why should raising capital in the 1990s prove to be unlike it was in the 19805, the 1970s, the 1%0s, or earlier? There are a lot of creative people in banking and in corporate treasury departments. New tools and techniques are continuing to emerge, many of which are discussed in other papers in this book. While we have new financing tools at our disposal, the underlying issue has not changed. Projects and investments must be judged on their own merits. If they cannot be justified by conventional financial analysis, they should not be built. If they can be justified, it is likely that the financing will be available. The challenges faced in raising capital in this decade will persist to the next. The issues of the 1980s -- currency fluctuation, disruptive merger and acquisition activity, commodity price volatility, political risk, and debt crisis -- will all persist in an increasingly international business environment. I will focus on the financing we have just completed for the Escondida Copper Project in Chile. The Escondida financing is structured along the classic project financing model developed in the late 1970s, but it deals with issues of the 1980s and the 1990s. The financing was intriguing, not just because of the technical issues involved, but also the challenge of reaching an agreement in a large and diverse group. Escondida had the one essential feature that made its financing possible. It was commercially very attractive. It would produce at low cost a commodity (copper concentrates) that direct consumers felt would be in tight supply. The project had the direct support not only of its sponsors, but also its customers, and, very importantly, its host government. The non- recourse financing of Escondida would not have been possible without the support of these parties, and without the robust economics that made this effort worthwhile. The issue was more complicated. Operations in all parts of the world entail some political exposure. This project is in Chile, where there was a constitutional requirement that a plebescite be held when the project would be in its early stages. This plebescite would determine the fate of a 15 year old military dictatorship. The project is copper, a commodity generally deemed to be in surplus. Copper has a history of price volatility (whose price has varied from $.58 to $1.53 per pound over the past two years). It is politically sensitive, not only in Chile, but in the United States, Canada and other developed countries. The project is international, with all the problems of dealing with a variety of currencies, a variety of cultures, and a variety of laws and commercial practices. The project is also large and capital intensive, with a total cost of U.S. $1.1 billion. ESCONDIDA PROJECT Escondida, the largest known copper ore body in the world, was discovered in March of 1981, by Utah International in a joint venture with Getty Oil Company. In 1984, both Utah and Getty were involved in ownership changes, Utah being acquired by BHP. A later restructuring of the ownership of Escondida resulted in BHP, as manager, carrying a 60% interest, Rio Tinto-Zinc Corporation (RTZ) 30%, and a consortium of Japanese companies led by Mitsubishi Corporation with 10%. The Japanese consortium is incorporated as JECO (Japan Escondida Corporation). This ownership structure, which spread ownership around the world, was the first tangible step toward managing both the commercial and political risk associated with the project.

Jan 1, 1990

By R. P. Abendroth

The hydrogen-water vapor ratio at which Fe-Cr alloy, chromium oxide, andiron chromite coexist in equilibrium was determined between 900" and 1200°C. A thermogravimetric method was used to determine equilibrium conditions. The results fit a straight-line relationship in the temperature region studied, and are given by Reduction experiments were also performed to confirm the results of the equilibrium investigation. ThE oxygen pressures at which Fe-Cr alloy, chromium oxide, and iron chromite coexist in equilibrium have been previously determined by Boericke and angert,' Morozov and Novokharski,' and Katsura and uan. Only one determination (at 1300°C) was made by Katsura and Muan, but it agrees with the results of orozov and Novokharski. The results of Boericke and Bangert, however, differ appreciably from the results of these investigators. Previous studies have assumed that the equilibrium metallic phase is pure iron, but Dahl and Van vlack have shown that the iron contains from about 1 wt pct Cr at 1000°C to over 2 wt pct above 1300°C. The chromium oxide also contains a small amount of iron in solid solution. In the present study, hydrogen-water vapor mixtures were equilibrated with the condensed phases, using a therrnogravimetric method to determine equilibrium conditions. The reaction can be written EXPERIMENTAL General Procedure. The starting material was a sintered pellet of Fe2O3-Cr2O3 solid solution with a hole in the center, and was placed on a fused silica hook. This assembly was raised into the preheated hot zone of the furnace in a helium atmosphere, hooked onto a fused silica hangdown suspended from one arm of an Ainsworth Model RV-AU-1 recording balance, and the starting weight determined. A flowing hydrogen-water vapor atmosphere was then exchanged for the helium by evacuation, and the sample reduced until the weight loss indicated the sample composition to be in the alloy-Cr2O3-chromite field. The tem- perature was adjusted incrementally until constant sample weight was achieved for several hours, to within 0.02 mg. A hydrogen-water vapor atmosphere of different composition was then admitted, and the same procedure carried out. At the end of a series of determinations, the sample was examined by X-ray diffraction to verify the presence of the desired phases. Microscopic examination of the silica hook showed no interaction with the sample, nor did it lose any weight. Several criteria were used to insure equilibrium besides constancy of weight. For a given hydrogen-water vapor composition, equilibrium was approached from both oxidizing and reducing sides by varying the furnace temperature slightly. The resulting slow weight loss or gain was observed for several hours. Constant weight could be re-established by returning to the original furnace temperature. The last criterion used was varying the relative amounts of the phases by further reduction or oxidation, and observing any changes in temperature required for constant weight for a given hydrogen-water vapor atmosphere. None were observed. This procedure was essentially the same as approaching the equilibrium from oxidizing and reducing sides, but larger weight excursions were carried out. Sample Preparation. Reagent-grade Fe2O3 and Cr83 powders were mixed in the desired proportions and heated in air at 1250°C for 2 hr. The mixture was re-ground and heated in air overnight at 1250°C. X-ray diffraction showed complete solid-solution formation as a result of this procedure. The solid solution was then pressed into l/2-in.-diam pellets using Carbowax 4000 as a binder. The hole was drilled in the center, and the pellets were sintered 24 hr at 1250°C in air on a bed of Fe2O3-Cr2O3 of the same composition, contained in an alundum boat. After cooling, the pellet surfaces were abraded with 310 paper to remove any surface compositional differences, such as loss of Cr2O3. Chemical analysis of the sintered pellets was 67.16 wt pct CrP3 and 33.02 wt pct Fe203. Atmosphere Generation and Control. The hydrogen-water vapor atmospheres were generated by passing Matheson ultrahigh-purity hydrogen, with no further purification, through two water bubblers contained in a constant-temperature water bath. Since the water-vapor dew points required in this study were below room temperature, the bath was insulated, and was cooled by thermoelectric-immersion devices. The bath temperature was controlled to 0.0l0C. Since rather high flow rates of about 900 ml per min were used through the furnace tube, an independent check of the dew point was made to insure saturation of the hydrogen by the water vapor. Although the dew point could only be determined to within 1/2"C, the determined dew points agreed with the water-bath temper-

Jan 1, 1967

By C. H. Green

Recently two papers on the structure of eutectics were read before thc British Institute of Metals, one by F. L. Bradyl and the other by A. Portevin. 2 In the preparation of photomicrographs of laboratory specimens as illustrations for student work, and in connection with various researches, the writer has been working along the same line for some time and, therefore, was much interested in the results given, especially those of Portevin. He has correlated the information on the subject and has outlined a broad scientific basis for future work along this line. It is largely with the idea of adding something by way of illustration to the work already done that this paper is written. The eutectic is generally understood to mean the alloy having the lowest melting point of any alloy of the system, and in which the melt becomes supersaturated with reference to the two or more phases which separate out simultaneously or alternately. From the surface pattern, the eutectic means a structure with no primary crystals. It is not always easy to get the exact eutectic composition in making any alloy; in fact, a slight range in composition may be expected and some of the coarser particles may be richer in either of the composing metals. Even when chemical analysis shows the right composition, differences in density of the pure metals may cause segregation, or supercooling resulting from different crystallizing properties may give a surface pattern the appearance of being on one side of the eutectic point. However, the alloys on either side of the eutectic composition, showing primary crystals of one of the phases and the effect of the proeutectic form on the surface pattern of the eutectic make a very interesting study, which is slightly touched upon in this paper. The phases, or microconstituents, of a eutectic may be pure metals (Pb-Sb, Tl-Au), solid solutions (Cd-Zn), a pure metal and a solid solution (Ag-Sn), or a pure metal or solid solution with an intermetallic compound (Sb-Mg, Sb-Cu, As-Cu, Bi-Te, etc.).

Jan 1, 1925

By Jos. Van Ackeren

Although the Siemens regenerator principle was introduced into byproduct coke-oven design about 40 years ago, many problems of construction, and particularly of heat distribution and pressure conditions, have not been fully solved. Heat should be applied to the walls of a coke oven in such a way that the coking of the charge of coal will be completed everywhere at the same time, and at approximately the same temperature. This means that the application of heat should be uniform from the top to the bottom of the coal mass (except for the thin layer at the top that is purposely kept at a somewhat lower temperature to reduce cracking of the byproducts); also that a little more heat must be applied to the coke end than to the pusher end, because the coal mass is a little thicker at that end. As a modern coke oven is about 40 ft. long and 12 ft. high, a real problem is involved in the proper application of heat to the oven walls so as to secure quick coking time (without endangering the walls through local overheating) and produce coke made at a uniform temperature. Design of Ovens In all regenerative ovens, the points of combustion are arranged in duplicate sets, one set operating in one-half the area of the heating wall and the other set alternately operating in the other half. Because of the reversal of the flow of gases, the points of maximum and minimum temperatures are alternately located at the same places, thus preventing dangerous local overheating. The practicability of the principle of reversal of flow seems to have been recognized at an early date, and has been applied with every conceivable flue arrangement, combustion chamber, and means of air and gas supply. To summarize the various principles that have proved useful for the control of oven-wall temperature, the best practice seems to have resulted from the acceptance of the use of vertical flues; the separate supply of air and gas to the base of these flues, with the resulting flame

Jan 1, 1923

By Jos. Van Ackeren

Although the Siemens regenerator principle was introduced into byproduct coke-oven design about 40 years ago, many problems of construction, and particularly of heat distribution and pressure conditions, have not been fully solved. Heat should be applied to the walls of a coke oven in such a way that the coking of the charge of coal will be completed everywhere at the same time, and at approximately the same temperature. This means that the application of heat should be uniform from the top to the bottom of the coal mass (except for the thin layer at the top that is purposely kept at a somewhat lower temperature to reduce cracking of the byproducts); also that a little more heat must be applied to the coke end than to the pusher end, because the coal mass is a little thicker at that end. As a modern coke oven is about 40 ft. long and 12 ft. high, a real problem is involved in the proper application of heat to the oven walls so as to secure quick coking time (without endangering the walls through local overheating) and produce coke made at a uniform temperature. Design of Ovens In all regenerative ovens, the points of combustion are arranged in duplicate sets, one set operating in one-half the area of the heating wall and the other set alternately operating in the other half. Because of the reversal of the flow of gases, the points of maximum and minimum temperatures are alternately located at the same places, thus preventing dangerous local overheating. The practicability of the principle of reversal of flow seems to have been recognized at an early date, and has been applied with every conceivable flue arrangement, combustion chamber, and means of air and gas supply. To summarize the various principles that have proved useful for the control of oven-wall temperature, the best practice seems to have resulted from the acceptance of the use of vertical flues; the separate supply of air and gas to the base of these flues, with the resulting flame

Jan 1, 1923

By Roswell H. Johnson

What becomes of the water which must have filled the oil and gas sands at the time of deposition, has long puzzled students of oil and gas and has found expression in Munn's well-known article on the hydraulic theory. Both Munn and Clapp have pointed out that in the Appalachian field the deeper sands carry increasingly less proportionate amounts of water. It seems to me probable that the principal source of oil and gas has been in the shales in proximity to the sands which now contain these products. The sand spits which mark off the lagoons from the sea comply particularly with the requirements of a limited sand imbedded in shales rich in organic matter. Cunningham Craig has objected to this view that the rich organic muds of lagoons are found only at the surface. That such muds do extend to considerable depth 1 am assured by Prof. Douglas W. Johnson, who has made an extensive study of the Atlantic Coast marshes. As any particular sand body becomes weighted by a heavier and heavier overburden, the result of increasing deposition, a part of the very large percentage of water in the uncompacted sand and mud is forced out. The water percentage of freshly settled mud is vastly higher than that of the resultant shales, or even of a very porous sand. If beds of less compressible material meet or underlie the shales in question, there will frequently be a lateral motion along such beds to some point where the upward movement will be resumed. We find in our laboratory work here that oil, gas, and water have extremely slight capacity for gravitational sorting while in a state of rest, but when moving the gravitational sorting is readily accomplished. As the oil, gas, and water pass a body of larger pores, the gas, owing to its lack of capillary attraction, is retained in the large pores. This has been predicted by Washburne, Blatehley and others on the ground that the water has a higher capillarity and grips the finer pores in such a way that there will be a greater proportion of oil and gas in the large

Jan 1, 1915