The objective of this thesis is to examine an approach to copper mining security analysis which measures the quality and projects the market value of the common shares. The accepted approach is the Multiplier Theory as advanced by Graham & Dodd and represented by the formula: Estimated market value equals the multiplier times the sum of the projected dividends paid and one-third of the projected earnings all adjusted for asset values. General application of the theory is qualified to conform with pertinent tangible and intangible factors which influence the basic components of the formula. The basic components are defined and the range of adjustments necessary for the Intangible factors influencing the multiplier are developed before the tangible factors affecting the quality of the security are examined. The performance of the Copper Industry as compared with other industries is measured by the rate of return on the common stock. The securities of the three leading integrated United States' copper mining companies are appraised on this basis. The quality of these copper mining common stocks depends on the economics of the companies and the Copper Industry. An abundance of statistical data is examined to illustrate the body of knowledge required to appraise and project the costs, earnings and copper prices. A projection was made of the rate of return on a hypothetical investment in the common stocks of these companies. The projection incorporated the adjustments and the prevailing economic trends. The estimated future market value of the common shares was deduced by applying the projected components to the standard formula. The variations between the actual and the estimated rate of return on the hypothetical investment were beyond the limits which would have proven the approach to be conclusive. / Business, Sauder School of / Graduate

The thermodynamic properties of the components in the Cu-Ni-S ternary system have been measured by means of the H₂S/H₂ ratio in a gas phase equilibrated with the molten matte at 1200°C. The measured sulphur potentials were integrated to establish the activities in the Cu₂S-Ni₃S₂ pseudobinary and the isoactivity lines over the ternary system. The resultant activity pattern suggests the presence of a pseudocomponent at approximately the composition 0.02 N Ni, 0.63 NCu, and 0.35 NS . The influence exerted by the pseudocomponent causes the activity of Cu₂S to be nearly constant in the miscibility gap. In this same region the activity of Ni₃S₂ is restricted to low values. / Applied Science, Faculty of / Materials Engineering, Department of / Graduate

The thermodynamic properties of the copper-manganese system were determined by the measurement of the vapour pressure of manganese tagged with Mn⁵⁴, using the Knudsen effusion method. Manganese shows a positive deviation from Raoult's law over the entire composition range. Copper, although showing a strong positive departure from Raoult's law at low copper content, shows a slight negative departure in copper-rich compositions. The negative departure, which can be associated with an affinity of copper for manganese is greatest at compositions of about 35% manganese. The behavior of both copper and manganese is much more ideal at lower manganese compositions. The ideal behaviour of the manganese in the alloys of low manganese content and the affinity of copper for manganese at about 35% manganese appear to corroborate Myers interpretation of the electronic configurations of copper and manganese in this system. / Applied Science, Faculty of / Materials Engineering, Department of / Graduate

The thesis describes a kinetic study of the reactions between cupric salts and hydrogen in aqueous solution. The first part is concerned with the homogeneous activation of hydrogen in solution by cupric perchlorate, as evidenced by its catalytic effect on the reaction between dichromate and hydrogen. These studies, which were conducted on solutions of higher acidity than previously investigated, provide further support for the mechanism proposed for this reaction, i.e., Cu⁺⁺ + H₂[formula omitted] CuH⁺+ H⁺ CuH⁺ + Cu"⁺⁺" □(→┬(k₂) ) 2Cu⁺ + H⁺ 2Cu⁺ + substrate □(→┬fast ) 2Cu⁺⁺ + products and the corresponding rate equation: (d[H^2])/dt = (k^₁ [Cu^(++) ]^2 [H^2])/((k^(-1)/(k^2 [H^+ ] )+[Cu^(++)]) The second part deals with the thermodynamics and kinetics of the precipitation of metallic copper from aqueous solution by H₂. The reduction reactions were studied in both cupric perchlorate and cupric sulphate solutions and the effects of a number of variables on the reaction rate in both systems are compared. The rate, which was initially fast, decreased gradually until an apparent steady-state condition was approached. This behavior was common to both systems, although the rates were much higher and the. residual copper concentration lower in the sulphate system. This apparent steady-state is not predicted by thermodynamics and is considered to result from kinetic factors. The dependence of the reaction rate on a number of variables can be predicted from the mechanism Cu⁺⁺ + H₂[formula omitted]CuH^++H⁺ CuH⁺ + Cu⁺⁺□(→┬(K₂) ) 2Cu⁺ + H⁺+ + 2Cu² □(→┬fast ) Cu° + Cu⁺⁺ which corresponds to an overall reaction of Cu⁺⁺ + H₂ → Cu° + 2H⁺ Reasonably good quantitative agreement between the predicted and measured kinetic dependence on Cu⁺⁺, H⁺ and H₂ concentration suggests that the rate of reduction of cupric salts is determined by the homogeneous activation of H₂ by Cu⁺⁺+ or a cupric complex. Although the initial decrease in rate can be predicted by this mechanism, the apparent steady-state condition approached cannot be fully explained. The equilibrium constant for the reaction 2Cu⁺ ⇌ Cu⁺⁺ + Cu° was also determined experimentally at several temperatures and compared with calculated values. / Applied Science, Faculty of / Mining Engineering, Keevil Institute of / Graduate

An investigation was conducted of the corrosion of copper-gold alloys in ammonia solutions under oxygen pressure. The reaction, which took place in an autoclave, was followed by sampling and analysis of the solutions. It was found that only copper was dissolved from the alloys, the gold being left behind in a film on the surface of the corroding specimen. The reaction of pure copper as well as of four alloys ranging in gold content from 2 to 15 atomic percent were studied. Other variables examined include the concentrations of NH₃ and NH⁺₄ in the solution, the oxygen pressure and the temperature. It was found that while the rate curves for the dissolution of pure copper were linear, those for the alloys were generally parabolic in shape. The rate of dissolution of copper from the alloys appears to be determined by the transport of reactants and products through the gold rich films. Some copper oxide may also be precipitated in the pores of the film or in the region between the film and the underlying metal, further impeding the transport processes and contributing to the lowering of the rate. / Applied Science, Faculty of / Materials Engineering, Department of / Graduate

Inverse segregation has been studied in unidirectionally cast ingots as a function of alloy composition and casting conditions. Chill face segregation and the extent of segregation adjacent to the chill face has been examined in the Al-Cu and the Al-Ag systems, using radioactive copper (Cu64) and radioactive silver (Ag110) to measure the segregation. The results indicate that the observed segregation is markedly dependent on the alloy composition, melt superheat, thermal conductivity of the chill, temperature gradient in the casting, and other casting variables. The results obtained are compared to those reported in the literature for the Al-Cu alloys, and to the values predicted theoretically. / Science, Faculty of / Earth, Ocean and Atmospheric Sciences, Department of / Graduate

The reactivity of copper chloride (CuC1[subscript x], 1 < x < 2) towards chlorine and its catalytic activity in the chlorination of propane have been studied. The oxidation of copper (I) chloride by chlorine was found to be diffusion controlled after the first 25% of reaction. For the chlorination of propane, CuC1 was catalytically inactive, CuC1₂ was active, but the maximum activity was found in the range CuC1₁․₅ to CuC1₁․₈ with two peaks at roughly CuC1₁․₅₇ and CuC1₁․₇₈. Both reactions appear to have an active centre in common — a Cu⁺ ion which is capable of accepting a proton. The phase of maximum catalytic activity is a highly defective CuC1₂ phase containing such centres. The mechanism for the catalytic chlorination involves the homolytic splitting of C₃H₈ and stabilization of surface radicals through proton transfer into the bulk. No compound other than CuC1 and CuC1₂ was found in the CuC1x system by X-ray powder studies. However, the results of X-ray powder, electrical conductivity and magnetic susceptibility studies provide convincing evidence for the existence of a defective CuC1₂ phase with interstitial cations as well as a cation-deficient CuC1 phase in CuC1x. Furthermore, these results are consistent with a structural change at x ∼1.63 as suggested also by the kinetic studies. While the present work shows many interesting features of the CuC1x system, there is plenty of room for further exploration in this hitherto virtually unknown field. Suggestions for future work related to the present findings are outlined in this thesis. / Science, Faculty of / Chemistry, Department of / Graduate

The leaching of covellite (CuS), chalcocite (Cu₂S), chalcopyrite (CuFeS₂) and bornite (Cu₅FeS₄) was carried out in a shaking autoclave in perchloric acid solutions and using moderate pressures of oxygen. The temperature range of investigation was 105-140°C. It was found that covellite, chalcocite and bornite leach at approximately similar rates, with chalcopyrite being an order of magnitude slower. It was found that chalcocite leaching can be divided into two stages, first, the rapid transformation to covellite with an activation energy 1.8 Kcal/mole, followed by a slower oxidation stage identified as covellite-dissolution with an activation energy of 11.4 Kcal/ mole. These two stages of leaching were also observed in bornite with chalcocite (or digenite) appearing as an intermediate step. No such, transformations were observed in covellite or chalcopyrite. Two separate reactions were recognized as occuring simultaneously for all four minerals during the oxidation process: an electrochemical reaction yielding elemental sulphur and creating pits on the mineral surface, and a chemical reaction producing sulphate. The first reaction dominates in strongly acidic conditions, being responsible for about. 85% of the sulphur released from the mineral, but the sulphate to elemental sulphur ratio in solution increases with decreasing acidity. Above 120°C the general oxidation process is inhibited by molten sulphur coating the mineral particles; the sulphate producing reaction, however, is not reduced above this temperature. For chalcopyrite the activation energies for the sulphate producing reaction and mineral solubilized were found to be 16.0 Kcal/mole and 11.0 Kcal/mole, respectively. It is suggested that chalcopyrite may leach partially via the .formation of transient covellite on the surface but since its leaching rate is faster than that for chalcopyrite, no covellite is detected after leaching. / Applied Science, Faculty of / Materials Engineering, Department of / Graduate

A study of the Fermi surface of copper at room temperature has been made by means of a positron annihilation technique. A positron active copper single crystal was placed midway between two “point" scintillation counters operated in time coincidence. The coincidence count rate was measured for various crystal orientations and the count rate interpreted as a measure of the diameter of the Fermi surface. The experiment yields a Fermi surface that is spherical in k-space except for protrusions in the {111} directions which are estimated to subtend an angle of about 20° at k = 0. Within experimental error the results are consistent with those obtained by other methods near 0° K. / Science, Faculty of / Physics and Astronomy, Department of / Graduate

Plicatic acid and 5-isopropyltropolone, which are found in the heartwood of western red cedar (Thuja plicata, Donn), are known chelators of copper. A study has been made of their effects on some aspects of copper metabolism in rats and mice. As a basis of comparison similar experiments were carried out using penicillamine (PEN), a chelating agent with wide clinical use. In the experiments the sodium salt of 5-isopropyltropolone (T-Na) and the potassium salt of plicatic acid (P-K) were used. When administered daily, P-K and PEN caused an increase in urinary and fecal excretion of copper in rats on a normal diet and an increase in the level of copper in the liver and kidney and a decreased level of copper in the heart and brain. The increased urinary excretion is much more marked with PEN than with P-K. T-Na administered daily had no effect on the excretion of copper in rats on a normal diet and causes a rise in copper content of liver and kidney and a lowering of copper content of heart and brain. It appears that the copper level elevation in kidney and liver caused by P-K and PEN is due to an increased utilization of the routes of excretion while the increased level due to T-Na is probably due to deposition in the cells. When these compounds are administered daily to copper-fed rats similar observations were made with the difference that in organs where copper levels are increased the increases are greater and in organs where copper levels are decreased the decreases are smaller. With T-Na there is one marked difference in that the copper level in the brain is increased. It is felt that this increase is due to a greater penetrating ability of the T-Na-copper chelate because of its lipid solubility. P-K and PEN have very little effect on the toxicity of a single large dose of copper. Earlier experiments with T-Na showed that when T-Na is given shortly after a single large dose of copper the toxicity is greatly increased. The explanation of this is very likely that T-Na increases the penetration of the copper into the CNS and it is here that the toxic effect is exerted. It is felt that this is due to a solubility factor, T-Na and its chelate being lipld-soluble and P-K, PEN and their chelates being water-soluble. When T-Na, P-K and PEN are given to rats in small daily doses over a long period, the atria from such rats exhibited a reduced chronotropic response to tyramine. If at the same time as the rats are being given the chelating agent, they are given excess copper in drinking water the tyramine response remains close to normal. In this regard T-Na possesses the most activity. These observations support the theory that chelating agents inhibit dopamine-β-hydroxylase by rendering copper inaccessible to the enzyme and that subsequent to this inhibition the biosynthesis of the catecholamines is inhibited at the dopamine stage preventing the formation of norepinephrine and epinephrine. As the levels of endogenous norepinephrine and epinephrine fall, the result is a reduced tyramine response. If T-Na, P-K, PEN and D-Na are given in a large single dose the inhibition of dopamine-β-hydroxylase is not evident while it appears that COMT may be being inhibited. / Medicine, Faculty of / Anesthesiology, Pharmacology and Therapeutics, Department of / Graduate