Citation
Fugitive dust control for phosphate fertilizer

Material Information

Title:
Fugitive dust control for phosphate fertilizer
Creator:
Rangaraj, Cumbum N., 1955-
Publication Date:
Language:
English
Physical Description:
xii, 164 leaves : ill., photos. ; 28 cm.

Subjects

Subjects / Keywords:
Conveyors ( jstor )
Dust emissions ( jstor )
Fertilizers ( jstor )
Fugitives ( jstor )
Heating ( jstor )
Moisture content ( jstor )
Nozzles ( jstor )
Transfer points ( jstor )
Trucks ( jstor )
Waxes ( jstor )
Dust control ( lcsh )
Phosphate industry -- Dust control ( lcsh )
Phosphatic fertilizers ( lcsh )
Genre:
bibliography ( marcgt )
theses ( marcgt )
non-fiction ( marcgt )

Notes

Thesis:
Thesis (Ph. D.)--University of Florida, 1988.
Bibliography:
Includes bibliographical references.
General Note:
Typescript.
General Note:
Vita.
Statement of Responsibility:
by Cumbum N. Rangaraj.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Copyright [name of dissertation author]. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Resource Identifier:
024684208 ( ALEPH )
AFL6786 ( NOTIS )
19976832 ( OCLC )
AA00004899_00001 ( sobekcm )

Downloads

This item has the following downloads:

fugitivedustcont00rang.pdf

fugitivedustcont00rang_0022.txt

fugitivedustcont00rang_0031.txt

fugitivedustcont00rang_0011.txt

fugitivedustcont00rang_0172.txt

fugitivedustcont00rang_0139.txt

fugitivedustcont00rang_0021.txt

fugitivedustcont00rang_0148.txt

fugitivedustcont00rang_0020.txt

fugitivedustcont00rang_0030.txt

fugitivedustcont00rang_0054.txt

fugitivedustcont00rang_0108.txt

fugitivedustcont00rang_0065.txt

fugitivedustcont00rang_0088.txt

fugitivedustcont00rang_0015.txt

fugitivedustcont00rang_0040.txt

fugitivedustcont00rang_0006.txt

fugitivedustcont00rang_0122.txt

fugitivedustcont00rang_0127.txt

fugitivedustcont00rang_0057.txt

fugitivedustcont00rang_0107.txt

fugitivedustcont00rang_0044.txt

fugitivedustcont00rang_0062.txt

fugitivedustcont00rang_0035.txt

fugitivedustcont00rang_0113.txt

fugitivedustcont00rang_0026.txt

fugitivedustcont00rang_0047.txt

AA00004899_00001.pdf

fugitivedustcont00rang_0067.txt

fugitivedustcont00rang_0077.txt

fugitivedustcont00rang_0175.txt

fugitivedustcont00rang_0089.txt

fugitivedustcont00rang_0036.txt

fugitivedustcont00rang_0095.txt

fugitivedustcont00rang_0167.txt

fugitivedustcont00rang_0091.txt

fugitivedustcont00rang_0081.txt

fugitivedustcont00rang_0129.txt

fugitivedustcont00rang_0166.txt

fugitivedustcont00rang_0032.txt

fugitivedustcont00rang_0160.txt

fugitivedustcont00rang_0068.txt

fugitivedustcont00rang_0177.txt

fugitivedustcont00rang_0157.txt

fugitivedustcont00rang_0086.txt

fugitivedustcont00rang_0137.txt

fugitivedustcont00rang_0069.txt

fugitivedustcont00rang_0055.txt

fugitivedustcont00rang_pdf.txt

fugitivedustcont00rang_0028.txt

fugitivedustcont00rang_0061.txt

fugitivedustcont00rang_0063.txt

fugitivedustcont00rang_0154.txt

fugitivedustcont00rang_0052.txt

fugitivedustcont00rang_0101.txt

fugitivedustcont00rang_0033.txt

fugitivedustcont00rang_0049.txt

fugitivedustcont00rang_0093.txt

fugitivedustcont00rang_0171.txt

fugitivedustcont00rang_0045.txt

fugitivedustcont00rang_0076.txt

fugitivedustcont00rang_0120.txt

fugitivedustcont00rang_0126.txt

fugitivedustcont00rang_0039.txt

fugitivedustcont00rang_0070.txt

fugitivedustcont00rang_0141.txt

fugitivedustcont00rang_0079.txt

fugitivedustcont00rang_0168.txt

fugitivedustcont00rang_0156.txt

fugitivedustcont00rang_0058.txt

fugitivedustcont00rang_0075.txt

fugitivedustcont00rang_0083.txt

fugitivedustcont00rang_0043.txt

fugitivedustcont00rang_0173.txt

fugitivedustcont00rang_0092.txt

fugitivedustcont00rang_0155.txt

fugitivedustcont00rang_0114.txt

fugitivedustcont00rang_0152.txt

fugitivedustcont00rang_0013.txt

fugitivedustcont00rang_0140.txt

fugitivedustcont00rang_0144.txt

fugitivedustcont00rang_0071.txt

fugitivedustcont00rang_0060.txt

fugitivedustcont00rang_0143.txt

fugitivedustcont00rang_0119.txt

fugitivedustcont00rang_0066.txt

fugitivedustcont00rang_0125.txt

fugitivedustcont00rang_0153.txt

fugitivedustcont00rang_0007.txt

fugitivedustcont00rang_0158.txt

fugitivedustcont00rang_0050.txt

fugitivedustcont00rang_0118.txt

fugitivedustcont00rang_0072.txt

fugitivedustcont00rang_0145.txt

fugitivedustcont00rang_0170.txt

fugitivedustcont00rang_0133.txt

fugitivedustcont00rang_0117.txt

fugitivedustcont00rang_0041.txt

fugitivedustcont00rang_0027.txt

fugitivedustcont00rang_0008.txt

fugitivedustcont00rang_0019.txt

fugitivedustcont00rang_0003.txt

fugitivedustcont00rang_0109.txt

fugitivedustcont00rang_0161.txt

fugitivedustcont00rang_0134.txt

fugitivedustcont00rang_0094.txt

fugitivedustcont00rang_0150.txt

fugitivedustcont00rang_0110.txt

fugitivedustcont00rang_0024.txt

fugitivedustcont00rang_0135.txt

fugitivedustcont00rang_0037.txt

fugitivedustcont00rang_0080.txt

fugitivedustcont00rang_0169.txt

fugitivedustcont00rang_0115.txt

fugitivedustcont00rang_0002.txt

fugitivedustcont00rang_0104.txt

fugitivedustcont00rang_0136.txt

fugitivedustcont00rang_0023.txt

fugitivedustcont00rang_0123.txt

fugitivedustcont00rang_0012.txt

fugitivedustcont00rang_0102.txt

fugitivedustcont00rang_0016.txt

fugitivedustcont00rang_0009.txt

fugitivedustcont00rang_0176.txt

fugitivedustcont00rang_0004.txt

fugitivedustcont00rang_0138.txt

fugitivedustcont00rang_0174.txt

fugitivedustcont00rang_0029.txt

fugitivedustcont00rang_0146.txt

AA00004899_00001_pdf.txt

fugitivedustcont00rang_0074.txt

fugitivedustcont00rang_0018.txt

fugitivedustcont00rang_0038.txt

fugitivedustcont00rang_0048.txt

fugitivedustcont00rang_0010.txt

fugitivedustcont00rang_0178.txt

fugitivedustcont00rang_0001.txt

fugitivedustcont00rang_0073.txt

fugitivedustcont00rang_0078.txt

fugitivedustcont00rang_0096.txt

fugitivedustcont00rang_0042.txt

fugitivedustcont00rang_0014.txt

fugitivedustcont00rang_0053.txt

fugitivedustcont00rang_0085.txt

fugitivedustcont00rang_0097.txt

fugitivedustcont00rang_0116.txt

fugitivedustcont00rang_0147.txt

fugitivedustcont00rang_0112.txt

fugitivedustcont00rang_0164.txt

fugitivedustcont00rang_0082.txt

fugitivedustcont00rang_0124.txt

fugitivedustcont00rang_0103.txt

fugitivedustcont00rang_0105.txt

fugitivedustcont00rang_0025.txt

fugitivedustcont00rang_0159.txt

fugitivedustcont00rang_0090.txt

fugitivedustcont00rang_0000.txt

fugitivedustcont00rang_0142.txt

fugitivedustcont00rang_0059.txt

fugitivedustcont00rang_0046.txt

fugitivedustcont00rang_0099.txt

fugitivedustcont00rang_0149.txt

fugitivedustcont00rang_0051.txt

fugitivedustcont00rang_0087.txt

fugitivedustcont00rang_0128.txt

fugitivedustcont00rang_0084.txt

fugitivedustcont00rang_0064.txt

fugitivedustcont00rang_0098.txt

fugitivedustcont00rang_0162.txt

fugitivedustcont00rang_0179.txt

fugitivedustcont00rang_0121.txt

fugitivedustcont00rang_0151.txt

fugitivedustcont00rang_0111.txt

fugitivedustcont00rang_0100.txt

fugitivedustcont00rang_0034.txt

fugitivedustcont00rang_0017.txt

fugitivedustcont00rang_0056.txt

fugitivedustcont00rang_0132.txt

fugitivedustcont00rang_0106.txt

fugitivedustcont00rang_0131.txt

fugitivedustcont00rang_0005.txt

fugitivedustcont00rang_0130.txt

fugitivedustcont00rang_0163.txt

fugitivedustcont00rang_0165.txt


Full Text











FUGITIVE DUST CONTROL FOR PHOSPHATE FERTILIZER


BY

CUMBUM N. RANGARAJ



























A DISSERTATION PRESENTED TO THE GRADUATE SCHOOL
OF THE UNIVERSITY OF FLORIDA IN
PARTIAL FULFILLMENT OF THE REQUIREMENTS
FOR THE DEGREE OF DOCTOR OF PHILOSOPHY


UNIVERSITY OF FLORIDA


1988




FUGITIVE DUST CONTROL FOR PHOSPHATE FERTILIZER
BY
CUMBUM N. RANGARAJ
A DISSERTATION PRESENTED TO THE GRADUATE SCHOOL
OF THE UNIVERSITY OF FLORIDA IN
PARTIAL FULFILLMENT OF THE REQUIREMENTS
FOR THE DEGREE OF DOCTOR OF PHILOSOPHY
UNIVERSITY OF FLORIDA


To Ranga for her patience, encouragement and support, to Dhanya for being
the sweet girl she is and to my parents for making this possible.


ACKNOWLEDGEMENTS
This research was supported by a grant (Grant Number FIPR 82-01-015)
from the Florida Institute of Phosphate Research (FIPR) and was monitored
by FIPR's Research Director (Chemical Processing), Mr. G. Michael Lloyd,
Jr. I would like to thank them both for their financial support during
my graduate work. I would also like to thank Mr. Floyd Taylor and Mr. E.
Harrison at Agrico Chemical Company and Mr. Harry F. Kannry of National
Wax Company.
I wish to thank the members of my supervisory committee for their
interest and suggestions. I am especially appreciative of Dr. Lundgren
for his encouragement and guidance. His personal interest and confidence
in my abilities have meant a great deal to me.
I would like to thank Mr. Robert W. Vanderpool for making my years
at the University so enjoyable. Finally, I would like to thank Ms. Dona
Ferrell for her invaluable help with the various aspects of preparing
this manuscript.
iii


TABLE OF CONTENTS
Page
ACKNOWLEDGEMENTS iii
LIST OF TABLES vi
LIST OF FIGURES viii
ABSTRACT xi
CHAPTERS
IINTRODUCTION 1
IIBACKGROUND 3
Definition 3
Standards 4
Fugitive Dust Emission Sources 5
Fugitive Dust Measurement Methods 7
Dust Suppressants 11
IIIEXPERIMENTAL PROCEDURES 13
Laboratory Tests 13
Sample Preparation 13
Application of Dust Suppressants 14
Measurement of Some Fertilizer Properties 15
Emission Factor Measurement 17
Dust Size Distribution Measurement 30
Intermediate Scale Field Tests 33
Apparatus and Operating Procedure 33
Discussion 41
Full Scale Field Tests 44
Apparatus and Operating Procedure 44
Discussion 50
IVRESULTS AND DISCUSSION 52
Laboratory Tests 52
Effect of Temperature on Test Samples 52
Effectiveness of the Test Sample Preparation Method. 54
Granule and Dust Characteristics 58
Product Treatments 75
iv


Intermediate Scale Field Tests 102
Full Scale Field Tests 102
Dust Suppressant and Coating Technique Evaluation. 102
Further Experiments Pertaining to FSFT Results . 124
General Criteria for the Selection of Dust Suppressants 147
V SUMMARY AND CONCLUSIONS 154
APPENDIX 157
REFERENCES 160
BIOGRAPHICAL SKETCH 164
v


LIST OF TABLES
Table Page
1 Effect of Feed Tube Diameter on the Emission Factor of
GTSP Samples 23
2 Effect of Enclosure Height on the Emission Factor of
Phosphate Rock and White Sand Samples 25
3 Effect of Pour Time on the Emission Factor of
GTSP Samples 28
4 Effect of Heating on the Emission Factor of GTSP Samples. 55
5 Effectiveness of the Test Sample Preparation Method ... 56
6 Examples of Emission Factors for Various Products .... 59
7 Variation of Product Quality for GTSP Samples 60
8 Stability of the Moisture Content of Stored GTSP Samples. 63
9 Effect of Sample Size on the Measured Moisture Content of
Untreated GTSP Samples 64
10 Effect of Sample Size on the Measured Moisture Content of
Treated GTSP Samples 65
11 Granule Size Distribution of Samples of Various
Fertilizers 66
12 Size Distribution of Samples of Some Non-granular
Materials 67
13 Effect of "drop tests" on Product Size Distribution ... 70
14 Effect of the Kinematic Viscosity of Oil Blends on the
Dust Release of GTSP Samples 78
15 Effect of the Kinematic Viscosity of Naphthenic Oils on
the Dust Release of GTSP Samples 80
16 Effect of the Aniline Point of Paraffinic Oils on the
Dust Release of GTSP Samples 81
vi


17 Performance of Oil Blends as Dust Suppressants with
GTSP Samples 82
18 Performance of Oil Blends as Dust Suppressants with
DAP Samples 83
19 Qualitative Characteristics of Waxes 85
20 Physical Properties of Petrolatum and Slack Waxes .... 87
21 Performance of Petrolatum Waxes as Dust Suppressants at a
Nominal Application Rate of 1 kg/ton 88
22 Performance of Petrolatum and Slack Waxes as Dust
Suppressants at a Nominal Application Rate of 2 kg/ton. 89
23 Performance of Petrolatum Waxes as Dust Suppressants at a
Nominal Application Rate of 4 kg/ton 90
24 Effect of Fertilizer Temperature on the Performance of
Petrolatum Waxes with GTSP Samples Preliminary Tests 93
25 Performance of Wax Emulsions as Dust Suppressants with
GTSP Samples 96
26 Performance of Some Miscellaneous Dust Suppressants ... 97
27 Dust Concentrations within a GTSP Storage Building. . 105
28 Summary of Full Scale Field Test Results with GTSP. . 109
29 Emission Concentrations Measured after Transfer Point //1. 112
30 Variability of Dust Emissions from Uncoated GTSP Sampled
at Truck Discharge 114
31 Variability of Dust Emissions from Oil Coated GTSP
Sampled from Belt after Transfer Point //1 116
32 Variability of Dust Emissions from Uncoated GTSP Sampled
Simultaneously at Truck Discharge and from Belt after
Transfer Point #1 117
33 Effect of Fertilizer Temperature on the Performance of
Dust Suppressants with GTSP Samples Series #1 129
34 Effect of Fertilizer Temperature on the Performance of
Dust Suppressants Series #2 133
35 Effect of Temperature on Thin Films of Petrolatum Waxes 141
36 Porosity of Fertilizer Granules 146
vii


LIST OF FIGURES
Figure Page
1 Vertical Flow Dust Chamber 18
2 Photographs of the Vertical Flow Dust Chamber
(a). The Enclosure
(b). The Test Setup 19
3 Calibration for the High Volume Air Sampler 21
4 Effect of Air Flow Rate on the Measured Dust Emission
of GTSP Samples 26
5 Effect of Pour Rate on the Measured Emission Factor of
Phosphate Rock Samples 29
6 Calibration for Two Configurations of the Vertical Flow
Dust Chamber 31
7 Schematic of a Single Stage Impactor 32
8 Intermediate Scale Field Test Setup
(a). Schematic of the Material Handling System
(b). (i). Cross-section of the Conveyor
(ii). Fertilizer Feed Control Method 35
9 Photograph of the Front View of the Intermediate Scale
Field Test Setup 37
10 Photograph of the Side View of the Intermediate Scale
Field Test Setup 38
11 Photograph of the Feed Hopper Discharge 39
12 Dust Suppressant Spray System Used for the Intermediate
Scale Field Test Setup 40
13 Photographs of the Full Scale Field Test Facility
(a). Truck Unloading Station
(b). Transfer Point //2
(c) Transfer Point #3 45
viii


14 Details of the Full Scale Field Test Facility
(a). Fertilizer Handling System
(b). Air Sampler Locations 47
15 Dust Suppressant Spray Setup for the Full Scale
Field Tests 48
16 Weight Loss due to Heating of GTSP and DAP Samples as a
Function of Time 53
17 Deviation of the Emission Factor of Individual Samples
from the Average Emission Factor for that Batch 57
18 Effect of the Moisture Content on the Emission Factor
of GTSP Samples 61
19 Hardness of Granules of Various Fertilizers 69
20 Effect of Handling on the Size Distribution of
Prilled Sulfur 71
21 Effect of Handling on the Emission Factor of
Various Materials 72
22 Photograph of Crystal Growth on MAP Granules 74
23 Size Distribution of the Dust Emitted by the Handling of
GTSP and DAP Samples 76
24 Size Distribution of the Dust Emitted by the Handling of
White Sand and Phosphate Rock 77
25 Effect of Handling on the Emission Factor for Coated and
Uncoated Samples of GTSP and Prilled Sulfur 92
26 Effect of Handling on the Mass Fraction of Particles
Larger Than 13.6 Micrometers for Uncoated Fertilizer
Samples 100
27 Relative Particle Release Characteristics of Oil and Wax
Coated Fertilizers (I Initial, A Aged) 101
28 Performance of Petrolatum Waxes in Intermediate Scale
Field Tests 103
29 Nozzle Arrangements at Transfer Point //1 108
30 Details of Mixing Technique
(a). Photograph of Mixer for Product on the Belt
(b). Photograph of Mixing Action 119
31 Variation of Fertilizer Temperature as Discharged from a
Number of Trucks 122
IX


32 Temperature of Fertilizer Samples as a Function of Time
(a). Heat Loss of GTSP Samples Over a Period of Time
(b). Temperature of GTSP Samples Five Hours after
Collection in Five Gallon Buckets 123
33 Effect of Laboratory Mixing Procedure on the Dust
Release of GTSP Samples with an Initial Petrolatum Wax
Distribution of 20 % (Application Rate = 2 kg/ton) . 125
34 Effect of the Initial Distribution of Dust Suppressants
on the Dust Release of GTSP Samples (a). NW6364LA and
NW6889 (b). Pet HM (c). P4556 (d). AM303 127
35 Effect of the Fertilizer Temperature on the Dust Release
of GTSP Samples at Two Application Rates
(a). 3.2 kg/ton (b). 2.0 kg/ton 136
36 Effect of the Fertilizer Temperature on the Dust Release
of GTSP Samples Coated with NW6889 after Five Hour and
Twenty Four Hour Heating Times 137
37 Effect of the Fertilizer Temperature on the Dust Release
from Various Fertilizers Coated with Petrolatum Wax
after a Five Hour Heating Time
(a). NW6889 (b). NW6364LA 138
38 Response to Heating and Cooling for GAGTSP, GAMAP and
FDAP Samples 139
39 Photographs of GTSP Granules Showing Evidence of
Petrolatum Wax Absorption (a). NW6889 (b). NW6364LA. 143
40 Photographs of Fertilizer Granule Cross-sections
(a). GTSP (b). MAP 144
41 Elemental Spectral Analysis of GTSP Granules Coated with
NW6889 tagged with lead (a). Interior of Heated Granule
(b). Surface of Heated Granule (c). Surface of
Unheated Granule 148
42 Elemental Spectral Analysis of MAP Granules Coated with
NW6889 tagged with lead (a). Interior of Heated Granule
(b). Surface of Heated Granule (c). Surface of
Unheated Granule 149
x


Abstract of Dissertation Presented to the Graduate School
of the University of Florida in Partial Fulfillment of the
Requirements for the Degree of Doctor of Philosophy
FUGITIVE: DUST CONTROL FOR PHOSPHATE FERTILIZER
By
Cumbum N. Rangaraj
April 1988
Chairman: Dale A. Lundgren, Ph.D.
Major Department: Environmental Engineering Sciences
A technique for the measurement of fugitive dust emission factors
was characterized and optimum operating parameters were developed. The
technique was based on a vertical flow dust chamber (VFDC) and high
volume air sampler (HVAS) combination.
Extensive tests showed that the technique produced very reproducible
results. The particle penetration characteristics of the VFDC were
determined by using monodisperse test aerosols. An upper penetration
limit of 100 um was determined and the 50 % cut size at 26 liters/sec was
40 um.
Laboratory tests were conducted to evaluate various dust
suppressants with application rates in the 1 kg/ton to 4 kg/ton range.
Oils, in general, were found to be product specific in their performance
and showed a tendency toward decreased performance with age. Petrolatum
waxes were found to be excellent dust suppressants, when used correctly,
with dust suppression effectiveness values better than 90 .
xi


The laboratory tests were scaled up to intermediate scale field
tests (ISFT) where 5 candidate petrolatum waxes were tested with granular
triple superphosphate (GTSP) at application rates between 1 kg/ton and 4
kg/ton but with fertilizer feed rates of up to 10 tons/hour. Results
obtained were similar to the laboratory test results.
Based on the smaller scale tests, 2 petrolatum waxes with melting
temperatures of about 52C were tested at a GTSP shipping facility where
the nominal process rate was 250 tons/hour. A number of parameters
including nozzle type and location were evaluated, but the best result
obtained was a dust suppression effectiveness of 70 %. It was determined
that the fertilizer temperature varied between about 54C and 77C.
Laboratory work showed that a combination of elevated fertilizer
temperature and time was accompanied by a loss in performance of the
soft, low melting waxes. A higher melting petrolatum wax showed improved
performance in laboratory tests. This loss in performance was correlated
with the porosity of the GTSP granules and the softening point of the
waxes and was shown to be due to absorption of the surface coating into
the granule interior. General criteria for the selection of appropriate
dust suppressants have been identified.
xii


CHAPTER I
INTRODUCTION
Fugitive dust emissions from granular phosphate fertilizer result
primarily from handling of the fertilizer during the various stages of
manufacture, transfer, storage, shipment and use. Excessive fugitive
dust emissions have a detrimental effect on the sale value of the product
and can be a major nuisance problem.
Fugitive dust emissions from granular phosphate fertilizer can be
caused by a number of factors including:
1. Loss of anti-caking agents due to poor
adherence.
2. Incorrect granulation and screening of
granular fertilizer.
3. Loss of dust adhered to granule surface and
breakage of crystal growths due to impaction
and attrition.
4. Breakdown and fracture of granules during
material handling operations as at belt
conveyor transfer points or load out areas and
crushing of granules by material handling
equipment such as front end loaders in storage
areas.
Fugitive dust can be controlled after generation by conveying the
dust, if technically and economically feasible, to appropriate air
pollution control equipment. The release of fugitve dust can also be
prevented by using dust suppressants. This research is concerned with
the latter approach.
1


2
An extensive search of existing literature to determine information
pertaining to dust suppressants and emission factor measurement methods
was conducted. Experimental procedures are described and the various
granule characteristics, including size distribution, hardness and
moisture content, are discussed.
Laboratory tests were performed to study the performance of a range
of dust suppressants and the factors which influence them. Based on the
laboratory tests an intermediate scale field test (ISFT) setup was
designed and assembled so as to evaluate candidate dust suppressants when
used in larger quantities. Results were very comparable with those
observed in laboratory tests.
Two petrolatum waxes, YP2A and NW6364LA, both with melting
temperatures of about 52C were used in full scale field tests (FSFT) at
a GTSP shipping facility. The performance was not found to be as good as
expected from the smaller scale tests. Post field test experiments
conducted in the laboratory showed that a combination of factors
including, fertilizer temperature and porosity, wax melting temperature
and softening point and coating aging time caused absorption of the
surface coating into the granule interior thus leading to a decreased
performance level.
General criteria for the selection of appropriate dust suppressants
have been developed. Requirements for improved performance in field use
are discussed.


CHAPTER II
BACKGROUND
Dust emissions from handling granular phosphate fertilizer are a
major problem in the industry. Because of the diffuse nature of the dust
emission, accurate measurement and subsequent control are a major
problem. Background information relating to this problem is discussed in
this chapter.
Definition
Industrial emissions are regulated in order to maintain a certain
level of ambient air quality. However, only the ducted industrial
emissions have specific regulations and test methods. Other industrial
process emissions and natural emissions are grouped into a separate
category called fugitive emissions. These fugitive emissions are not
specifically regulated though they might have a significant effect on
ambient air quality. Fertilizer dust is usually considered a nuisance
particulate and when released in a workplace environment the published
Threshold Limit Value (TLV) is 10 mg/m^ (American Conference of
Governmental Industrial Hygienists, 1977).
There are many different definitions of the term "fugitive
emissions." "Fugitive dust" has been defined as particulate emissions
from wind and/or man's activity such as unpaved roads and agricultural
operations and "fugitive emissions" are defined as particulate matter
generated by industrial activities which escape to the atmosphere from
non-ducted sources (Jutze et al., 1977). Industrial process fugitive
3


a
particulate emissions can also be defined as particulate matter which
escapes from a defined process flow stream due to leakage, material
handling, inadequate operational control, lack of proper pollution
control technique, transfer and storage. Because these emissions are not
emitted from a stack, they cannot be measured easily by conventional
techniques and their impact on air quality is extremely difficult to
quantify.
Standards
During the initial development of ambient air and industrial
emission standards, fugitive emissions were believed to be minor and
efforts were directed toward control of emissions which could be readily
quantified. With the installation of air pollution control devices on
ducted stationary sources and the discharge of these emissions at
elevations significantly above ground level, the effect of fugitive
emissions on ground level concentrations has become more significant.
The Air Quality Act was passed in 1967 and amended in 1970 and the
new law was referred to as the 1970 Clean Air Act Amendments. The
primary National Ambient Air Quality Standards (NAAQS) for Total
Suspended Particulates (TSP) were
75 ug/m^ annual geometric mean concentration
260 ug/m^ maximum 24 hour concentration not to be
exceeded more than once a year
The corresponding secondary standards were 60 ug/m^ and 150 ug/m3t
respectively, and were described in the Code of Federal Regulations
referred to as 40 CFR 50. The primary standards were aimed at the
protection of public health while the secondary standards defined levels
for the protection of public welfare.


5
The reference method for the determination of particulate matter
(TSP) was based on the use of a high volume air sampler in an enclosure
of standard dimensions and was also described in 40 CFR 50. Operational
parameters were clearly specified and the upper particle size limit was
stated to be 50 um. A number of studies have been conducted to evaluate
the collection characteristics of the air sampler (Wedding et al., 1977;
Lundgren and Paulus, 1975; Robson and Foster, 1962) and it has generally
been found that particles up to about 60 um were collected.
As of July 31 1987, EPA promulgated a new standard based on
particulate matter with a carefully defined upper size limit of 10 um. A
new reference method was also proposed. This new standard specifies the
mass concentration of particulate matter less than 10 um (PM-10) and
sampled over a 24-hour period. The idea is to concentrate on that
portion of the total suspended particulate matter that is likely to be
deposited in the thoraic region of the human respiratory tract.
Because PM-10 is only a portion of TSP, the new standard is lower
than the old NAAQS for TSP. The annual average and 24-hour average
primary standards are 50 ug/m3 and 150 ug/m^, respectively. The
corresponding secondary standards are the same as the primary standards.
Depending on the size distribution of the fugitive dust emissions these
lower limits can make the extent of fugitive dust emissions more or less
significant.
Fugitive Dust Emission Sources
Fugitive dust emission sources are of both natural and anthropogenic
origin. Early work in the study of fugitive dust emissions was
stimulated by soil erosion problems due to wind. Important anthropogenic
sources, specifically industrial processes, include material transfer and


6
conveying, loading and unloading, storage piles and unpaved areas and
roads within industrial facilities.
Material transfer is usually accomplished by means of belt, screw or
pneumatic conveyors. A series of conveyors is usually used and the
transfer points are the major sources of dust emissions. Emission rates
for bulk materials are highly variable and often not known (Jutze et al.,
1977). As a result, the effectiveness of control techniques is not
quantitatively determined with any great degree of reliability.
Loading and unloading of bulk material from and to storage are other
sources of dust emissions. Mechanical agitation, dissipation of kinetic
energy on impact and turbulence all lead to generation of dust. Emission
factors vary with product type, moisture content and various process
parameters. Some quantitative data is available but is of questionable
reliability (Jutze et al., 1977).
Large tonnages of bulk materials are often stored in open or
partially enclosed storage piles and storage may be for a short time with
high turnover or for a long time to meet cyclical demand. Storage pile
operations leading to dust emissions include loading onto piles,
vehicular traffic, wind erosion and loadout from piles. The relative
importance of each of these operations depends on factors like storage
pile activity, pile configuration, method of loading and unloading, wind
speed and precipitation. Emission factors (U.S. Environmental Protection
Agency, 1976) and various equations (Jutze et al., 1977; Midwest Research
Institute, 1977; Carnes and Drehmel, 1981) have been developed, but they
are of limited value for general use.
Roads on plant property can be another major source. Vehicular
traffic causes increased mechanical breakdown of material and suspends


7
particulate matter in the air. The emission factor for roads has been
found to be a function of silt content, vehicle speed and weight and a
number of equations have been developed (Jutze et al., 1977; Midwest
Research Institute, 1977; PEDCO Environmental, Inc., 1976).
Fugitive Dust Measurement Methods
As discussed earlier, reference methods are available to quantify
emissions of particulate matter from ducted sources and so reliable
emission factor data can be developed for such situations. However, no
such single technique exists for the measurement of fugitive dust
emissions. Existing methods can be divided into field scale and
laboratory methods. The field scale methods were aimed at developing
emission factors on the basis of large-scale tests of full scale material
handling operations.
The six most widely used field scale methods are
1. Upwind/Downwind sampling
2. Roof Monitor sampling
3. Quasi-stack sampling
4. Exposure profiling
5. Wind tunnel method
6. Tracer method
Upwind/Downwind sampling (Kolnsberg, 1976) involves the measurement
of particulate matter concentration in the atmosphere upwind and downwind
of the source. Meteorological parameters are also simultaneously
measured. Based on the concentration map obtained and the values of the
meteorological parameters, Gaussian dispersion equations are used to
back-calculate the source emission rate.
Roof monitor sampling (Kenson and Bartlett, 1976) involves sampling
at building openings and has been used with indoor sources. Emission
rates are calculated based on the measured concentration and the exhaust


8
flow rate through the opening. No meteorological data is needed. Quasi
stack sampling (Kolnsberg et al., 1976) requires temporarily enclosing
the source and drawing off the emissions through ductwork and measuring
particulate matter concentrations using standard stack sampling methods.
Exposure profiling (Cowherd et al., 1974) is a multi-point sampling
technique where particulate matter concentrations downwind of the source
are isokinetically determined across the plume cross-section. Emission
rate is then calculated by a mass balance approach. In the wind tunnel
method (Cuscino et al., 1983) dust generated by wind blowing over an
exposed surface is measured. A wind tunnel with an open-floored test
section is placed over the surface to be tested and air is drawn at
controlled velocities. Isokinetic samples are collected and used to
calculate dust concentrations. Finally, the tracer method (Hesketh and
Cross, 1983) consists of releasing a tracer at the dust source. Downwind
from the dust source both dust and tracer concentrations are determined
and based on this ratio and the quantity of tracer released the dust
emission rate is determined.
The field scale techniques described above were all developed and
applied to special situations and were often dependant on meteorology.
The techniques are all complicated, time consuming and expensive.
Because of the scale of the tests, the performance of dust suppression
techniques cannot be easily and quickly determined. In addition,
reproducibility is a major problem.
A number of smaller scale techniques for use in the laboratory have
also been developed. A dedusting tower (Hoffmeister, 1979) consisting of
a 8.6 cm diameter glass tube fitted with seven screen stages has been
used. Air is sampled such that air flow is countercurrent to a falling


9
250 ml sample at a velocity of 0.9 m/sec. Weight loss of the test sample
is used to calculate dust emission factor. Another laboratory scale
technique involves the use of a spouted bed arrangement (Kjohl, 1976)
where 1.2 liters of sample are used in the spouted bed and the dusty air
is sampled through a filter bag. Test conditions are such that particles
up to 200 urn are sampled. An analogous technique is one where a
fluidized bed of 400 grams of material, 10 % test sample and 90 % sand,
is used and the dust generated is sampled with a cascade impactor
(Schofield et al 1979). All these techniques are more representative
of pneumatic type conveying systems. The fluidized bed technique has
been compared with a rotary drum technique and an impact type test
(Higman et al., 1983). The impact type test involves dropping 300 grams
of material into a box and exhausting the box through a cascade impactor
(Wells and Alexander, 1978). All the above tests were more suited to
powders and reproducibilty has been stated to be 15 % to 20 %. The small
sample sizes lead to greater variabilities in dust measurement. In
addition, for moderately dusty materials, the small amount of dust
generated would require more accurate gravimetric analysis. None of the
above techniques really simulate dust generation at transfer points.
A semi-field scale technique where 50 kg of coal was discharged from
a hopper in three minutes through a series of belt conveyors onto a
stockpile (Nakai et al., 1986) is more directly based on an impact type
dust generation process, as at transfer points. Dust concentrations at a
transfer point were measured with an optical device and efforts were made
to correlate emission factors with ambient dust concentrations.
A number of methods based on some means of dropping a test sample in
an enclosed space have been developed. A technique called the powder


10
spill test column (Cooper and Horowitz, 1986) uses 10 gram samples which
are dropped a distance of 1 m inside a 17 cm diameter column and the air
is exhausted through a 47 mm filter at a flow rate of 52 liters/min. A
particle size limit of 40 urn is stated. Another technique used to
evaluate spills and pressurized releases (Sutter et al., 1982; Sutter and
Halverson, 1984) was based on a chamber 2.9 m in diameter and 3 m high
where small quantities of the sample were discharged and the air was
sampled with high volume air samplers. The ASTM method for determining
an index of dustiness of coal (American Society for Testing Materials,
1975) consists of a 1.5 m tall metal cabinet with a 0.46 m square cross-
section. A minimum of 23 kg of the sample is placed on a tray within the
cabinet and released at a 1.2 m height. After 5 seconds two slides are
inserted 0.6 m below the release point and pulled out 2 minutes and 10
minutes afterwards. The dust settled on the slides is gravimetrically
analyzed and reproducibility of 20 % is claimed. Another technique used
with coal uses a belt conveyor to discharge coal samples into a 0.46 m
diameter chamber of variable height (Cheng, 1973). The chamber is
evacuated with a high volume air sampler and dust is sampled with a
cascade impactor. A variation of the chamber technique called the Totman
dust test device uses a 0.9 m tall chamber of 0.15 m x 0.2 m cross-
section with a chevron type internal material flow arrangement. Because
of this arrangement, unlike other chamber techniques where only one
impact is used, at least 4 impacts occur before the product comes to
rest. The air is sampled in a counter-current manner through a filter
for gravimetric analysis. A review of these and other laboratory
techniques has been published elsewhere (Hammond et al., 1985).


11
Dust Suppressants
Coating agents have been applied to a very large number of materials
to suit many requirements which include moisture control, prevention of
caking, providing slow release capability and reducing dustiness. The
most commonly used dust suppressant is water. When coal moisture content
was raised from 0.8 % to 1.5 % and mixed briefly in a tumbler, the
emission factor was reduced 70 % (Cheng, 1973) though excessive mixing
created more dust due to breakage. This same effect has been reported
with different kinds of coal (Nakai et al., 1986)and has been reported to
cause agglomeration of coal dust. A number of studies have also
documented the increased adhesive forces between particles and surfaces
with increased relative humidity due to formation of liquid bridges
(Stone, 1930; Van Den Tempel, 1972; Larsen, 1958; Corn, 1961; Ketkar and
Keller, 1975; Corn and Stein, 1965). However, excessive moisture content
with phosphate fertilizer can cause caking problems (Hoffmeister, 1979;
Kjohl, 1976) and decrease granule crushing strength (Kjohl, 1976), thus
leading to increased dustiness due to granule fracture and subsequent
generation of fines.
The most common dust suppressant used in the fertilizer industry is
oil. Oils with high viscosities are suggested to avoid the problem of
absorption into granules and consequent loss of effectiveness
(Hoffmeister, 1979). Oils with high paraffinic content are also
suggested as effective dust suppressants for fertilizer (Frick, 1977).
Extensive work is reported in patent literature on the use of coating
agents to increase granule strength, reduce caking tendency, reduce
dustiness and control moisture content. A list of patents is presented
in the Appendix. Coating agents used have included amines, mineral oils,


12
surfactants, fillers, acids, waxes and many other materials. These
patents and some others are reviewed elsewhere (Sarbaev and Lavkovskaya,
1978).
In the laboratory, dust suppressants have been applied in a rotary
drum where the granules and coating agent are both introduced
(Hoffmeister, 1979). In actual industrial facilities coating agents used
are primarily petroleum oil blends and have been sprayed in screw
conveyors, mixers, on belt conveyors, coolers and material transfer
points and sufficient mixing occurs so as to effectively distribute the
coating agent (Achorn and Balay, 197*0.


CHAPTER III
EXPERIMENTAL PROCEDURES
Extensive experimental work was carried out in order to establish
the nature and extent of the fugitive dust problem associated with
handling phosphate fertilizer. The apparatus and procedures used are
described in this chapter.
Laboratory Tests
Sample Preparation
A supply of uncoated granular phosphate fertilizer was a
prerequisite to any experimental work. Samples of fertilizer were
obtained in quantities of at least 100 kilograms and stored in 19 liter
(5 gallon) plastic buckets with tight fitting lids. The sample buckets
were kept air tight during transfer from the field to the laboratory.
Fertilizer sampling locations were chosen with care and included belt
conveyors, material transfer hoppers and storage piles.
A batch of uncoated fertilizer consisting of about 80 kilograms of
product was poured out of the buckets on to a clean plastic sheet laid
out on the floor. The pile of fertilizer was thoroughly mixed to ensure
that all parts of the pile were homogeneous. Five kilogram test samples
were then made by collecting 8 to 10 scoops of product from various parts
of the pile and stored in polythene bags to provide a stable environment
for the sample. This technique was also used when making test samples of
coated fertilizer.
13


14
Five kilograms was chosen as the standard test sample size. This
sample size was considered to be large enough to overcome the possible
variabilities in the fertilizer and more representative of the average
characteristics of the bulk material. This sample size was also the
maximum quantity that could be conveniently handled without spillage
during experiments. In addition, the larger the test sample size the
greater the amount of dust generated and, hence, the greater the accuracy
of gravimetric analysis of the emitted dust.
Application of Dust Suppresants
In actual plant situations the dust suppressant is usually applied
on the fertilizer when it moves past a spray header on a belt conveyor or
at a product transfer point. The dust suppressant is applied as a spray
produced either by a high pressure airless spray system or by a lower
pressure air atomized spray system.
The dust suppressants tested have included vegetable and petroleum
based oils, waxes, petrolatums, emulsions and many other materials. Dust
suppressants which were liquid at ambient temperatures, were dispersed
using an air atomized spray system at a pressure of about 138 kPa (20
psig). A Sears Model 919.156580 portable air compressor was used with a
Sears Model 919.156140 spray nozzle for this purpose. This system was
used because of its similarity to actual industrial practice, ease of use
and availability. This system was designed for use with dust
suppressants which did not require special handling and whose viscosities
at ambient temperature were such that they could be sprayed directly.
However, waxes, which are solid at ambient temperatures, were
sprayed either in the form of water based emulsions or melts. Some
natural waxes were easily emulsified by a process of saponification.


15
These waxes were tested in both forms, where possible. Emulsification of
petrolatum waxes required a more complicated process using special
emulsifiers and they were, therefore, sprayed only as melts.
The wax emulsions were sprayed without further treatment. The non-
emulsified waxes, on the other hand, were first melted by putting them in
a plastic container immersed in boiling water. Once heated to a
temperature of about 75C the liquid wax was sprayed using an air
atomized nozzle (Spraying System //SU 1) in a siphon arrangement. To
prevent plugging problems due to solidification of wax, the nozzle was
heated to an appropriately elevated temperature by using a heating tape
and variable transformer arrangement.
The test sample to be coated was retained in the storage bag for the
coating operation. The exposed surface layer was first sprayed lightly,
then a new layer was created by mixing the bag contents and this new
layer was sprayed. This process was carried out till the required amount
of dust suppressant was added. The quantity of dust suppressant added
was determined by weighing the test sample before and after application
of the dust suppressant by using a single pan balance with a 20 kg
capacity. Once the coating operation was complete the coated sample was
stored in the polythene bag pending the drop test.
Measurement of Some Fertilizer Properties
Moisture Content. For the purposes of characterization of various
batches of fertilizer, moisture content was determined for at least two
test samples per batch of fertilizer. The technique used was that
recommended by the Association of Florida Phosphate Chemists (Association
of Florida Phosphate Chemists, 1980).


16
Three 2-gram samples were taken from each test sample to be
evaluated and placed in a vacuum oven (Precision Model #19). The samples
were subjected to a temperature of 50C and a vacuum of 508 mm of mercury
for 2 hours with a stream of dry air being circulated in the oven. The
weight loss of each of the three samples was determined with an
electronic single pan balance (Mettler Model #HK60) and converted to a
"percent moisture content" representation. The average value for the
three samples was calculated and used as a measure of the moisture
content of the test sample.
Size Distribution. Size distribution of the granular fertilizer was
another parameter of interest. A sieving machine (Gilson Model #SS-15
Sieve Tester) with a set of 6 sieves was used. The sieves used were U.S.
Standard 6, 8, 12, 16, 20 and 40 mesh. One-hundred-gram samples were
weighed out using an electronic single pan balance (Sartorius Model
#2355) and then poured into the first sieve. The sieving machine was
operated for 10 minutes. At the end of the sieving cycle the size
fractionated sample was collected in preweighed petri dishes and re
weighed. The weights of the various size fractions were then used to
calculate the size distribution.
Crushing Strength. Crushing strength of a granule is a measure of
the resistance to fracture. The technique used is also known as the TVA
method (Hoffmeister, 1979). Size fractionated samples were prepared with
the sieving machine as described earlier. For a particular size range a
number of granules were placed on a single pan spring balance with a
weighing range of 0 to 10 kilograms. A load was applied on individual
granules by pressing down on the granules with a steel rod. The scale
reading at the point of granule fracture was noted and the average value


17
for a number of granules was calculated. This procedure was carried out
for the various size fractions to establish the crushing strength
distribution.
Emission Factor Measurement
Apparatus and Operating Procedure. Emission factors for coated and
uncoated fertilizer were measured by means of a "drop test" using a
vertical flow dust chamber (VFDC). The VFDC was an enclosure constructed
of 1.3 cm (1/2 inch) thick plywood (Figure 1). The enclosure was 0.6 m
(2 feet) square and 0.9 m (3 feet) high. The top of the enclosure had
two openings: a 0.2 m (8 inch) diameter opening into which a 0.6 m (2
foot) long duct was mounted and a 18 cm (7 inch) by 23 cm (9 inch)
rectangular opening over which a high volume air sampler (General Metal
Works Model #2000) was placed. A baffle separated the two openings in
terms of the air flow characteristics of the enclosure (Figure 2(a)).
The test sample was introduced manually through the 0.2 m diameter feed
tube and fell 1.5 m before striking the floor. Dust was released during
the pouring process and also when the sample struck the floor, due to the
combined action of impaction and attrition. The released dust was picked
up by the high volume air sampler and deposited on a filter for
gravimetric analysis.
About 10 % of the samples in a batch of fertilizer were tested in an
uncoated state to establish an emission factor in units of g/kg for
untreated fertilizer for that particular batch. The remaining samples
were treated with the dust suppressants to be evaluated and then tested.
The test sample was first preweighed to the nearest gram with a 20
kg capacity single pan balance and then transferred from the plastic
storage bag to a pouring bucket. Four 20 cm x 25 cm (8 inch x 10 inch)


18
Air Inlet
Figure 1.
Vertical Flow Dust Chamber.


Figure 2.
Photographs of the Vertical Flow Dust Chamber,
(a) The Enclosure (b) The Test Setup


20
glass fiber filters were weighed using a single pan balance (Mettler
Model #H6) equipped with a special attachment for weighing filters. The
VFDC was placed on a plastic sheet spread out on the floor. The first
filter was mounted on the high volume air sampler which was then placed
over the enclosure opening as shown in Figure 2(b). The high volume air
sampler was previously calibrated by using a set of calibration orifices
to develop a correlation between air flow rate and sampler pressure drop
as measured by a magnahelic gage (Figure 3).
The air sampler was turned on and set to operate at a flow rate of
31 liters/sec, unless, specifically stated otherwise. The sampler flow
rate was adjusted with a variable transformer. After 15 seconds the test
sample was steadily poured into the enclosure through the feed tube in a
pouring time of 60 seconds. After an additional 45 seconds of operation
the air sampler was switched off. Thus, the total run time of the
sampler was 2 minutes and this was equivalent to a total of about 10 air
changes in the enclosure, 5 of which were during material transfer.
After the first drop of the test sample the "dirty" filter was
removed from the air sampler and the test sample, now on the plastic
sheet on the floor under the enclosure, was transferred back into the
pouring bucket. The above procedure was repeated 3 more times. The
weight gain of the 4 filters was determined and normalized to given an
emission factor in units of grams of dust per kilogram of test sample.
The average value of the emission factors calculated for the four filters
was determined and represented the average emission factor for the test
sample.
Discussion. The VFDC configuration and test procedure described
were established after an extensive evaluation of a number of parameters.


21
Figure 3.
Calibration for the High Volume
Air Sampler.


22
These included baffles, feed tube diameter, enclosure height, air flow
rate and material pour rate.
The baffle in the VFDC was introduced in the basic design to better
define the air flow in the enclosure and to prevent possible "short
circuiting" of the air flows at the enclosure inlet and outlet. Tests
with granular triple superphosphate (GTSP) showed that the presence of
the baffle did have a small, but not negligible, effect on measured
emissions. The principal value of the baffle, however, was that it
permitted a clearer mathematical description of the air flow in the
enclosure. Dust emission factors for test samples were measured using
a "drop test" procedure as described earlier. Four drops were performed
per test sample in a "drop test" as a matter of practice. This was done
in order to obtain an average value for the dust emission factor. A
single drop would usually, but not always, represent a maximum emission
from the test sample and would not be representative of an average
emission resulting from a series of handlings of that same test sample.
Four drops would thus permit a more representative estimate of dust
potential of a test sample, especially when comparing different
materials.
The effect of various feed tube diameters was also evaluated. As
shown in Table 1 the diameter of the feed tube affects the velocity of
the air at the inlet and so measured dust emission factors were higher
for the smaller diameter feed tube. However, both the 0.15 m and 0.25 m
diameter feed tubes were found to be not quite convenient for regular
operational use. Therefore, a 0.20 m diameter feed tube size was used as
standard. The 0.6 m length was chosen because this would make the
effective height of fertilizer discharge from the pouring bucket, 1.5 m


23
TABLE 1
Effect of Feed Tube Diameter on the Emission Factor of GTSP Samples
Sample
Drop
Flow Rate
Emission Factor
Average
Feed Tube Diameter
I.D.
Number
(liters/sec)
(g/kg)
(g/kg)
(m)
1
32
0.0248
A
2
32
0.0234
0.0225
0.15
3
32
0.0211
(gsd=0.0017)
4
32
0.0208
1
33
0.0167
B
2
33
0.0154
0.0162
0.25
3
33
0.0166
(gsd=0.0005)
4
33
0.0162
NOTE: "gsd" is the Geometric Standard Deviation.


24
from the ground. A height greater than this would have made the process
of fertilizer discharge, which was manual, very inconvenient.
Enclosure heights of 0.9 m and 1.5 m were considered next. The
effective fertilizer discharge height was 1.5 m for both configurations.
The configuration with the 0.9 m enclosure was as shown in Figure 1 while
the configuration with the 1.5 m enclosure height had the feed tube
projecting into the enclosure rather than out of it. Results of tests
conducted with phosphate rock and white sand (Table 2) show that the
measured dust emissions were consistently higher with the 0.9 m
enclosure, probably because of a smaller volume of dead space and a
shorter distance between the point of dust emission and the air sampler.
The difference in measured emission factor was of the order of 10 £ and
so this factor did not play a major part in the eventual selection of an
enclosure height. The 0.9 m enclosure was selected as standard because
it was much easier to move around due to its lower weight and smaller
dimensions.
Using the standard inlet size and enclosure height, the effect of
three different air flow rates was evaluated. The air flow rate was
varied by changing the applied voltage to the air sampler. The maximum
possible air flow rate was found to be about 35 liters/sec and, as shown
in Figure 4, operating the sampler at this condition did not result in a
significant increase in measured dust emission. A flow rate of 31
liters/sec was chosen as an optimum value for emission factor measurement
tests. It was observed that a flow rate of 21 liters/sec resulted in
emission factor measurements which were 21 % lower than that at 29
liters/sec and that the air flow rate had a nonlinear effect on measured
dust emission factor. If the air sampler was operated at a flow rate of


25
TABLE 2
Effect of Enclosure Height on the Emission Factor
of Phosphate Rock and White Sand Samples
Product
Type
Sample Enclosure
I.D. Height
(m)
Average
Emission Factor
(g/kg)
Overall
Average
(g/kg)
Phosphate
A
0.90
0.1361'
0.1362
Rock
B
0.90
0.1363
Phosphate
C
1.50
0.1214
0.1206
Rock
D
1.50
0.1198
White
A
0.90
0.0142
0.0133
Sand
B
0.90
0.0123
White
C
1.50
0.0118
0.0117
Sand
D
1.50
0.0115


WEIGHT GAIN (g)
26
Figure 4.
Effect of Air Flow Rate on the
Measured Dust Emission of GTSP
Samples.


27
26 liters/sec instead of the optimum 31 liters/sec, the deviation in the
measured dust emission factor would be less than 10 %.
Material pour rate was varied by pouring 5 kilogram test samples of
GTSP in three different pour times, viz., 30, 60 and 90 seconds. As
shown in Table 3 for the pour times evaluated, the variations in
measured dust emission factor as determined by the "drop test" were not
extreme for moderately dusty materials like GTSP. For operational
reasons, the 60-second pour time was found to be most convenient and was
thus established as the standard pour time. Tests conducted with
phosphate rock, a significantly dustier material, showed that pour rate
did have a more significant impact (Figure 5) though the measured
emission factor was that from a single drop. However, the 60-second pour
time is still a valid selection since relative dust emission factor is
the primary parameter of interest.
The cross-sectional area and air flow rate were selected so that the
particle collection characteristics of the VFDC would be similar to that
observed with the high volume air sampler operating in a standard housing
as used for ambient air sampling. The VFDC test procedure simulates the
process of dust generation due to handling of bulk materials as at
transfer points in material conveyors and unloading stations.
Both VFDC configurations were calibrated with monodisperse ammonium
fluorescein aerosols and glass beads. The monodisperse ammonium
fluorescein aerosols were generated with a vibrating orifice aerosol
generator (TSI Model #3050) while the monodisperse glass beads, purchased
commercially, were dispersed from a flask by compressed air. The
fractional penetration of particles of various sizes was determined
gravimetrically for glass beads and fluorimetrically for ammonium


28
TABLE 3
Effect of Pour Time on the Emission Factor
of GTSP Samples
Sample
I.D.
Drop
Number
Pour Time
(seconds)
Emission Factor
(g/kg)
Average
(g/kg)
1
30
0.0448
A
2
30
0.0383
0.0343
3
30
0.0260
(gsd=0.0089)
4
30
0.0279
1
60
0.0362
B
2
60
0.0536
0.0366
3
60
0.0256
(gsd=0.0122)
4
60
0.0308
1
90
0.0312
C
2
90
0.0491
0.0330
3
90
0.0265
(gsd=0.0111)
4
90
0.0250
NOTE: Enclosure height = 1.50 m (5 feet).
Air flow rate = 25 liters/sec (60 cfln).
"gsd" is the Geometric Standard Deviation.


EMISSION FACTOR (g/kg)
29
Figure 5.
Effect of Pour Rate on the Measured
Factor of Phosphate Rock Samples.


30
fluorescein aerosols. With the air sampler operated at 26 liters/sec the
particle penetration characteristics of the two units were found to be
almost identical (Figure 6). The measured 50 % cut point for both
units, when operated in an identical manner, was found to be 40 um.
In summary, the standard VFDC configuration used was like that shown
in Figure 1. Five kilogram test samples were standard as was a 60 second
pour time, a 2 minute air sampling duration and an air flow rate of 31
liters/sec.
Dust Size Distribution Measurement
The size distribution of dust emitted due to handling of various
materials was measured using single stage impactors like that shown in
Figure 7. For a given flow rate the 50 % cut size can be changed by
changing the flow area in the impactor or, correspondingly, by using
separate single stage impactors with different nozzle widths. Three
impactors with 50 % cut sizes of 42 um, 25 um and 13.6 um when operated
at 30 liters/sec were used. The calibration of the single stage
impactors has been described elsewhere (Vanderpool, 1983).
The impaction surface was prepared by lining it with aluminum foil
cut to size and then coated with a silicone spray and weighed. The first
impaction surface was mounted in the nozzle section of the 42 um
impactor. Four spacers were placed on the rear side of the impaction
surface and the first pre-weighed filter was laid over it. The high
volume air sampler was then mounted on the impactor and bolted in place.
The impactor-high volume air sampler assembly was then placed over the
enclosure opening. The procedure was then similar to that for the first
drop of the "drop test" for emission factor measurement. For each test a
new sample was used. At the end of the first drop the impaction surface


31
AERODYNAMIC DIAMETER (^m)
Figure 6.
Calibration for Two Configurations of
the Vertical Flow Dust Chamber.


32
Inlet
Impactor Nozzle
Impaction Plate
Filter
Blower
Flow Meter
Figure 7
Schematic of a Single Stage Impactor.


33
and filter were carefully removed. Prior to the next drop of the test
sample the second impactor nozzle was set up and a similar assembly and
test procedure followed. After the third drop test with the third
impactor nozzle the weight fractions on the impaction surface and filter
were determined and the size distribution calculated.
Intermediate Scale Field Tests
Apparatus and Operating Procedure
From extensive laboratory experiments it was apparent that full
scale field tests to demonstrate the validity of laboratory results would
be much more likely to succeed if intermediate scale tests were first
performed. The intermediate scale field tests were designed to evaluate
possible scale-up problems and to determine the influence of various
operating conditions.
An intermediate scale field test (ISFT) setup was designed to handle
a minimum of about 70 kilograms of fertilizer at a maximum feed rate of
about 10 tons per hour. The setup was composed of two major components
which included the fertilizer handling system and the coating agent spray
system.
The fertilizer handling system consisted of feed and discharge
hoppers and a belt conveyor. The system was made portable by mounting
the conveyor and feed hopper on a modified boat trailer. The boat
trailer was a Harding Model #B-16~7 unit with an overall length of about
5.2 m and a 320 kilogram load capacity. The conveyor and feed hopper
support structure was made of 5 cm x 10 cm (2 inch x 4 inch) pressure
treated wood and was attached to the boat trailer frame with "U" clamps.
The trailer was equipped with a seven foot long tounge which was removed
once the setup was put in place.


34
A general drawing of the fertilizer handling system is shown in
Figure 8(a). The conveyor selected was a slider bed type conveyor
(Hytrol Model #TT "Thin Trough" conveyor) where the belt runs in a trough
cross-section frame as shown in Figure 8(b)(i). This type of conveyor
had the advantage that the probability of spillage was reduced and the
belt, when in operation, would be relatively smooth running and vibration
free. The conveyor weight was about 200 kilograms and was thus ideally
suited for light duty use as in the present application. The overall bed
length was 4.9 m and the belt was driven by a 3/4 HP motor at a speed of
25 cm/sec through a combination belt and chain drive. The conveyor belt
speed could be changed by changing the sprocket in the chain drive.
The conveyor was mounted on the wooden support structure on the
trailer at an angle of about 15 degrees by using 3 supports of
appropriate height so that the conveyor discharge was about 1.8 m from
the ground. The support heights were adjustable and allowed a variation
of a few degrees in the conveyor inclination if such an adjustment was
desired. The belt tension could also be adjusted by using tensioning
screws provided. The feed hopper was held in place over the belt in a
slotted angle frame so that the relative position of the hopper discharge
with the belt surface was fixed. The hopper was made of 1.9 cm (3/4
inch) plywood and painted so as to resist attack by the fertilizer. It
had an approximate capacity of 255 liters or, equivalently, about 250
kilograms of fertilizer. The downstream end of the hopper discharge was
equipped with an adjustable aluminum slide plate as shown in Figure
8(b)(ii) to allow a measure of control over the product discharge rate
from the hopper. The two sides and the upstream end of the feed hopper
discharge were equipped with rubber skirts to prevent spillage and to


J J
0 0.3 0.6 1.2
I- I I 1
18cm
0.5m Bedj
\
}**0.4m Belt *4
V
10cm
T
(D
J
Hopper Wall
1.9 cm Thick Plywood
Bolt with Wing
\ Nut and Washer
Scraper 0.6cm Thick Aluminum
with Slots for Vertical Adjustment
(¡¡)
(b)
Figure 8. Intermediate Scale Field Test Setup.
(a) Schematic of the Material Handling
System
(b) (i). Cross-section of the Conveyor
(ii). Fertilizer Feed Control Method


36
allow fertilizer flow only in the direction desired. The support
structure overhanging the trailer frame was propped up by concrete blocks
when the system was in use.
The discharge end of the conveyor was semi-enclosed in an enclosure
made of two 0.9 m sections of 0.51 m diameter galvanized pipe. A slot
was cut along the circumference so that the discharge end of the conveyor
was enclosed and the fertilizer discharge was down the axis of the pipe.
The top of the pipe was covered and bottom of the pipe was lower than the
top of the discharge bin (Figure 9). This enclosure helped to protect
the spray droplets and the fertilizer discharge stream from the effects
of wind. In addition to the conveyor supports mounted on the trailer
support structure, a fourth support made of 5 cm x 10 cm pressure treated
wood and slotted angle iron was used to support the overhanging discharge
end of the conveyor where the motor and drive weight was concentrated.
This support was on the ground and was removable (Figure 10).
The fertilizer feed rate could be adjusted by changing the belt
speed or by changing the feed hopper discharge characteristics. The
conveyor was equipped with a single speed motor and so the belt speed
could be varied only by changing the sprocket in the chain drive. It was
much easier, on the other hand, to control the feed hopper discharge
rate. The width of the hopper discharge was about 20 cm and so the bead
laid out on the belt was about 20 cm as shown in Figure 11. However, the
thickness of the bead could be easily varied by adjusting the slide
plate. The feed rate could thus be varied from about 4 tons per hour to
about 10 tons per hour by using the slide plate arrangement.
A line drawing of the coating agent spray system is shown in Figure
12. The spray system was designed to transfer a controlled amount of


37
Figure 9.
Photograph of the Front View of the
Intermediate Scale Field Test Setup


38
Photograph of the Side View of the
Intermediate Scale Field Test Setup.
Figure 10


39
Figure 11.
Photograph of the Feed Hopper Discharge.


Air
Compressor
Spray
Nozzle
Heated
Copper
Tubing
Air Hose
.>
o
Figure 12
Dust Suppressant Spray System Used for the Intermediate
Scale Field Test Setup.


41
coating agent on to the fertilizer granules. The basic spray system
included a portable air compressor (Sears Model //919.156580), two Fitz &
Fitz 1.9 liter pressure containers and 2 nozzles. The nozzles used were
of the pressurized liquid type (Spraying Systems Catalog #1/4TT-730039).
The compressed air supply was divided into two streams, each passing
through a pressure container. The pressure containers were rated at a
peak liquid pressure of about 414 kPa (60 psig). Each pressure container
had two outlets used to provide separate air and liquid flows for air
atomizing nozzles. The air outlet was capped off since the pressurized
liquid nozzles did not need atomizing air. All liquid lines were 9.5 mm
(3/8 inch) diameter copper tubing. The copper tubing and nozzles were
heated by heating tape while the pressure containers were heated by
heating mantles. All heaters were controlled by variable transformers.
Since petrolatum waxes were the primary coating of interest, the pressure
containers were maintained at a temperature high enough to keep the
petrolatum waxes molten and liquid lines were heated to prevent
solidification in the lines. The liquid feed was controlled by adjusting
the regulator pressure on the pressure containers. The nozzles were in
an opposing jet arrangement about 25 cm from each side of the fertilizer
discharge stream and about 15 cm below the discharge end of the conveyor.
At least 3 buckets (about 70 kilograms) of fertilizer were used in
each test. Three 5 kilogram samples of the uncoated fertilizer were
first prepared in the standard manner. The remaining uncoated fertilizer
was then poured into the feed hopper. The line heaters and heating
mantles were all energized and the nozzles were calibrated prior to the
test by timing the consumption of a known amount of hot water. This also
helped to heat the lines and clean them. Hot water was poured into the


42
pressure containers and the water temperature was maintained by means of
heating mantles. The wax being tested was weighed out into two plastic
bottles which were then placed in a beaker of boiling water till the wax
was completely melted. The bottles were then placed in each of the two
pressure containers. In this manner the wax was not subjected to
excessive local heating, the pressure containers were easily cleaned
after use, successive tests could be conducted more rapidly and cross
contamination was not a problem. After allowing sufficient time for the
nozzles and fluid flow lines to heat up and setting the hopper discharge,
the conveyor was turned on. The wax spray was initiated so as to
coincide with the fertilizer discharge from the conveyor. When all the
fertilizer was used up the wax spray was discontinued by disconnecting
the air supply at the quick disconnect and relieving the line pressure by
using the pressure relief valve on the pressure container. Operating
parameters such as the hopper discharge setting, fertilizer weight,
weight of wax consumed, wax temperature and the wax and fertilizer feed
times were noted. During the test the fertilizer was discharged into the
discharge bin. After the test was complete the fertilizer in the bin was
stirred by using a shovel and then stored in 19 liter buckets. Two to
three test samples of coated fertilizer were then made in the standard
manner for later testing. To verify that the nozzles did not plug during
the test the nozzle calibration for water was rechecked. At this point
the next test if planned, was performed by simply replacing the wax
sample bottles and recharging the feed hopper with a new batch of
uncoated fertilizer.


43
Discussion
The development of the ISFT setup and operating procedures was an
evolutionary process. Preliminary tests were conducted without the
discharge enclosure, but excessive fertilizer dust and wax spray blow-off
led to the addition of the discharge enclosure.
Before reaching a decision on the use of the pressurized liquid
nozzles, air atomized nozzles were evaluated. Both internal mix and
external mix nozzles were considered. In using the air atomizing nozzles
the air outlet from the pressure container was connected to the nozzle by
an air hose. In the internal mix type nozzle, compressed air and liquid
are mixed within the nozzle and then ejected from the nozzle. However,
wax solidification due to excessive cooling and losses by overspray due
to extreme atomization were continual problems. Modification of the
setup by regulating the air pressure to the nozzle did not significantly
improve the problem nor did the use of 4 nozzles, each with half the
capacity of the nozzles in the 2 nozzle arrangement. The external mix
nozzles did not have the same wax solidification problem but overspray
losses were still excessive. With the pressurized liquid nozzles, nozzle
plugging due to wax solidification was no longer a problem and overspray
losses were much reduced due to the coarser droplets produced.
The two nozzles were placed 15 cm below the discharge end of the
conveyor, one on each side of the fertilizer discharge. Because of the
close proximity of the nozzle to the underside of the belt, over a period
of time the belt had a tendency to get coated with wax and so a deflector
shield was installed. The nozzles were originally placed 15 cm from the
fertilizer surface but at this distance the spread of the spray was
insufficient to cover the width of the fertilizer discharge. So, the


nozzles were moved back to a distance of 25 cm from the fertilizer
discharge.
Full Scale Field Tests
Apparatus and Operating Procedure
Full scale field tests were conducted at a fertilizer shipping
facility (Agrico Chemical Co., Pembroke Road, Gibsonton, Florida). This
facility handles granular triple super phosphate (GTSP) and ground
phosphate rock. The GTSP was transported to this facility from the
fertilizer plant by trucks in a travel time of about 1 hour. The
fertilizer handling setup was as shown in Figures 13 and 14(a) with air
samplers placed within the storage building as shown in Figure 14(b).
The nominal fertilizer handling rate was 250 tons/hour.
The coating agent spray system was designed within the facility
constraints to provide a maximum spray rate of about 19 liters/min (5
gpm) at about 414 kPa. Petrolatum waxes were acquired in 208 liter (55
gallon) drum quantities. The spray setup was as shown in Figure 15. The
pump used was a Liquiflo Series 86 Eccentric Impeller pump with a 3/4
H.P., 110V motor. The flowmeter used was an Erdco Series 400 vane-type
flowmeter. Valve 1 was a bypass valve used as flow control, Valve 2 was
a 3-way valve used to switch the flow from recycle mode to spray mode and
Valve 3 was a 1/4 turn valve used to control the supply of compressed
air. All flow lines were 1.9 cm and 1.3 cm black iron pipe and were heat
traced with 220V heating tape and insulated. Four nozzles were aligned
46 cm (18 inch) apart along the axis of the belt conveyor between
transfer point #1 and #2.
The drum of wax was heated by 2 drum heaters (Briskest Catalog #SRL-
A-DHC-1200) with integral temperature controllers being used to set the


45
(a)
(b)
Figure 13. Photographs of the Full Scale Field
Test Facility.
(a) Truck Unloading Station (b) Transfer
Point #2 (c) Transfer Point #3


46
(c)
Figure 13
Continued.


4 7
Storage
Buitrg
(a)
Door
iN
Storage
Pile
o Sampler Locations
(b)
Figure 14. Details of the Full Scale Field Test Facility.
(a) Fertilizer Handling System
(b) Air Sampler Locations


Flow
Meter
Figure 15.
Dust Suppressant Spray Setup for the Full Scale Field Tests.


49
temperature at about 150C and insulated with fiberglass insulation. The
drum heating process was begun 12 to 24 hours prior to actual use. The
line heaters were then energized and heating was controlled by a variable
transformer. The pump intake was equipped with a suction filter
(Spraying Systems Catalog #HSW) to strain out particulate matter. Four
pressurized liquid type nozzles were cleaned in hot water and mounted in
the spray manifold. Each nozzle was equipped with a 50 mesh strainer.
Valve 2 was first set to position 1 to permit use of the system in
recycle mode, Valve 1 was opened halfway and the pump was then turned on.
The liquid wax was permitted to circulate through the system so that all
the lines and components could be evenly heated. The pump intake was
securely tightened so as to prevent air infiltration which could cause
the liquid wax to foam. A yardstick was taped to the inside of the drum
to permit a secondary measure of liquid consumption.
The oil supply to the existing oil spray system was first shut off.
Once a truck started unloading its load and the fertilizer appeared on
the belt between transfer point #1 and #2, the fertilizer was allowed to
run uncoated for about 45 seconds. The liquid wax was then switched from
the recycle mode to the spray mode by switching Valve 2 to position 2.
Valve 2 was then adjusted to set the flow rate at the required level as
indicated by the flowmeter. It took 30 seconds for material transfer
from transfer point #1 to transfer point #2, 45 seconds for material
transfer from transfer point //2 to transfer point #3 and 30 seconds for
material transfer from transfer point #3 to transfer point #4. A bucket
was half-filled with uncoated fertilizer sampled at transfer point #2 and
then 2 buckets of coated fertilizer were sampled at transfer point #4 a
minute after wax coated product appeared. Once the coated samples were


50
collected Valve 1 was used to reduce the liquid spray rate by recycling
part of the pumped liquid back to the reservoir and Valve 2 was set to
position 1, to put the spray system in recycle mode. The half filled
bucket of uncoated fertilizer was then completely filled at transfer
point #2. By measuring the fall of the liquid level in the drum and the
time of consumption, the application rate was calculated as a check of
the flowmeter. If more than a few minutes wait was anticipated between
runs compressed air was blown through the nozzles by switching Valve 3 to
the "on" position. Compressed air was provided by a portable air
compressor (Sears Model #919.156580). In this manner, nozzle plugging was
avoided. At the end of a series of tests hot water was circulated
through the spray system in the recycle mode to clean out as much wax
from the lines as possible. No attempt was made to spray water through
the system in the spray mode because of possible caking problems which
could occur in the vicinity of the conveyor.
The coated samples collected were brought back to the laboratory and
5 kg test samples were prepared for further analysis in the standard
manner.
Discussion
The location for conducting the field test was chosen based on a
number of factors, the most important of which was familiarity with the
facility. Power outlets were easily accessible, fertilizer sampling
locations were convenient and the design of the fertilizer handling
system was such that the coating spray system could be situated in a
compact way not too far away from the spray location.
The pump selected was of an eccentric impeller design with a high
density polymer impeller. The maximum pressure and temperature ratings


51
were 1103 kPa and 90C, respectively. This pump was considered ideal for
the present application because the liquid to be pumped was clean and a
lubricant. No pressure gages were installed because of the possibility
of fouling the internal parts of the gage by solidifying wax. For this
same reason a "sight gage" type vane flowmeter was selected for flowrate
measurement. The deflection of the vane was a measure of flow rate. In
addition, line plugging could be signaled by the "see through" window in
the flowmeter. Pressure relief was provided by a plastic coupling rated
at 828 kPa.
The pump and compressor both had 110 V motors and the power supply
was routed through a 15 amp circuit breaker. As a result, when the
compressed air tank was full the cycling of the compressor caused the
breaker to trip due to the high starting current of the compressor motor.
Thus, in order to operate the pump and compressor simultaneously, a bleed
valve was installed in the compressor outlet so that the compressor would
run continuously without shutting off.
Various combinations of spray location and nozzle size were
evaluated and the results are discussed in a later chapter.


CHAPTER IV
RESULTS AND DISCUSSION
Extensive evaluations were conducted during the course of this
study. Results presented in this chapter are divided into separate
sections: laboratory tests, intermediate scale field tests (ISFT) and
full scale field tests (FSFT). Criteria for the selection of dust
suppressants are also discussed.
Laboratory Tests
Effect of Temperature on Test Samples
The effect of temperature on granular triple superphosphate (GTSP)
and diammonium phosphate (DAP) was studied. Three 30-gram samples of
GTSP, three 20-gram samples of GTSP and three 30-gram samples of DAP were
weighed out in 95 mm diameter aluminum dishes and placed in an oven
(Precision Model #17) at 105C. Sample weights were measured with a
single pan electronic balance(Sartorius Model #2355). The measured
weight change as a function of time was as shown in Figure 16.
The DAP samples showed a consistent loss in weight with no sign of
equilibration over the time period considered. This loss in weight was
accompanied by a strong smell of ammonia in the vicinity of the oven.
From this observation it was concluded that the DAP ranules were
undergoing a process of breakdown and subsequent deammoniation.
The GTSP granules also exhibited a continuous weight loss as a
function of time. However, the rate of weight loss was significantly
reduced after the first 24 hours. This phenomenon was probably due to
52


53
O
LU
£
7
6
5
4
3
2
1
O
1 2 5 10 20 50 100
0
30 Gram
GTSP
&

20 Gram
GTSP
aa
A
30 Gram
DAP
A
-
A
A
A
m
CO o

0
c
c

A

^ o
A

0
O
A

0
O
_J L
1 L
1_
Mil
I l
1 1
1 1 t
HEATING TIME AT 105C (hours)
Figure 16. Weight Loss due to Heating of GTSP and
DAP Samples as a Function of Time.


54
accelerated chemical reactions within the granules and subsequent
breakdown by a process called phosphate reversion (Bookey and Raistrick,
1960; Slack, 1968).
In addition, when test samples of GTSP were subjected to elevated
temperatures over a period of time the moisture content of the granules
was significantly reduced. Because of this reduction in moisture content
the measured emission factor (Table 4) was greatly increased.
Effectiveness of Test Sample Preparation Method
Five kilogram test samples were prepared from a given batch of
fertilizer using the technique described earlier. As standard practice
at least two test samples from each batch of product were tested in an
uncoated state. The average emission factor for the batch and the
deviation of the emission factor of each individual sample from the
average emission factor was calculated. This average emission factor
represents the baseline emission level prior to treatment while the
deviation is a measure of relative product homogeneity with regard to
dust emissions.
Specific results for test samples from three batches of fertilizer
are shown in Table 5. A scatter diagram of measured deviation for 178
samples of fertilizer from 89 distinct batches is shown in Figure 17.
From these results it is evident that the sample preparation method and
the measurement method were very effective. The average deviation from
the average emission factor was about 3.5 % and 97 % of the samples had a
deviation of less than 10 % from the average emission factor. Thus, the
calculated average uncoated emission factor for a batch can be considered
to be representative of the whole batch. In addition, since dust
suppression effectiveness is a function of the ratio of coated to


55
TABLE 4
Effect of Heating on the Emission Factor
of GTSP Samples
Sample
I.D.
Sample
Treatment
Moisture Content
(X)
Emission Factor
(g/kg)
R14
None
1.4
0.0166
R3
Heated
0.8
0.0652
AGTSP127
None
0.96
0.0433
AGTSP134
Heated
0.54
0.0628


56
TABLE 5
Effectiveness of the Test Sample Preparation Method
Product Sample Average Emission Average Emission
Type I.D. Factor of Test Sample Factor of Batch
(g/kg) (g/kg)
Deviation
fhom Average
(%)
AGTSP8
0.0387
-6.5
GTSP
AGTSP7
0.0405
0.0414
-2.2
AGTSP6
0.0449
+8.5
G0DAP11
0.0918
-6.4
DAP
G0DAP1
0.1007
0.0981
+2.7
G0DAP6
0.1019
+3.9
IGTSP7
0.0229
-8.8
GTSP
IGTSP1
0.0247
0.0251
-1.6
IGTSP8
0.0278
+10.8


DEVIATION (%)
57
30
20
10
0
-10
O
P o
-20
o
-30
0
50
100 150
SERIAL NUMBER
Figure 17. Deviation of the Emission Factor of
Individual Samples from the Average
Emission Factor for that Batch.
200


58
uncoated emission factor, an accurate value of uncoated emission factor
improves the quality of the calculated effectiveness.
Because of the reproducibility of the emission factor measurements,
this technique was used to screen materials from different sources (Table
6). Dust emission factors in the 0.005 g/kg to 0.1 g/kg range were
measured for various products from many sources. This technique was also
used to monitor the variation of product quality, as shown in Table 7.
For a particular source the measured dust emission factor varied between
0.03 g/kg and 0.08 g/kg over a period of time.
Granule and Dust Characteristics
Moisture, both surface and chemically bound, is present in the
fertilizer granules and, as discussed earlier, sustained high
temperatures lead to moisture loss and severe increases in dust
emissions. This suggests that increased moisture content should have the
opposite effect. The validity of the above observation was borne out by
the results shown in Figure 18. Four samples of GTSP from batch A and
three samples of GTSP from batch B were used. For batch A, sample //1 was
dried, sample #2 was left untreated and sample #3 and sample #4 were
sprayed with known amounts of water to raise their moisture content. For
batch B, sample #1 was left untreated and sample #2 and sample #3 were
sprayed with known amounts of water to raise their moisture content. The
results of drop tests clearly show that just a 20 increase in moisture
content resulted in significant decreases in dust emission factor and it
appeared that a moisture content of about 1.5 % for GTSP samples could be
very beneficial as far as dust emission reduction was concerned.


59
TABLE 6
Examples of Emission Factors for Various Products
Product
Type
Average Emission Factor
(g/kg)
AGTSP
0.0506
GADAP
0.0093
IGTSP
0.0096
IDAP
0.0082
GGTSP
0.0158
GODAP
0.0981
FDAP
0.0309
Phosphate Rock
0.1362
White Sand
0.0133
Sulfur
0.0877
NOTE: AGTSP, IGTSP and GGTSP are GTSP samples from three
different manufacturers.
GADAP, IDAP, GODAP and FDAP are DAP samples from four
different manufacturers.


60
TABLE 7
Variation of Product Quality for GTSP Samples
Batch 3
I.D.
Average Emission Factor
(g/kg)
CVerall Average
(g/kg)
A
0.0506
B
0.0720
C
0.0347
0.0457 b
D
0.0331
(gsd = 0.0143)
E
0.0405
F
0.0435
a. Ihe 6 batches represent product acquired from
the same manufacturer on different occasions.
b. "gsd" is the geometric standard deviation.


EMISSION FACTOR (g/kg)
61
Figure 18
Effect of the Moisture Content on the
Emission Factor of GTSP Samples.


62
Since moisture plays such an important role in determining product
dustiness, a test was conducted to establish if there was any variation
in measured moisture content as a function of time of storage. Three 2-
gram samples were taken on 3 successive days from a 5-kg test sample of
GTSP and moisture content was measured in the manner described earlier.
Results in Table 8 show that there was no significant change in moisture
content over the time period considered and, correspondingly, the dust
emission factor can be considered to be unaffected by storage, at least
in the short term.
The standard test procedure for the measurement of moisture content
specifies 2-gram test samples. But, a series of tests with larger sample
sizes were carried out to determine if sample size was a significant
factor in the measurement. Results of tests with untreated fertilizer
(Table 9) show that the measured moisture content was quite insensitive
to sample size when the fertilizer was not sprayed with water after
manufacture. However, if in an effort to increase moisture content,
water was externally sprayed on the 5-kg test sample, the smaller 2-gram
sample results in erroneous and scattered results (Table 10). On the
other hand, 10-gram samples resulted in a significantly better
determination of measured moisture.
Size distributions of DAP, GTSP and MAP samples from different
manufacturers were determined by sieving 100-gram samples for 10 minutes
in a Gilson Model #SS-15 Sieve Tester. Calcined phosphate rock and fine
grain white sand were also sieved as a comparative measure. Results of
these sieving tests (Table 11 and Table 12) show that the granular
product was generally in the 2.0 mm to 2.5 mm range and the size
distribution was fairly narrow. The various size fractions were tested


63
TABLE 8
Stability of the Moisture Content
of Stored GTSP Samples
Day
Sample
Number
Moisture
Content
(?)
Average
Moisture Content
(?)
1
0.82
1
2
0.66
0.73
3
0.71
1
0.69
2
2
0.75
0.75
3
0.82
1
0.74
3
2
0.76
0.73
3
0.70


64
TABLE 9
Effect of Sample Size on the Measured
Moisture Content of Untreated GTSP Samples
Sample
I.D.
Sample
Size
(g)
Moisture
Content
()
Average
Moisture Content
(%)
1
20
1.10
1.13
2
20
1.17
3
10
1.06
1.07
4
10
1.07
5
2
1.13
1.16
6
2
1.20


65
TABLE 10
Effect of Sample Size on the Measured Moisture Content
of Treated GTSP Samples
Sample
I.D.
Serial
Number
Sample
Size
(g)
Measured
Moisture Content
(.%)
Average
Moisture Content
(2)
Treatment
AGTSP109
1
2
0.93
1.01
None
2
2
1.10
AGTSP108
1
2
0.94
1.11
Water
2
2
1.28
AGTSP101
1
2
1.26
1.20
Water
2
2
1.14
AGTSP109
1
10
0.96
2
10
1.04
0.99
None
3
10
0.98
AGTSP108
1
10
1.08
2
10
1.14
1.11
Water
3
10
1.12
AGTSP101
1
10
1.44
2
10
1.42
1.43
Water
3
10
1.42
NOTE: Expected Moisture Content: AGTSP108 1.2 %
AGTSP101 1.5 %


TABLE 11
Granule Size Distribution of Samples of Various Fertilizers
Granule
Size
(ran)
AGTSP8
(wt. % <)
IMCGTSP6
(wt. % <)
IMCDAP14
(wt. % <)
a
Sample I.D.
GRGTSP14 GR0DAP8
(wt. % <) (wt. % <)
FDAP2
(wt. % <)
GAMAP2
(wt. % <)
GAGTSP8
(wt. % <)
3.35
91.5
93.0
97.4
99.8
100.0
99.4
99.1
93.0
2.36
33.5
19.4
74.5
83.6
91.0
81.7
61.6
18.4
1.70
1.3
0.62
18.8
34.2
63.3
19.5
14.1
0.09
1.18
0.02
0.03
0.33
2.5
27.1
2.3
1.6
0.02
0.85
0.02
0.02

2.02
4.7
0.18
0.19
0.01
0.425
0.02
0.02


0.05
0.04
0.12

MME3 (mm)
2.60
2.65
2.02
1.85
1.50
2.00
2.10
2.60
GSD c
1.19
1.18
1.24
1.28
1.40
1.23
1.24
1.20
a. Samples are GTSP, MAP and DAP from 5 different manufacturers
b. MMD is the Mass Median Diameter.
c. GSD is the Geometric Standard Deviation.


TABLE 12
Size Distribution of Samples
of Some Non-granuiar Materials
Q-anule Phosphate White
Size [took Sand
(un) (wt. % <) (wt. % <)
850 9^.2 100.0
425 89.6 99.8
212 46.5 72.8
106 2.6 1.3
75 0.44 0.03
53 0.12
MMDa(un) 250 190
GSDb 1.60 1.32
a. MMD is the Mass Median Diameter.
b. GSD is the Geometric Standard Deviation


68
for granule hardness or crushing strength by the TVA method described
earlier. Results show that the measured crushing strength increased with
increasing granule size as has been observed elsewhere (Jager and Hegner,
1985). For the samples tested, MAP granules were stronger than DAP
granules, which were, in turn, stronger than GTSP granules (Figure 19).
Since product dustiness was determined by drop tests, experiments
were conducted to determine if granule fracture, a possible mode of dust
generation, was measureable. One-hundred-gram samples were extracted
from 5-kg test samples before and after a complete "drop test" and sieved
in the standard manner. The difference in measured size distribution for
DAP and GTSP samples was not significant and could have been due to
sampling variabilities (Table 13). This same behavior was exhibited by
phosphate rock and white sand. However, though the dry sieving technique
used was not sensitive enough to determine if granule fracture occurred,
the results do show that it was not significant.
Similar tests were conducted with prilled sulfur, a brittle
material, and the results are presented in Figure 20. With increased
handling the size distribution exhibited a distinct shift toward the
smaller particle sizes with a corresponding increase in the fraction of
small particles. Examination of the samples also verified that
significant granule fracture occurred. A similar process has been found
to occur with coal, char particles and detergents (Arastoopour and Chen,
1983; Goodwin and Ramos, 1987; Knight and Bridgewater, 1985).
Further study of the drop-wise change in dust emission factor
(Figure 21) indicated the significant difference in response to handling
between sulfur and the other products. The dust release process is a
function of the fracture tendency of materials. Dust release from sulfur


HARDNESS (kg) HARDNESS (kg) HARDNESS (kg)
69
GRANULE SIZE (mm) GRANULE SIZE (mm)
GRANULE SIZE (mm) GRANULE SIZE (mm)
GRANULE SIZE (mm) GRANULE SIZE (mm)
Figure 19.
Hardness of Granules of Various Fertilizers.


70
TABLE 13
Effect of "drop tests"
on Product Size Distribution
(a). Granular Materials
Granule IDAP14 IGTSP6
Size
Before
After
Before After
(run)
wt. % <
wt. % <
wt. % < wt. % <
3.35
97.4
95.8
97.1
97.6
2.36
74.4
71.3
48.3
51.3
1.70
18.8
18.4
6.2
8.4
1.18
0.33
0.39
0.30
0.36
0.85

0.02
0.02
0.01
0.425

0.01

0.01
MMDa(mm)
i
2.02
2.10
2.22
2.30
GSD
1.24
1.24
1.23
1.22
(b) Non-granular Materials
Particle
White
Sand
Phosphate Rock
Size
Before
After
Before
After
(urn)
wt. % <
wt. % <
wt. % <
wt. <
850
100
100
93.1
94.3
425
99.8
99.8
85.2
87.8
212
73.1
76.3
45.9
49.3
106
1.2
1.3
2.6
3.2
75
0.03
0.02
0.42
0.60
53


0.09
0.15
MMD^un)
190
190
255
245
GSDb
1.32
1.32
1.61
1.61
a. MMD is the Mass Median Diameter.
b. GSD is the Geometric Standard Deviation


CUMULATIVE PERCENT MASS LESS THAN SIZE
71
99.9
99.8
~ O No Drops
99.5
~ A 4 Drops A
99.0
~ V 10 Drops O
98.0

95.0
90.0

80.0
- A
70.0
60.0
u
50.0
40.0
<7
30.0
A
20.0
_ V
A O
10.0
- O
V
5.0
6
2.0
A
1.0
O
0.5
0.2
0.1
I l I I I I l l I | l I I l l l I
0.01 1.0 10.0
PARTICLE DIAMETER, D p (mm)
Figure 20. Effect of Handling on the Size Distribution
of Prilled Sulfur.


EMISSION FACTOR (g/kg)
72
0.4
0.3
0.2
0.1
0.0
O Uncoated
Phosphate Rock
Uncoated
White Sand

A Uncoated
MAP
A Uncoated
GTSP

~ Uncoated
DAP

Uncoated
Sulfur


O


O
O

o
A
8
A 9
0
_L?
f f t *
f

! 1
CM
O
4 6
8
10
NUMBER OF DROPS
Figure 21.
Effect of Handling on the Emission Factor
of Various Materials.


73
was due to significant breakage of prills while with the other materials
fracture was not a significant source of dust. The dust was probably due
to fines in the sample, breakage of crystal growths on the granule
surface (Figure 22) and release of dust bound to granule surfaces by
physical forces. The existance of crystal growths has also been
documented elsewhere (Hoffmeister, 1979; Kjohl, 1976; Jager and Hegner,
1985).
The dust size distribution for various products was measured using
the technique described earlier. Products used included GTSP, DAP,
phosphate rock and white sand. Tests were initially conducted with the
Andersen and University of Washington Mark III multi-stage impactors.
These tests were not successful because the optimum operating
characteristics of the multi-stage impactors were not compatible with the
drop test apparatus and operating conditions. The above multi-stage
impactors were designed to measure particle size distributions in the
approximate 0.4 urn to 15 urn size range with a sample flow rate of about 7
liters/min to 21 liters/min. To ensure that a representative sample was
collected, isokinetic sample conditions had to be maintained by an
appropriate selection of nozzle diameter and sample flow rate and this
required the use of a highly flared short nozzle. By replacing the wood
panel of one side of the VFDC with a plexiglass sheet it was possible to
visualize the flow pattern of smoke injected into the VFDC. This
evaluation revealed that the flow field had characteristics which
prevented accurate sampling with the multi-stage impactor setup used.
Tests were later conducted with a set of 3 single stage impactors
used in the manner described earlier. Use of the single stage impactors
did not interfere with standard VFDC operation and the operating


7 4
Figure 22.
Photograph of Crystal Growth on MAP
Granules.


75
conditions were exactly the same as that of the VFDC. The three single
stage impactors were used at a flow rate of 29.7 liters/sec (63 scfm) and
the corresponding 50 % cut points were 42 uma, 25 uma and 13.6 uma,
respectively. The measured mass median diameter (MMD) and geometric
standard deviation (GSD) for GTSP, DAP, phosphate rock and white sand
were 12 uma and 2.2, 17.5 uma and 1.7, 25.5 uma and 1.8 and 7.4 uma and
3.2, respectively (Figures 23 and 24). The aerosols from the fertilizer
samples were mostly larger than 10 urn though, with GTSP, a significant
mass fraction was less than 10 urn, and with white sand a major fraction
was less than 10 um. The 10 urn size is important because of recent
regulations regarding particle emissions in the less than 10 um size
range and their possible health effects.
Product Treatments
Three principal types of fertilizer were used in the evaluation of
proposed dust suppression agents. These were granular triple
superphosphate (GTSP), diammonium phosphate (DAP) and monoammonium
phosphate (MAP). Dust suppression agents used included oils, waxes,
emulsions and other miscellaneous materials.
Oils. The kinematic viscosities of various oil blends in actual
industrial use, were measured using Cannon-Fenske type glass capillary
viscometers according to procedures described in ASTM method D445-82.
These oils were then applied in the standard manner to GTSP samples. The
coated samples were drop tested immediately and again after an aging
period. In general, the test results (Table 14) reveal that for oils
with kinematic viscosities in the 50 to 250 centistokes range the
performance was poor. In addition, as the viscosity decreased the
performance decreased. Tests were also conducted with naphthenic oils


CUMULATIVE PERCENT MASS
LESS THAN SIZE
76
AERODYNAMIC DIAMETER (jim)
Figure 23-
Size Distribution of the Dust Emitted
by the Handling of GTSP and DAP Samples.


CUMULATIVE PERCENT MASS
LESS THAN SIZE
77
AERODYNAMIC DIAMETER (jim)
Size Distribution of the Dust Emitted
by Handling of White Sand and Phosphate
Rock. (*This point is off the line due
to impactor stage overloading).
Figure 24.


78
TABLE 14
Effect of the Kinematic Viscosity of Oil Blends on
the Dust Release of GTSP Samples
IXlSta
Suppressant
Sample
I.D.
Kinematicb
Viscosity
(cst)
Initial0
Dust Release
()
Normalized d
Dust Release
()
Final
Age
(days)
Final
Dust Release
(X)
DCA305
AN2
58
83.6
DCA Bell
IGTSP7
198
23.5



AM302EEF
AN4
204
9.4
23.7
11
61.8
AM303
B8-1
232
12.6
15.3
17
27.7
a. Application Rate = 3 kg/ton.
b. At 20C.
c. Initial Dust Release is that determined soon after
application of dust suppressant.
d. Normalized Dust Release is that determined after
an aging period of three days.


79
with kinematic viscosities of 105, 410 and 755 SUS, respectively.
Results (Table 15) again show a definite decrease in dust release with
increased kinematic viscosity, but with aging the performance was again
severely degraded as manifested by the increased dust release values.
It has been stated in literature (Frick, 1977) that the dust
suppression effectiveness of oils improves with increasing paraffinic
content. The aniline point represents the relative paraffinic content of
oils and is a commonly used measure. Paraffinic oils with aniline points
in the 102C to 121C range were acquired from 2 manufacturers and
sprayed on GTSP samples. Drop test results (Table 16) do, indeed, show
that increased aniline points lead to decreased dust release, but the
performance was still average.
A number of other oils, including petroleum and vegetable oil
blends, were evaluated. The results show that most of the oils tested
with GTSP (Table 17) exhibited increased dust release with increasing age
though some oils retained their effectiveness to a greater extent. Most
of the oils tested on DAP (Table 18), on the other hand, showed low
initial dust release levels and smaller increases in dust release with
age.
In summary, of the oil blends tested only some had low initial dust
release values (better than 10 %) and even fewer had low final dust
release values when used with GTSP. With DAP all the oils tested had low
dust release values and exhibited small increases in dust release with
age. This product specific behavior was probably caused by differences
in the interactions at the substrate oil interface leading to migration
of the oil from the granule surface to the granule interior at different
rates. Differences in granule porosity and oil viscosity and the


80
TABLE 15
Effect of the Kinematic Viscosity of Naphthenic Oils
on the Dust Release of GTSP Samples
Dust3
Sample
Kinematic*3
%
Initial c
Normalized d
Final
Final
Suppressant
I.D.
Viscosity Dust Release
Dust Release
Age
Dust Release
(SUS)
()
()
(days)
()
S100
AGTSP137
105
23.2
39.0
8
65.3
S400
AGTSP138
410
11.3
23.0
8
42.5
S750
AGTSP136
755
6.4
17.8
8
36.9
a. Application rate = 2 kg/ton.
b. At 38C.
c. Initial Dust Release is that determined soon after application
of dust suppressant.
d. Normalized Dust Release is that determined after an aging period of
three days.


81
TABLE 16
Effect of the Aniline Point of Paraffinic Oils
on the Dust Release of GTSP Samples
Dust a
Suppressant
Sample
I.D.
Aniline
Point
( C)
Initial k
Dust Release
()
SP110
AGCN1
101.7
31.8
TUFL06016
AGTSP50
107.2
32.2
SP120
AGCN2
107.8
20.3
TUFL06026
AGTSP51
113.3
18.0
SP130
AGTSP110
115.6
14.3
TUFL06056
AGTSP53
121.1
11.5 .
a. Application Rate = 3.2 kg/ton.
b. Initial Dust Release is that determined soon
after application of dust suppressant.


TABLE 17
Performance of Oil Blends as Dust Suppressants with GTSP Samples
IXiSt
Suppressant
Sample
I.D.
Application
Rate
(kg/ton)
Initial3
Dust Release
(?)
Normalized*5
Dust Release
(?)
Final
Age
(days)
Final
Dust Release
(?)
AM302EEF
GGTSP13
1.6
12.7
1
18.9
AM302EEF
IGTSP6
2.6
4.4

1
3.8
AM302EEF
AN 4
3.0
9.4
23.7
11
61.8
AM303
GGTSP15
2.8
20.1

2
40.3
AM 303
IGTSP5
3.0
7.2
8.2
4
8.5
AM 303
AGTSPB81
3.0
12.6
15.3
17
27.7
DCA BELL
GGTSP14
1.6
11.0

DCA BELL
IGTSP7
3.0
23.5



TUFL02000
AGTSP60
3.6
3.4
6.5
11
14.8
Carnation
AGTSP77
2.8
17.8
23.2
8
32.1
TUFL055
AGTSP52
3.4
57.5



ADS-197-2
AN 3
4.6
31.9



a. Initial Dust Release is that determined soon after application of the dust suppressant
b. Normalized Dust Release is that determined after an aging period of three days.


TABLE 18
Performance of Oil Blends as Dust Suppressants with DAP Samples
Dust
Suppressant
Sample
I.D.
Application
Rate
(kg/ton)
Initiala
Dust Release
(%)
Normalized^
Dust Release
(%)
Final
Age
(days)
Final
Dust Release
(%)
AM302EEF
GODAP10
1.6
8.7
2
5.4
AM302EEF
IMCDAP14
2.0
6.4

2
6.8
AM302EEF
G0DAP7
3.4
4.3
3.9
10
3.1
AM303
IMCDAP15
2.6
9.3
7.2
4
6.5
AM303
G0DAP11
3.2
5.5
6.2
4
6.4
AM303
G0DAP5
4.4
6.6
5.7
8
4.3
DCA BELL
IMCDAP8
1.4
7.5
. -

DCA BELL
GODAP2
3.1
12.5
9.6
8
4.7
a. Initial Dust Release is that determined soon after application of
the dust suppressant.
b. Normalized Dust Release is that determined after an aging of three
days.


84
corresponding differences in performance suggest that the above
explanation is quite plausible. This aspect is considered again later in
this chapter.
Waxes. Waxes evaluated included natural waxes such as paraffin wax,
microcrystalline wax, candellila wax, carnauba wax and montan wax and
many petrolatum and related waxes. Results of a preliminary qualitative
evaluation are shown in Table 19 and further details on the use and
properties of natural waxes are described elsewhere (Bennett, 1975). The
waxes melt with varying degrees of difficulty. Paraffin,
microcrystalline and candellila waxes formed coatings or films which were
either flaky or powdery in nature and, for this reason, were not expected
to be effective dust suppressants when used as melts. Montan wax did not
melt easily and when it eventually did so, it was "tarry" and did not
spray properly. Carnauba wax, though it melted easily, formed a "grainy"
melt and thus an intermittant, uneven spray was produced. Petrolatum
waxes, on the other hand, melted easily, sprayed easily and formed good,
ductile films that adhered well to substrate materials.
Based on the qualitative evaluations, it was expected that the
natural waxes would give poor results. The melting points of paraffin
wax and candellila wax were 55C and 70C, respectively. Tests were
conducted at an application rate of 2 kg/ton and, as expected, the
performance was very poor. In fact, candellila wax had such poor
adhesive qualities that the coated emission factor was much greater than
the uncoated emission factor (measured dust release = 613 %) thus
suggesting that the coating itself was shedding and contributing to the
overall emission. For paraffin wax the measured dust release was 72 %.
Petrolatum and related waxes were the only materials, among those


85
TABLE 19
Qualitative Characteristics of Waxes
Type
Remarks
Paraffin
1.
Received in prilled form.
Wax
2.
Melts easily.
3.
Sprays easily.
4.
Forms hard, flaky films.
Microcrystalline
1.
Received as a hard block.
Wax
2.
Melts with some difficulty.
3.
Hard to spray.
4.
Forms hard, flaky film.
Candellila
1.
Received as a hard block.
Wax
2.
Melts easily.
3.
Sprays easily.
4.
Forms loose, powdery film.
5.
Significant shrinkage of film on cooling.
Montan
1.
Received as fine beads.
Wax
2.
Melts with difficulty to a tarry product.
3-
Could not be sprayed
4.
Significant shrinkage of film on cooling.
Carnauba
1.
Received as flakes
Wax
2.
Melts easily.
3.
Sprays intermittently due to grainy
texture of melt.
4.
Significant shrinkage of film on cooling.
Petrolatum
1.
Received as "pastes" with various
Wax
oil contents.
2.
Melts and sprays easily.
3.
Forms smooth, strong film.


86
considered, that appeared to have good spray qualities and, thus, the
potential for superior performance. A total of 11 waxes from 3 different
manufacturers were evaluated. Of these Light Plasticrude and NW7098 were
slack waxes while all the others were various grades of petrolatum waxes.
These waxes were classified as having low, medium or high oil content
based on the approximate oil content values provided by the manufacturers
and some of their properties are summarized in Table 20.
Since the waxes were sprayed as melts the ease of melting was an
important consideration. In general, the higher the oil content, the
easier it is to melt a wax. All the petrolatums, except NW6889, melted
and sprayed easily. NW6889 had the lowest oil content and the highest
melting temperature and was a little more difficult to handle. However,
with proper selection of spraying conditions, NW6889 was also sprayed
without undue difficulty.
The effectiveness of the dust suppressant ultimately depends on the
application rate. As a result, 3 different application rates, nominally
1 kg/ton, 2 kg/ton and 4 kg/ton, were used and the results are shown in
Tables 21, 22 and 23* respectively. The most important factors in
judging coating performance are the initial and final dust releases.
Since not all the petrolatum waxes were tested after the same aging
period a normalized dust release was calculated for an averaging period
of 3 days to permit direct comparison of results from different
petrolatum waxes. A loss or decay rate was also calculated and used as
an indicator of the rapidity with which the performance changes. Both
the above parameters were calculated assuming linear variation of dust
release with age. The variation could well be non-linear, but as a first
step the linear assumption provides a quick method of comparing different


TABLE 20
Physical Properties of Petrolatum and Slack Waxes
Dust
Suppressant
Oil Content
ASTM # (*)
Specific
Gravity
at 16C
Melting Point
ASTM# (£fc) (C)a
Congealing Point
ASTM # (Pc)
Penetration
at 25C
ASTM # units
Viscosity
at 10CPC
ASTM # SUS
Cost
($/kg)
NW6889
D721
5
_
D127
79
74
D938
68
D937
41
D445
77
0.3960
NW6364LA
D721
15

D127
29-41
52
D938
29b
D937
100-250
D445
60
0.7755
NW7098
D721
10

D127
60-66
59
D938
60-66
D1321
66
D445
49-54
0.2530
NWLP
D721
15

D87
54-58
51
D938
54-58
D1321
51
D445
40-55
0.2090
Tech Pet F
D721
20
0.87
D127
57-66
60
D938
50-58
D937
160-190
D445
85-100
0.5830
YP2A
D721
25
0.87
D127
54-60
52
D938
46-52
D937
180-210
D445
80
0.6160
Red Vet





57






0.6050
Pet HM
D721
10
0.89
D127
52-66
53
D938
41-52
D937
125-175
D445
75-125
0.6600
P4523
D721
28
0.87
D127
46-57
52


D937
170-260
D445
70-115
0.6105
P4556
D721
20
0.87
D127
52-60
59


D937
130-175
D445
70-95
0.6105
P4576
D721
12
0.87


57







a. Measured as per technique described in [Bennett, 1975].
b. Minimum.


Full Text

PAGE 1

)8*,7,9( '867 &21752/ )25 3+263+$7( )(57,/,=(5 %< &80%80 1 5$1*$5$$ ',66(57$7,21 35(6(17(' 72 7+( *5$'8$7( 6&+22/ 2) 7+( 81,9(56,7< 2) )/25,'$ ,1 3$57,$/ )8/),//0(17 2) 7+( 5(48,5(0(176 )25 7+( '(*5(( 2) '2&725 2) 3+,/2623+< 81,9(56,7< 2) )/25,'$

PAGE 2

7R 5DQJD IRU KHU SDWLHQFH HQFRXUDJHPHQW DQG VXSSRUW WR 'KDQ\D IRU EHLQJ WKH VZHHW JLUO VKH LV DQG WR P\ SDUHQWV IRU PDNLQJ WKLV SRVVLEOH

PAGE 3

$&.12:/('*(0(176 7KLV UHVHDUFK ZDV VXSSRUWHG E\ D JUDQW *UDQW 1XPEHU ),35 f IURP WKH )ORULGD ,QVWLWXWH RI 3KRVSKDWH 5HVHDUFK ),35f DQG ZDV PRQLWRUHG E\ ),35nV 5HVHDUFK 'LUHFWRU &KHPLFDO 3URFHVVLQJf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

PAGE 4

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

PAGE 5

,QWHUPHGLDWH 6FDOH )LHOG 7HVWV )XOO 6FDOH )LHOG 7HVWV 'XVW 6XSSUHVVDQW DQG &RDWLQJ 7HFKQLTXH (YDOXDWLRQ )XUWKHU ([SHULPHQWV 3HUWDLQLQJ WR )6)7 5HVXOWV *HQHUDO &ULWHULD IRU WKH 6HOHFWLRQ RI 'XVW 6XSSUHVVDQWV 9 6800$5< $1' &21&/86,216 $33(1',; 5()(5(1&(6 %,2*5$3+,&$/ 6.(7&+ Y

PAGE 6

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

PAGE 7

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f§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f§ 6HULHV (IIHFW RI )HUWLOL]HU 7HPSHUDWXUH RQ WKH 3HUIRUPDQFH RI 'XVW 6XSSUHVVDQWV f§ 6HULHV (IIHFW RI 7HPSHUDWXUH RQ 7KLQ )LOPV RI 3HWURODWXP :D[HV 3RURVLW\ RI )HUWLOL]HU *UDQXOHV YLL

PAGE 8

/,67 2) ),*85(6 )LJXUH 3DJH 9HUWLFDO )ORZ 'XVW &KDPEHU 3KRWRJUDSKV RI WKH 9HUWLFDO )ORZ 'XVW &KDPEHU Df 7KH (QFORVXUH Ef 7KH 7HVW 6HWXS &DOLEUDWLRQ IRU WKH +LJK 9ROXPH $LU 6DPSOHU (IIHFW RI $LU )ORZ 5DWH RQ WKH 0HDVXUHG 'XVW (PLVVLRQ RI *763 6DPSOHV (IIHFW RI 3RXU 5DWH RQ WKH 0HDVXUHG (PLVVLRQ )DFWRU RI 3KRVSKDWH 5RFN 6DPSOHV &DOLEUDWLRQ IRU 7ZR &RQILJXUDWLRQV RI WKH 9HUWLFDO )ORZ 'XVW &KDPEHU 6FKHPDWLF RI D 6LQJOH 6WDJH ,PSDFWRU ,QWHUPHGLDWH 6FDOH )LHOG 7HVW 6HWXS Df 6FKHPDWLF RI WKH 0DWHULDO +DQGOLQJ 6\VWHP Ef Lf &URVVVHFWLRQ RI WKH &RQYH\RU LLf )HUWLOL]HU )HHG &RQWURO 0HWKRG 3KRWRJUDSK RI WKH )URQW 9LHZ RI WKH ,QWHUPHGLDWH 6FDOH )LHOG 7HVW 6HWXS 3KRWRJUDSK RI WKH 6LGH 9LHZ RI WKH ,QWHUPHGLDWH 6FDOH )LHOG 7HVW 6HWXS 3KRWRJUDSK RI WKH )HHG +RSSHU 'LVFKDUJH 'XVW 6XSSUHVVDQW 6SUD\ 6\VWHP 8VHG IRU WKH ,QWHUPHGLDWH 6FDOH )LHOG 7HVW 6HWXS 3KRWRJUDSKV RI WKH )XOO 6FDOH )LHOG 7HVW )DFLOLW\ Df 7UXFN 8QORDGLQJ 6WDWLRQ Ef 7UDQVIHU 3RLQW Ff 7UDQVIHU 3RLQW YLLL

PAGE 9

'HWDLOV RI WKH )XOO 6FDOH )LHOG 7HVW )DFLOLW\ Df )HUWLOL]HU +DQGOLQJ 6\VWHP Ef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f &RDWHG )HUWLOL]HUV ,QLWLDO $ $JHGf 3HUIRUPDQFH RI 3HWURODWXP :D[HV LQ ,QWHUPHGLDWH 6FDOH )LHOG 7HVWV 1R]]OH $UUDQJHPHQWV DW 7UDQVIHU 3RLQW 'HWDLOV RI 0L[LQJ 7HFKQLTXH Df 3KRWRJUDSK RI 0L[HU IRU 3URGXFW RQ WKH %HOW Ef 3KRWRJUDSK RI 0L[LQJ $FWLRQ 9DULDWLRQ RI )HUWLOL]HU 7HPSHUDWXUH DV 'LVFKDUJHG IURP D 1XPEHU RI 7UXFNV ,;

PAGE 10

7HPSHUDWXUH RI )HUWLOL]HU 6DPSOHV DV D )XQFWLRQ RI 7LPH Df +HDW /RVV RI *763 6DPSOHV 2YHU D 3HULRG RI 7LPH Ef 7HPSHUDWXUH RI *763 6DPSOHV )LYH +RXUV DIWHU &ROOHFWLRQ LQ )LYH *DOORQ %XFNHWV (IIHFW RI /DERUDWRU\ 0L[LQJ 3URFHGXUH RQ WKH 'XVW 5HOHDVH RI *763 6DPSOHV ZLWK DQ ,QLWLDO 3HWURODWXP :D[ 'LVWULEXWLRQ RI b $SSOLFDWLRQ 5DWH NJWRQf (IIHFW RI WKH ,QLWLDO 'LVWULEXWLRQ RI 'XVW 6XSSUHVVDQWV RQ WKH 'XVW 5HOHDVH RI *763 6DPSOHV Df 1:/$ DQG 1: Ef 3HW +0 Ff 3 Gf $0 (IIHFW RI WKH )HUWLOL]HU 7HPSHUDWXUH RQ WKH 'XVW 5HOHDVH RI *763 6DPSOHV DW 7ZR $SSOLFDWLRQ 5DWHV Df NJWRQ Ef NJWRQ (IIHFW RI WKH )HUWLOL]HU 7HPSHUDWXUH RQ WKH 'XVW 5HOHDVH RI *763 6DPSOHV &RDWHG ZLWK 1: DIWHU )LYH +RXU DQG 7ZHQW\ )RXU +RXU +HDWLQJ 7LPHV (IIHFW RI WKH )HUWLOL]HU 7HPSHUDWXUH RQ WKH 'XVW 5HOHDVH IURP 9DULRXV )HUWLOL]HUV &RDWHG ZLWK 3HWURODWXP :D[ DIWHU D )LYH +RXU +HDWLQJ 7LPH Df 1: Ef 1:/$ 5HVSRQVH WR +HDWLQJ DQG &RROLQJ IRU *$*763 *$0$3 DQG )'$3 6DPSOHV 3KRWRJUDSKV RI *763 *UDQXOHV 6KRZLQJ (YLGHQFH RI 3HWURODWXP :D[ $EVRUSWLRQ Df 1: Ef 1:/$ 3KRWRJUDSKV RI )HUWLOL]HU *UDQXOH &URVVVHFWLRQV Df *763 Ef 0$3 (OHPHQWDO 6SHFWUDO $QDO\VLV RI *763 *UDQXOHV &RDWHG ZLWK 1: WDJJHG ZLWK OHDG Df ,QWHULRU RI +HDWHG *UDQXOH Ef 6XUIDFH RI +HDWHG *UDQXOH Ff 6XUIDFH RI 8QKHDWHG *UDQXOH (OHPHQWDO 6SHFWUDO $QDO\VLV RI 0$3 *UDQXOHV &RDWHG ZLWK 1: WDJJHG ZLWK OHDG Df ,QWHULRU RI +HDWHG *UDQXOH Ef 6XUIDFH RI +HDWHG *UDQXOH Ff 6XUIDFH RI 8QKHDWHG *UDQXOH [

PAGE 11

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f DQG KLJK YROXPH DLU VDPSOHU +9$6f FRPELQDWLRQ ([WHQVLYH WHVWV VKRZHG WKDW WKH WHFKQLTXH SURGXFHG YHU\ UHSURGXFLEOH UHVXOWV 7KH SDUWLFOH SHQHWUDWLRQ FKDUDFWHULVWLFV RI WKH 9)'& ZHUH GHWHUPLQHG E\ XVLQJ PRQRGLVSHUVH WHVW DHURVROV $Q XSSHU SHQHWUDWLRQ OLPLW RI XP ZDV GHWHUPLQHG DQG WKH b FXW VL]H DW OLWHUVVHF ZDV XP /DERUDWRU\ WHVWV ZHUH FRQGXFWHG WR HYDOXDWH YDULRXV GXVW VXSSUHVVDQWV ZLWK DSSOLFDWLRQ UDWHV LQ WKH NJWRQ WR NJWRQ UDQJH 2LOV LQ JHQHUDO ZHUH IRXQG WR EH SURGXFW VSHFLILF LQ WKHLU SHUIRUPDQFH DQG VKRZHG D WHQGHQF\ WRZDUG GHFUHDVHG SHUIRUPDQFH ZLWK DJH 3HWURODWXP ZD[HV ZHUH IRXQG WR EH H[FHOOHQW GXVW VXSSUHVVDQWV ZKHQ XVHG FRUUHFWO\ ZLWK GXVW VXSSUHVVLRQ HIIHFWLYHQHVV YDOXHV EHWWHU WKDQ  [L

PAGE 12

7KH ODERUDWRU\ WHVWV ZHUH VFDOHG XS WR LQWHUPHGLDWH VFDOH ILHOG WHVWV ,6)7f ZKHUH FDQGLGDWH SHWURODWXP ZD[HV ZHUH WHVWHG ZLWK JUDQXODU WULSOH VXSHUSKRVSKDWH *763f DW DSSOLFDWLRQ UDWHV EHWZHHQ NJWRQ DQG NJWRQ EXW ZLWK IHUWLOL]HU IHHG UDWHV RI XS WR WRQVKRXU 5HVXOWV REWDLQHG ZHUH VLPLODU WR WKH ODERUDWRU\ WHVW UHVXOWV %DVHG RQ WKH VPDOOHU VFDOH WHVWV SHWURODWXP ZD[HV ZLWK PHOWLQJ WHPSHUDWXUHV RI DERXW r& ZHUH WHVWHG DW D *763 VKLSSLQJ IDFLOLW\ ZKHUH WKH QRPLQDO SURFHVV UDWH ZDV WRQVKRXU $ QXPEHU RI SDUDPHWHUV LQFOXGLQJ QR]]OH W\SH DQG ORFDWLRQ ZHUH HYDOXDWHG EXW WKH EHVW UHVXOW REWDLQHG ZDV D GXVW VXSSUHVVLRQ HIIHFWLYHQHVV RI b ,W ZDV GHWHUPLQHG WKDW WKH IHUWLOL]HU WHPSHUDWXUH YDULHG EHWZHHQ DERXW r& DQG r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

PAGE 13

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

PAGE 14

$Q H[WHQVLYH VHDUFK RI H[LVWLQJ OLWHUDWXUH WR GHWHUPLQH LQIRUPDWLRQ SHUWDLQLQJ WR GXVW VXSSUHVVDQWV DQG HPLVVLRQ IDFWRU PHDVXUHPHQW PHWKRGV ZDV FRQGXFWHG ([SHULPHQWDO SURFHGXUHV DUH GHVFULEHG DQG WKH YDULRXV JUDQXOH FKDUDFWHULVWLFV LQFOXGLQJ VL]H GLVWULEXWLRQ KDUGQHVV DQG PRLVWXUH FRQWHQW DUH GLVFXVVHG /DERUDWRU\ WHVWV ZHUH SHUIRUPHG WR VWXG\ WKH SHUIRUPDQFH RI D UDQJH RI GXVW VXSSUHVVDQWV DQG WKH IDFWRUV ZKLFK LQIOXHQFH WKHP %DVHG RQ WKH ODERUDWRU\ WHVWV DQ LQWHUPHGLDWH VFDOH ILHOG WHVW ,6)7f VHWXS ZDV GHVLJQHG DQG DVVHPEOHG VR DV WR HYDOXDWH FDQGLGDWH GXVW VXSSUHVVDQWV ZKHQ XVHG LQ ODUJHU TXDQWLWLHV 5HVXOWV ZHUH YHU\ FRPSDUDEOH ZLWK WKRVH REVHUYHG LQ ODERUDWRU\ WHVWV 7ZR SHWURODWXP ZD[HV <3$ DQG 1:/$ ERWK ZLWK PHOWLQJ WHPSHUDWXUHV RI DERXW r& ZHUH XVHG LQ IXOO VFDOH ILHOG WHVWV )6)7f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

PAGE 15

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f LV PJPA $PHULFDQ &RQIHUHQFH RI *RYHUQPHQWDO ,QGXVWULDO +\JLHQLVWV f 7KHUH DUH PDQ\ GLIIHUHQW GHILQLWLRQV RI WKH WHUP IXJLWLYH HPLVVLRQV )XJLWLYH GXVW KDV EHHQ GHILQHG DV SDUWLFXODWH HPLVVLRQV IURP ZLQG DQGRU PDQnV DFWLYLW\ VXFK DV XQSDYHG URDGV DQG DJULFXOWXUDO RSHUDWLRQV DQG IXJLWLYH HPLVVLRQV DUH GHILQHG DV SDUWLFXODWH PDWWHU JHQHUDWHG E\ LQGXVWULDO DFWLYLWLHV ZKLFK HVFDSH WR WKH DWPRVSKHUH IURP QRQGXFWHG VRXUFHV -XW]H HW DO f ,QGXVWULDO SURFHVV IXJLWLYH

PAGE 16

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f IRU 7RWDO 6XVSHQGHG 3DUWLFXODWHV 763f ZHUH XJPA DQQXDO JHRPHWULF PHDQ FRQFHQWUDWLRQ XJPA B PD[LPXP KRXU FRQFHQWUDWLRQ QRW WR EH H[FHHGHG PRUH WKDQ RQFH D \HDU 7KH FRUUHVSRQGLQJ VHFRQGDU\ VWDQGDUGV ZHUH XJPA DQG XJPW UHVSHFWLYHO\ DQG ZHUH GHVFULEHG LQ WKH &RGH RI )HGHUDO 5HJXODWLRQV UHIHUUHG WR DV &)5 7KH SULPDU\ VWDQGDUGV ZHUH DLPHG DW WKH SURWHFWLRQ RI SXEOLF KHDOWK ZKLOH WKH VHFRQGDU\ VWDQGDUGV GHILQHG OHYHOV IRU WKH SURWHFWLRQ RI SXEOLF ZHOIDUH

PAGE 17

7KH UHIHUHQFH PHWKRG IRU WKH GHWHUPLQDWLRQ RI SDUWLFXODWH PDWWHU 763f ZDV EDVHG RQ WKH XVH RI D KLJK YROXPH DLU VDPSOHU LQ DQ HQFORVXUH RI VWDQGDUG GLPHQVLRQV DQG ZDV DOVR GHVFULEHG LQ &)5 2SHUDWLRQDO SDUDPHWHUV ZHUH FOHDUO\ VSHFLILHG DQG WKH XSSHU SDUWLFOH VL]H OLPLW ZDV VWDWHG WR EH XP $ QXPEHU RI VWXGLHV KDYH EHHQ FRQGXFWHG WR HYDOXDWH WKH FROOHFWLRQ FKDUDFWHULVWLFV RI WKH DLU VDPSOHU :HGGLQJ HW DO /XQGJUHQ DQG 3DXOXV 5REVRQ DQG )RVWHU f DQG LW KDV JHQHUDOO\ EHHQ IRXQG WKDW SDUWLFOHV XS WR DERXW XP ZHUH FROOHFWHG $V RI -XO\ } (3$ SURPXOJDWHG D QHZ VWDQGDUG EDVHG RQ SDUWLFXODWH PDWWHU ZLWK D FDUHIXOO\ GHILQHG XSSHU VL]H OLPLW RI XP $ QHZ UHIHUHQFH PHWKRG ZDV DOVR SURSRVHG 7KLV QHZ VWDQGDUG VSHFLILHV WKH PDVV FRQFHQWUDWLRQ RI SDUWLFXODWH PDWWHU OHVV WKDQ XP 30f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

PAGE 18

FRQYH\LQJ ORDGLQJ DQG XQORDGLQJ VWRUDJH SLOHV DQG XQSDYHG DUHDV DQG URDGV ZLWKLQ LQGXVWULDO IDFLOLWLHV 0DWHULDO WUDQVIHU LV XVXDOO\ DFFRPSOLVKHG E\ PHDQV RI EHOW VFUHZ RU SQHXPDWLF FRQYH\RUV $ VHULHV RI FRQYH\RUV LV XVXDOO\ XVHG DQG WKH WUDQVIHU SRLQWV DUH WKH PDMRU VRXUFHV RI GXVW HPLVVLRQV (PLVVLRQ UDWHV IRU EXON PDWHULDOV DUH KLJKO\ YDULDEOH DQG RIWHQ QRW NQRZQ -XW]H HW DO f $V D UHVXOW WKH HIIHFWLYHQHVV RI FRQWURO WHFKQLTXHV LV QRW TXDQWLWDWLYHO\ GHWHUPLQHG ZLWK DQ\ JUHDW GHJUHH RI UHOLDELOLW\ /RDGLQJ DQG XQORDGLQJ RI EXON PDWHULDO IURP DQG WR VWRUDJH DUH RWKHU VRXUFHV RI GXVW HPLVVLRQV 0HFKDQLFDO DJLWDWLRQ GLVVLSDWLRQ RI NLQHWLF HQHUJ\ RQ LPSDFW DQG WXUEXOHQFH DOO OHDG WR JHQHUDWLRQ RI GXVW (PLVVLRQ IDFWRUV YDU\ ZLWK SURGXFW W\SH PRLVWXUH FRQWHQW DQG YDULRXV SURFHVV SDUDPHWHUV 6RPH TXDQWLWDWLYH GDWD LV DYDLODEOH EXW LV RI TXHVWLRQDEOH UHOLDELOLW\ -XW]H HW DO f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f DQG YDULRXV HTXDWLRQV -XW]H HW DO 0LGZHVW 5HVHDUFK ,QVWLWXWH &DUQHV DQG 'UHKPHO f KDYH EHHQ GHYHORSHG EXW WKH\ DUH RI OLPLWHG YDOXH IRU JHQHUDO XVH 5RDGV RQ SODQW SURSHUW\ FDQ EH DQRWKHU PDMRU VRXUFH 9HKLFXODU WUDIILF FDXVHV LQFUHDVHG PHFKDQLFDO EUHDNGRZQ RI PDWHULDO DQG VXVSHQGV

PAGE 19

SDUWLFXODWH PDWWHU LQ WKH DLU 7KH HPLVVLRQ IDFWRU IRU URDGV KDV EHHQ IRXQG WR EH D IXQFWLRQ RI VLOW FRQWHQW YHKLFOH VSHHG DQG ZHLJKW DQG D QXPEHU RI HTXDWLRQV KDYH EHHQ GHYHORSHG -XW]H HW DO 0LGZHVW 5HVHDUFK ,QVWLWXWH 3('&2 (QYLURQPHQWDO ,QF f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f LQYROYHV WKH PHDVXUHPHQW RI SDUWLFXODWH PDWWHU FRQFHQWUDWLRQ LQ WKH DWPRVSKHUH XSZLQG DQG GRZQZLQG RI WKH VRXUFH 0HWHRURORJLFDO SDUDPHWHUV DUH DOVR VLPXOWDQHRXVO\ PHDVXUHG %DVHG RQ WKH FRQFHQWUDWLRQ PDS REWDLQHG DQG WKH YDOXHV RI WKH PHWHRURORJLFDO SDUDPHWHUV *DXVVLDQ GLVSHUVLRQ HTXDWLRQV DUH XVHG WR EDFNFDOFXODWH WKH VRXUFH HPLVVLRQ UDWH 5RRI PRQLWRU VDPSOLQJ .HQVRQ DQG %DUWOHWW f LQYROYHV VDPSOLQJ DW EXLOGLQJ RSHQLQJV DQG KDV EHHQ XVHG ZLWK LQGRRU VRXUFHV (PLVVLRQ UDWHV DUH FDOFXODWHG EDVHG RQ WKH PHDVXUHG FRQFHQWUDWLRQ DQG WKH H[KDXVW

PAGE 20

IORZ UDWH WKURXJK WKH RSHQLQJ 1R PHWHRURORJLFDO GDWD LV QHHGHG 4XDVLn VWDFN VDPSOLQJ .ROQVEHUJ HW DO f UHTXLUHV WHPSRUDULO\ HQFORVLQJ WKH VRXUFH DQG GUDZLQJ RII WKH HPLVVLRQV WKURXJK GXFWZRUN DQG PHDVXULQJ SDUWLFXODWH PDWWHU FRQFHQWUDWLRQV XVLQJ VWDQGDUG VWDFN VDPSOLQJ PHWKRGV ([SRVXUH SURILOLQJ &RZKHUG HW DO f LV D PXOWLSRLQW VDPSOLQJ WHFKQLTXH ZKHUH SDUWLFXODWH PDWWHU FRQFHQWUDWLRQV GRZQZLQG RI WKH VRXUFH DUH LVRNLQHWLFDOO\ GHWHUPLQHG DFURVV WKH SOXPH FURVVVHFWLRQ (PLVVLRQ UDWH LV WKHQ FDOFXODWHG E\ D PDVV EDODQFH DSSURDFK ,Q WKH ZLQG WXQQHO PHWKRG &XVFLQR HW DO f GXVW JHQHUDWHG E\ ZLQG EORZLQJ RYHU DQ H[SRVHG VXUIDFH LV PHDVXUHG $ ZLQG WXQQHO ZLWK DQ RSHQIORRUHG WHVW VHFWLRQ LV SODFHG RYHU WKH VXUIDFH WR EH WHVWHG DQG DLU LV GUDZQ DW FRQWUROOHG YHORFLWLHV ,VRNLQHWLF VDPSOHV DUH FROOHFWHG DQG XVHG WR FDOFXODWH GXVW FRQFHQWUDWLRQV )LQDOO\ WKH WUDFHU PHWKRG +HVNHWK DQG &URVV f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f FRQVLVWLQJ RI D FP GLDPHWHU JODVV WXEH ILWWHG ZLWK VHYHQ VFUHHQ VWDJHV KDV EHHQ XVHG $LU LV VDPSOHG VXFK WKDW DLU IORZ LV FRXQWHUFXUUHQW WR D IDOOLQJ

PAGE 21

PO VDPSOH DW D YHORFLW\ RI PVHF :HLJKW ORVV RI WKH WHVW VDPSOH LV XVHG WR FDOFXODWH GXVW HPLVVLRQ IDFWRU $QRWKHU ODERUDWRU\ VFDOH WHFKQLTXH LQYROYHV WKH XVH RI D VSRXWHG EHG DUUDQJHPHQW .MRKO f ZKHUH OLWHUV RI VDPSOH DUH XVHG LQ WKH VSRXWHG EHG DQG WKH GXVW\ DLU LV VDPSOHG WKURXJK D ILOWHU EDJ 7HVW FRQGLWLRQV DUH VXFK WKDW SDUWLFOHV XS WR XUQ DUH VDPSOHG $Q DQDORJRXV WHFKQLTXH LV RQH ZKHUH D IOXLGL]HG EHG RI JUDPV RI PDWHULDO b WHVW VDPSOH DQG b VDQG LV XVHG DQG WKH GXVW JHQHUDWHG LV VDPSOHG ZLWK D FDVFDGH LPSDFWRU 6FKRILHOG HW DOf f $OO WKHVH WHFKQLTXHV DUH PRUH UHSUHVHQWDWLYH RI SQHXPDWLF W\SH FRQYH\LQJ V\VWHPV 7KH IOXLGL]HG EHG WHFKQLTXH KDV EHHQ FRPSDUHG ZLWK D URWDU\ GUXP WHFKQLTXH DQG DQ LPSDFW W\SH WHVW +LJPDQ HW DO f 7KH LPSDFW W\SH WHVW LQYROYHV GURSSLQJ JUDPV RI PDWHULDO LQWR D ER[ DQG H[KDXVWLQJ WKH ER[ WKURXJK D FDVFDGH LPSDFWRU :HOOV DQG $OH[DQGHU f $OO WKH DERYH WHVWV ZHUH PRUH VXLWHG WR SRZGHUV DQG UHSURGXFLELOW\ KDV EHHQ VWDWHG WR EH b WR b 7KH VPDOO VDPSOH VL]HV OHDG WR JUHDWHU YDULDELOLWLHV LQ GXVW PHDVXUHPHQW ,Q DGGLWLRQ IRU PRGHUDWHO\ GXVW\ PDWHULDOV WKH VPDOO DPRXQW RI GXVW JHQHUDWHG ZRXOG UHTXLUH PRUH DFFXUDWH JUDYLPHWULF DQDO\VLV 1RQH RI WKH DERYH WHFKQLTXHV UHDOO\ VLPXODWH GXVW JHQHUDWLRQ DW WUDQVIHU SRLQWV $ VHPLILHOG VFDOH WHFKQLTXH ZKHUH NJ RI FRDO ZDV GLVFKDUJHG IURP D KRSSHU LQ WKUHH PLQXWHV WKURXJK D VHULHV RI EHOW FRQYH\RUV RQWR D VWRFNSLOH 1DNDL HW DO f LV PRUH GLUHFWO\ EDVHG RQ DQ LPSDFW W\SH GXVW JHQHUDWLRQ SURFHVV DV DW WUDQVIHU SRLQWV 'XVW FRQFHQWUDWLRQV DW D WUDQVIHU SRLQW ZHUH PHDVXUHG ZLWK DQ RSWLFDO GHYLFH DQG HIIRUWV ZHUH PDGH WR FRUUHODWH HPLVVLRQ IDFWRUV ZLWK DPELHQW GXVW FRQFHQWUDWLRQV $ QXPEHU RI PHWKRGV EDVHG RQ VRPH PHDQV RI GURSSLQJ D WHVW VDPSOH LQ DQ HQFORVHG VSDFH KDYH EHHQ GHYHORSHG $ WHFKQLTXH FDOOHG WKH SRZGHU

PAGE 22

VSLOO WHVW FROXPQ &RRSHU DQG +RURZLW] f XVHV JUDP VDPSOHV ZKLFK DUH GURSSHG D GLVWDQFH RI P LQVLGH D FP GLDPHWHU FROXPQ DQG WKH DLU LV H[KDXVWHG WKURXJK D PP ILOWHU DW D IORZ UDWH RI OLWHUVPLQ $ SDUWLFOH VL]H OLPLW RI XUQ LV VWDWHG $QRWKHU WHFKQLTXH XVHG WR HYDOXDWH VSLOOV DQG SUHVVXUL]HG UHOHDVHV 6XWWHU HW DO 6XWWHU DQG +DOYHUVRQ f ZDV EDVHG RQ D FKDPEHU P LQ GLDPHWHU DQG P KLJK ZKHUH VPDOO TXDQWLWLHV RI WKH VDPSOH ZHUH GLVFKDUJHG DQG WKH DLU ZDV VDPSOHG ZLWK KLJK YROXPH DLU VDPSOHUV 7KH $670 PHWKRG IRU GHWHUPLQLQJ DQ LQGH[ RI GXVWLQHVV RI FRDO $PHULFDQ 6RFLHW\ IRU 7HVWLQJ 0DWHULDOV f FRQVLVWV RI D P WDOO PHWDO FDELQHW ZLWK D P VTXDUH FURVV VHFWLRQ $ PLQLPXP RI NJ RI WKH VDPSOH LV SODFHG RQ D WUD\ ZLWKLQ WKH FDELQHW DQG UHOHDVHG DW D P KHLJKW $IWHU VHFRQGV WZR VOLGHV DUH LQVHUWHG P EHORZ WKH UHOHDVH SRLQW DQG SXOOHG RXW PLQXWHV DQG PLQXWHV DIWHUZDUGV 7KH GXVW VHWWOHG RQ WKH VOLGHV LV JUDYLPHWULFDOO\ DQDO\]HG DQG UHSURGXFLELOLW\ RI b LV FODLPHG $QRWKHU WHFKQLTXH XVHG ZLWK FRDO XVHV D EHOW FRQYH\RU WR GLVFKDUJH FRDO VDPSOHV LQWR D P GLDPHWHU FKDPEHU RI YDULDEOH KHLJKW &KHQJ f 7KH FKDPEHU LV HYDFXDWHG ZLWK D KLJK YROXPH DLU VDPSOHU DQG GXVW LV VDPSOHG ZLWK D FDVFDGH LPSDFWRU $ YDULDWLRQ RI WKH FKDPEHU WHFKQLTXH FDOOHG WKH 7RWPDQ GXVW WHVW GHYLFH XVHV D P WDOO FKDPEHU RI P [ P FURVV VHFWLRQ ZLWK D FKHYURQ W\SH LQWHUQDO PDWHULDO IORZ DUUDQJHPHQW %HFDXVH RI WKLV DUUDQJHPHQW XQOLNH RWKHU FKDPEHU WHFKQLTXHV ZKHUH RQO\ RQH LPSDFW LV XVHG DW OHDVW LPSDFWV RFFXU EHIRUH WKH SURGXFW FRPHV WR UHVW 7KH DLU LV VDPSOHG LQ D FRXQWHUFXUUHQW PDQQHU WKURXJK D ILOWHU IRU JUDYLPHWULF DQDO\VLV $ UHYLHZ RI WKHVH DQG RWKHU ODERUDWRU\ WHFKQLTXHV KDV EHHQ SXEOLVKHG HOVHZKHUH +DPPRQG HW DO f

PAGE 23

'XVW 6XSSUHVVDQWV &RDWLQJ DJHQWV KDYH EHHQ DSSOLHG WR D YHU\ ODUJH QXPEHU RI PDWHULDOV WR VXLW PDQ\ UHTXLUHPHQWV ZKLFK LQFOXGH PRLVWXUH FRQWURO SUHYHQWLRQ RI FDNLQJ SURYLGLQJ VORZ UHOHDVH FDSDELOLW\ DQG UHGXFLQJ GXVWLQHVV 7KH PRVW FRPPRQO\ XVHG GXVW VXSSUHVVDQW LV ZDWHU :KHQ FRDO PRLVWXUH FRQWHQW ZDV UDLVHG IURP b WR b DQG PL[HG EULHIO\ LQ D WXPEOHU WKH HPLVVLRQ IDFWRU ZDV UHGXFHG b &KHQJ f WKRXJK H[FHVVLYH PL[LQJ FUHDWHG PRUH GXVW GXH WR EUHDNDJH 7KLV VDPH HIIHFW KDV EHHQ UHSRUWHG ZLWK GLIIHUHQW NLQGV RI FRDO 1DNDL HW DO fDQG KDV EHHQ UHSRUWHG WR FDXVH DJJORPHUDWLRQ RI FRDO GXVW $ QXPEHU RI VWXGLHV KDYH DOVR GRFXPHQWHG WKH LQFUHDVHG DGKHVLYH IRUFHV EHWZHHQ SDUWLFOHV DQG VXUIDFHV ZLWK LQFUHDVHG UHODWLYH KXPLGLW\ GXH WR IRUPDWLRQ RI OLTXLG EULGJHV 6WRQH 9DQ 'HQ 7HPSHO /DUVHQ &RUQ .HWNDU DQG .HOOHU &RUQ DQG 6WHLQ f +RZHYHU H[FHVVLYH PRLVWXUH FRQWHQW ZLWK SKRVSKDWH IHUWLOL]HU FDQ FDXVH FDNLQJ SUREOHPV +RIIPHLVWHU .MRKO f DQG GHFUHDVH JUDQXOH FUXVKLQJ VWUHQJWK .MRKO f WKXV OHDGLQJ WR LQFUHDVHG GXVWLQHVV GXH WR JUDQXOH IUDFWXUH DQG VXEVHTXHQW JHQHUDWLRQ RI ILQHV 7KH PRVW FRPPRQ GXVW VXSSUHVVDQW XVHG LQ WKH IHUWLOL]HU LQGXVWU\ LV RLO 2LOV ZLWK KLJK YLVFRVLWLHV DUH VXJJHVWHG WR DYRLG WKH SUREOHP RI DEVRUSWLRQ LQWR JUDQXOHV DQG FRQVHTXHQW ORVV RI HIIHFWLYHQHVV +RIIPHLVWHU f 2LOV ZLWK KLJK SDUDIILQLF FRQWHQW DUH DOVR VXJJHVWHG DV HIIHFWLYH GXVW VXSSUHVVDQWV IRU IHUWLOL]HU )ULFN f ([WHQVLYH ZRUN LV UHSRUWHG LQ SDWHQW OLWHUDWXUH RQ WKH XVH RI FRDWLQJ DJHQWV WR LQFUHDVH JUDQXOH VWUHQJWK UHGXFH FDNLQJ WHQGHQF\ UHGXFH GXVWLQHVV DQG FRQWURO PRLVWXUH FRQWHQW $ OLVW RI SDWHQWV LV SUHVHQWHG LQ WKH $SSHQGL[ &RDWLQJ DJHQWV XVHG KDYH LQFOXGHG DPLQHV PLQHUDO RLOV

PAGE 24

VXUIDFWDQWV ILOOHUV DFLGV ZD[HV DQG PDQ\ RWKHU PDWHULDOV 7KHVH SDWHQWV DQG VRPH RWKHUV DUH UHYLHZHG HOVHZKHUH 6DUEDHY DQG /DYNRYVND\D f ,Q WKH ODERUDWRU\ GXVW VXSSUHVVDQWV KDYH EHHQ DSSOLHG LQ D URWDU\ GUXP ZKHUH WKH JUDQXOHV DQG FRDWLQJ DJHQW DUH ERWK LQWURGXFHG +RIIPHLVWHU f ,Q DFWXDO LQGXVWULDO IDFLOLWLHV FRDWLQJ DJHQWV XVHG DUH SULPDULO\ SHWUROHXP RLO EOHQGV DQG KDYH EHHQ VSUD\HG LQ VFUHZ FRQYH\RUV PL[HUV RQ EHOW FRQYH\RUV FRROHUV DQG PDWHULDO WUDQVIHU SRLQWV DQG VXIILFLHQW PL[LQJ RFFXUV VR DV WR HIIHFWLYHO\ GLVWULEXWH WKH FRDWLQJ DJHQW $FKRUQ DQG %DOD\ r

PAGE 25

&+$37(5 ,,, (;3(5,0(17$/ 352&('85(6 ([WHQVLYH H[SHULPHQWDO ZRUN ZDV FDUULHG RXW LQ RUGHU WR HVWDEOLVK WKH QDWXUH DQG H[WHQW RI WKH IXJLWLYH GXVW SUREOHP DVVRFLDWHG ZLWK KDQGOLQJ SKRVSKDWH IHUWLOL]HU 7KH DSSDUDWXV DQG SURFHGXUHV XVHG DUH GHVFULEHG LQ WKLV FKDSWHU /DERUDWRU\ 7HVWV 6DPSOH 3UHSDUDWLRQ $ VXSSO\ RI XQFRDWHG JUDQXODU SKRVSKDWH IHUWLOL]HU ZDV D SUHUHTXLVLWH WR DQ\ H[SHULPHQWDO ZRUN 6DPSOHV RI IHUWLOL]HU ZHUH REWDLQHG LQ TXDQWLWLHV RI DW OHDVW NLORJUDPV DQG VWRUHG LQ OLWHU JDOORQf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

PAGE 26

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f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

PAGE 27

7KHVH ZD[HV ZHUH WHVWHG LQ ERWK IRUPV ZKHUH SRVVLEOH (PXOVLILFDWLRQ RI SHWURODWXP ZD[HV UHTXLUHG D PRUH FRPSOLFDWHG SURFHVV XVLQJ VSHFLDO HPXOVLILHUV DQG WKH\ ZHUH WKHUHIRUH VSUD\HG RQO\ DV PHOWV 7KH ZD[ HPXOVLRQV ZHUH VSUD\HG ZLWKRXW IXUWKHU WUHDWPHQW 7KH QRQ HPXOVLILHG ZD[HV RQ WKH RWKHU KDQG ZHUH ILUVW PHOWHG E\ SXWWLQJ WKHP LQ D SODVWLF FRQWDLQHU LPPHUVHG LQ ERLOLQJ ZDWHU 2QFH KHDWHG WR D WHPSHUDWXUH RI DERXW r& WKH OLTXLG ZD[ ZDV VSUD\HG XVLQJ DQ DLU DWRPL]HG QR]]OH 6SUD\LQJ 6\VWHP 68 f§ f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f

PAGE 28

7KUHH JUDP VDPSOHV ZHUH WDNHQ IURP HDFK WHVW VDPSOH WR EH HYDOXDWHG DQG SODFHG LQ D YDFXXP RYHQ 3UHFLVLRQ 0RGHO f 7KH VDPSOHV ZHUH VXEMHFWHG WR D WHPSHUDWXUH RI r& DQG D YDFXXP RI PP RI PHUFXU\ IRU KRXUV ZLWK D VWUHDP RI GU\ DLU EHLQJ FLUFXODWHG LQ WKH RYHQ 7KH ZHLJKW ORVV RI HDFK RI WKH WKUHH VDPSOHV ZDV GHWHUPLQHG ZLWK DQ HOHFWURQLF VLQJOH SDQ EDODQFH 0HWWOHU 0RGHO +.f DQG FRQYHUWHG WR D SHUFHQW PRLVWXUH FRQWHQW UHSUHVHQWDWLRQ 7KH DYHUDJH YDOXH IRU WKH WKUHH VDPSOHV ZDV FDOFXODWHG DQG XVHG DV D PHDVXUH RI WKH PRLVWXUH FRQWHQW RI WKH WHVW VDPSOH 6L]H 'LVWULEXWLRQ 6L]H GLVWULEXWLRQ RI WKH JUDQXODU IHUWLOL]HU ZDV DQRWKHU SDUDPHWHU RI LQWHUHVW $ VLHYLQJ PDFKLQH *LOVRQ 0RGHO 66 6LHYH 7HVWHUf ZLWK D VHW RI VLHYHV ZDV XVHG 7KH VLHYHV XVHG ZHUH 86 6WDQGDUG DQG PHVK 2QHKXQGUHGJUDP VDPSOHV ZHUH ZHLJKHG RXW XVLQJ DQ HOHFWURQLF VLQJOH SDQ EDODQFH 6DUWRULXV 0RGHO f DQG WKHQ SRXUHG LQWR WKH ILUVW VLHYH 7KH VLHYLQJ PDFKLQH ZDV RSHUDWHG IRU PLQXWHV $W WKH HQG RI WKH VLHYLQJ F\FOH WKH VL]H IUDFWLRQDWHG VDPSOH ZDV FROOHFWHG LQ SUHZHLJKHG SHWUL GLVKHV DQG UHn ZHLJKHG 7KH ZHLJKWV RI WKH YDULRXV VL]H IUDFWLRQV ZHUH WKHQ XVHG WR FDOFXODWH WKH VL]H GLVWULEXWLRQ &UXVKLQJ 6WUHQJWK &UXVKLQJ VWUHQJWK RI D JUDQXOH LV D PHDVXUH RI WKH UHVLVWDQFH WR IUDFWXUH 7KH WHFKQLTXH XVHG LV DOVR NQRZQ DV WKH 79$ PHWKRG +RIIPHLVWHU f 6L]H IUDFWLRQDWHG VDPSOHV ZHUH SUHSDUHG ZLWK WKH VLHYLQJ PDFKLQH DV GHVFULEHG HDUOLHU )RU D SDUWLFXODU VL]H UDQJH D QXPEHU RI JUDQXOHV ZHUH SODFHG RQ D VLQJOH SDQ VSULQJ EDODQFH ZLWK D ZHLJKLQJ UDQJH RI WR NLORJUDPV $ ORDG ZDV DSSOLHG RQ LQGLYLGXDO JUDQXOHV E\ SUHVVLQJ GRZQ RQ WKH JUDQXOHV ZLWK D VWHHO URG 7KH VFDOH UHDGLQJ DW WKH SRLQW RI JUDQXOH IUDFWXUH ZDV QRWHG DQG WKH DYHUDJH YDOXH

PAGE 29

IRU D QXPEHU RI JUDQXOHV ZDV FDOFXODWHG 7KLV SURFHGXUH ZDV FDUULHG RXW IRU WKH YDULRXV VL]H IUDFWLRQV WR HVWDEOLVK WKH FUXVKLQJ VWUHQJWK GLVWULEXWLRQ (PLVVLRQ )DFWRU 0HDVXUHPHQW $SSDUDWXV DQG 2SHUDWLQJ 3URFHGXUH (PLVVLRQ IDFWRUV IRU FRDWHG DQG XQFRDWHG IHUWLOL]HU ZHUH PHDVXUHG E\ PHDQV RI D GURS WHVW XVLQJ D YHUWLFDO IORZ GXVW FKDPEHU 9)'&f 7KH 9)'& ZDV DQ HQFORVXUH FRQVWUXFWHG RI FP LQFKf WKLFN SO\ZRRG )LJXUH f 7KH HQFORVXUH ZDV P IHHWf VTXDUH DQG P IHHWf KLJK 7KH WRS RI WKH HQFORVXUH KDG WZR RSHQLQJV D P LQFKf GLDPHWHU RSHQLQJ LQWR ZKLFK D P IRRWf ORQJ GXFW ZDV PRXQWHG DQG D FP LQFKf E\ FP LQFKf UHFWDQJXODU RSHQLQJ RYHU ZKLFK D KLJK YROXPH DLU VDPSOHU *HQHUDO 0HWDO :RUNV 0RGHO f ZDV SODFHG $ EDIIOH VHSDUDWHG WKH WZR RSHQLQJV LQ WHUPV RI WKH DLU IORZ FKDUDFWHULVWLFV RI WKH HQFORVXUH )LJXUH Dff 7KH WHVW VDPSOH ZDV LQWURGXFHG PDQXDOO\ WKURXJK WKH P GLDPHWHU IHHG WXEH DQG IHOO P EHIRUH VWULNLQJ WKH IORRU 'XVW ZDV UHOHDVHG GXULQJ WKH SRXULQJ SURFHVV DQG DOVR ZKHQ WKH VDPSOH VWUXFN WKH IORRU GXH WR WKH FRPELQHG DFWLRQ RI LPSDFWLRQ DQG DWWULWLRQ 7KH UHOHDVHG GXVW ZDV SLFNHG XS E\ WKH KLJK YROXPH DLU VDPSOHU DQG GHSRVLWHG RQ D ILOWHU IRU JUDYLPHWULF DQDO\VLV $ERXW b RI WKH VDPSOHV LQ D EDWFK RI IHUWLOL]HU ZHUH WHVWHG LQ DQ XQFRDWHG VWDWH WR HVWDEOLVK DQ HPLVVLRQ IDFWRU LQ XQLWV RI JNJ IRU XQWUHDWHG IHUWLOL]HU IRU WKDW SDUWLFXODU EDWFK 7KH UHPDLQLQJ VDPSOHV ZHUH WUHDWHG ZLWK WKH GXVW VXSSUHVVDQWV WR EH HYDOXDWHG DQG WKHQ WHVWHG 7KH WHVW VDPSOH ZDV ILUVW SUHZHLJKHG WR WKH QHDUHVW JUDP ZLWK D NJ FDSDFLW\ VLQJOH SDQ EDODQFH DQG WKHQ WUDQVIHUUHG IURP WKH SODVWLF VWRUDJH EDJ WR D SRXULQJ EXFNHW )RXU FP [ FP LQFK [ LQFKf

PAGE 30

$LU ,QOHW )LJXUH 9HUWLFDO )ORZ 'XVW &KDPEHU

PAGE 31

)LJXUH 3KRWRJUDSKV RI WKH 9HUWLFDO )ORZ 'XVW &KDPEHU Df 7KH (QFORVXUH Ef 7KH 7HVW 6HWXS

PAGE 32

JODVV ILEHU ILOWHUV ZHUH ZHLJKHG XVLQJ D VLQJOH SDQ EDODQFH 0HWWOHU 0RGHO +f HTXLSSHG ZLWK D VSHFLDO DWWDFKPHQW IRU ZHLJKLQJ ILOWHUV 7KH 9)'& ZDV SODFHG RQ D SODVWLF VKHHW VSUHDG RXW RQ WKH IORRU 7KH ILUVW ILOWHU ZDV PRXQWHG RQ WKH KLJK YROXPH DLU VDPSOHU ZKLFK ZDV WKHQ SODFHG RYHU WKH HQFORVXUH RSHQLQJ DV VKRZQ LQ )LJXUH Ef 7KH KLJK YROXPH DLU VDPSOHU ZDV SUHYLRXVO\ FDOLEUDWHG E\ XVLQJ D VHW RI FDOLEUDWLRQ RULILFHV WR GHYHORS D FRUUHODWLRQ EHWZHHQ DLU IORZ UDWH DQG VDPSOHU SUHVVXUH GURS DV PHDVXUHG E\ D PDJQDKHOLF JDJH )LJXUH f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

PAGE 33

)LJXUH &DOLEUDWLRQ IRU WKH +LJK 9ROXPH $LU 6DPSOHU

PAGE 34

7KHVH LQFOXGHG EDIIOHV IHHG WXEH GLDPHWHU HQFORVXUH KHLJKW DLU IORZ UDWH DQG PDWHULDO SRXU UDWH 7KH EDIIOH LQ WKH 9)'& ZDV LQWURGXFHG LQ WKH EDVLF GHVLJQ WR EHWWHU GHILQH WKH DLU IORZ LQ WKH HQFORVXUH DQG WR SUHYHQW SRVVLEOH VKRUW FLUFXLWLQJ RI WKH DLU IORZV DW WKH HQFORVXUH LQOHW DQG RXWOHW 7HVWV ZLWK JUDQXODU WULSOH VXSHUSKRVSKDWH *763f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

PAGE 35

7$%/( (IIHFW RI )HHG 7XEH 'LDPHWHU RQ WKH (PLVVLRQ )DFWRU RI *763 6DPSOHV 6DPSOH 'URS )ORZ 5DWH (PLVVLRQ )DFWRU $YHUDJH )HHG 7XEH 'LDPHWHU ,' 1XPEHU OLWHUVVHFf JNJf JNJf Pf $ JVG f % JVG f 127( JVG LV WKH *HRPHWULF 6WDQGDUG 'HYLDWLRQ

PAGE 36

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f VKRZ WKDW WKH PHDVXUHG GXVW HPLVVLRQV ZHUH FRQVLVWHQWO\ KLJKHU ZLWK WKH P HQFORVXUH SUREDEO\ EHFDXVH RI D VPDOOHU YROXPH RI GHDG VSDFH DQG D VKRUWHU GLVWDQFH EHWZHHQ WKH SRLQW RI GXVW HPLVVLRQ DQG WKH DLU VDPSOHU 7KH GLIIHUHQFH LQ PHDVXUHG HPLVVLRQ IDFWRU ZDV RI WKH RUGHU RI e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b ORZHU WKDQ WKDW DW OLWHUVVHF DQG WKDW WKH DLU IORZ UDWH KDG D QRQOLQHDU HIIHFW RQ PHDVXUHG GXVW HPLVVLRQ IDFWRU ,I WKH DLU VDPSOHU ZDV RSHUDWHG DW D IORZ UDWH RI

PAGE 37

7$%/( (IIHFW RI (QFORVXUH +HLJKW RQ WKH (PLVVLRQ )DFWRU RI 3KRVSKDWH 5RFN DQG :KLWH 6DQG 6DPSOHV 3URGXFW 7\SH 6DPSOH (QFORVXUH ,' +HLJKW Pf $YHUDJH (PLVVLRQ )DFWRU JNJf 2YHUDOO $YHUDJH JNJf 3KRVSKDWH $ n 5RFN % 3KRVSKDWH & 5RFN :KLWH $ 6DQG % :KLWH & 6DQG

PAGE 38

:(,*+7 *$,1 Jf )LJXUH (IIHFW RI $LU )ORZ 5DWH RQ WKH 0HDVXUHG 'XVW (PLVVLRQ RI *763 6DPSOHV

PAGE 39

OLWHUVVHF LQVWHDG RI WKH RSWLPXP OLWHUVVHF WKH GHYLDWLRQ LQ WKH PHDVXUHG GXVW HPLVVLRQ IDFWRU ZRXOG EH OHVV WKDQ b 0DWHULDO SRXU UDWH ZDV YDULHG E\ SRXULQJ NLORJUDP WHVW VDPSOHV RI *763 LQ WKUHH GLIIHUHQW SRXU WLPHV YL] DQG VHFRQGV $V VKRZQ LQ 7DEOH } IRU WKH SRXU WLPHV HYDOXDWHG WKH YDULDWLRQV LQ PHDVXUHG GXVW HPLVVLRQ IDFWRU DV GHWHUPLQHG E\ WKH GURS WHVW ZHUH QRW H[WUHPH IRU PRGHUDWHO\ GXVW\ PDWHULDOV OLNH *763 )RU RSHUDWLRQDO UHDVRQV WKH VHFRQG SRXU WLPH ZDV IRXQG WR EH PRVW FRQYHQLHQW DQG ZDV WKXV HVWDEOLVKHG DV WKH VWDQGDUG SRXU WLPH 7HVWV FRQGXFWHG ZLWK SKRVSKDWH URFN D VLJQLILFDQWO\ GXVWLHU PDWHULDO VKRZHG WKDW SRXU UDWH GLG KDYH D PRUH VLJQLILFDQW LPSDFW )LJXUH f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f ZKLOH WKH PRQRGLVSHUVH JODVV EHDGV SXUFKDVHG FRPPHUFLDOO\ ZHUH GLVSHUVHG IURP D IODVN E\ FRPSUHVVHG DLU 7KH IUDFWLRQDO SHQHWUDWLRQ RI SDUWLFOHV RI YDULRXV VL]HV ZDV GHWHUPLQHG JUDYLPHWULFDOO\ IRU JODVV EHDGV DQG IOXRULPHWULFDOO\ IRU DPPRQLXP

PAGE 40

7$%/( (IIHFW RI 3RXU 7LPH RQ WKH (PLVVLRQ )DFWRU RI *763 6DPSOHV 6DPSOH ,' 'URS 1XPEHU 3RXU 7LPH VHFRQGVf (PLVVLRQ )DFWRU JNJf $YHUDJH JNJf $ JVG f % JVG f & JVG f 127( (QFORVXUH KHLJKW P IHHWf $LU IORZ UDWH OLWHUVVHF FIOQf JVG LV WKH *HRPHWULF 6WDQGDUG 'HYLDWLRQ

PAGE 41

(0,66,21 )$&725 JNJf )LJXUH (IIHFW RI 3RXU 5DWH RQ WKH 0HDVXUHG )DFWRU RI 3KRVSKDWH 5RFN 6DPSOHV

PAGE 42

IOXRUHVFHLQ DHURVROV :LWK WKH DLU VDPSOHU RSHUDWHG DW OLWHUVVHF WKH SDUWLFOH SHQHWUDWLRQ FKDUDFWHULVWLFV RI WKH WZR XQLWV ZHUH IRXQG WR EH DOPRVW LGHQWLFDO )LJXUH f 7KH PHDVXUHG b FXW SRLQW IRU ERWK XQLWV ZKHQ RSHUDWHG LQ DQ LGHQWLFDO PDQQHU ZDV IRXQG WR EH XP ,Q VXPPDU\ WKH VWDQGDUG 9)'& FRQILJXUDWLRQ XVHG ZDV OLNH WKDW VKRZQ LQ )LJXUH )LYH NLORJUDP WHVW VDPSOHV ZHUH VWDQGDUG DV ZDV D VHFRQG SRXU WLPH D PLQXWH DLU VDPSOLQJ GXUDWLRQ DQG DQ DLU IORZ UDWH RI OLWHUVVHF 'XVW 6L]H 'LVWULEXWLRQ 0HDVXUHPHQW 7KH VL]H GLVWULEXWLRQ RI GXVW HPLWWHG GXH WR KDQGOLQJ RI YDULRXV PDWHULDOV ZDV PHDVXUHG XVLQJ VLQJOH VWDJH LPSDFWRUV OLNH WKDW VKRZQ LQ )LJXUH )RU D JLYHQ IORZ UDWH WKH b FXW VL]H FDQ EH FKDQJHG E\ FKDQJLQJ WKH IORZ DUHD LQ WKH LPSDFWRU RU FRUUHVSRQGLQJO\ E\ XVLQJ VHSDUDWH VLQJOH VWDJH LPSDFWRUV ZLWK GLIIHUHQW QR]]OH ZLGWKV 7KUHH LPSDFWRUV ZLWK b FXW VL]HV RI XP XP DQG XP ZKHQ RSHUDWHG DW OLWHUVVHF ZHUH XVHG 7KH FDOLEUDWLRQ RI WKH VLQJOH VWDJH LPSDFWRUV KDV EHHQ GHVFULEHG HOVHZKHUH 9DQGHUSRRO f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

PAGE 43

$(52'<1$0,& ',$0(7(5 APf )LJXUH &DOLEUDWLRQ IRU 7ZR &RQILJXUDWLRQV RI WKH 9HUWLFDO )ORZ 'XVW &KDPEHU

PAGE 44

,QOHW ,PSDFWRU 1R]]OH ,PSDFWLRQ 3ODWH )LOWHU %ORZHU )ORZ 0HWHU )LJXUH 6FKHPDWLF RI D 6LQJOH 6WDJH ,PSDFWRU

PAGE 45

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f VHWXS ZDV GHVLJQHG WR KDQGOH D PLQLPXP RI DERXW NLORJUDPV RI IHUWLOL]HU DW D PD[LPXP IHHG UDWH RI DERXW WRQV SHU KRXU 7KH VHWXS ZDV FRPSRVHG RI WZR PDMRU FRPSRQHQWV ZKLFK LQFOXGHG WKH IHUWLOL]HU KDQGOLQJ V\VWHP DQG WKH FRDWLQJ DJHQW VSUD\ V\VWHP 7KH IHUWLOL]HU KDQGOLQJ V\VWHP FRQVLVWHG RI IHHG DQG GLVFKDUJH KRSSHUV DQG D EHOW FRQYH\RU 7KH V\VWHP ZDV PDGH SRUWDEOH E\ PRXQWLQJ WKH FRQYH\RU DQG IHHG KRSSHU RQ D PRGLILHG ERDW WUDLOHU 7KH ERDW WUDLOHU ZDV D +DUGLQJ 0RGHO %a XQLW ZLWK DQ RYHUDOO OHQJWK RI DERXW P DQG D NLORJUDP ORDG FDSDFLW\ 7KH FRQYH\RU DQG IHHG KRSSHU VXSSRUW VWUXFWXUH ZDV PDGH RI FP [ FP LQFK [ LQFKf SUHVVXUH WUHDWHG ZRRG DQG ZDV DWWDFKHG WR WKH ERDW WUDLOHU IUDPH ZLWK 8 FODPSV 7KH WUDLOHU ZDV HTXLSSHG ZLWK D VHYHQ IRRW ORQJ WRXQJH ZKLFK ZDV UHPRYHG RQFH WKH VHWXS ZDV SXW LQ SODFH

PAGE 46

$ JHQHUDO GUDZLQJ RI WKH IHUWLOL]HU KDQGOLQJ V\VWHP LV VKRZQ LQ )LJXUH Df 7KH FRQYH\RU VHOHFWHG ZDV D VOLGHU EHG W\SH FRQYH\RU +\WURO 0RGHO 77 7KLQ 7URXJK FRQYH\RUf ZKHUH WKH EHOW UXQV LQ D WURXJK FURVVVHFWLRQ IUDPH DV VKRZQ LQ )LJXUH EfLf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f SO\ZRRG DQG SDLQWHG VR DV WR UHVLVW DWWDFN E\ WKH IHUWLOL]HU ,W KDG DQ DSSUR[LPDWH FDSDFLW\ RI OLWHUV RU HTXLYDOHQWO\ DERXW NLORJUDPV RI IHUWLOL]HU 7KH GRZQVWUHDP HQG RI WKH KRSSHU GLVFKDUJH ZDV HTXLSSHG ZLWK DQ DGMXVWDEOH DOXPLQXP VOLGH SODWH DV VKRZQ LQ )LJXUH EfLLf WR DOORZ D PHDVXUH RI FRQWURO RYHU WKH SURGXFW GLVFKDUJH UDWH IURP WKH KRSSHU 7KH WZR VLGHV DQG WKH XSVWUHDP HQG RI WKH IHHG KRSSHU GLVFKDUJH ZHUH HTXLSSHG ZLWK UXEEHU VNLUWV WR SUHYHQW VSLOODJH DQG WR

PAGE 47

, , FP f§P %HGf§M ? `rrP %HOW r 9 FP 7 +RSSHU :DOO f FP 7KLFN 3O\ZRRG %ROW ZLWK :LQJ ? 1XW DQG :DVKHU 6FUDSHU f FP 7KLFN $OXPLQXP ZLWK 6ORWV IRU 9HUWLFDO $GMXVWPHQW ccf Ef )LJXUH ,QWHUPHGLDWH 6FDOH )LHOG 7HVW 6HWXS Df 6FKHPDWLF RI WKH 0DWHULDO +DQGOLQJ 6\VWHP Ef Lf &URVVVHFWLRQ RI WKH &RQYH\RU LLf )HUWLOL]HU )HHG &RQWURO 0HWKRG

PAGE 48

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f 7KLV HQFORVXUH KHOSHG WR SURWHFW WKH VSUD\ GURSOHWV DQG WKH IHUWLOL]HU GLVFKDUJH VWUHDP IURP WKH HIIHFWV RI ZLQG ,Q DGGLWLRQ WR WKH FRQYH\RU VXSSRUWV PRXQWHG RQ WKH WUDLOHU VXSSRUW VWUXFWXUH D IRXUWK VXSSRUW PDGH RI FP [ FP SUHVVXUH WUHDWHG ZRRG DQG VORWWHG DQJOH LURQ ZDV XVHG WR VXSSRUW WKH RYHUKDQJLQJ GLVFKDUJH HQG RI WKH FRQYH\RU ZKHUH WKH PRWRU DQG GULYH ZHLJKW ZDV FRQFHQWUDWHG 7KLV VXSSRUW ZDV RQ WKH JURXQG DQG ZDV UHPRYDEOH )LJXUH f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

PAGE 49

)LJXUH 3KRWRJUDSK RI WKH )URQW 9LHZ RI WKH ,QWHUPHGLDWH 6FDOH )LHOG 7HVW 6HWXS

PAGE 50

3KRWRJUDSK RI WKH 6LGH 9LHZ RI WKH ,QWHUPHGLDWH 6FDOH )LHOG 7HVW 6HWXS )LJXUH

PAGE 51

)LJXUH 3KRWRJUDSK RI WKH )HHG +RSSHU 'LVFKDUJH

PAGE 52

$LU &RPSUHVVRU 6SUD\ 1R]]OH +HDWHG &RSSHU 7XELQJ $LU +RVH R )LJXUH 'XVW 6XSSUHVVDQW 6SUD\ 6\VWHP 8VHG IRU WKH ,QWHUPHGLDWH 6FDOH )LHOG 7HVW 6HWXS

PAGE 53

FRDWLQJ DJHQW RQ WR WKH IHUWLOL]HU JUDQXOHV 7KH EDVLF VSUD\ V\VWHP LQFOXGHG D SRUWDEOH DLU FRPSUHVVRU 6HDUV 0RGHO f WZR )LW] t )LW] OLWHU SUHVVXUH FRQWDLQHUV DQG QR]]OHV 7KH QR]]OHV XVHG ZHUH RI WKH SUHVVXUL]HG OLTXLG W\SH 6SUD\LQJ 6\VWHPV &DWDORJ 77f 7KH FRPSUHVVHG DLU VXSSO\ ZDV GLYLGHG LQWR WZR VWUHDPV HDFK SDVVLQJ WKURXJK D SUHVVXUH FRQWDLQHU 7KH SUHVVXUH FRQWDLQHUV ZHUH UDWHG DW D SHDN OLTXLG SUHVVXUH RI DERXW N3D SVLJf (DFK SUHVVXUH FRQWDLQHU KDG WZR RXWOHWV XVHG WR SURYLGH VHSDUDWH DLU DQG OLTXLG IORZV IRU DLU DWRPL]LQJ QR]]OHV 7KH DLU RXWOHW ZDV FDSSHG RII VLQFH WKH SUHVVXUL]HG OLTXLG QR]]OHV GLG QRW QHHG DWRPL]LQJ DLU $OO OLTXLG OLQHV ZHUH PP LQFKf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f RI IHUWLOL]HU ZHUH XVHG LQ HDFK WHVW 7KUHH NLORJUDP VDPSOHV RI WKH XQFRDWHG IHUWLOL]HU ZHUH ILUVW SUHSDUHG LQ WKH VWDQGDUG PDQQHU 7KH UHPDLQLQJ XQFRDWHG IHUWLOL]HU ZDV WKHQ SRXUHG LQWR WKH IHHG KRSSHU 7KH OLQH KHDWHUV DQG KHDWLQJ PDQWOHV ZHUH DOO HQHUJL]HG DQG WKH QR]]OHV ZHUH FDOLEUDWHG SULRU WR WKH WHVW E\ WLPLQJ WKH FRQVXPSWLRQ RI D NQRZQ DPRXQW RI KRW ZDWHU 7KLV DOVR KHOSHG WR KHDW WKH OLQHV DQG FOHDQ WKHP +RW ZDWHU ZDV SRXUHG LQWR WKH

PAGE 54

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

PAGE 55

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

PAGE 56

QR]]OHV ZHUH PRYHG EDFN WR D GLVWDQFH RI FP IURP WKH IHUWLOL]HU GLVFKDUJH )XOO 6FDOH )LHOG 7HVWV $SSDUDWXV DQG 2SHUDWLQJ 3URFHGXUH )XOO VFDOH ILHOG WHVWV ZHUH FRQGXFWHG DW D IHUWLOL]HU VKLSSLQJ IDFLOLW\ $JULFR &KHPLFDO &R 3HPEURNH 5RDG *LEVRQWRQ )ORULGDf 7KLV IDFLOLW\ KDQGOHV JUDQXODU WULSOH VXSHU SKRVSKDWH *763f DQG JURXQG SKRVSKDWH URFN 7KH *763 ZDV WUDQVSRUWHG WR WKLV IDFLOLW\ IURP WKH IHUWLOL]HU SODQW E\ WUXFNV LQ D WUDYHO WLPH RI DERXW KRXU 7KH IHUWLOL]HU KDQGOLQJ VHWXS ZDV DV VKRZQ LQ )LJXUHV DQG Df ZLWK DLU VDPSOHUV SODFHG ZLWKLQ WKH VWRUDJH EXLOGLQJ DV VKRZQ LQ )LJXUH Ef 7KH QRPLQDO IHUWLOL]HU KDQGOLQJ UDWH ZDV WRQVKRXU 7KH FRDWLQJ DJHQW VSUD\ V\VWHP ZDV GHVLJQHG ZLWKLQ WKH IDFLOLW\ FRQVWUDLQWV WR SURYLGH D PD[LPXP VSUD\ UDWH RI DERXW OLWHUVPLQ JSPf DW DERXW N3D 3HWURODWXP ZD[HV ZHUH DFTXLUHG LQ OLWHU JDOORQf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f DSDUW DORQJ WKH D[LV RI WKH EHOW FRQYH\RU EHWZHHQ WUDQVIHU SRLQW DQG 7KH GUXP RI ZD[ ZDV KHDWHG E\ GUXP KHDWHUV %ULVNHVW &DWDORJ 65/ $'+&f ZLWK LQWHJUDO WHPSHUDWXUH FRQWUROOHUV EHLQJ XVHG WR VHW WKH

PAGE 57

Df Ef )LJXUH 3KRWRJUDSKV RI WKH )XOO 6FDOH )LHOG 7HVW )DFLOLW\ Df 7UXFN 8QORDGLQJ 6WDWLRQ Ef 7UDQVIHU 3RLQW Ff 7UDQVIHU 3RLQW

PAGE 58

Ff )LJXUH &RQWLQXHG

PAGE 59

6WRUDJH %XLWUJ Df 'RRU L1 6WRUDJH 3LOH R 6DPSOHU /RFDWLRQV Ef )LJXUH 'HWDLOV RI WKH )XOO 6FDOH )LHOG 7HVW )DFLOLW\ Df )HUWLOL]HU +DQGOLQJ 6\VWHP Ef $LU 6DPSOHU /RFDWLRQV

PAGE 60

)ORZ 0HWHU )LJXUH 'XVW 6XSSUHVVDQW 6SUD\ 6HWXS IRU WKH )XOO 6FDOH )LHOG 7HVWV

PAGE 61

WHPSHUDWXUH DW DERXW r& DQG LQVXODWHG ZLWK ILEHUJODVV LQVXODWLRQ 7KH GUXP KHDWLQJ SURFHVV ZDV EHJXQ WR KRXUV SULRU WR DFWXDO XVH 7KH OLQH KHDWHUV ZHUH WKHQ HQHUJL]HG DQG KHDWLQJ ZDV FRQWUROOHG E\ D YDULDEOH WUDQVIRUPHU 7KH SXPS LQWDNH ZDV HTXLSSHG ZLWK D VXFWLRQ ILOWHU 6SUD\LQJ 6\VWHPV &DWDORJ +6:f WR VWUDLQ RXW SDUWLFXODWH PDWWHU )RXU SUHVVXUL]HG OLTXLG W\SH QR]]OHV ZHUH FOHDQHG LQ KRW ZDWHU DQG PRXQWHG LQ WKH VSUD\ PDQLIROG (DFK QR]]OH ZDV HTXLSSHG ZLWK D PHVK VWUDLQHU 9DOYH ZDV ILUVW VHW WR SRVLWLRQ WR SHUPLW XVH RI WKH V\VWHP LQ UHF\FOH PRGH 9DOYH ZDV RSHQHG KDOIZD\ DQG WKH SXPS ZDV WKHQ WXUQHG RQ 7KH OLTXLG ZD[ ZDV SHUPLWWHG WR FLUFXODWH WKURXJK WKH V\VWHP VR WKDW DOO WKH OLQHV DQG FRPSRQHQWV FRXOG EH HYHQO\ KHDWHG 7KH SXPS LQWDNH ZDV VHFXUHO\ WLJKWHQHG VR DV WR SUHYHQW DLU LQILOWUDWLRQ ZKLFK FRXOG FDXVH WKH OLTXLG ZD[ WR IRDP $ \DUGVWLFN ZDV WDSHG WR WKH LQVLGH RI WKH GUXP WR SHUPLW D VHFRQGDU\ PHDVXUH RI OLTXLG FRQVXPSWLRQ 7KH RLO VXSSO\ WR WKH H[LVWLQJ RLO VSUD\ V\VWHP ZDV ILUVW VKXW RII 2QFH D WUXFN VWDUWHG XQORDGLQJ LWV ORDG DQG WKH IHUWLOL]HU DSSHDUHG RQ WKH EHOW EHWZHHQ WUDQVIHU SRLQW DQG WKH IHUWLOL]HU ZDV DOORZHG WR UXQ XQFRDWHG IRU DERXW VHFRQGV 7KH OLTXLG ZD[ ZDV WKHQ VZLWFKHG IURP WKH UHF\FOH PRGH WR WKH VSUD\ PRGH E\ VZLWFKLQJ 9DOYH WR SRVLWLRQ 9DOYH ZDV WKHQ DGMXVWHG WR VHW WKH IORZ UDWH DW WKH UHTXLUHG OHYHO DV LQGLFDWHG E\ WKH IORZPHWHU ,W WRRN VHFRQGV IRU PDWHULDO WUDQVIHU IURP WUDQVIHU SRLQW WR WUDQVIHU SRLQW VHFRQGV IRU PDWHULDO WUDQVIHU IURP WUDQVIHU SRLQW WR WUDQVIHU SRLQW DQG VHFRQGV IRU PDWHULDO WUDQVIHU IURP WUDQVIHU SRLQW WR WUDQVIHU SRLQW $ EXFNHW ZDV KDOIILOOHG ZLWK XQFRDWHG IHUWLOL]HU VDPSOHG DW WUDQVIHU SRLQW DQG WKHQ EXFNHWV RI FRDWHG IHUWLOL]HU ZHUH VDPSOHG DW WUDQVIHU SRLQW D PLQXWH DIWHU ZD[ FRDWHG SURGXFW DSSHDUHG 2QFH WKH FRDWHG VDPSOHV ZHUH

PAGE 62

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f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

PAGE 63

ZHUH N3D DQG r& UHVSHFWLYHO\ 7KLV SXPS ZDV FRQVLGHUHG LGHDO IRU WKH SUHVHQW DSSOLFDWLRQ EHFDXVH WKH OLTXLG WR EH SXPSHG ZDV FOHDQ DQG D OXEULFDQW 1R SUHVVXUH JDJHV ZHUH LQVWDOOHG EHFDXVH RI WKH SRVVLELOLW\ RI IRXOLQJ WKH LQWHUQDO SDUWV RI WKH JDJH E\ VROLGLI\LQJ ZD[ )RU WKLV VDPH UHDVRQ D VLJKW JDJH W\SH YDQH IORZPHWHU ZDV VHOHFWHG IRU IORZUDWH PHDVXUHPHQW 7KH GHIOHFWLRQ RI WKH YDQH ZDV D PHDVXUH RI IORZ UDWH }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

PAGE 64

&+$37(5 ,9 5(68/76 $1' ',6&866,21 ([WHQVLYH HYDOXDWLRQV ZHUH FRQGXFWHG GXULQJ WKH FRXUVH RI WKLV VWXG\ 5HVXOWV SUHVHQWHG LQ WKLV FKDSWHU DUH GLYLGHG LQWR VHSDUDWH VHFWLRQV ODERUDWRU\ WHVWV LQWHUPHGLDWH VFDOH ILHOG WHVWV ,6)7f DQG IXOO VFDOH ILHOG WHVWV )6)7f &ULWHULD IRU WKH VHOHFWLRQ RI GXVW VXSSUHVVDQWV DUH DOVR GLVFXVVHG /DERUDWRU\ 7HVWV (IIHFW RI 7HPSHUDWXUH RQ 7HVW 6DPSOHV 7KH HIIHFW RI WHPSHUDWXUH RQ JUDQXODU WULSOH VXSHUSKRVSKDWH *763f DQG GLDPPRQLXP SKRVSKDWH '$3f ZDV VWXGLHG 7KUHH JUDP VDPSOHV RI *763 WKUHH JUDP VDPSOHV RI *763 DQG WKUHH JUDP VDPSOHV RI '$3 ZHUH ZHLJKHG RXW LQ PP GLDPHWHU DOXPLQXP GLVKHV DQG SODFHG LQ DQ RYHQ 3UHFLVLRQ 0RGHO f DW r& 6DPSOH ZHLJKWV ZHUH PHDVXUHG ZLWK D VLQJOH SDQ HOHFWURQLF EDODQFH6DUWRULXV 0RGHO f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

PAGE 65

2 /8 e 2 *UDP *763 t ’ *UDP *763 DD f $ *UDP '$3 $ $ $ $ P ’ &2 R ’ F F f§ $ ’ A Rr $ ’ 2 f§$ ’ 2 B/ / B 0LO O W +($7,1* 7,0( $7 r& KRXUVf )LJXUH :HLJKW /RVV GXH WR +HDWLQJ RI *763 DQG '$3 6DPSOHV DV D )XQFWLRQ RI 7LPH

PAGE 66

DFFHOHUDWHG FKHPLFDO UHDFWLRQV ZLWKLQ WKH JUDQXOHV DQG VXEVHTXHQW EUHDNGRZQ E\ D SURFHVV FDOOHG SKRVSKDWH UHYHUVLRQ %RRNH\ DQG 5DLVWULFN 6ODFN f ,Q DGGLWLRQ ZKHQ WHVW VDPSOHV RI *763 ZHUH VXEMHFWHG WR HOHYDWHG WHPSHUDWXUHV RYHU D SHULRG RI WLPH WKH PRLVWXUH FRQWHQW RI WKH JUDQXOHV ZDV VLJQLILFDQWO\ UHGXFHG %HFDXVH RI WKLV UHGXFWLRQ LQ PRLVWXUH FRQWHQW WKH PHDVXUHG HPLVVLRQ IDFWRU 7DEOH f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b DQG b RI WKH VDPSOHV KDG D GHYLDWLRQ RI OHVV WKDQ b IURP WKH DYHUDJH HPLVVLRQ IDFWRU 7KXV WKH FDOFXODWHG DYHUDJH XQFRDWHG HPLVVLRQ IDFWRU IRU D EDWFK FDQ EH FRQVLGHUHG WR EH UHSUHVHQWDWLYH RI WKH ZKROH EDWFK ,Q DGGLWLRQ VLQFH GXVW VXSSUHVVLRQ HIIHFWLYHQHVV LV D IXQFWLRQ RI WKH UDWLR RI FRDWHG WR

PAGE 67

7$%/( (IIHFW RI +HDWLQJ RQ WKH (PLVVLRQ )DFWRU RI *763 6DPSOHV 6DPSOH ,' 6DPSOH 7UHDWPHQW 0RLVWXUH &RQWHQW ;f (PLVVLRQ )DFWRU JNJf 5 1RQH 5 +HDWHG $*763 1RQH $*763 +HDWHG

PAGE 68

7$%/( (IIHFWLYHQHVV RI WKH 7HVW 6DPSOH 3UHSDUDWLRQ 0HWKRG 3URGXFW 6DPSOH $YHUDJH (PLVVLRQ $YHUDJH (PLVVLRQ 7\SH ,' )DFWRU RI 7HVW 6DPSOH )DFWRU RI %DWFK JNJf JNJf 'HYLDWLRQ IKRP $YHUDJH bf $*763 *763 $*763 $*763 *'$3 '$3 *'$3 *'$3 ,*763 *763 ,*763 ,*763

PAGE 69

'(9,$7,21 bf 2 3 R R 6(5,$/ 180%(5 )LJXUH 'HYLDWLRQ RI WKH (PLVVLRQ )DFWRU RI ,QGLYLGXDO 6DPSOHV IURP WKH $YHUDJH (PLVVLRQ )DFWRU IRU WKDW %DWFK

PAGE 70

XQFRDWHG HPLVVLRQ IDFWRU DQ DFFXUDWH YDOXH RI XQFRDWHG HPLVVLRQ IDFWRU LPSURYHV WKH TXDOLW\ RI WKH FDOFXODWHG HIIHFWLYHQHVV %HFDXVH RI WKH UHSURGXFLELOLW\ RI WKH HPLVVLRQ IDFWRU PHDVXUHPHQWV WKLV WHFKQLTXH ZDV XVHG WR VFUHHQ PDWHULDOV IURP GLIIHUHQW VRXUFHV 7DEOH f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 LQFUHDVH LQ PRLVWXUH FRQWHQW UHVXOWHG LQ VLJQLILFDQW GHFUHDVHV LQ GXVW HPLVVLRQ IDFWRU DQG LW DSSHDUHG WKDW D PRLVWXUH FRQWHQW RI DERXW b IRU *763 VDPSOHV FRXOG EH YHU\ EHQHILFLDO DV IDU DV GXVW HPLVVLRQ UHGXFWLRQ ZDV FRQFHUQHG

PAGE 71

7$%/( ([DPSOHV RI (PLVVLRQ )DFWRUV IRU 9DULRXV 3URGXFWV 3URGXFW 7\SH $YHUDJH (PLVVLRQ )DFWRU JNJf $*763 *$'$3 ,*763 ,'$3 **763 *2'$3 )'$3 3KRVSKDWH 5RFN :KLWH 6DQG 6XOIXU 127( $*763 ,*763 DQG **763 DUH *763 VDPSOHV IURP WKUHH GLIIHUHQW PDQXIDFWXUHUV *$'$3 ,'$3 *2'$3 DQG )'$3 DUH '$3 VDPSOHV IURP IRXU GLIIHUHQW PDQXIDFWXUHUV

PAGE 72

7$%/( 9DULDWLRQ RI 3URGXFW 4XDOLW\ IRU *763 6DPSOHV %DWFK ,' $YHUDJH (PLVVLRQ )DFWRU JNJf &9HUDOO $YHUDJH JNJf $ % & E JVG f ( ) D ,KH EDWFKHV UHSUHVHQW SURGXFW DFTXLUHG IURP WKH VDPH PDQXIDFWXUHU RQ GLIIHUHQW RFFDVLRQV E JVG LV WKH JHRPHWULF VWDQGDUG GHYLDWLRQ

PAGE 73

(0,66,21 )$&725 JNJf )LJXUH (IIHFW RI WKH 0RLVWXUH &RQWHQW RQ WKH (PLVVLRQ )DFWRU RI *763 6DPSOHV

PAGE 74

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f VKRZ WKDW WKH PHDVXUHG PRLVWXUH FRQWHQW ZDV TXLWH LQVHQVLWLYH WR VDPSOH VL]H ZKHQ WKH IHUWLOL]HU ZDV QRW VSUD\HG ZLWK ZDWHU DIWHU PDQXIDFWXUH +RZHYHU LI LQ DQ HIIRUW WR LQFUHDVH PRLVWXUH FRQWHQW ZDWHU ZDV H[WHUQDOO\ VSUD\HG RQ WKH NJ WHVW VDPSOH WKH VPDOOHU JUDP VDPSOH UHVXOWV LQ HUURQHRXV DQG VFDWWHUHG UHVXOWV 7DEOH f 2Q WKH RWKHU KDQG JUDP VDPSOHV UHVXOWHG LQ D VLJQLILFDQWO\ EHWWHU GHWHUPLQDWLRQ RI PHDVXUHG PRLVWXUH 6L]H GLVWULEXWLRQV RI '$3 *763 DQG 0$3 VDPSOHV IURP GLIIHUHQW PDQXIDFWXUHUV ZHUH GHWHUPLQHG E\ VLHYLQJ JUDP VDPSOHV IRU PLQXWHV LQ D *LOVRQ 0RGHO 66 6LHYH 7HVWHU &DOFLQHG SKRVSKDWH URFN DQG ILQH JUDLQ ZKLWH VDQG ZHUH DOVR VLHYHG DV D FRPSDUDWLYH PHDVXUH 5HVXOWV RI WKHVH VLHYLQJ WHVWV 7DEOH DQG 7DEOH f VKRZ WKDW WKH JUDQXODU SURGXFW ZDV JHQHUDOO\ LQ WKH PP WR PP UDQJH DQG WKH VL]H GLVWULEXWLRQ ZDV IDLUO\ QDUURZ 7KH YDULRXV VL]H IUDFWLRQV ZHUH WHVWHG

PAGE 75

7$%/( 6WDELOLW\ RI WKH 0RLVWXUH &RQWHQW RI 6WRUHG *763 6DPSOHV 'D\ 6DPSOH 1XPEHU 0RLVWXUH &RQWHQW "f $YHUDJH 0RLVWXUH &RQWHQW "f

PAGE 76

7$%/( (IIHFW RI 6DPSOH 6L]H RQ WKH 0HDVXUHG 0RLVWXUH &RQWHQW RI 8QWUHDWHG *763 6DPSOHV 6DPSOH ,' 6DPSOH 6L]H Jf 0RLVWXUH &RQWHQW }f $YHUDJH 0RLVWXUH &RQWHQW bf

PAGE 77

7$%/( (IIHFW RI 6DPSOH 6L]H RQ WKH 0HDVXUHG 0RLVWXUH &RQWHQW RI 7UHDWHG *763 6DPSOHV 6DPSOH ,' 6HULDO 1XPEHU 6DPSOH 6L]H Jf 0HDVXUHG 0RLVWXUH &RQWHQW bf $YHUDJH 0RLVWXUH &RQWHQW f 7UHDWPHQW $*763 1RQH $*763 :DWHU $*763 :DWHU $*763 1RQH $*763 :DWHU $*763 :DWHU 127( ([SHFWHG 0RLVWXUH &RQWHQW $*763 b $*763 b

PAGE 78

7$%/( *UDQXOH 6L]H 'LVWULEXWLRQ RI 6DPSOHV RI 9DULRXV )HUWLOL]HUV *UDQXOH 6L]H UDQf $*763 ZW b f ,0&*763 ZW b f ,0&'$3 ZW b f D 6DPSOH ,' *5*763 *5'$3 ZW b f ZW b f )'$3 ZW b f *$0$3 ZW b f *$*763 ZW b f f§ f§ f§ f§ 00( PPf *6' F f D 6DPSOHV DUH *763 0$3 DQG '$3 IURP GLIIHUHQW PDQXIDFWXUHUV E 00' LV WKH 0DVV 0HGLDQ 'LDPHWHU F *6' LV WKH *HRPHWULF 6WDQGDUG 'HYLDWLRQ

PAGE 79

7$%/( 6L]H 'LVWULEXWLRQ RI 6DPSOHV RI 6RPH 1RQJUDQXLDU 0DWHULDOV 4DQXOH 3KRVSKDWH :KLWH 6L]H >WRRN 6DQG XQf ZW b f ZW b f A f§ 00'DXQf *6'E D 00' LV WKH 0DVV 0HGLDQ 'LDPHWHU E *6' LV WKH *HRPHWULF 6WDQGDUG 'HYLDWLRQ

PAGE 80

IRU JUDQXOH KDUGQHVV RU FUXVKLQJ VWUHQJWK E\ WKH 79$ PHWKRG GHVFULEHG HDUOLHU 5HVXOWV VKRZ WKDW WKH PHDVXUHG FUXVKLQJ VWUHQJWK LQFUHDVHG ZLWK LQFUHDVLQJ JUDQXOH VL]H DV KDV EHHQ REVHUYHG HOVHZKHUH -DJHU DQG +HJQHU f )RU WKH VDPSOHV WHVWHG 0$3 JUDQXOHV ZHUH VWURQJHU WKDQ '$3 JUDQXOHV ZKLFK ZHUH LQ WXUQ VWURQJHU WKDQ *763 JUDQXOHV )LJXUH f 6LQFH SURGXFW GXVWLQHVV ZDV GHWHUPLQHG E\ GURS WHVWV H[SHULPHQWV ZHUH FRQGXFWHG WR GHWHUPLQH LI JUDQXOH IUDFWXUH D SRVVLEOH PRGH RI GXVW JHQHUDWLRQ ZDV PHDVXUHDEOH 2QHKXQGUHGJUDP VDPSOHV ZHUH H[WUDFWHG IURP NJ WHVW VDPSOHV EHIRUH DQG DIWHU D FRPSOHWH GURS WHVW DQG VLHYHG LQ WKH VWDQGDUG PDQQHU 7KH GLIIHUHQFH LQ PHDVXUHG VL]H GLVWULEXWLRQ IRU '$3 DQG *763 VDPSOHV ZDV QRW VLJQLILFDQW DQG FRXOG KDYH EHHQ GXH WR VDPSOLQJ YDULDELOLWLHV 7DEOH f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f )XUWKHU VWXG\ RI WKH GURSZLVH FKDQJH LQ GXVW HPLVVLRQ IDFWRU )LJXUH f LQGLFDWHG WKH VLJQLILFDQW GLIIHUHQFH LQ UHVSRQVH WR KDQGOLQJ EHWZHHQ VXOIXU DQG WKH RWKHU SURGXFWV 7KH GXVW UHOHDVH SURFHVV LV D IXQFWLRQ RI WKH IUDFWXUH WHQGHQF\ RI PDWHULDOV 'XVW UHOHDVH IURP VXOIXU

PAGE 81

+$5'1(66 NJf +$5'1(66 NJf +$5'1(66 NJf *5$18/( 6,=( PPf *5$18/( 6,=( PPf *5$18/( 6,=( PPf *5$18/( 6,=( PPf *5$18/( 6,=( PPf *5$18/( 6,=( PPf )LJXUH +DUGQHVV RI *UDQXOHV RI 9DULRXV )HUWLOL]HUV

PAGE 82

7$%/( (IIHFW RI GURS WHVWV RQ 3URGXFW 6L]H 'LVWULEXWLRQ Df *UDQXODU 0DWHULDOV *UDQXOH ,'$3 ,*763 6L]H %HIRUH $IWHU %HIRUH $IWHU UXQf ZW b ZW b ZW b ZW b f§ f§ f§ 00'DPPf L *6' Ef 1RQJUDQXODU 0DWHULDOV 3DUWLFOH :KLWH 6DQG 3KRVSKDWH 5RFN 6L]H %HIRUH $IWHU %HIRUH $IWHU XUQf ZW b ZW b ZW b ZW r f§ f§ 00'AXQf *6'E D 00' LV WKH 0DVV 0HGLDQ 'LDPHWHU E *6' LV WKH *HRPHWULF 6WDQGDUG 'HYLDWLRQ

PAGE 83

&808/$7,9( 3(5&(17 0$66 /(66 7+$1 6,=( a 2 1R 'URSV a $ 'URSV $ a 9 'URSV 2 f§ f§ $ X $ B 9 $ 2 2 9 f $ 2 O , , O O O , O O O 3$57,&/( ',$0(7(5 S PPf )LJXUH (IIHFW RI +DQGOLQJ RQ WKH 6L]H 'LVWULEXWLRQ RI 3ULOOHG 6XOIXU

PAGE 84

(0,66,21 )$&725 JNJf 2 8QFRDWHG 3KRVSKDWH 5RFN f 8QFRDWHG :KLWH 6DQG ‘ $ 8QFRDWHG 0$3 $ 8QFRDWHG *763 ‘ a ’ 8QFRDWHG '$3 ‘ ‘ 8QFRDWHG 6XOIXU ‘ ‘ 2 ‘ ‘ 2 2 f§ ‘ R $ ’ $ B/" I I W r I A &0 2 180%(5 2) '5236 )LJXUH (IIHFW RI +DQGOLQJ RQ WKH (PLVVLRQ )DFWRU RI 9DULRXV 0DWHULDOV

PAGE 85

ZDV GXH WR VLJQLILFDQW EUHDNDJH RI SULOOV ZKLOH ZLWK WKH RWKHU PDWHULDOV IUDFWXUH ZDV QRW D VLJQLILFDQW VRXUFH RI GXVW 7KH GXVW ZDV SUREDEO\ GXH WR ILQHV LQ WKH VDPSOH EUHDNDJH RI FU\VWDO JURZWKV RQ WKH JUDQXOH VXUIDFH )LJXUH f DQG UHOHDVH RI GXVW ERXQG WR JUDQXOH VXUIDFHV E\ SK\VLFDO IRUFHV 7KH H[LVWDQFH RI FU\VWDO JURZWKV KDV DOVR EHHQ GRFXPHQWHG HOVHZKHUH +RIIPHLVWHU .MRKO -DJHU DQG +HJQHU f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

PAGE 86

)LJXUH 3KRWRJUDSK RI &U\VWDO *URZWK RQ 0$3 *UDQXOHV

PAGE 87

FRQGLWLRQV ZHUH H[DFWO\ WKH VDPH DV WKDW RI WKH 9)'& 7KH WKUHH VLQJOH VWDJH LPSDFWRUV ZHUH XVHG DW D IORZ UDWH RI OLWHUVVHF VFIPf DQG WKH FRUUHVSRQGLQJ b FXW SRLQWV ZHUH XPD XPD DQG XPD UHVSHFWLYHO\ 7KH PHDVXUHG PDVV PHGLDQ GLDPHWHU 00'f DQG JHRPHWULF VWDQGDUG GHYLDWLRQ *6'f IRU *763 '$3 SKRVSKDWH URFN DQG ZKLWH VDQG ZHUH XPD DQG XPD DQG XPD DQG DQG XPD DQG UHVSHFWLYHO\ )LJXUHV DQG f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f GLDPPRQLXP SKRVSKDWH '$3f DQG PRQRDPPRQLXP SKRVSKDWH 0$3f 'XVW VXSSUHVVLRQ DJHQWV XVHG LQFOXGHG RLOV ZD[HV HPXOVLRQV DQG RWKHU PLVFHOODQHRXV PDWHULDOV 2LOV 7KH NLQHPDWLF YLVFRVLWLHV RI YDULRXV RLO EOHQGV LQ DFWXDO LQGXVWULDO XVH ZHUH PHDVXUHG XVLQJ &DQQRQ)HQVNH W\SH JODVV FDSLOODU\ YLVFRPHWHUV DFFRUGLQJ WR SURFHGXUHV GHVFULEHG LQ $670 PHWKRG 7KHVH RLOV ZHUH WKHQ DSSOLHG LQ WKH VWDQGDUG PDQQHU WR *763 VDPSOHV 7KH FRDWHG VDPSOHV ZHUH GURS WHVWHG LPPHGLDWHO\ DQG DJDLQ DIWHU DQ DJLQJ SHULRG ,Q JHQHUDO WKH WHVW UHVXOWV 7DEOH f UHYHDO WKDW IRU RLOV ZLWK NLQHPDWLF YLVFRVLWLHV LQ WKH WR FHQWLVWRNHV UDQJH WKH SHUIRUPDQFH ZDV SRRU ,Q DGGLWLRQ DV WKH YLVFRVLW\ GHFUHDVHG WKH SHUIRUPDQFH GHFUHDVHG 7HVWV ZHUH DOVR FRQGXFWHG ZLWK QDSKWKHQLF RLOV

PAGE 88

&808/$7,9( 3(5&(17 0$66 /(66 7+$1 6,=( $(52'<1$0,& ',$0(7(5 MLPf )LJXUH 6L]H 'LVWULEXWLRQ RI WKH 'XVW (PLWWHG E\ WKH +DQGOLQJ RI *763 DQG '$3 6DPSOHV

PAGE 89

&808/$7,9( 3(5&(17 0$66 /(66 7+$1 6,=( $(52'<1$0,& ',$0(7(5 MLPf 6L]H 'LVWULEXWLRQ RI WKH 'XVW (PLWWHG E\ +DQGOLQJ RI :KLWH 6DQG DQG 3KRVSKDWH 5RFN r7KLV SRLQW LV RII WKH OLQH GXH WR LPSDFWRU VWDJH RYHUORDGLQJf )LJXUH

PAGE 90

7$%/( (IIHFW RI WKH .LQHPDWLF 9LVFRVLW\ RI 2LO %OHQGV RQ WKH 'XVW 5HOHDVH RI *763 6DPSOHV ,;O6WD 6XSSUHVVDQW 6DPSOH ,' .LQHPDWLFE 9LVFRVLW\ FVWf ,QLWLDO 'XVW 5HOHDVH f 1RUPDOL]HG G 'XVW 5HOHDVH f )LQDO $JH GD\Vf )LQDO 'XVW 5HOHDVH ;f '&$ $1 '&$ %HOO ,*763 f§ f§ f§ $0(() $1 $0 % D $SSOLFDWLRQ 5DWH NJWRQ E $W r& F ,QLWLDO 'XVW 5HOHDVH LV WKDW GHWHUPLQHG VRRQ DIWHU DSSOLFDWLRQ RI GXVW VXSSUHVVDQW G 1RUPDOL]HG 'XVW 5HOHDVH LV WKDW GHWHUPLQHG DIWHU DQ DJLQJ SHULRG RI WKUHH GD\V

PAGE 91

ZLWK NLQHPDWLF YLVFRVLWLHV RI DQG 686 UHVSHFWLYHO\ 5HVXOWV 7DEOH f DJDLQ VKRZ D GHILQLWH GHFUHDVH LQ GXVW UHOHDVH ZLWK LQFUHDVHG NLQHPDWLF YLVFRVLW\ EXW ZLWK DJLQJ WKH SHUIRUPDQFH ZDV DJDLQ VHYHUHO\ GHJUDGHG DV PDQLIHVWHG E\ WKH LQFUHDVHG GXVW UHOHDVH YDOXHV ,W KDV EHHQ VWDWHG LQ OLWHUDWXUH )ULFN f WKDW WKH GXVW VXSSUHVVLRQ HIIHFWLYHQHVV RI RLOV LPSURYHV ZLWK LQFUHDVLQJ SDUDIILQLF FRQWHQW 7KH DQLOLQH SRLQW UHSUHVHQWV WKH UHODWLYH SDUDIILQLF FRQWHQW RI RLOV DQG LV D FRPPRQO\ XVHG PHDVXUH 3DUDIILQLF RLOV ZLWK DQLOLQH SRLQWV LQ WKH r& WR r& UDQJH ZHUH DFTXLUHG IURP PDQXIDFWXUHUV DQG VSUD\HG RQ *763 VDPSOHV 'URS WHVW UHVXOWV 7DEOH f GR LQGHHG VKRZ WKDW LQFUHDVHG DQLOLQH SRLQWV OHDG WR GHFUHDVHG GXVW UHOHDVH EXW WKH SHUIRUPDQFH ZDV VWLOO DYHUDJH $ QXPEHU RI RWKHU RLOV LQFOXGLQJ SHWUROHXP DQG YHJHWDEOH RLO EOHQGV ZHUH HYDOXDWHG 7KH UHVXOWV VKRZ WKDW PRVW RI WKH RLOV WHVWHG ZLWK *763 7DEOH f H[KLELWHG LQFUHDVHG GXVW UHOHDVH ZLWK LQFUHDVLQJ DJH WKRXJK VRPH RLOV UHWDLQHG WKHLU HIIHFWLYHQHVV WR D JUHDWHU H[WHQW 0RVW RI WKH RLOV WHVWHG RQ '$3 7DEOH f RQ WKH RWKHU KDQG VKRZHG ORZ LQLWLDO GXVW UHOHDVH OHYHOV DQG VPDOOHU LQFUHDVHV LQ GXVW UHOHDVH ZLWK DJH ,Q VXPPDU\ RI WKH RLO EOHQGV WHVWHG RQO\ VRPH KDG ORZ LQLWLDO GXVW UHOHDVH YDOXHV EHWWHU WKDQ bf DQG HYHQ IHZHU KDG ORZ ILQDO GXVW UHOHDVH YDOXHV ZKHQ XVHG ZLWK *763 :LWK '$3 DOO WKH RLOV WHVWHG KDG ORZ GXVW UHOHDVH YDOXHV DQG H[KLELWHG VPDOO LQFUHDVHV LQ GXVW UHOHDVH ZLWK DJH 7KLV SURGXFW VSHFLILF EHKDYLRU ZDV SUREDEO\ FDXVHG E\ GLIIHUHQFHV LQ WKH LQWHUDFWLRQV DW WKH VXEVWUDWH RLO LQWHUIDFH OHDGLQJ WR PLJUDWLRQ RI WKH RLO IURP WKH JUDQXOH VXUIDFH WR WKH JUDQXOH LQWHULRU DW GLIIHUHQW UDWHV 'LIIHUHQFHV LQ JUDQXOH SRURVLW\ DQG RLO YLVFRVLW\ DQG WKH

PAGE 92

7$%/( (IIHFW RI WKH .LQHPDWLF 9LVFRVLW\ RI 1DSKWKHQLF 2LOV RQ WKH 'XVW 5HOHDVH RI *763 6DPSOHV 'XVW 6DPSOH .LQHPDWLFr b ,QLWLDO F 1RUPDOL]HG G )LQDO )LQDO 6XSSUHVVDQW ,' 9LVFRVLW\ 'XVW 5HOHDVH 'XVW 5HOHDVH $JH 'XVW 5HOHDVH 686f f }f GD\Vf f 6 $*763 6 $*763 6 $*763 D $SSOLFDWLRQ UDWH NJWRQ E $W r& F ,QLWLDO 'XVW 5HOHDVH LV WKDW GHWHUPLQHG VRRQ DIWHU DSSOLFDWLRQ RI GXVW VXSSUHVVDQW G 1RUPDOL]HG 'XVW 5HOHDVH LV WKDW GHWHUPLQHG DIWHU DQ DJLQJ SHULRG RI WKUHH GD\V

PAGE 93

7$%/( (IIHFW RI WKH $QLOLQH 3RLQW RI 3DUDIILQLF 2LOV RQ WKH 'XVW 5HOHDVH RI *763 6DPSOHV 'XVW D 6XSSUHVVDQW 6DPSOH ,' $QLOLQH 3RLQW r &f ,QLWLDO N 'XVW 5HOHDVH f 63 $*&1 78)/ $*763 63 $*&1 78)/ $*763 63 $*763 78)/ $*763 D $SSOLFDWLRQ 5DWH NJWRQ E ,QLWLDO 'XVW 5HOHDVH LV WKDW GHWHUPLQHG VRRQ DIWHU DSSOLFDWLRQ RI GXVW VXSSUHVVDQW

PAGE 94

7$%/( 3HUIRUPDQFH RI 2LO %OHQGV DV 'XVW 6XSSUHVVDQWV ZLWK *763 6DPSOHV ,;L6W 6XSSUHVVDQW 6DPSOH ,' $SSOLFDWLRQ 5DWH NJWRQf ,QLWLDO 'XVW 5HOHDVH "f 1RUPDOL]HGr 'XVW 5HOHDVH "f )LQDO $JH GD\Vf )LQDO 'XVW 5HOHDVH "f $0(() **763 $0(() ,*763 f§ $0(() $1 $0 **763 f§ $0 ,*763 $0 $*763% '&$ %(// **763 f§ '&$ %(// ,*763 f§ f§ f§ 78)/ $*763 &DUQDWLRQ $*763 78)/ $*763 f§ f§ f§ $'6 $1 f§ f§f§ f§f§ D ,QLWLDO 'XVW 5HOHDVH LV WKDW GHWHUPLQHG VRRQ DIWHU DSSOLFDWLRQ RI WKH GXVW VXSSUHVVDQW E 1RUPDOL]HG 'XVW 5HOHDVH LV WKDW GHWHUPLQHG DIWHU DQ DJLQJ SHULRG RI WKUHH GD\V

PAGE 95

7$%/( 3HUIRUPDQFH RI 2LO %OHQGV DV 'XVW 6XSSUHVVDQWV ZLWK '$3 6DPSOHV 'XVW 6XSSUHVVDQW 6DPSOH ,' $SSOLFDWLRQ 5DWH NJWRQf ,QLWLDOD 'XVW 5HOHDVH bf 1RUPDOL]HGA 'XVW 5HOHDVH bf )LQDO $JH GD\Vf )LQDO 'XVW 5HOHDVH bf $0(() *2'$3 $0(() ,0&'$3 f§ $0(() *'$3 $0 ,0&'$3 $0 *'$3 $0 *'$3 '&$ %(// ,0&'$3 f§ '&$ %(// *2'$3 D ,QLWLDO 'XVW 5HOHDVH LV WKDW GHWHUPLQHG VRRQ DIWHU DSSOLFDWLRQ RI WKH GXVW VXSSUHVVDQW E 1RUPDOL]HG 'XVW 5HOHDVH LV WKDW GHWHUPLQHG DIWHU DQ DJLQJ RI WKUHH GD\V

PAGE 96

FRUUHVSRQGLQJ GLIIHUHQFHV LQ SHUIRUPDQFH VXJJHVW WKDW WKH DERYH H[SODQDWLRQ LV TXLWH SODXVLEOH 7KLV DVSHFW LV FRQVLGHUHG DJDLQ ODWHU LQ WKLV FKDSWHU :D[HV :D[HV HYDOXDWHG LQFOXGHG QDWXUDO ZD[HV VXFK DV SDUDIILQ ZD[ PLFURFU\VWDOOLQH ZD[ FDQGHOOLOD ZD[ FDUQDXED ZD[ DQG PRQWDQ ZD[ DQG PDQ\ SHWURODWXP DQG UHODWHG ZD[HV 5HVXOWV RI D SUHOLPLQDU\ TXDOLWDWLYH HYDOXDWLRQ DUH VKRZQ LQ 7DEOH DQG IXUWKHU GHWDLOV RQ WKH XVH DQG SURSHUWLHV RI QDWXUDO ZD[HV DUH GHVFULEHG HOVHZKHUH %HQQHWW f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r& DQG r& UHVSHFWLYHO\ 7HVWV ZHUH FRQGXFWHG DW DQ DSSOLFDWLRQ UDWH RI NJWRQ DQG DV H[SHFWHG WKH SHUIRUPDQFH ZDV YHU\ SRRU ,Q IDFW FDQGHOOLOD ZD[ KDG VXFK SRRU DGKHVLYH TXDOLWLHV WKDW WKH FRDWHG HPLVVLRQ IDFWRU ZDV PXFK JUHDWHU WKDQ WKH XQFRDWHG HPLVVLRQ IDFWRU PHDVXUHG GXVW UHOHDVH bf WKXV VXJJHVWLQJ WKDW WKH FRDWLQJ LWVHOI ZDV VKHGGLQJ DQG FRQWULEXWLQJ WR WKH RYHUDOO HPLVVLRQ )RU SDUDIILQ ZD[ WKH PHDVXUHG GXVW UHOHDVH ZDV b 3HWURODWXP DQG UHODWHG ZD[HV ZHUH WKH RQO\ PDWHULDOV DPRQJ WKRVH

PAGE 97

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

PAGE 98

FRQVLGHUHG WKDW DSSHDUHG WR KDYH JRRG VSUD\ TXDOLWLHV DQG WKXV WKH SRWHQWLDO IRU VXSHULRU SHUIRUPDQFH $ WRWDO RI ZD[HV IURP GLIIHUHQW PDQXIDFWXUHUV ZHUH HYDOXDWHG 2I WKHVH /LJKW 3ODVWLFUXGH DQG 1: ZHUH VODFN ZD[HV ZKLOH DOO WKH RWKHUV ZHUH YDULRXV JUDGHV RI SHWURODWXP ZD[HV 7KHVH ZD[HV ZHUH FODVVLILHG DV KDYLQJ ORZ PHGLXP RU KLJK RLO FRQWHQW EDVHG RQ WKH DSSUR[LPDWH RLO FRQWHQW YDOXHV SURYLGHG E\ WKH PDQXIDFWXUHUV DQG VRPH RI WKHLU SURSHUWLHV DUH VXPPDUL]HG LQ 7DEOH 6LQFH WKH ZD[HV ZHUH VSUD\HG DV PHOWV WKH HDVH RI PHOWLQJ ZDV DQ LPSRUWDQW FRQVLGHUDWLRQ ,Q JHQHUDO WKH KLJKHU WKH RLO FRQWHQW WKH HDVLHU LW LV WR PHOW D ZD[ $OO WKH SHWURODWXPV H[FHSW 1: PHOWHG DQG VSUD\HG HDVLO\ 1: KDG WKH ORZHVW RLO FRQWHQW DQG WKH KLJKHVW PHOWLQJ WHPSHUDWXUH DQG ZDV D OLWWOH PRUH GLIILFXOW WR KDQGOH +RZHYHU ZLWK SURSHU VHOHFWLRQ RI VSUD\LQJ FRQGLWLRQV 1: ZDV DOVR VSUD\HG ZLWKRXW XQGXH GLIILFXOW\ 7KH HIIHFWLYHQHVV RI WKH GXVW VXSSUHVVDQW XOWLPDWHO\ GHSHQGV RQ WKH DSSOLFDWLRQ UDWH $V D UHVXOW GLIIHUHQW DSSOLFDWLRQ UDWHV QRPLQDOO\ NJWRQ NJWRQ DQG NJWRQ ZHUH XVHG DQG WKH UHVXOWV DUH VKRZQ LQ 7DEOHV DQG r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

PAGE 99

7$%/( 3K\VLFDO 3URSHUWLHV RI 3HWURODWXP DQG 6ODFN :D[HV 'XVW 6XSSUHVVDQW 2LO &RQWHQW $670 rf 6SHFLILF *UDYLW\ DW r& 0HOWLQJ 3RLQW $670 eIFf r&fD &RQJHDOLQJ 3RLQW $670 3Ff 3HQHWUDWLRQ DW r& $670 XQLWV 9LVFRVLW\ DW &3& $670 686 &RVW NJf 1: B ' ' 1:/$ f§ ' E ' 1: f§ ' ' 1:/3 f§ ' ' 7HFK 3HW ) ' ' <3$ ' ' 5HG 9HW f§ f§ f§ f§ f§ f§ f§ f§ f§ f§ f§ 3HW +0 ' ' 3 ' f§ f§ ' 3 ' f§ f§ ' 3 f§ f§ f§ f§ f§ f§ f§ f§ f§ D 0HDVXUHG DV SHU WHFKQLTXH GHVFULEHG LQ >%HQQHWW @ E 0LQLPXP

PAGE 100

7$%/( 3HUIRUPDQFH RI 3HWURODWXP :D[HV DV 'XVW 6XSSUHVVDQWV DW D 1RPLQDO $SSOLFDWLRQ 5DWH RI NJWRQ 'XVW 6XSSUHVVDQW $SSOLFDWLRQ 5DWH NJWRQf 6DPSOH D ,' ,QLWLDOr 'XVW 5HOHDVH f 1RUPDOL]HG 'XVW 5HOHDVH bf )LQDOA $JH GD\Vf )LQDO 'XVW 5HOHDVH bf /RVV 5DWH bGD\f 3HW +0 $*763 1: $*763 3 $*763 7HFK 3HW ) $*763 1:/$ $*763 3 $*763 5HG 9HW $*763 3 $*763 D $OO VDPSOHV DUH *763 E ,QLWLDO 'XVW 5HOHDVH LV WKDW GHWHUPLQHG VRRQ DIWHU DSSOLFDWLRQ RI WKH GXVW VXSSUHVVDQW F 1RUPDOL]HG 'XVW 5HOHDVH LV WKDW GHWHUPLQHG DIWHU DQ DJLQJ SHULRG RI WKUHH GD\V G )LQDO DJH WHVW UHSUHVHQWV WKH ILQDO WHVW RI WKH VDPSOH

PAGE 101

7$%/( 3HUIRUPDQFH RI 3HWURODWXP DQG 6ODFN :D[HV DV 'XVW 6XSSUHVVDQWV DW D 1RPLQDO $SSOLFDWLRQ 5DWH RI NJWRQ 'XVW 6XSSUHVVDQW $SSOLFDWLRQ 5DWH NJWRQf 6DPSOH ,' ,QLWLDO 'XVW 5HOHDVH bf 1RUPDOL]HG F 'XVW 5HOHDVH bf )LQDOG $JH GD\Vf )LQDO 'XVW 5HOHDVH bf /RVV 5DWH GD\f 3HW +0 $*763 1: $*763 1: *5'$3 3 $&763 7HFK 3HW ) $*763 1:/$ $*763 1:/$ *5'$3 3 $*763 5HG 9HW $*763 3 $*763 <3$ $*763 1: $*763% f§ f§ f§ f§ 1:/3 $*763 f§ f§ f§ f§ D $OO VDPSOHV DUH *763 H[FHSW *5'$3 DQG *5'$3 E ,QLWLDO 'XVW 5HOHDVH LV WKDW GHWHUPLQHG VRRQ DIWHU DSSOLFDWLRQ RI WKH GXVW VXSSUHVVDQW F 1RUPDOL]HG 'XVW 5HOHDVH LV WKDW GHWHUPLQHG DIWHU DQ DJLQJ SHULRG RI WKUHH GD\V G )LQDO DJH WHVW UHSUHVHQWV WKH ILQDO WHVW RI WKH VDPSOH

PAGE 102

7$%/( 3HUIRUPDQFH RI 3HWURODWXP :D[HV DV 'XVW 6XSSUHVVDQWV DW D 1RPLQDO $SSOLFDWLRQ 5DWH RI NJWRQ ,;LVW $SSOLFDWLRQ 6DPSOH ,QLWLDOr 1RUPDOL]HG )LQDOA )LQDO /RVV 6XSSUHVVDQW 5DWH ,' 'XVW 'XVW $JH 'XVW 5DWH 5HOHDVH 5HOHDVH 5HOHDVH NJWRQf bf bf GD\Vf "f bGD\f 3HW +0 $*763 7HFK 3HW ) $*763 1:/$ $*763 D $OO VDPSOHV DUH *763 E ,QLWLDO 'XVW 5HOHDVH LV WKDW GHWHUPLQHG VRRQ DIWHU DSSOLFDWLRQ RI WKH GXVW VXSSUHVVDQW F 1RUPDOL]HG 'XVW 5HOHDVH LV WKDW GHWHUPLQHG DIWHU DQ DJLQJ SHULRG RI WKUHH GD\V G )LQDO DJH WHVW UHSUHVHQWV ILQDO WHVW RI VDPSOH

PAGE 103

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f ZLWK WKH PHDVXUHG GXVW UHOHDVH EHLQJ ; 0RUH LPSRUWDQWO\ HYHQ DIWHU GURSV WKH GXVW UHOHDVH GLG QRW LQFUHDVH WKXV VXJJHWLQJ WKDW WKH ZD[ VXSSUHVVHG GXVW HPLVVLRQV HYHQ WKRXJK VLJQLILFDQW IUDFWXUH RI WKH VXEVWUDWH PDWHULDO ZDV RFFXUULQJ ,Q DFWXDO SODQW VLWXDWLRQV FRDWLQJV DUH QRUPDOO\ DSSOLHG RQ ZDUP SURGXFW SULRU WR WUDQVIHU WR VWRUDJH 7KH IHUWLOL]HU WHPSHUDWXUH LQ VXFK VLWXDWLRQV LV XVXDOO\ DERXW r& 7KHUHIRUH WHVWV 7DEOH f ZHUH FRQGXFWHG WR VWXG\ WKH HIIHFW RI IHUWLOL]HU WHPSHUDWXUH RQ GXVW VXSSUHVVDQW SHUIRUPDQFH 8QOHVV VSHFLILHG RWKHUZLVH LQ DOO ODERUDWRU\

PAGE 104

(0,66,21 )$&725 JNJf 180%(5 2) '5236 )LJXUH (IIHFW RI +DQGOLQJ RQ WKH (PLVVLRQ )DFWRU IRU &RDWHG DQG 8QFRDWHG 6DPSOHV RI *763 DQG 3ULOOHG 6XOIXU

PAGE 105

7$%/( (IIHFW RI )HUWLOL]HU 7HPSHUDWXUH RQ WKH 3HUIRUPDQFH RI 3HWURODWXP :D[HV ZLWK *763 6DPSOHV 3UHOLPLQDU\ 7HVWV 6DPSOH ,' b D ,QLWLDO 0RLVWXUH &RQWHQW Wf D )LQDO 0RLVWXUH &RQWHQW f 3URGXFW 7HPSHUDWXUH r&f E 'XVW 6XSSUHVVDQW ,QLWLDOr (PLVVLRQ )DFWRU JNJf )LQDO (PLVVLRQ )DFWRU JNJ! 'XVW 5HOHDVH f B & &RDWLQJ 0HWKRG $*763 $PEL HUW 1RQH $*763' f§ $PELHQW 1RQH m f§ f§ f§ $*763$ f 1RQH $*763 f 1RQH f§ f§ f§ $*763 $PELHQW 1:/$ LQ $*763 f§ f§ $PELHQW 1: EDJ $*763 f§ $PELHQW 1:8 LU $*73 f§ $PELHQW 1:/$ SDQV $*763 $PELHQW 1: LU $*763 f§ $PELHQW 1: SDQV $*763 1:/$ LQ $*73 1:/$ SDQV $*763 X 1:8/$ $*763 1: LQ $*763 1: SDQV D ,QLWLDO DQG )LQDO 0RLVWXUH &RQWHQWV DUH WKDW PHDVXUHG EHIRUH DQG DIWHU SURGXFW KHDWLQJ E $SSOLFDWLRQ 5DWH NJWRQ F )RU WKH FRDWHG VDPSOHV WKH ,QLWLDO (PLVVLRQ )DFWRU LQGLFDWHG LV WKDW IRU WKH XQFRDWHG EDWFK G 6DPSOHV DUH FRDWHG HLWKHU LU SDQV RU LQ EDJV DV GLVFXVVHG LQ WH[W

PAGE 106

WHVWV WKH GXVW VXSSUHVVDQWV ZHUH DSSOLHG ZKLOH WKH IHUWLOL]HU VDPSOH ZDV LQ WKH VWRUDJH EDJ +RZHYHU IRU WHVWV ZLWK ZDUP SURGXFW WKH IHUWLOL]HU VDPSOH ZDV WUDQVIHUUHG LQWR HQDPHOHG SDQV DQG SODFHG LQ D r& RYHQ IRU KRXUV :KLOH VWLOO LQ WKH SDQ WKH WRS OD\HU ZDV VSUD\HG WKHQ D QHZ OD\HU ZDV FUHDWHG E\ WXUQLQJ RYHU WKH SDQ FRQWHQWV ZLWK D VSDWXOD DQG VSUD\HG DJDLQ 7KLV SURFHVV ZDV FRQWLQXHG WLOO WKH TXDQWLW\ UHTXLUHG ZDV DWWDLQHG 5HVXOWV IURP WKH SDQ FRDWLQJ WHFKQLTXH DQG WKH EDJ FRDWLQJ WHFKQLTXH IRU SURGXFW DW DPELHQW WHPSHUDWXUH ZHUH FRPSDUDEOH 7KH UHVXOWV DOVR LQGLFDWHG WKDW SURGXFW WHPSHUDWXUH DIIHFWHG GXVW VXSSUHVVDQW SHUIRUPDQFH VLJQLILFDQWO\ ZLWK WKH ORZHU PHOWLQJ SHWURODWXP ZD[ 1:/$f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

PAGE 107

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

PAGE 108

7$%/( 3HUIRUPDQFH RI :D[ %QXOVLRQV DV 'XVW 6XSSUHVVDQWV ZLWK *763 6DPSOHV (PXOVLRQ ,' 6DPSOH ,' $SSOLFDWLRQ 5DWH NJWRQf ,QLWLDO 'XVW 5HOHDVH ^bf 1RUPDOL]HG 'XVW 5HOHDVH f )LQDO $JH GD\Vf )LQDO 'XVW 5HOHDVH bf b 0RQWDQ $*&1 b 0RQWDQ $*&1 f§ f§ f§ b 0RQWDQ $*&1 f§ f§ f§ b 0RQWDQ $*&1 &DQGHOOLOD $*763 b &DQGHOOLOD $*&1 &DQGHOOLOD $*&1 b &DUQDXED 5 b &DUQDXED $*763 &DUQDXED $*763 b &DUQDXED 5 :DWHU $*&1 :DWHU $*763 f§ f§ f§ :DWHU $*763 D ,QLWLDO 'XVW 5HOHDVH LV WKDW GHWHUPLQHG VRRQ DIWHU DSSOLFDWLRQ RI GXVW VXSSUHVVDQW E 1RUPDOL]HG 'XVW 5HOHDVH LV WKDW GHWHUPLQHG DIWHU DQ DJLQJ SHULRG RI WKUHH GD\V

PAGE 109

7$%/( 3HUIRUPDQFH RI 6RPH 0LVFHOODQHRXV 'XVW 6XSSUHVVDQWV 'XVW 6XSSUHVVDQW 7\SH 'XVW 6XSSUHVVDQW $SSOLFDWLRQ 5DWH NJWRQf 6DPSOH ,' ,QLWLDOn 'XVW 5HOHDVH f 1RUPDOL]HG 'XVW 5HOHDVH bf )LQDO $JH GD\Vf )LQDO 'XVW 5HOHDVH f /LJQLQ 2LO 1RUOLJ $ '&$ %(// 50 /LJQLQ 2LO 1RUOLJ $ '&$ %(// *2'$3 /LJQLQ 1RUOLJ $ 50 f§ f§ f§ +\GURFDUERQ 3RO\PHU '&/ $*763 +\GURFDUERQ 3RO\PHU '&/ $*763 2LO 6XUIDFWDQW '&$ %(// 3HWUROHXP 6XOIRQDWH $1 /LJQLQ LQ RLO HPXOVLRQ /LJQLQ LQ JO\FRO 1$/& )'$3 f§ f§ f§ HPXOVLRQ 1$/& )'$3 f§ f§ f§ D $OO VDPSOHV DUH *763 H[FHSW *2'$3 DQG )'$3 ZKLFK DUH '$3 E ,QLWLDO 'XVW 5HOHDVH LV WKDW GHWHUPLQHG VRRQ DIWHU DSSOLFDWLRQ RI GXVW VXSSUHVVDQW F 1RUPDOL]HG 'XVW 5HOHDVH LV WKDW GHWHUPLQHG DIWHU DQ DJLQJ SHULRG RI WKUHH GD\V

PAGE 110

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f SULPDULO\ XVHG WR VXSSUHVV URDG GXVW ZHUH DOVR HYDOXDWHG 2QH ZDV DQ RLO EDVHG HPXOVLRQ DQG WKH RWKHU ZDV D JO\FRO EDVHG HPXOVLRQ %RWK FRDWLQJV SHUIRUPHG SRRUO\ DV VKRZQ E\ WKH KLJK LQLWLDO GXVW UHOHDVH YDOXHV $QRWKHU FRPPHUFLDOO\ DYDLODEOH GXVW VXSSUHVVDQW IRU URDG GXVW &DOJRQ '&/ D K\GURFDUERQ SRO\PHUf ZDV DOVR IRXQG WR EH LQHIIHFWLYH LQ WKLV DSSOLFDWLRQ )LQDOO\ DGGLWLRQ RI D SHWUROHXP VXOIRQDWH WR RLO WR FKDQJH WKH ZHWWLQJ FKDUDFWHULVWLFV UHVXOWHG LQ JRRG LQLWLDO SHUIRUPDQFH EXW SRRU ORQJWHUP SHUIRUPDQFH 'XVW 5HOHDVH &KDUDFWHULVWLFV RI 7UHDWHG )HUWLOL]HU $ VLQJOH VWDJH LPSDFWRU ZLWK D XUQ FXW SRLQW ZDV XVHG LQ WKH PDQQHU GHVFULEHG HDUOLHU LQ FRQMXQFWLRQ ZLWK WKH YHUWLFDO IORZ GXVW FKDPEHU VHWXS 7HVWV ZHUH FRQGXFWHG WR VWXG\ FRDWLQJ DJLQJ DQG KDQGOLQJ HIIHFWV RQ WKH UHOHDVH RI SDUWLFOHV ODUJHU WKDQ XUQ $ SHWURODWXP ZD[ 7HFK 3HW )f DQG D QDSKWKHQLF RLO 6f ERWK RI ZKLFK ZHUH DPRQJ WKH SRRUHVW

PAGE 111

SHUIRUPHUV RI WKHLU FODVV ZHUH XVHG DW DQ DSSOLFDWLRQ UDWH RI NJWRQ 7KH SHUFHQWDJH E\ ZHLJKW RI SDUWLFOHV ODUJHU WKDQ XP IRU XQFRDWHG IHUWLOL]HU VDPSOHV LV VKRZQ LQ )LJXUH ,Q JHQHUDO DOO IRXU PDWHULDOV WHVWHG DSSHDUHG WR IROORZ D VLPLODU WUHQG LQ WKHLU UHVSRQVH WR KDQGOLQJ ZLWK WKH ZHLJKW b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f DQG VPDOO XPf SDUWLFOH IUDFWLRQV WKRXJK ZLWK DJH WKH RLO VXSSUHVVHG WKH ODUJH SDUWLFOH IUDFWLRQ OHVV HIIHFWLYHO\ :LWK )'$3 DQG ,*763 WKH RLO H[KLELWHG GHFUHDVHG SHUIRUPDQFH ZLWK DJH DQG WKLV ORVV ZDV QRW D VWURQJ IXQFWLRQ RI SDUWLFOH VL]H 7KH ZD[ DOVR VKRZHG D GHFUHDVH LQ SHUIRUPDQFH WKRXJK WKH PDJQLWXGH ZDV PXFK VPDOOHU DQG QRW SDUWLFOH VL]H GHSHQGDQW 7KHUHIRUH WKH UHVXOWV VKRZ WKDW WKH RLO ZDV QRW DQ HIIHFWLYH GXVW VXSSUHVVDQW ZLWK ERWK )'$3 DQG ,*763 ,Q DGGLWLRQ WKH ORVV LQ SHUIRUPDQFH ZLWK DJH ZDV PRUH VHYHUH ZLWK RLO DQG GRHV QRW DSSHDU WR EH D VWURQJ IXQFWLRQ RI SDUWLFOH VL]H IRU ERWK WKH FRDWLQJV HYDOXDWHG +RZHYHU DV ZRXOG EH H[SHFWHG LQWXLWLYHO\ ODUJH SDUWLFOHV ZHUH OHVV HIIHFWLYHO\ VXSSUHVVHG E\ FRDWLQJ DJHQWV DV FRPSDUHG ZLWK VPDOO

PAGE 112

:(,*+7 b 6,=( f '523 180%(5 )LJXUH (IIHFW RI +DQGOLQJ RQ WKH 0DVV )UDFWLRQ RI 3DUWLFOHV /DUJHU 7KDQ 0LFURPHWHUV IRU 8QFRDWHG )HUWLOL]HU 6DPSOHV

PAGE 113

'& 2 K 2 /8 &2 &2 /8 4 /8 + R R X 2 /8 R + = /8 R FF +L )LJXUH 5HODWLYH 3DUWLFOH 5HOHDVH &KDUDFWHULVWLFV RI 2LO DQG :D[ &RDWHG )HUWLOL]HUV ,,QLWLDO $$JHGf

PAGE 114

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b WR b UDQJH 7KHVH PHDVXUHG YDOXHV ZHUH TXLWH VLPLODU WR WKH UHVXOWV REWDLQHG IURP ODERUDWRU\ HYDOXDWLRQV ZLWK NJ WHVW VDPSOHV $W DQ DSSOLFDWLRQ UDWH RI NJWRQ WKH GXVW UHOHDVH ZLWK WKH WDOO RLO ZDV b %DVHG RQ WKHVH UHVXOWV LW ZDV FRQFOXGHG WKDW GXVW UHOHDVH YDOXHV LQ WKH b UHJLRQ FRXOG EH DWWDLQHG LQ WKH ILHOG ,Q DGGLWLRQ WKH WHVWV ZLWK WKH ,6)7 VHWXS VKRZHG WKDW KDQGOLQJ ODUJHU TXDQWLWLHV RI ZD[ VKRXOG QRW EH D SUREOHP LI WKH VSUD\ V\VWHP ZDV SURSHUO\ GHVLJQHG )XOO 6FDOH )LHOG 7HVWV 'XVW 6XSSUHVVDQW DQG &RDWLQJ 7HFKQLTXH (YDOXDWLRQ %DVHG RQ WKH UHVXOWV IURP ODERUDWRU\ DQG LQWHUPHGLDWH VFDOH HYDOXDWLRQV WKH IXOO VFDOH ILHOG WHVWV )6)7f ZHUH XQGHUWDNHQ 7KH

PAGE 115

'867 5(/($6( bf '867 5(/($6( bf $33/,&$7,21 5$7( NJWRQf $33/,&$7,21 5$7( $33/,&$7,21 5$7( NJWRQf NJWRQf $33/,&$7,21 5$7( $33/,&$7,21 5$7( NJWRQf NJWRQf )LJXUH 3HUIRUPDQFH RI 3HWURODWXP :D[HV LQ ,QWHUPHGLDWH 6FDOH )LHOG 7HVWV

PAGE 116

PDWHULDO KDQGOLQJ V\VWHP IRU *763 KDG D QRPLQDO UDWH RI WRQVKU DQG WKH ZD[ VSUD\ V\VWHP ZDV GHVLJQHG WR SURYLGH DSSOLFDWLRQ UDWHV LQ WKH NJWRQ WR NJWRQ UDQJH 7KH IHUWLOL]HU WHPSHUDWXUH ZDV HVWLPDWHG WR EH QRW PRUH WKDQ r& %RWK 1:/$ DQG
PAGE 117

7$%/( 'XVW &RQFHQWUDWLRQV ZLWKLQ D *763 6WRUDJH %XLOGLQJ 'DWH 7HVW 1XPEHU 6DPSOH D /RFDWLRQ 1XPEHU E RI ,KXFNV 'XVW &RQFHQWUDWLRQ PJPf 6( 1( 6( 1( 6( 1( 6( 1( 6( 1( 6( 1( 6( 1( 6: 1: 6: 1: 6: 1: 6: %ODQN 1: 6: 1: 6: 1: 6: 1: 6: F f§ 1:

PAGE 118

7$%/( f§ &RQWLQXHG 'DWH 7HVW 1XPEHU 6DPSOH D /RFDWLRQ 1XPEHUr RI 7UXFNV 'XVW &RQFHQWUDWLRQ PJPf 6: %ODQN 1: 6: 1: 6: 1: 6: 1: D /RFDWLRQ ZLWKLQ VWRUDJH EXLOGLQJ E 2LO FRDWHG IHUWLOL]HU XQOHVV VWDWHG RWKHUZLVH F 8QFRDWHG IHULOL]HU

PAGE 119

%HWZHHQ WKH SRLQW RI WUXFN XQORDGLQJ DQG GLVFKDUJH LQWR WKH EXLOGLQJ WKHUH ZHUH ILYH WUDQVIHU SRLQWV )DFLOLW\ FRQVWUDLQWV VXFK DV DYDLODELOLW\ RI VSDFH DQG XWLOLWLHV DQG VDIHW\ FRQVLGHUDWLRQV UXOHG RXW WUDQVIHU SRLQW DQG 7UDQVIHU SRLQW ZDV WKH UHFHLYLQJ KRSSHU DQG ZDV WKH ORFDWLRQ XVHG DW WKH IDFLOLW\ WR VSUD\ RLO 7UDQVIHU SRLQW ZDV WKHUHIRUH FKRVHQ DV WKH ILUVW QR]]OH ORFDWLRQ 3UHVVXUL]HG OLTXLG QR]]OHV ZHUH XVHG 7KUHH GLIIHUHQW DUUDQJHPHQWV ZHUH FRQVLGHUHG DV VKRZQ LQ )LJXUH 5HVXOWV VKRZQ LQ 7DEOH LQGLFDWH YHU\ SRRU FRDWLQJ SHUIRUPDQFH 9LVXDO REVHUYDWLRQ RI WKH FRDWHG SURGXFW VKRZHG OLWWOH HYLGHQFH RI WKH FRDWLQJ $ KLJK YROXPH DLU VDPSOHU ZDV WKHUHIRUH VHWXS MXVW DIWHU WUDQVIHU SRLQW WR VWXG\ WKH SUREOHP :LWK DUUDQJHPHQW )LJXUH f WKH ILOWHU ZHLJKW JDLQ ZKHQ ZD[ ZDV VSUD\HG ZDV VLJQLILFDQWO\ KLJKHU WKDQ WKDW REVHUYHG ZLWK XQFRDWHG IHUWLOL]HU :KHQ WKH RLO VSUD\ DW WUDQVIHU SRLQW ZDV WXUQHG RQ WKH PHDVXUHG GXVW HPLVVLRQ ZDV UHGXFHG 7DEOH f ([DPLQDWLRQ RI WKH ILOWHUV XQGHU EODFN OLJKW FOHDUO\ VKRZHG VLJQLILFDQW ZD[ GHSRVLWV :KHQ WKH VDPH ZD[ IORZ ZDV SXPSHG WKURXJK QR]]OHV DUUDQJHPHQW f WKH PHDVXUHG ILOWHU ZHLJKW JDLQ ZDV VLJQLILFDQWO\ UHGXFHG 7KLV VXJJHVWV WKDW WKH SRRU UHVXOWV ZLWK WKH QR]]OH DUUDQJHPHQW ZDV FDXVHG DW OHDVW LQ SDUW E\ H[FHVVLYH DWRPL]DWLRQ DQG VXEVHTXHQW GLVSHUVLRQ LQ WKH DLU $LU VDPSOHV ZHUH DOVR WDNHQ ZKHQ RLO ZDV VSUD\HG DW WUDQVIHU SRLQW XVLQJ WKH H[LVWLQJ IDFLOLW\ VHWXS DQG ZKHQ RLO ZDV VSUD\HG DW WUDQVIHU SRLQW XVLQJ WKH QHZ 8)f VHWXS ZLWK QR]]OHV $JDLQ ILOWHU ZHLJKW JDLQV VKRZHG VLPLODULWLHV IRU ERWK VHWXSV DQG WKH GXVW VXSSUHVVLRQ OHYHOV ZHUH FRPSDUDEOH +RZHYHU ZLWK 1:/$ WKH GXVW VXSSUHVVLRQ ZDV RQO\ DERXW b ZKLFK ZDV QR EHWWHU WKDQ WKDW ZLWK RLO 7UDQVIHU SRLQW ZDV WKH ORFDWLRQ ZKHUH IHUWLOL]HU ZDV

PAGE 120

3ODQ 9LHZ (OHYDWLRQ $UUDQJHPHQW $UUDQJHPHQW $UUDQJHPHQW )LJXUH 1R]]OH $UUDQJHPHQWV DW 7UDQVIHU 3RLQW

PAGE 121

7$%/( 6XPPDU\ RI )XOO 6FDOH )LHOG 7HVW 5HVXOWV ZLWK *763 6SUDYA /RFDWLRQ 1R]]OH 7YSH 'XDW 6XSSUHVVDQW $SSOLFDWLRQ 5DWH NJWRQf 8QFRDWHG 6DPSOH () /RFDWLRQ JNJf &RDWHG 6DPSOH () /RFDWLRQ &JNJf 'XVW 5HOHDVH rf $W 73 +)0$ 19/$ %HOW r %HOW r 2SSRVLQJ DIWHU 73 DIWHU 73O $W ,3 +)0$ 19/$ %HOW %HOW f§ 6DPH 6LGH DIWHU 73 DIWHU 73O $W 73 +)0$ 1:/$ %HOW m %HOW f§ 2SSRVLQJ DIWHU 73O DIWHU 73O $W 73 +)0$ 1:/$ %HOW %HOW 2SSRVLQJ DIWHU 73 DIWHU 73O $W 732 ([LVWLQJ 2LO %HOW %HOW P DIWHU 73O DIWHU 73O $W 73 ++)0$ 2LO %HOW %HOW 2SSRVLQJ DIWHU 73O DIWHU 73 $W 73O +)0$ <3$ %HOW %HOW +)0$ RQ %HOW DIWHU 73 DIWHU 73 $W 73 +)0$ <3$ %HOW %HOW +)0$ RQ %HOW DIWHU 73 DIWHU 73 %HOW +)0$ <3$ %HOW %HOW DIWHU DIWHU 73 DIWHU 73 HOW +)0$ <3$ %HOW %HOW DIWHU DIWHU 73 DIWHU 73 %HOW /)0$ <3$ %HOW %HOW DIWH 73O DIWHU 73 DIWHU 73 DIWHU 73 %HOW 0):$ <3$ %HOW %HOW DIWH 73 DIWHU 73 DIWHU 73 DIWHU 73 %HOW 0)9$ <3$ %HOW %HOW DIWHU 73 DIWHU 73 r DIWHU 73 f§ f§ DIWHU 73 P %HOW +)0$ <3$ %HOW %HOW DIWHU 73 DIWHU 73 DIWHU 73 DIWHU 73 %HOW +)0$ <3$ %HOW %HOW DIWHn 73 DIWHU 73 DIWHU 73 DIWHU 73 %HOW 80):$ <3$ %HOW %HOW DIWHn 73 ZLWK PL[HU DIWH 73 8 DIWHU 73O 8X DIWHU 73 f DIWHU 73

PAGE 122

7$%/( &RQWLQXHG 6SUDY D /RFDWLRQ 1R]]OH R 7\SH 'XVW 6XSSUHVVDQW $SSOLFDWLRQ 5DWH NJWRQf 8UURDWHG 6DPSOH () /RFDWLRQ JNJf &RDWHG 6DPSOH () /RFDWLRQ JNJf 'XVW 5HOHDVH f $W 732 ([LVWLQJ 2LO %HOW ZLWKRXW PL[HU 7UXFN DIWHU 73 DIWHU 73 DIWHU 73 $W 732 ([LVWLQJ 2LO %HOW ZLWK PL[HU 7UXFN DIWHU 73 8 DIWHU 73 DIWHU 73 %HOW 8+)0$ <3$ %HOW %HOW DIWHU 73 ZLWK PL[HU DIWHU 73 DIWHU 73 DIWHU 73 DIWHU 73 8 n %HOW XKIPD <3$ %HOW %HOW DIWHU 73 ZLWKRXW PL[HU DIWHU 73 8 DIWHU 73 DIWHU 7 m DIWHU 73 f %HOW 8+)0$ <3$ %HOW %HOW DIWHU 73 ZLWK PL[HU DIWHU 73 8 DIWHU 73 8 DIWHU 73 DIWHU 73 %HOW +)0$ <3$ %HOW %HOW DIWHU 73 ZLWK PL[HU DIWHU 73 228 DIWHU 73 8 m DIWHU 73 f DIWHU 73 %HOW 8+)0$ 188/$ %HOW %HOW DIWHU 73 ZLWK PL[HU DIWHU 73 DIWHU 73 DW 73 %HOW 8+)0$ 1:88 %HOW %HOW DIWHU 73 ZLWK PL[HU DIWHU 73 8 DIWHU 73 8 m DW 738 %HOW 8+)0$ 1:88 %HOW %HOW DIWHU ,3 ZLWK PL[HU DIWHU 73 228 DIWHU 73 f DW 738 f f %HOW 8+)0$ 1:8/$ %HOW %HOW DIWHU 73O ZLWKRXW PL[HU DIWHU 73 8 DIWHU 73 DW 738

PAGE 123

,OO 7$%/( f§ &RQWLQXHG 6SUDY D /RFDWLRQ 1R]]OH E 7YSH 2XVW 6XSSUHVVDQW $SSOLFDWLRQ 5DWH NJWRUf 8QFRDWHG 6DPSOH & () /RnDWLRU JNJ! &RDWHG 6DPSOH () /RFDWLRQ JNJf 'XVW 5HOHDVH Lf $W 732 ([LVWLQJ 2LO S %HOW HOW ZLWK PL[HU DIWHU 73" DIWHU 73nDW 73m $W 732 ([LVWLQJ 2LO f %HOW %HOW ZLWKRXW PL[HU DIWHU 73" rr DIWHU 73 DW 73rr O" $W 732 ([LVWLQJ 2LO ff %HOW %HOW ZLWKRXW PL[HU DIWHU 73" DIWHU 73 DW 73rr "8 $W 732 +(1$ 9••8/$ %HOW %HOW ZLWKRXW PL[HU DIWHU 73 DIWHU 73 m DW 73rr "f $W 732 $+)1$ 19m/$ %HOW %HOW ZLWKRXW PL[HU DIWHU 73" DIWHU 73 DW 73 $W 732 +)1$ 9 /$ %HOW %HOW ZLWKRXW PL[HU DIWHU 73 m DIWHU 73 DW 73rr D 732 7DUVIHU 3RLQW 73 7UDQVIHU 3RLQW WIO E +)+$ +LJK )ORZ 0HGLDQ $UJOH 6SUD\LQJ 6YVWHPV 8772f /)0$ /RZ )ORZ 0HGLDQ $QJOH 6SUD\LQJ 6YVWHPV 877r 0U:$ 0D[LPXP )ORZ 9LGH $UJOH 6SUD\LQJ 6YVWHPV 87f +U1$ +LJK )ORZ 1DUURZ $QJOH 6SUDYLUJ 6\VWHPV rr77f F 73 7UDQVIHU 3RLQW

PAGE 124

7$%/( (LQLVVLRQ &RQFHQWUDWLRQV 0HDVXUHG DIWHU ,KDQVIHU 3RLQW 7HVW 1XPEHU ,KXFN 1XPEHU 1R]]OH $UUDQJDQHQW 'XVW 6XSSUHVVDQW $SSOLFDWLRQ 5DWH NJWRQf )LOWHU :HLJKW *DLQ Jf 1RQH 1:/$ ([LVWLQJ )OHHWZLQJ 2LO f§ 1RQH f§ 1:/$ f§ 1RQH f§ ([LVWLQJ )OHHWZLQJ 2LO f§ 1RQH f§ )OHHWZLQJ 2LO 127( $UUDQJHPHQWV VKRZQ LQ )LJXUH

PAGE 125

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f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b IURP WKH LQGLYLGXDO HPLVVLRQ IDFWRUV 7DEOH f 7KH HPLVVLRQ IDFWRUV IRU WKH LQVWDQWDQHRXV VDPSOHV ZHUH EHWZHHQ b DQG b RI WKH DYHUDJH

PAGE 126

7$%/( 9DULDELOLW\ RI 'XVW (PLVVLRQV IURP 8QFRDWHG *763 6DPSOHG DW 7KXFN 'LVFKDUJH 6DPSOH 1XPEHU 6DPSOH 7\SH (PLVVLRQ )DFWRU JNJf $YHUDJH JNJf 9DULDELOLW\ f , , , , , $ f§ $ f§ 127( ) DUH LQVWDQWDQHRXV NLORJUDP VDPSOHV FROOHFWHG LQ DERXW VHFRQGV VHFRQGV DSDUW GXULQJ WUXFN GLVFKDUJH $ DUH NLORJUDP VDPSOHV PDGH IURP SURGXFW FROOHFWHG LQ D JDOORQ EXFNHW D VFRRS DW D WLPH GXULQJ WUXFN GLVFKDUJH

PAGE 127

YDOXH WKRXJK RXW RI VDPSOHV ZHUH EHWZHHQ b DQG b RI WKH DYHUDJH 7KXV WKHUH ZHUH VPDOO EXW VLJQLILFDQW GLIIHUHQFHV LQ WKH SURGXFW DV GLVFKDUJHG E\ WKH WUXFN 6LPLODU WHVWV ZHUH GRQH ZLWK WKH H[LVWLQJ RLO VSUD\ VHWXS RSHUDWLQJ DQG VDPSOHV EHLQJ WDNHQ RII WKH EHOW DIWHU WUDQVIHU SRLQW 7KH GHYLDWLRQ RI WKH DYHUDJH YDOXH ZDV DERXW b 7KH YDULDELOLW\ RI WKH LQVWDQWDQHRXV HPLVVLRQ IDFWRU ZDV PXFK KLJKHU 7DEOH f EXW WKH DYHUDJH RI WKH LQVWDQWDQHRXV YDOXHV ZDV ZLWKLQ b RI WKH DYHUDJH VDPSOH 6DPSOHV WDNHQ VLPXOWDQHRXVO\ DW WKH WUXFN DQG RII WKH EHOW DIWHU WUDQVIHU SRLQW ZLWK QR RLO VSUD\ DJDLQ VKRZHG VLJQLILFDQW YDULDELOLW\ WKRXJK WKH VDPSOHV RII WKH EHOW ZHUH PXFK ZRUVH %HFDXVH RI WKH DFWLRQ RI WKH GUDJ IOLJKW FRQYH\RU WKH VDPH IHUWLOL]HU DSSHDUHG WR EH VLJQLILFDQWO\ GXVWLHU ZKHQ RLO ZDV QRW DSSOLHG 7DEOH f 7KHVH WHVWV VKRZ WKDW WKH VDPSOLQJ SURFHGXUH VKRXOG EH FDUHIXOO\ SODQQHG VR DV QRW WR XQIDLUO\ VNHZ WKH HYDOXDWLRQ RI GXVW VXSSUHVVDQWV )RXU KLJK IORZ PHGLXP DQJOH +)0$f QR]]OHV ZHUH XVHG DJDLQ DW DQ DSSOLFDWLRQ UDWH RI NJWRQ DQG NJWRQ DQG DV H[SHFWHG WKH SHUIRUPDQFH LQFUHDVHG ZLWK DSSOLFDWLRQ UDWH 7DEOH f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

PAGE 128

7$%/( 9DULDELOLW\ RI 'XVW (PLVVLRQV IURP 2LO &RDWHG *763 6DPSOHG IURP %HOW DIWHU 7UDQVIHU 3RLQW 6DPSOH 1XPEHU 6DPSOH 7\SH (PLVVLRQ )DFWRU JNJf $YHUDJH JNJf 9DULDELOLW\ , , , , $ f§ $ 127( DUH LQVWDQWDQHRXV NLORJUDP VDPSOHV FROOHFWHG LQ DERXW VHFRQGV VHFRQGV DSDUW GXULQJ WUXFN GLVFKDUJH $ DUH NLORJUDP VDPSOHV PDGH IURP SURGXFW FROOHFWHG LQ D JDOORQ EXFNHW D VFRRS DW D WLPH GXULQJ WUXFN GLVFKDUJH

PAGE 129

7$%/( 9DULDELOLW\ RI 'XVW (PLVVLRQV IURP 8QFRDWHG *763 6DPSOHG 6LPXOWDQHRXVO\ DW 7UXFN 'LVFKDUJH DQG IURP %HOW DIWHU 7UDQVIHU 3RLQW 6DPSOH 1XPEHU 6DPSOH 7\SH (PLVVLRQ 7UXFN JNJf )DFWRU 73 JNJf $YHUDJH 7UXFNE 73F JNJf JNJf 9DULDELOLW\ 7UXFN 73 "f "f , , , f§ f§ f§ f§ $ f§ $ f§ f§ D DUH LQVWDQWDQHRXV NLORJUDP VDPSOHV FROOHFWHG LQ DERXW VHFRQGV PLQXWH DSDUW GXULQJ WUXFN GLVFKDUJH SHULRG $ DUH DYHUDJH NLORJUDP VDPSOHV PDGH IURP SURGXFW FROOHFWHG LQ D JDOORQ EXFNHW D VFRRS DW D WLPH GXULQJ WUXFN GLVFKDUJH E 6DPSOHV WDNHQ DW WUXFN GLVFKDUJH F 6DPSOHV WDNHQ IURP EHOW MXVW SDVW WUDQVIHU SRLQW

PAGE 130

ZD[ IHHG UDWH WR NJWRQ UDLVHG WKH QR]]OH RSHUDWLQJ SUHVVXUH $GGLQJ WKH DGGLWLRQDO ZD[ FXW WKH GXVW UHOHDVH LQ KDOI EXW WKLV ZDV VWLOO WRR KLJK :LWK WKH +)0$ QR]]OHV RSHUDWLQJ DW NJWRQ WKH VSUHDG GLG QRW FRPSOHWHO\ FRYHU WKH WRS VXUIDFH RI WKH IHUWLOL]HU EHDG RQ WKH EHOW 6R QR]]OHV RI KLJKHU FDSDFLW\ DQG ZLGHU VSUD\ DQJOH 0):$f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f 6DPSOHV WDNHQ DW WUDQVIHU SRLQW DQG GLG QRW UHYHDO DQ\ PDMRU GLIIHUHQFHV 8QFRDWHG VDPSOHV ZHUH WDNHQ VLPXOWDQHRXVO\ DW WUDQVIHU SRLQW DQG DQG WKH PHDVXUHG HPLVVLRQ IDFWRUV IRU XQFRDWHG SURGXFW ZHUH IRXQG WR EH ZLWKLQ b 7KHUHIRUH FROOHFWLQJ XQFRDWHG DQG FRDWHG SURGXFW DW GLIIHUHQW ORFDWLRQV GLG QRW DIIHFW WKH TXDOLW\ RI WKH GDWD 'DWD VXJJHVWV WKDW E\ WKH WLPH WKH SURGXFW SDVVHG WUDQVIHU SRLQW

PAGE 131

Df Ef )LJXUH 'HWDLOV RI 0L[LQJ 7HFKQLTXH Df 3KRWRJUDSK RI 0L[HU IRU 3URGXFW RQ WKH %HOW Ef 3KRWRJUDSK RI 0L[LQJ $FWLRQ

PAGE 132

SURGXFW PL[LQJ KDG SOD\HG D VLJQLILFDQW UROH LQ GDPSLQJ RXW YDULDELOLWLHV %\ UDLVLQJ WKH IHHG UDWH WR NJWRQ WKH GXVW UHOHDVH ZDV LPSURYHG WR DERXW b 7KXV UDLVLQJ WKH IHHG UDWH IURP NJWRQ WR NJWRQ GHFUHDVHG WKH GXVW UHOHDVH IURP DERXW b WR DERXW b DQG UDLVLQJ WKH IHHG UDWH WR NJWRQ RQO\ GHFUHDVHG WKH GXVW UHOHDVH WR DERXW b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f QR]]OHV ZKLFK KDYH D QDUURZHU VSUHDG ZHUH XVHG $W NJWRQ WKH DYHUDJH GXVW UHOHDVH IRU VXFFHVVLYH UXQV ZDV DJDLQ DERXW b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r& 7KH IHUWLOL]HU XVHG ZDV WKH VDPH LQ DOO WKH WHVWV 7KH PDMRU GLIIHUHQFH ZDV WKDW LQ WKH ODERUDWRU\

PAGE 133

DQG LQWHUPHGLDWH VFDOH WHVWV WKH IHUWLOL]HU ZDV DW DPELHQW WHPSHUDWXUH ZKLOH WKH IHUWLOL]HU LQ WKH IXOO VFDOH WHVWV ZDV DW DQ HOHYDWHG WHPSHUDWXUH RI EHWZHHQ r& DQG r& ZLWK r& WR r& EHLQJ WKH PRVW IUHTXHQW WHPSHUDWXUH UDQJH 7KH WHPSHUDWXUH RI IHUWLOL]HU GHOLYHUHG E\ D QXPEHU RI WUXFNV ZDV PHDVXUHG DQG DV VKRZQ LQ )LJXUH } LW ZDV TXLWH YDULDEOH ,W ZDV DOVR REVHUYHG WKDW WKHUH ZDV OLWWOH FKDQJH LQ SURGXFW WHPSHUDWXUH EHWZHHQ WKH WUXFN GLVFKDUJH DQG WUDQVIHU SRLQW 7KH WHPSHUDWXUH RI WZR EXFNHWV RI FRDWHG IHUWLOL]HU ZDV PHDVXUHG DV D IXQFWLRQ RI WLPH )LJXUH Dff DQG ZDV IRXQG WR FKDQJH YHU\ VORZO\ DQG DV VKRZQ LQ )LJXUH Ef DIWHU PRUH WKDQ ILYH KRXUV IHUWLOL]HU WHPSHUDWXUHV JUHDWHU WKDQ r& ZHUH REVHUYHG IRU SURGXFW VWRUHG LQ EXFNHWV %HFDXVH RI WKH KLJK LQLWLDO WHPSHUDWXUH DQG VORZ FRROLQJ RI WKH IHUWLOL]HU LQ VDPSOH EXFNHWV WKH UHODWLYHO\ ORZ PHOWLQJ WHPSHUDWXUH RI WKH ZD[HV FDXVHV WKHP WR EHKDYH DV RLOV LH WKH\ GR QRW KDUGHQ RQ WKH JUDQXOH VXUIDFH UDSLGO\ $V D UHVXOW WKH ZD[ ZDV VXVFHSWLEOH WR FDSLOODU\ DFWLRQ DQG SHQHWUDWLRQ LQWR WKH JUDQXOH LQWHULRU OHDGLQJ WR LQFUHDVHG GXVW UHOHDVH +LJKHU PHOWLQJ ZD[HV RU ORZHU IHUWLOL]HU WHPSHUDWXUHV FRXOG FRPEDW WKLV SUREOHP +RZHYHU VLQFH WKH SXPS VHOHFWHG IRU WKH ILHOG VSUD\ V\VWHP ZDV UHFRPPHQGHG IRU XVH ZLWK OLTXLGV DW OHVV WKDQ r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

PAGE 134

)LJXUH 9DULDWLRQ RI )HUWLOL]HU 7HPSHUDWXUH DV 'LVFKDUJHG IURP D 1XPEHU RI 7UXFNV

PAGE 135

7(03(5$785( r&f Df %8&.(7 180%(5 Ef )LJXUH 7HPSHUDWXUH RI )HUWLOL]HU 6DPSOHV DV D )XQFWLRQ RI 7LPH Df +HDW /RVV RI *763 6DPSOHV 2YHU D 3HULRG RI 7LPH Ef 7HPSHUDWXUH RI *763 6DPSOHV )LYH +RXUV DIWHU &ROOHFWLRQ LQ )LYH *DOORQ %XFNHWV

PAGE 136

IDFWRU EXW IHUWLOL]HU WHPSHUDWXUH GLG LQIOXHQFH FRDWLQJ SHUIRUPDQFH VLJQLILFDQWO\ 7KLV IDFWRU LV IXUWKHU GLVFXVVHG LQ WKH QH[W VHFWLRQ )XUWKHU ([SHULPHQWV 3HUWDLQLQJ WR )6)7 5HVXOWV $V GLVFXVVHG HDUOLHU WKH IHUWLOL]HU XVHG LQ WKH IXOO VFDOH ILHOG WHVWV ZDV DW DQ HOHYDWHG WHPSHUDWXUH RI EHWZHHQ r& DQG r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bf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

PAGE 137

)LJXUH (IIHFW RI /DERUDWRU\ 0L[LQJ 3URFHGXUH RQ WKH 'XVW 5HOHDVH RI *763 6DPSOHV ZLWK DQ ,QLWLDO 3HWURODWXP :D[ 'LVWULEXWLRQ RI b $SSOLFDWLRQ 5DWH NJWRQf

PAGE 138

SRRUO\ GLVWULEXWHG LQLWLDOO\ WKH GLVWULEXWLRQ ZDV VLJQLILFDQWO\ LPSURYHG E\ PL[LQJ DV HYLGHQFHG E\ WKH GHFUHDVHG GXVW UHOHDVH 7HVWV ZHUH DOVR FRQGXFWHG ZKHUH WKH LQLWLDO GLVWULEXWLRQ RI WKH FRDWLQJ DJHQW ZDV YDULHG ,QLWLDO GLVWULEXWLRQV RI b b DQG b ZHUH FRQVLGHUHG DQG WKH VDPSOHV ZHUH PL[HG WLPHV )RU ERWK 1:/$ DQG 1: WKH LQLWLDO GLVWULEXWLRQ GLG QRW PDNH D VLJQLILFDQW GLIIHUHQFH DV ORQJ DV PRGHUDWH PL[LQJ ZDV FDUULHG RXW )LJXUH Dff 7KH LQGLYLGXDO GLIIHUHQFHV EHWZHHQ WKH SHUIRUPDQFH RI WKH WZR ZD[HV FDQ EH DWWULEXWHG WR WKH GLIIHUHQFHV LQ WKHLU UHVSRQVH WR D IL[HG QXPEHU RI PL[HV DV GLVFXVVHG HDUOLHU 6LPLODU WHVWV )LJXUH Ef Ff DQG Gff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f ZLWK 1:/$ NLORJUDP WHVW VDPSOHV RI $*763 ZHUH WUDQVIHUUHG WR HQDPHOHG SDQV DQG KHDWHG LQ DQ RYHQ VHW DW r& 7KH DYHUDJH IHUWLOL]HU WHPSHUDWXUH ZDV GHWHUPLQHG E\ PHDVXULQJ WKH WHPSHUDWXUH RI WKH SURGXFW LQ WKH SDQ XVLQJ D WKHUPRFRXSOH DW GLIIHUHQW ORFDWLRQV 2QFH WKH UHTXLUHG WHPSHUDWXUH ZDV UHDFKHG WKH SDQV ZHUH SODFHG RQ D KRW SODWH DQG WKHQ WKH WRS OD\HU RI IHUWLOL]HU LQ WKH SDQ ZDV UHSHDWHGO\ VSUD\HG ZLWK WKH FRDWLQJ DJHQW WLOO DERXW JUDPV RI ZD[ ZDV DGGHG $W WKLV SRLQW WKH IHUWLOL]HU ZDV

PAGE 139

'867 5(/($6( bf '867 5(/($6( bf NJWRQ MRR 3(5&(17 2) 6$03/( &2$7(' %()25( 0,;,1* Df £‹O cccQ 3(5&(17 2) 6$03/( &2$7(' %()25( 0,;,1* Ef (IIHFW RI WKH ,QLWLDO 'LVWULEXWLRQ RI 'XVW 6XSSUHVVDQWV RQ WKH 'XVW 5HOHDVH RI *763 6DPSOHV Df 1:/$ DQG 1: Ef 3HW +0 Ff 3 Gf $0 )LJXUH

PAGE 140

'867 5(/($6( bf '867 5(/($6( bf 3(5&(17 2) 6$03/( &2$7(' %()25( 0,;,1* 3(5&(17 2) 6$03/( &2$7(' %()25( 0,;,1* Gf )LJXUH &RQWLQXHG

PAGE 141

L]\ 7$%/( (IIHFW RI )HUWLOL]HU 7HPSHUDWXUH RQ WKH 3HUIRUPDQFH RI 'XVW 6XSSUHVVDQWV ZLWK *763 6DPS OHV f§ 6HULHV 6DPSOH 1XPEHU %DWFK 'XVW 1XPEHU 6XSSUHVVDQW $SSOLFDWLRQ 5DWH NJWRQf )HUWLOL]HU 7HPSHUDWXUH %HIRUH $IWHU $IWHU 6SUDY 6SUD\ 6SUD\ 0L[ r&f r&f r&f () JNJf 'XVW 5HOHDVH ;f f D 6DPSOH 7UHDWPHQW %f 121( 8UFRDWHG XUPL[HG %&f 121( b f§ f§ f§ VDPSOHV cf 121( f§ f§ f§ f§ f 121( 8UFRDWHG XUPL[HG f 121( f§ f§ VDPSOHV %Xf 121( f§ f§ f§ f 121( f§ 8UHRDWHG XQPL[HG f 121( f§ f§ f§ f§ VDPSOHV %f X 121( 8UHRDWHG XUPL[HG %Ef§f X 121( f§ f§ f§ f§ VDPSOHV f§f 121( f§ f§ %f 121( f§ f§ f§ 8UFRDWHG VDPSOHV f 121( f§ f§ f§ PL[HG WLPHV %f§f 121( f§ f§ f§ %.f 121( f§ f§ f§ %f§f 121( 8UHRDWHG VDPSOHV f 121( f§ f§ f§ PL[HG EY %% f 121( f§ f§ f§ WUDQVIHUV f 1:/$ 8QKHDWHG VDPSOHV f 1:/$ FRDWHG DQG WKHQ f 1:/$ PL[HG WLPHV f 1:/$ f 1:/$ 8UKHDWHG VDPSOHV f 1:/$ FRDWHG ZLWK 7 DQG .f 1:/$ PL[HG WLPHV f 1:/$ f 1:/$ 8UKHDWHG VDPSOHV f 1:/$ FRDWHG WKHQ PL[HG f 1:/$ EY %% WUDQVIHUV

PAGE 142

L-8 7$%/( &RQWLQXHG 6DPSOH %DWFK >$LVW $SSOLFDWLRQ )HUWLOL]HU 7HPSHUDWXUH () 'XVW 2 6DPSOH 1XPEHU 1XPEHU 6XSSUHVVDQW 5DWH %HIRUH $IWHU $IWHU 5HOHDVH 7UHDWPHQW NJWRQf 6SUD\ 6SUD\ 6SUD\ 0L[ r&f r&f r&f JNJf Wf f 121( f§ rr f§ f§ f§ f§ %Of 1:/$ +HDWHG VDPSOHr nnRDWHG %OLf 1:8 WKHQ PL[HG WLPHV %f 121( %f§f 1:/$ +HDWHG VDPSOHr FRDWHG f 1:/$ WKHQ PL[HG WLPHV %f§f 1:/$ %f§f 1:/$ %f 121( f 1:8 +HDWHG VDPSOHr FRDWHG %f§f 1:/$ m WKHQ PL[HG WLPHV f 1:/$ %Of§f 1:/$ %f§f 1:/$ +HDWHG VDPSOHV FRDWHG %f 1:/$ PL[HG WLPHV WKHQ UHKHDWHG IRU KRXU %f§f 1:/$ +HDWHG VDPSOHr FRDWHG f 1:/$ PL[HG WLPHV WKHQ UHKHDWHG IRU KRXUV f X 1:/$ +HDWHG VDPSOHV FRDWHG PL[HG WLPHV WKHQ UHKHDWHG IRU KRXUV f 1:/$ +HDWHG VDPSOHr FRDWHG f 1:/$ ZLWK 7 WKHQ PL[HG f 1:/$ WLPHV f 1:/$ f 1:/$ +HDWHG VDPSOHV FRDWHG f 1:/$ WKHQ PL[HG EY Q %% f 1:/$ WUDQVIHUV f 1:/$ +HDWHG VDPSOHV FRDWHG f 1:/$ WKHQ PL[HG WLPHV f 1:/$ D PHDQr} EXFNHW WR EXFNHW 7 PHDQr WXUQRYHUr

PAGE 143

WUDQVIHUUHG IURP WKH SDQ WR WKH SODVWLF VWRUDJH EDJ DQG PL[HG WLPHV $IWHU FRROLQJ WKHVH VDPSOHV ZHUH WHVWHG 5HVXOWV LQ 7DEOH VKRZ D VOLJKWO\ LQFUHDVLQJ WUHQG VXJJHVWLQJ WKDW GXVW UHOHDVH GRHV LQFUHDVH ZLWK WHPSHUDWXUH +RZHYHU WKH GXVW UHOHDVH ZDV VWLOO RQO\ DERXW KDOI DV PXFK DV WKDW PHDVXUHG LQ WKH IXOO VFDOH ILHOG WHVWV %XW EHFDXVH RI WKH QDWXUH RI WKH WHVW SURFHGXUH SULPDULO\ WKH PL[LQJ SURFHVV WKH IHUWLOL]HU FRROV TXLWH UDSLGO\ 7KHUHIRUH WKH SHWURODWXP LV H[SRVHG WR GHWULPHQWDO WHPSHUDWXUHV IRU RQO\ D VKRUW WLPH 1RZ ZKHQ XQFRDWHG IHUWLOL]HU ZDV VXEMHFWHG WR WKH VDPH PL[LQJ SURFHVV WKH GXVW UHOHDVH ZDV RQO\ DERXW b LH b RI WKH GXVW ZDV ORVW 6LQFH WKH FRDWLQJ VSUHDGV TXLWH UDSLGO\ WKH VDPH GXVW ORVV ZLOO QRW RFFXU ZLWK FRDWHG SURGXFW :KHQ WKH VDPSOHV ZHUH UHKHDWHG WR WKH UHTXLUHG WHPSHUDWXUH IRU DERXW KDOI DQ KRXU DIWHU DSSOLFDWLRQ RI WKH FRDWLQJ DJHQW WKH GXVW UHOHDVH LQFUHDVHG WR WKH b OHYHO 7HVWV ZHUH DOVR FRQGXFWHG ZKHUH VDPSOHV ZHUH UHKHDWHG IRU RQH KRXU DQG WKUHH KRXUV DW DERXW r& DQG WKH PHDVXUHG GXVW UHOHDVH ZDV DJDLQ RI WKH RUGHU RI b 7KHUHIRUH WHPSHUDWXUH DQG DJLQJ SOD\ D UROH LQ WKH ORVV RI SHUIRUPDQFH ZLWK $*763 ZLWK WKH ORZHU PHOWLQJ SHWURODWXP ZD[ 1:/$ DQG DSSDUHQWO\ WKH GURS LQ SHUIRUPDQFH RFFXUUHG ZLWK D KHDWLQJ WLPH RI OHVV WKDQ DQ KRXU $ GLIIHUHQW PHWKRG RI PL[LQJ ZKHUH WKH FRDWHG SURGXFW ZDV WUDQVIHUUHG IURP RQH EXFNHW WR DQRWKHU IRXU WLPHV %%f VLPLODU WR PDWHULDO WUDQVIHU IURP FRQYH\RUV ZDV WULHG 7KLV SURFHVV FDXVHG D ORVV RI b RI WKH GXVW ZKHQ WKH SURGXFW ZDV XQFRDWHG DQG VLQFH WKLV PL[LQJ PHWKRG ZDV QRW DV HIIHFWLYH LW ZDV IDFWRUHG LQWR WKH FDOFXODWLRQV IRU WKH FRDWHG SURGXFW 7KH GXVW UHOHDVH IRU DPELHQW WHPSHUDWXUH IHUWLOL]HU 7DEOH f ZDV DERXW b DQG DW r& LW ZDV DERXW b 7KLV LQGLFDWHV WKH HIIHFW RI SRRU PL[LQJ UDWKHU WKDQ WKDW RI WHPSHUDWXUH )XUWKHU WHVWV

PAGE 144

ZHUH FRQGXFWHG ZKHUH WKH LQLWLDO GLVWULEXWLRQ RI WKH ZD[ ZDV LPSURYHG E\ WXUQLQJ WKH SURGXFW RYHU WLPHV 7f GXULQJ WKH SURFHVV RI FRDWLQJ DQG WKHQ PL[LQJ WLPHV 7KH PHDVXUHG GXVW UHOHDVH DYHUDJHG DERXW b ZKHUHDV ZLWK FROG IHUWLOL]HU WKH UHVXOW ZDV DERXW b 7KH UDWLRQDOH EHKLQG WKH DERYH WHVWV ZDV WR VLPXODWH WKH IXOO VFDOH ILHOG WHVW FRQGLWLRQV E\ DSSO\LQJ WKH FRDWLQJ DJHQW RQ KRW IHUWLOL]HU 7KH UHVXOWV GR LQGLFDWH D VLJQLILFDQW LQFUHDVH LQ GXVW UHOHDVH ZLWK IHUWLOL]HU WHPSHUDWXUH EXW EHFDXVH RI VRPH XQFHUWDLQW\ DERXW WKH OHQJWK RI WLPH WKH FRDWLQJ ZDV PDLQWDLQHG DW WKH UHTXLUHG WHPSHUDWXUH WKH WHVW SURFHGXUH ZDV PRGLILHG DJDLQ DQG D VHFRQG VHULHV RI WHVWV 6HULHV f ZHUH FRQGXFWHG XVLQJ 1:/$ D ORZPHOWLQJ SHWURODWXP ZD[ DQG 19 D KLJKPHOWLQJ SHWURODWXP ZD[ 'XULQJ WKH VHFRQG VHULHV RI WHVWV ILYH NLORJUDP WHVW VDPSOHV ZHUH ILUVW FRDWHG LQ WKH VWDQGDUG PDQQHU DQG WKHQ PL[HG WLPHV 7KH FRDWHG VDPSOHV ZHUH WKHQ WUDQVIHUUHG LQWR HQDPHOHG SDQV DQG SODFHG LQ DQ RYHQ VHW DW DQ DSSURSULDWH WHPSHUDWXUH IRU WKH UHTXLUHG OHQJWK RI WLPH 5HVXOWV LQ 7DEOH VKRZ WKDW IRU $*763 VDPSOHV ZKHQ QR KHDWLQJ ZDV GRQH WKH FRDWHG VDPSOHV KDG YHU\ ORZ GXVW UHOHDVH YDOXHV LQ WKH b UDQJH DW ERWK DSSOLFDWLRQ UDWHV :KHQ SODFHG LQ D PXIIOH IXUQDFH VHW DW DERXW r& IRU PLQXWHV DQG WKHQ LQ DQ FRQYHFWLRQ RYHQ VHW DW DERXW r& IRU PLQXWHV WKH ILQDO SURGXFW WHPSHUDWXUH ZDV DERXW r& DQG WKH GXVW UHOHDVH ZDV LQ WKH b WR b UDQJH IRU ERWK SHWURODWXP ZD[HV IRU ERWK DSSOLFDWLRQ UDWHV ,Q WKH DERYH VLWXDWLRQV KHDWLQJ ZDV TXLWH UDSLG )XUWKHU WHVWV ZHUH FRQGXFWHG ZKHUH WKH FRDWHG VDPSOHV ZHUH SODFHG IRU KRXUV LQ D FRQYHFWLRQ RYHQ 3UHFLVLRQ 0RGHO f VHW DW WHPSHUDWXUH QRW PRUH WKDQ r& KLJKHU WKDQ WKH UHTXLUHG IHUWLOL]HU WHPSHUDWXUH $Q HYDOXDWLRQ RI WKH HIIHFW RI IHUWLOL]HU WHPSHUDWXUHV LQ WKH r& WR r& UDQJH VKRZHG WKDW DW DQ DSSOLFDWLRQ UDWH

PAGE 145

-7$%/( (IIHFW RI )HUWLOL]HU 7HPSHUDWXUH RQ 'XVW 6XSSUHVVDQWV f§ 6HULHV WKH 3HUIRUPDQFH RI 6DPSOH 6DPSOH 'XVW D $SSOLFDWLRQ 7HPSHUDWXUH 8QRRDWHG &RDWHG 'XVW 6DPSOH 1XPEHU 7YSH 6XSSUHVVDQW 5DWH LQ SDQ LQ EDJ () () 5HOHDVH 7UHDWPHQW NJWRQf r&f r&f JNJf JNJf f %f $*763 1: &RDWLQJ DSSOLHG RQ f $*763 1: FROG VDPSOHV PL[HG %f $*763 1: WLPHV DQG WHVWHG %f $*763 1: ZLWKRXW KHDWLQJ % $*763 1:/$ %f $*763 1:/$ f $*763 1:/$ %f $*763 1:8 f $*763 $0 f *$0$3 1: %2f *$0$3 1:/$ %f ,*763 1: %f *$*763 1: %f $*763 1: &RDWLQJ DSSOLHG RQ %f $*763 1: FROG VDPSOHV PL[HG f $*763 1: WLPHV DQG WHVWHG % f $*763 1: DIWHU KHDWLQJ LQ RYHQ f $*763 1: DQG PXIIOH IXUQDFH IRU KRXU f $*763 1:/$ %f§f $*763 1:/$ %•f $*763 1: &RDWLQJ DSSOLHG RQ %f§f $*763 1: FROG VDPSOHV PL[HG %f $*763 1: WLPHV DQG WHVWHG f $*763 1: DIWHU KHDWLQJ LQ RYHQ f $*763 1: IRU KRXUV f $*763 $0 %f $*763 $0

PAGE 146

7$%/( &RQWLQXHG 6DPSOH 1XQEHU 6DPSOH W\SH D 'XVW 6XSSUHVVDQW $SSOLFDWLRQ 5DWH NJWRQf 7HPSHUDWXUH LQ SDQ LQ EDJ r&f r&f 8QFRDWHG () JNJf &RDWHG () JNJf 'XVW 5HOHDVH f 6DPSOH 7HDWPHQW %f $*763 1: &RDWLQJ DSSOLHG RQ %f $*763 1: FROG VDPSOHV PL[HG %&f $*763 1: WLPHV DQG WHVWHG %f $*763 1: DIWHU KHDWLQJ LQ RYHQ %f§&f $*763 1: IRU KRXUV %f $*763 1: %f $*763 1: %f $*763 1: %&f $*763 1: %&f $*763 1: %f $*763 1: %f $*763 1: %f $*763 1: %.f $*763 1: %&f $*763 1: %f§8f $*763 1: %.f $*763 1: %f $*763 1:/$ %f $*763 1:8 %&f $*763 1:/$ %&f $*763 1:8 %f $*763 1:/$ %&f $*763 1:/$ %f *$0$3 1: %f *$0$3 1: %f§f *$0$3 1:/$ %f *$0$3 1:/$ f§ %f§f ,*763 1: %f§f ,*763 1: %f§f *$*763 1: %f *$*763 1: %f )'$3 1: %f§f )'$3 1: m 8 %f§f )'$3 1: D 1:/$ 1: 3HWURODWXP ZD[HV $0 2LO EOHQG

PAGE 147

RI NJWRQ IRU 1:/$ WKH GXVW UHOHDVH ZDV DERXW b DW WHPSHUDWXUHV DV ORZ DV r& ZKLOH ZLWK 1: WKH FRUUHVSRQGLQJ GXVW UHOHDVH ZDV DERXW b )LJXUH Eff $W DQ DSSOLFDWLRQ UDWH RI NJWRQ WKH GXVW UHOHDVH GHFUHDVHG WR DERXW b ZLWK 1:/$ DW WKH VDPH WHPSHUDWXUH ZKLOH ZLWK 1: WKH GXVW UHOHDVH ZDV UHGXFHG IXUWKHU WR DERXW b )LJXUH Dff ,Q JHQHUDO WKH KLJKHU PHOWLQJ SHWURODWXP ZD[ 1: SHUIRUPHG EHWWHU WKDQ WKH ORZHU PHOWLQJ SHWURODWXP ZD[ 1:/$ DW KLJKHU IHUWLOL]HU WHPSHUDWXUHV $W IHUWLOL]HU WHPSHUDWXUHV RI DERXW r& GXVW UHOHDVHV RI b WR b ZHUH DWWDLQDEOH ZLWK 1: :KHQ WKH KHDWLQJ WLPH ZDV FKDQJHG IURP KRXUV WR KRXUV 1: GLG H[KLELW VRPH GHFUHDVH LQ SHUIRUPDQFH )LJXUH f DW WKH KLJKHU WHPSHUDWXUHV WKXV LQGLFDWLQJ D FOHDU WLPHWHPSHUDWXUH UHODWLRQVKLS ,Q FRPSDULVRQ $0 DQ RLO EOHQG GLG QRW UHVSRQG DV ZHOO XQGHU VLPLODU FRQGLWLRQV 6LPLODU WHVWV ZLWK KRXU KHDWLQJ WLPHV ZHUH FRQGXFWHG XVLQJ *763 VDPSOHV IURP WZR RWKHU PDQXIDFWXUHUV ,*763 DQG *$*763f PRQRDPPRQLXP SKRVSKDWH VDPSOHV *$0$3f DQG GLDPPRQLXP SKRVSKDWH VDPSOHV )'$3f 5HVXOWV VKRZ WKDW IRU 1: WKH ,*763 *$*763 DQG )'$3 VDPSOHV DOO KDG WLPHWHPSHUDWXUH UHVSRQVHV VLPLODU WR WKDW REVHUYHG ZLWK $*763 )LJXUH Dff +RZHYHU *$0$3 VKRZHG VLJQLILFDQWO\ GLIIHUHQW EHKDYLRU ZLWK GXVW UHOHDVHV LQ WKH b WR b UDQJH DW IHUWLOL]HU WHPSHUDWXUHV RI XS WR r& MXVW DV ZDV REVHUYHG ZLWK IHUWLOL]HUV DW DPELHQW WHPSHUDWXUH LH QRW KHDWHG DIWHU DSSOLFDWLRQ RI FRDWLQJ DJHQW 6LPLODU UHVSRQVH ZDV REVHUYHG ZLWK 1:/$ )LJXUH Eff 7HVWV DOVR VKRZHG WKDW NJ VDPSOHV RI )'$3 *$0$3 DQG *$*763 DOO UHVSRQGHG WR KHDWLQJ DQG FRROLQJ LQ DOPRVW LGHQWLFDO IDVKLRQ )LJXUH f WKXV VXJJHVWLQJ WKDW WKLV IDFWRU GLG QRW FRQWULEXWH VLJQLILFDQWO\ WR WKH GLIIHUHQFHV LQ WKH UHVXOWV

PAGE 148

'867 5(/($6( bf (IIHFW RI WKH )HUWLOL]HU WKH 'XVW 5HOHDVH RI *763 $SSOLFDWLRQ 5DWHV Df NJWRQ Ef 7HPSHUDWXUH RQ 6DPSOHV DW 7ZR NJWRQ )LJXUH

PAGE 149

'867 5(/($6( bf r $*763 NJWRQ 1: Â’ +RXUV $ +RXUV )(57,/,=(5 7(03(5$785( r&f (IIHFW RI WKH )HUWLOL]HU 7HPSHUDWXUH RQ WKH 'XVW 5HOHDVH RI *763 6 DPS OHV &RDWHG ZLWK 1: DIWHU )LYH +RXU DQG 7ZHQW\ )RXU +RXU +HDWLQJ 7LPHV )LJXUH

PAGE 150

'867 5(/($6( bf '867 5(/($6( bf )LJXUH (IIHFW RI )HUWLOL]HU 7HPSHUDWXU 5HOHDVH IRU 9DULRXV )HUWLOL]HUV )LYH +RXUV RI +HDWLQJ Df 1: 1:/$ H RQ 'XVW DIWHU Ef

PAGE 151

7HPSHUDWXUH &f 7HPSHUDWXUH &f 7HPSHUDWXUH

PAGE 152

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f VHW DW r& IRU KRXUV DQG WKHQ UHZHLJKHG 1R VLJQLILFDQW ZHLJKW ORVV ZDV GHWHFWHG 7DEOH f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r& DQG r& UHVSHFWLYHO\ DQG ERWK SHWURODWXP ZD[HV H[KLELWHG GHFUHDVHG SHUIRUPDQFH DW RU EHORZ WKHVH WHPSHUDWXUHV 7KHUHIRUH WKH PHOWLQJ

PAGE 153

7$%/( (IIHFW RI 7HPSHUDWXUH RQ 7KLQ )LOPV RI 3HWURODWXP :D[HV 6DPSOH :W RI &RDWLQJ :W RI &RDWLQJ :HLJKW ,' %HIRUH +HDWLQJ $IWHU +HDWLQJ /RVV PJf PJf bf 18 1:/$ 1: 1:/$ 1: 1:/$ f§ f§ f§ f§ f§ 127( +HDWHG LQ r& FRQYHFWLRQ RYHQ IRU KRXUV

PAGE 154

WHPSHUDWXUHV DUH FOHDUO\ QRW WKH SULPDU\ IDFWRUV 7KH FRUUHVSRQGLQJ FRQJHDOLQJ SRLQWV ZHUH r& DQG r& PLQLPXPf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r& :KHQ WKHVH JUDQXOHV ZHUH SODFHG LQ DQ RYHQ VHW DW r& IRU DERXW KRXUV VLJQLILFDQW ORVV RI FRORU FRQWUDVW ZDV REVHUYHG )LJXUH f DJDLQ VXJJHVWLQJ WKDW DEVRUSWLRQ ZDV WKH FDXVH 7KLV VDPH WHFKQLTXH FRXOG QRW EH XVHG ZLWK 0$3 EHFDXVH RI WKH GDUN FRORU RI WKH XQFRDWHG 0$3 JUDQXOHV 6LQFH ERWK WKH SHWURODWXP ZD[HV ZHUH QDWXUDOO\ IOXRUHVFHQW DQ HIIRUW ZDV PDGH WR GHWHFW JUDQXOH SHQHWUDWLRQ E\ ORRNLQJ DW JUDQXOH FURVVVHFWLRQV XQGHU D IOXRUHVFHQW PLFURVFRSH EXW EHFDXVH RI WKH VPDOO TXDQWLWLHV RI ZD[ XVHG b WR b E\ ZHLJKWf WKH IOXRUHVFHQFH FRXOG QRW EH GHWHFWHG 7KH FURVVVHFWLRQDO YLHZ RI $*763 DQG *$0$3 )LJXUH f VKRZV WKH GLIIHUHQFHV LQ VWUXFWXUH ([SHULPHQWV KDYH VKRZQ WKDW DW LGHQWLFDOO\ HOHYDWHG WHPSHUDWXUHV WKHUH LV D GLVWLQFW GLIIHUHQFH LQ SHUIRUPDQFH IRU $*763 DQG *$0$3 7KHUHIRUH WKHUH PXVW EH D VWUXFWXUDO GLIIHUHQFH EHWZHHQ WKH WZR IHUWLOL]HUV YL] SRURVLW\ 'LIIHUHQFHV LQ SRURVLW\ FRXOG DFFRXQW IRU WKH ORVV LQ SHUIRUPDQFH ZLWK $*763 DQG WKH XQFKDQJHG SHUIRUPDQFH ZLWK

PAGE 155

Df Ef )LJXUH 3KRWRJUDSKV RI *763 *UDQXOHV 6KRZLQJ (YLGHQFH RI 3HWURODWXP :D[ $EVRUSWLRQ Df 1: Ef 1:/$ /HIW KHDWHG &HQWHU XQKHn DWHG t XQFRDWHG 5LJKW f§ XQKHDWHGf

PAGE 156

)LJXUH 3KRWRJUDSKV RI )HUWLOL]HU *UDQXOH &URVVVHFWLRQV Df *763 Ef 0$3

PAGE 157

*$0$3 5HVXOWV RI WHVWV XVLQJ WKH %(7 WHFKQLTXH 4XDQWDFKURPH $XWRVRUE f VKRZQ LQ 7DEOH FOHDUO\ LQGLFDWH WKH VLJQLILFDQW GLIIHUHQFH LQ SRUH YROXPH DQG DYHUDJH SRUH GLDPHWHU IRU *$0$3 DQG WKH *763 VDPSOHV ZLWK WKH *763 VDPSOHV KDYLQJ ODUJHU SRUH YROXPHV DQG SRUH GLDPHWHUV )RU NJ VDPSOHV RI ,*763 *$*763 $*763 DQG *$0$3 WKH WRWDO SRUH YROXPH ZRXOG EH r FP FP FP DQM FP UHVSHFWLYHO\ 7KH YROXPH RI JUDPV RI FRDWLQJ DSSOLFDWLRQ UDWH RI NJWRQf LV DERXW FP 7KHUHIRUH D VLJQLILFDQW SRUWLRQ RI WKH FRDWLQJ FRXOG EH DEVRUEHG LQWR WKH *763 JUDQXOHV ZKLOH YHU\ OLWWOH ZRXOG EH ORVW ZLWKLQ WKH 0$3 JUDQXOH *UDQXOH SRURVLW\ FRXOG WKHUHIRUH EH WKH PDMRU IDFWRU LQ SHUIRUPDQFH GHJUDGDWLRQ RI FRDWLQJV ZLWK *763 VDPSOHV $ OHDG WDJ ZDV DSSOLHG WR 1: E\ GLVVROYLQJ DERXW JUDPV RI OHDG R[LGH LQ PO RI ROHLF DFLG KHDWHG WR DERXW r& DQG WKHQ PL[HG WKRURXJKO\ ZLWK PO RI PHOWHG 1: 7KH SURFHVV RI GLVVROYLQJ OHDG R[LGH LQ ROHLF DFLG IRUPV OHDG ROHDWH D PHWDOOLF VRDS 7KLV LV D ZD[\ VROLG DW DPELHQW WHPSHUDWXUH DQG LV VROXEOH LQ ZD[HV *UDQXOHV RI $*763 DQG *$0$3 ZHUH GLSSHG LQ WKH PHOW DQG WKHQ SODFHG LQ D FRQYHFWLRQ RYHQ VHW DW r& IRU KRXUV $IWHU FRROLQJ WKHVH JUDQXOHV ZHUH FOHDYHG ZLWK D VKDUS EODGH DQG WKHQ PRXQWHG RQ D JUDSKLWH PRXQW DQG FDUERQ FRDWHG IRU DQDO\VLV ZLWK D VFDQQLQJ HOHFWURQ PLFURVFRSH -(2/ 0RGHO &f HTXLSSHG ZLWK DQ ;UD\ GHWHFWRU %HFDXVH RI WKH VPDOO TXDQWLWLHV RI SHWURODWXP ZD[ DQG WKH HYHQ VPDOOHU TXDQWLWLHV RI OHDG RQO\ D VPDOO HQHUJ\ UDQJH LQ WKH UHJLRQ RI OHDG ZDV VFDQQHG VR WKDW WKH ZDYH IRUP FRXOG EH HQKDQFHG 7KH JUDQXOH LQWHULRU DQG VXUIDFH QHDU WKH IUDFWXUH HGJH ZDV VWXGLHG DQG DUHDV VFDQQHG ZHUH DERXW XP [ XUQ DQG QRW PRUH WKDQ XUQ IURP WKH IUDFWXUH HGJH :LWK *$0$3 OHDG ZDV GHWHFWHG RQ WKH JUDQXOH VXUIDFH EXW QRQH ZDV GHWHFWHG LQ WKH JUDQXOH LQWHULRU IRU WKH GLSSHG DQG KHDWHG

PAGE 158

7$%/( 3RURVLW\ RI )HUWLOL]HU 4aDQXOHV 6DPSOH O\SH $YHUDJH 3RUH 'LDPHWHU $f 3RUH 9ROXQH FPJf $*763 *$*763 ,*763 *$0$3 127( $*763 *$*763 DQG ,*763 DUH *763 VDPSOHV IURP WKUHH PDQXIDFWXUHUV

PAGE 159

VDPSOHV :LWK $*763 VDPSOHV WUHDWHG WKH VDPH ZD\ QR OHDG ZDV GHWHFWHG HLWKHU RQ WKH JUDQXOH VXUIDFH RU WKH LQWHULRU %HFDXVH RI WKH VPDOO TXDQWLW\ RI OHDG SUHVHQW ZD[ SHQHWUDWLRQ ZRXOG GLVWULEXWH WKH ZD[ WKURXJKRXW WKH SRUHV WKXV GLOXWLQJ WKH OHDG FRQFHQWUDWLRQ HYHQ IXUWKHU PDNLQJ LW KDUGHU WR GHWHFW 6DPSOHV SUHSDUHG E\ XVLQJ WKH UHJXODU VSUD\ FRDWLQJ WHFKQLTXH DOVR H[KLELWHG WKLV UHVSRQVH ZLWK OHDG EHLQJ GHWHFWHG RQ WKH XQKHDWHG $*763 VXUIDFH EXW QRW RQ WKH KHDWHG $*763 VXUIDFH )LJXUH f DQG ZLWK *$0$3 OHDG ZDV GHWHFWHG RQ WKH VXUIDFH RI ERWK KHDWHG DQG XQKHDWHG VDPSOHV )LJXUH f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

PAGE 160

Ef )LJXUH (OHPHQWDO 6SHFWUDO $QDO\VLV RI *763 *UDQXOHV &RDWHG ZLWK 1: WDJJHG ZLWK OHDG Df ,QWHULRU RI +HDWHG *UDQXOH Ef 6XUIDFH RI +HDWHG *UDQXOH Ff 6XUIDFH RI 8QKHDWHG *UDQXOH

PAGE 161

)LJXUH (OHPHQWDO 6SHFWUDO $QDO\VLV RI 0$3 *UDQXOHV &RDWHG ZLWK 1: WDJJHG ZLWK OHDG Df ,QWHULRU RI +HDWHG *UDQXOH Ef 6XUIDFH RI +HDWHG *UDQXOH Ff 6XUIDFH RI 8QKHDWHG *UDQXOH

PAGE 162

NQRZOHGJH RI JRRG FRDWLQJ TXDOLWLHV ZRXOG KRZHYHU HQKDQFH WKH FKDQFHV RI VXFFHVVIXOO\ ILQGLQJ DQ DSSURSULDWH FRDWLQJ 7KH PRVW LPSRUWDQW UHTXLUHPHQW RI DQ\ GXVW FRQWURO DJHQW LV WKDW LW SURYLGH D VLJQLILFDQW UHGXFWLRQ LQ GXVW HPLVVLRQV ,Q WKLV ZRUN D b UHGXFWLRQ OHYHO KDV EHHQ FKRVHQ DV D PLQLPXP UHTXLUHPHQW ,Q DGGLWLRQ WKH GXVW VXSSUHVVDQW VKRXOG UHWDLQ LWV HIIHFWLYHQHVV ZLWK DJH 7KH GXVW FRQWURO DJHQW PXVW QRW DGYHUVHO\ DIIHFW WKH KDQGOLQJ FKDUDFWHULVWLFV RI WKH JUDQXODWHG IHUWLOL]HU PXVW QRW EH WR[LF RU IODPPDEOH DQG PXVW SURYLGH WKH JUHDWHVW EHQHILW IRU WKH OHDVW FRVW )LQDOO\ VLQFH WKH GXVW UHOHDVH SURFHVV LV D VXUIDFH SKHQRPHQRQ ZKHUHE\ GXVW LV UHOHDVHG E\ EUHDNDJH RI VXUIDFH FU\VWDO JURZWK RU E\ UHOHDVH RI ILQH GXVW DGKHUHG WR WKH JUDQXOH VXUIDFH WKH FRDWLQJ PXVW UHPDLQ ZKHUH LW ZLOO GR PRVW JRRG YL] RQ WKH JUDQXOH VXUIDFH 'XULQJ WKH FRXUVH RI WKLV SURMHFW ZD[HV RLOV DQG RWKHU PLVFHOODQHRXV FRDWLQJ DJHQWV ZHUH HYDOXDWHG 2I WKHVH RQO\ VRPH RI WKH ZD[HV ZHUH IRXQG WR VDWLVI\ DOO WKH UHTXLUHPHQWV GLVFXVVHG DERYH 2LOV DQG RWKHU OLTXLG FRDWLQJ DJHQWV ZHUH IRXQG WR KDYH YDULDEOH GXVW FRQWURO HIIHFWLYHQHVV YDOXHV 6RPH ZRUNHG ZHOO RQ '$3 EXW QRW RQ *763 ZKLOH RWKHUV GLG QRW ZRUN ZHOO DW DOO 7KLV ZDV GXH WR WKH SRURVLW\ RI WKH IHUWLOL]HU JUDQXOHV DQG WKH FRQVHTXHQW FDSLOODU\ IRUFHV DFWLQJ RQ VXUIDFH FRDWLQJV WKXV GUDZLQJ WKH FRDWLQJ LQWR WKH JUDQXOH LQWHULRU LQ WKH PDQQHU RI D VSRQJH :D[HV PD\ EH FODVVLILHG LQ DFFRUGDQFH ZLWK WKHLU RULJLQ DV PLQHUDO YHJHWDEOH DQLPDO LQVHFW V\QWKHWLF FRPSRXQGHG DQG VR RQ 7KH ZD[HV HYDOXDWHG KDYH LQFOXGHG PRQWDQ ZD[ SDUDIILQ ZD[ PLFURFU\VWDOOLQH ZD[ DQG SHWURODWXP ZD[HV DOO RI ZKLFK DUH RI PLQHUDO RULJLQ &DQGHOOLOD ZD[ DQG FDUQDXED ZD[ ZHUH DOVR HYDOXDWHG DQG WKHVH DUH RI YHJHWDEOH RULJLQ

PAGE 163

:D[HV OLNH RWKHU QDWXUDO SURGXFWV YDU\ ZLWKLQ FHUWDLQ OLPLWV EHFDXVH RI WKHLU SODFH RI RULJLQ FOLPDWLF FRQGLWLRQV PHWKRGV RI FROOHFWLRQ KDQGOLQJ VWRUDJH DQG VKLSSLQJ DJH H[SRVXUH LPSXULWLHV DQG PDQ\ RWKHU IDFWRUV ,Q DGGLWLRQ WKHVH ZD[HV DUH XVXDOO\ PDGH XS RI D QXPEHU RI GLVWLQFW FKHPLFDO IUDFWLRQV ZKLFK UHVXOW LQ WKH ZD[ QRW KDYLQJ VKDUSO\ GHILQHG SURSHUWLHV %HQQHWW f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f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

PAGE 164

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

PAGE 165

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r& WR r& 9LVFRVLW\ DW r& 686 WR 686 2LO &RQWHQW b WR b .HHSLQJ LQ PLQG WKH HDUOLHU GLVFXVVLRQ LW LV LPSRUWDQW WR VHOHFW D FRDWLQJ DJHQW ZKLFK LV QHLWKHU WRR GXFWLOH QRU WRR EULWWOH DQG VXEMHFW WR VKULQNDJH 3HWURODWXP ZD[HV EDVHG RQ WKHVH JHQHUDO FULWHULD KDYH EHHQ VXFFHVVIXOO\ XVHG GXULQJ WKH FRXUVH RI WKLV SURMHFW DQG DUH QRW H[SHFWHG WR VLJQLILFDQWO\ DIIHFW WKH VROXELOLW\ DQG UHOHDVH FKDUDFWHULVWLFV RI FRDWHG IHUWLOL]HUV 6ODFN f 7KHVH FULWHULD FDQ EH XVHG WR QDUURZ WKH FKRLFHV VR WKDW H[WHQVLYH HYDOXDWLRQV PD\ EH DYRLGHG

PAGE 166

&+$37(5 9 6800$5< $1' &21&/86,216 $ YHUWLFDO IORZ GXVW FKDPEHU 9)'&f ZDV WKRURXJKO\ FKDUDFWHUL]HG DQG D VWDQGDUG RSHUDWLQJ SURFHGXUH ZDV HVWDEOLVKHG &DOLEUDWLRQ RI WKH 9)'& ZLWK PRQRGLVSHUVH VROLG DHURVROV KDV VKRZQ WKDW WKH XSSHU SDUWLFOH SHQHWUDWLRQ OLPLW ZDV DERXW XP DQG WKH b FXW VL]H ZDV XP 7KLV ZDV VLPLODU WR WKH FROOHFWLRQ FKDUDFWHULVWLFV RI WKH VWDQGDUG PHWKRG IRU DPELHQW DLU VDPSOLQJ RI WRWDO VXVSHQGHG SDUWLFXODWH PDWWHU 763f ([WHQVLYH XVH RI WKH 9)'& HVWDEOLVKHG WKDW WKH WHFKQLTXH ZDV FDSDEOH RI SURYLGLQJ H[WUHPHO\ UHSURGXFLEOH UHVXOWV )URP WHVWV ZLWK IHUWLOL]HU VDPSOHV LW ZDV GHWHUPLQHG WKDW D GHYLDWLRQ RI OHVV WKDQ b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

PAGE 167

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f VHWXS ZDV GHVLJQHG DQG XVHG WR HYDOXDWH WKH SHUIRUPDQFH RI SHWURODWXP ZD[HV RQ D ODUJHU VFDOH 5HVXOWV ZHUH YHU\ VLPLODU WR WKRVH REWDLQHG LQ WKH ODERUDWRU\ VFDOH WHVWV )XOO VFDOH ILHOG WHVWV )6)7f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r& ,W ZDV DSSDUHQW WKDW D QXPEHU RI

PAGE 168

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b DQG UHWDLQLQJ WKLV SHUIRUPDQFH LQ WKH ORQJ WHUP

PAGE 169

$33(1',; 7KLV $SSHQGL[ FRQWDLQV D SDUWLDO OLVW RI SDWHQWV UHODWLQJ WR FRDWLQJ DJHQWV XVHG ZLWK IHUWLOL]HUV IRU WKH SXUSRVH RI UHGXFLQJ FDNLQJ DQG GXVWLQHVV $GDPV %( :+ /DZKRQ DQG %& 3KLOLSV )HUWLOL]HU *UDQXOHV 86 3DWHQW 'HFHPEHU &RDWLQJ $JHQW f§ 9HJHWDEOH 2LOV+LJK :D[ 2LO &HPHQW DQG 6DOWf $UHQG .+ 9 6FKPLGH .& 7UDHQFNQHU .) :HLWHQGRUI DQG /DQJKDQV )HUWLOL]HU ZLWK 'XVWIUHH 1RQDJJORPHUDWLQJ DQG *RRG 6WRUDJH 3URSHUWLHV *HUPDQ 3DWHQW 1RYHPEHU &RDWLQJ $JHQW f§ 3RO\PHU DQG $PLQHf &RRN /+ DQG 6 $WNLQ &RDWLQJ )HUWLOL]HU *UDQXOHV 86 3DWHQW 1RYHPEHU &RDWLQJ $JHQW f§ 8UHD DQG )RUPDOGHK\GH 5HDFWLRQ 3URGXFWf *LHVLFNH +'XVWOHVV *UDQXODWHG 0LQHUDO )HUWLOL]HU *HUPDQ 3DWHQW $XJXVW &RDWLQJ $JHQW f§ :DWHU 6ROXEOH 5HVLQf *RRGDOH &' DQG -$ )UXPS 3URFHVV IRU ,PSURYLQJ 6WRUDELOLW\ DQG &RQWUROOLQJ 5HOHDVH RI )HUWLOL]HUV E\ &RDWLQJ ZLWK ,QRUJDQLF 6DOWV 86 3DWHQW 'HFHPEHU &RDWLQJ $JHQW f§ &RQFHQWUDWHG $FLGVf -DFN 'UDNH '& 7KRPSVRQ DQG )+DUULV 1RQFDNLQJ )HUWLOL]HU &RPSRVLWLRQV *HUPDQ 3DWHQW 6HSWHPEHU &RDWLQJ $JHQW f§ 0LQHUDO 2LO DQG 6LODQHf -RQHV -& DQG *& 3ULFH &RDWLQJ )HUWLOL]HU *UDQXOHV ZLWK 6LOLFRQHV DQG )XHO 2LO %ULWLVK 3DWHQW $XJXVW &RDWLQJ $JHQW f§ )XHO 2LO DQG 6LOLFRQHVf /XHWK DQG 5 =LQN 3RO\ROHILQ &RDWLQJ WR 3UHYHQW 'XVWLQJ RU &DNLQJ RI )HUWLOL]HUV *HUPDQ 3DWHQW 6HSWHPEHU &RDWLQJ $JHQW f§ 3RO\HWK\OHQH :D[ DQG 6XUIDFWDQWf 5RELQV 3DQG 3 +D\OHU &RPSRVLWLRQV IRU &RDWLQJ *UDQXODU )HUWLOL]HUV *HUPDQ 3DWHQW 1RYHPEHU &RDWLQJ $JHQW f§ :D[\ 6XEVWDQFH DQG $PLQHf

PAGE 170

6DUU DG H/R XF KH XU &RDWLQJV 3UHYHQWLQJ 'XVW )RUPDWLRQ RQ )HUWLOL]HU *UDQXOHV *HUPDQ 3DWHQW )HEUXDU\ &RDWLQJ $JHQW f§ *XPV *HODWLQV DQG $PLQHVf 6FKPLGW 9 .+ $UHQG .) :HLWHQGRUI .& 7UDHQFKQHU DQG ) /DQJKDQV 1RQGXVWLQJ DQG 1RQFOXPSLQJ 0LQHUDO )HUWLOL]HUV *HUPDQ 3DWHQW 0D\ &RDWLQJ $JHQW f§ 3RO\PHU :D[ DQG $PLQHf .LVWOHU -3 DQG 0 *XLQRW $QWLFDNLQJ &RPSRVLWLRQV 86 3DWHQW -DQXDU\ &RDWLQJ $JHQW f§ 0LQHUDO 2LO DQG 6XUIDFWDQWf 7VHNKDQVND\ <9 3UHYHQWLQJ WKH &DNLQJ RI $PPRQLXP 1LWUDWH 8665 3DWHQW $XJXVW &RDWLQJ $JHQW f§ 6LOLFRQHVf .RFK +. DQG : 5XSLOLXV )HUWLOL]HU &RPSRVLWLRQV &DUU\LQJ DQ $PLQRDONDQRO DV $QWLFDNLQJ $JHQW 86 3DWHQW $XJXVW &RDWLQJ $JHQW f§ )DWW\ $PLQRDONDQROf 3DV 0' DQG -RKQVWRQ &RDWLQJ 3DUWLFXODWH )HUWLOL]HUV %ULWLVK 3DWHQW 2FWREHU &RDWLQJ $JHQW f§ /LTXLG 3DUDIILQ 6XUIDFWDQW DQG 3RO\PHUf %HQQHWW ): DQG 56 1XQQ &RDWLQJ )HUWLOL]HUV %ULWLVK 3DWHQW $SULO &RDWLQJ $JHQW f§ 3RO\ROHILQ :D[ 6XUIDFWDQW DQG :DWHUf .QRUUH + DQG )LVFKHU $QWLFDNLQJ &RPSRVLWLRQ IRU ,QRUJDQLF 6DOWV *HUPDQ 3DWHQW -XQH &RDWLQJ $JHQW f§ 0HWDO 2[LGH )HUURF\DQLGH DQG +\GURSKRELF $JHQWf .LVWOHU -3 DQG 0 *XLQRW )HUWLOL]HU &RQGLWLRQHU *HUPDQ 3DWHQW $SULO &RDWLQJ $JHQW 6RGLXP 6DOW RI $ON\ODU\O 6XOIRQLF $FLG DQG 3DUDIILQLF 0LQHUDO 2LOf %HQQHWW ): DQG 51XQQ &RDWLQJ 3DUWLFOHV %ULWLVK 3DWHQW -DQXDU\ &RDWLQJ $JHQW f§ 3RO\ROHILQ :D[ 6XUIDFWDQW DQG :DWHUf 7DNDVKLPD + DQG )
PAGE 171

6H\PRXU -( 5HGXFLQJ 'XVW (PLVVLRQV IURP *UDQXODU )HUWLOL]HUV &DQDGLDQ 3DWHQW 'HFHPEHU &RDWLQJ $JHQW f§ $PPRQLXP 2UWKRSKRVSKDWH$PPRQLXP 3RO\SKRVSKDWHf .DKDQH / $QWLFDNLQJ &RPSRVLWLRQ IRU 3RZGHUHG RU *UDQXODU )HUWLOL]HUV *HUPDQ 3DWHQW 0D\ &RDWLQJ $JHQW f§ )LOOHU )DWW\ $OFRKRO DQG $PLQHf 0DQDEH 1 DQG 7 .RPDNL 3UHYHQWLRQ RI 0RLVWXUH $EVRUSWLRQ DQG &RQJORPHUDWLRQ RI )HUWLOL]HUV -DSDQ 3DWHQW r )HEUXDU\ &RDWLQJ $JHQW f§ 6DOWV RI 7HWUDIOXRURSURSLRQLF $FLGf ,PDIXNX ,QKLELWLQJ 6ROLGLILFDWLRQ RI 3RZGHUHG 3URGXFWV -DSDQ 3DWHQW 0D\ &RDWLQJ $JHQW f§'HK\GUDWHG (WWULQJDWHf :RHUWKHU &-3URFHVV IRU 3UHSDULQJ 6ORZ 5HOHDVH )HUWLOL]HU &RPSRVLWLRQV 86 3DWHQW -XO\ &RDWLQJ $JHQW f§ 3ODQWGHULYHG :D[f =DD\HQJD 5 &RDWHG )HUWLOL]HU &RPSRVLWLRQV 86 3DWHQW -XQH &RDWLQJ $JHQW f§ 'LDWRPDFHRXV (DUWK DQG 3DUDIILQ :D[f

PAGE 172

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
PAGE 173

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fV WR FRQWURO IXJLWLYH GXVW ,BQ 3URFHHGLQJV RI WKH r1 $QQXDO 0HHWLQJ RI WKH )HUWLOL]HU ,QGXVWU\ 5RXQG 7DEOH :DVKLQJWRQ '& SS *RRGZLQ 3DQG &0 5DPRV 'HJUDGDWLRQ RI VL]HG FRDO DW WUDQVIHU SRLQWV %XON 6ROLGV +DQGOLQJ f +DPPRQG &0 15 +HULRW 5: +LJPDQ $0 6SLYH\ -+ 9LQFHQW DQG $% :HOOV 'XVWLQHVV (VWLPDWLRQ 0HWKRGV IRU 'U\ 0DWHULDOV 3DUW 7KHLU 8VHV DQG 6WDQGDUGL]DWLRQ DQG 3DUW 7RZDUGV D 6WDQGDUG 0HWKRG /RQGRQ (QJODQG %ULWLVK 2FFXSDWLRQDO +\JLHQH 6RFLHW\ +HVNHWK +( DQG )/ &URVV )XJLWLYH (PLVVLRQV DQG &RQWUROV $QQ $UERU 0LFKLJDQ $QQ $UERU 6FLHQFH +LJPDQ 5: & 6FKRILHOG DQG 0 7D\ORU %XON PDWHULDO GXVWLQHVV DQ LPSRUWDQW PDWHULDO SURSHUW\f§,WV PHDVXUHPHQW DQG FRQWURO 3UHVHQWHG DW WKH A ,QWHUQDWLRQDO (QYLURQPHQW DQG 6DIHW\ &RQIHUHQFH /RQGRQ (QJODQG +RIIPHLVWHU 3K\VLFDO 3URSHUWLHV RI )HUWLOL]HUV DQG 0HWKRGV IRU 0HDVXULQJ 7KHP 0XVFOH 6KRDOV $ODEDPD 1DWLRQDO )HUWLOL]HU 'HYHORSPHQW &HQWHU -DJHU / DQG 3 +HJQHU 3K\VLFRPHFKDQLFDO SURSHUWLHV RI IHUWLOL]HUV )HUWLOL]HU 7HFKQRORJ\ f -XW]H *$ -0 =ROOHU 7$ -DQVHQ 56 $PLFN &( =LPPHU DQG 5: *HUVWOH 7HFKQLFDO JXLGDQFH IRU FRQWURO RI LQGXVWULDO SURFHVV IXJLWLYH SDUWLFXODWH HPLVVLRQV 86 (QYLURQPHQWDO 3URWHFWLRQ $JHQF\ (3$ .HQVRQ 5( DQG 37 %DUWOHWW 7HFKQLFDO PDQXDO IRU PHDVXUHPHQW RI IXJLWLYH HPLVVLRQV 5RRI PRQLWRU VDPSOLQJ PHWKRG IRU LQGXVWULDO IXJLWLYH HPLVVLRQV 86 (QYLURQPHQWDO 3URWHFWLRQ $JHQF\ (3$ E

PAGE 174

.HWNDU $% DQG '9 .HOOHU -U $GKHVLRQ RI PLFURQVL]HG OLPHVWRQH SDUWLFOHV WR D PDVVLYH FRDO VXEVWUDWH -RXUQDO RI $GKHVLRQ .MRKO 3URGXFW TXDOLW\ UHTXLUHPHQWV LQ EXON VKLSPHQW RI IHUWLOL]HUV ,ML 3URFHHGLQJV RI WKH ,QWHUQDWLRQDO 6XSHUSKRVSKDWH 0DQXIDFWXUHUVn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f 3('& (QYLURQPHQWDO ,QF (YDOXDWLRQ RI IXJLWLYH GXVW HPLVVLRQV IURP PLQLQJ 86 (QYLURQPHQWDO 3URWHFWLRQ $JHQF\ &RQWUDFW 1XPEHU 5REVRQ &' DQG .( )RVWHU (YDOXDWLRQ RI DLU SDUWLFXODWH VDPSOLQJ HTXLSPHQW $PHULFDQ ,QGXVWULDO +\JLHQH $VVRFLDWLRQ -RXUQDO 6DUEDHY $1 DQG 0$ /DYNRYVND\D &RQGLWLRQLQJ DGGLWLYHV WR LPSURYH WKH SURSHUWLHV RI FRPSOH[ IHUWLOL]HUV 7KH 6RYLHW &KHPLFDO ,QGXVWU\ f 6FKRILHOG & +0 6XWWRQ DQG .$1 :DWHUV 7KH JHQHUDWLRQ RI GXVW E\ PDWHULDO KDQGOLQJ RSHUDWLRQV 3RZGHU DQG %XON 6ROLGV 7HFKQRORJ\ f

PAGE 175

6ODFN $9 )HUWLOL]HU 'HYHORSPHQWV DQG 7UHQGV 3DUN 5LGJH ,OOLQRLV 1R\HV 'HYHORSPHQW &RUSRUDWLRQ 6WRQH : 6RPH 3KHQRPHQD RI WKH &RQWDFW RI 6ROLGV 3KLORVRSK\ 0DJD]LQH 6XWWHU 6/ DQG 0$ +DOYHUVRQ $HURVROV JHQHUDWHG E\ DFFLGHQWV 3UHVVXUL]HG OLTXLG UHOHDVH H[SHULPHQWV $PHULFDQ ,QGXVWULDO +\JLHQH $VVRFLDWLRQ -RXUQDO f 6XWWHU 6/ -: -RKQVWRQ DQG 0LVKLPD ,QYHVWLJDWLRQ RI DFFLGHQWJHQHUDWHG DHURVROV 5HOHDVHV IURP IUHH IDOO VSLOOV $PHULFDQ ,QGXVWULDO +\JLHQH $VVRFLDWLRQ -RXUQDO f 9DQ 'HQ 7HPSHO 0 ,QWHUDFWLRQ IRUFHV EHWZHHQ FRQGHQVHG ERGLHV LQ FRQWDFW $GYDQFHV LQ &ROORLG DQG ,QWHUIDFH 6FLHQFH 9DQGHUSRRO 5: &DOLEUDWLRQ RI WKH :LGH5DQJH $HURVRO &ODVVLILHU ,PSDFWRUV 0( 7KHVLV 8QLYHUVLW\ RI )ORULGD :HGGLQJ -% $5 0F)DUODQG DQG -( &HUQDN /DUJH SDUWLFOH FROOHFWLRQ FKDUDFWHULVWLFV RI DPELHQW DHURVRO VDPSOHUV (QYLURQPHQWDO 6FLHQFH DQG 7HFKQRORJ\ :HOOV $% DQG '$OH[DQGHU $ PHWKRG IRU HVWLPDWLQJ WKH GXVW \LHOG RI SRZGHUV 3RZGHU 7HFKQRORJ\

PAGE 176

%,2*5$3+,&$/ 6.(7&+ &XPEXP 1 5DQJDUDM ZDV ERUQ 2FWREHU LQ &DOFXWWD ,QGLD DQG DWWHQGHG ORFDO VFKRROV XQWLO FRPSOHWLRQ RI KLJK VFKRRO LQ +H UHFHLYHG D %DFKHORU RI (QJLQHHULQJ +RQRUVf GHJUHH LQ PHFKDQLFDO HQJLQHHULQJ IURP WKH %LUOD ,QVWLWXWH RI 7HFKQRORJ\ DQG 6FLHQFH 3LODQL ,QGLD LQ +H WKHQ UHFHLYHG D 0DVWHU RI (QJLQHHULQJ GHJUHH PDMRULQJ LQ DLU UHVRXUFHV PDQDJHPHQW IURP WKH 8QLYHUVLW\ RI )ORULGD *DLQHVYLOOH )ORULGD LQ $IWHU ZRUNLQJ IRU \HDUV DV DQ HQYLURQPHQWDO HQJLQHHU KH UHWXUQHG WR WKH 8QLYHUVLW\ RI )ORULGD WR SXUVXH D FRXUVH RI VWXG\ OHDGLQJ WR D 'RFWRU RI 3KLORVRSK\ GHJUHH PDMRULQJ LQ DLU UHVRXUFHV PDQDJHPHQW

PAGE 177

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n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

PAGE 178

7KLV GLVVHUWDWLRQ ZDV VXEPLWWHG WR WKH *UDGXDWH )DFXOW\ RI WKH &ROOHJH RI (QJLQHHULQJ DQG WR WKH *UDGXDWH 6FKRRO DQG ZDV DFFHSWHG DV SDUWLDO IXILOOPHQW RI WKH UHTXLUHPHQWV IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ $SULO 8-4 'HDQ &ROOHJH RI (QJLQHHULQJ 'HDQ *UDGXDWH 6FKRRO

PAGE 179

81,9(56,7< 2) )/25,'$ ‘L ,60 rLPLPL


xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID EVZNZATJ8_BWL8NT INGEST_TIME 2011-10-06T21:07:12Z PACKAGE AA00004899_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES


FUGITIVE DUST CONTROL FOR PHOSPHATE FERTILIZER
BY
CUMBUM N. RANGARAJ
A DISSERTATION PRESENTED TO THE GRADUATE SCHOOL
OF THE UNIVERSITY OF FLORIDA IN
PARTIAL FULFILLMENT OF THE REQUIREMENTS
FOR THE DEGREE OF DOCTOR OF PHILOSOPHY
UNIVERSITY OF FLORIDA

To Ranga for her patience, encouragement and support, to Dhanya for being
the sweet girl she is and to my parents for making this possible.

ACKNOWLEDGEMENTS
This research was supported by a grant (Grant Number FIPR 82-01-015)
from the Florida Institute of Phosphate Research (FIPR) and was monitored
by FIPR's Research Director (Chemical Processing), Mr. G. Michael Lloyd,
Jr. I would like to thank them both for their financial support during
my graduate work. I would also like to thank Mr. Floyd Taylor and Mr. E.
Harrison at Agrico Chemical Company and Mr. Harry F. Kannry of National
Wax Company.
I wish to thank the members of my supervisory committee for their
interest and suggestions. I am especially appreciative of Dr. Lundgren
for his encouragement and guidance. His personal interest and confidence
in my abilities have meant a great deal to me.
I would like to thank Mr. Robert W. Vanderpool for making my years
at the University so enjoyable. Finally, I would like to thank Ms. Dona
Ferrell for her invaluable help with the various aspects of preparing
this manuscript.
iii

TABLE OF CONTENTS
Page
ACKNOWLEDGEMENTS . iii
LIST OF TABLES vi
LIST OF FIGURES viii
ABSTRACT xi
CHAPTERS
IINTRODUCTION 1
IIBACKGROUND 3
Definition 3
Standards 4
Fugitive Dust Emission Sources 5
Fugitive Dust Measurement Methods 7
Dust Suppressants 11
IIIEXPERIMENTAL PROCEDURES 13
Laboratory Tests 13
Sample Preparation 13
Application of Dust Suppressants 14
Measurement of Some Fertilizer Properties 15
Emission Factor Measurement 17
Dust Size Distribution Measurement 30
Intermediate Scale Field Tests 33
Apparatus and Operating Procedure 33
Discussion 41
Full Scale Field Tests 44
Apparatus and Operating Procedure 44
Discussion 50
IVRESULTS AND DISCUSSION 52
Laboratory Tests 52
Effect of Temperature on Test Samples 52
Effectiveness of the Test Sample Preparation Method. 54
Granule and Dust Characteristics 58
Product Treatments 75
iv

Intermediate Scale Field Tests 102
Full Scale Field Tests 102
Dust Suppressant and Coating Technique Evaluation. . 102
Further Experiments Pertaining to FSFT Results . . . 124
General Criteria for the Selection of Dust Suppressants 147
V SUMMARY AND CONCLUSIONS 154
APPENDIX 157
REFERENCES 160
BIOGRAPHICAL SKETCH 164
v

LIST OF TABLES
Table Page
1 Effect of Feed Tube Diameter on the Emission Factor of
GTSP Samples 23
2 Effect of Enclosure Height on the Emission Factor of
Phosphate Rock and White Sand Samples 25
3 Effect of Pour Time on the Emission Factor of
GTSP Samples 28
4 Effect of Heating on the Emission Factor of GTSP Samples. 55
5 Effectiveness of the Test Sample Preparation Method ... 56
6 Examples of Emission Factors for Various Products .... 59
7 Variation of Product Quality for GTSP Samples 60
8 Stability of the Moisture Content of Stored GTSP Samples. 63
9 Effect of Sample Size on the Measured Moisture Content of
Untreated GTSP Samples 64
10 Effect of Sample Size on the Measured Moisture Content of
Treated GTSP Samples 65
11 Granule Size Distribution of Samples of Various
Fertilizers 66
12 Size Distribution of Samples of Some Non-granular
Materials 67
13 Effect of "drop tests" on Product Size Distribution ... 70
14 Effect of the Kinematic Viscosity of Oil Blends on the
Dust Release of GTSP Samples 78
15 Effect of the Kinematic Viscosity of Naphthenic Oils on
the Dust Release of GTSP Samples 80
16 Effect of the Aniline Point of Paraffinic Oils on the
Dust Release of GTSP Samples 81
vi

17 Performance of Oil Blends as Dust Suppressants with
GTSP Samples 82
18 Performance of Oil Blends as Dust Suppressants with
DAP Samples 83
19 Qualitative Characteristics of Waxes 85
20 Physical Properties of Petrolatum and Slack Waxes .... 87
21 Performance of Petrolatum Waxes as Dust Suppressants at a
Nominal Application Rate of 1 kg/ton 88
22 Performance of Petrolatum and Slack Waxes as Dust
Suppressants at a Nominal Application Rate of 2 kg/ton. . 89
23 Performance of Petrolatum Waxes as Dust Suppressants at a
Nominal Application Rate of 4 kg/ton 90
24 Effect of Fertilizer Temperature on the Performance of
Petrolatum Waxes with GTSP Samples — Preliminary Tests . 93
25 Performance of Wax Emulsions as Dust Suppressants with
GTSP Samples 96
26 Performance of Some Miscellaneous Dust Suppressants ... 97
27 Dust Concentrations within a GTSP Storage Building. . . . 105
28 Summary of Full Scale Field Test Results with GTSP. . . . 109
29 Emission Concentrations Measured after Transfer Point //1. 112
30 Variability of Dust Emissions from Uncoated GTSP Sampled
at Truck Discharge 114
31 Variability of Dust Emissions from Oil Coated GTSP
Sampled from Belt after Transfer Point //1 116
32 Variability of Dust Emissions from Uncoated GTSP Sampled
Simultaneously at Truck Discharge and from Belt after
Transfer Point //I 117
33 Effect of Fertilizer Temperature on the Performance of
Dust Suppressants with GTSP Samples — Series #1 129
34 Effect of Fertilizer Temperature on the Performance of
Dust Suppressants — Series #2 133
35 Effect of Temperature on Thin Films of Petrolatum Waxes . 141
36 Porosity of Fertilizer Granules 146
vii

LIST OF FIGURES
Figure Page
1 Vertical Flow Dust Chamber 18
2 Photographs of the Vertical Flow Dust Chamber
(a). The Enclosure
(b). The Test Setup 19
3 Calibration for the High Volume Air Sampler 21
4 Effect of Air Flow Rate on the Measured Dust Emission
of GTSP Samples 26
5 Effect of Pour Rate on the Measured Emission Factor of
Phosphate Rock Samples 29
6 Calibration for Two Configurations of the Vertical Flow
Dust Chamber 31
7 Schematic of a Single Stage Impactor 32
8 Intermediate Scale Field Test Setup
(a). Schematic of the Material Handling System
(b). (i). Cross-section of the Conveyor
(ii). Fertilizer Feed Control Method 35
9 Photograph of the Front View of the Intermediate Scale
Field Test Setup 37
10 Photograph of the Side View of the Intermediate Scale
Field Test Setup 38
11 Photograph of the Feed Hopper Discharge 39
12 Dust Suppressant Spray System Used for the Intermediate
Scale Field Test Setup 40
13 Photographs of the Full Scale Field Test Facility
(a). Truck Unloading Station
(b). Transfer Point //2
(c) . Transfer Point #3 45
viii

14 Details of the Full Scale Field Test Facility
(a). Fertilizer Handling System
(b). Air Sampler Locations 47
15 Dust Suppressant Spray Setup for the Full Scale
Field Tests 48
16 Weight Loss due to Heating of GTSP and DAP Samples as a
Function of Time 53
17 Deviation of the Emission Factor of Individual Samples
from the Average Emission Factor for that Batch 57
18 Effect of the Moisture Content on the Emission Factor
of GTSP Samples 61
19 Hardness of Granules of Various Fertilizers 69
20 Effect of Handling on the Size Distribution of
Prilled Sulfur 71
21 Effect of Handling on the Emission Factor of
Various Materials 72
22 Photograph of Crystal Growth on MAP Granules 74
23 Size Distribution of the Dust Emitted by the Handling of
GTSP and DAP Samples 76
24 Size Distribution of the Dust Emitted by the Handling of
White Sand and Phosphate Rock 77
25 Effect of Handling on the Emission Factor for Coated and
Uncoated Samples of GTSP and Prilled Sulfur 92
26 Effect of Handling on the Mass Fraction of Particles
Larger Than 13.6 Micrometers for Uncoated Fertilizer
Samples 100
27 Relative Particle Release Characteristics of Oil and Wax •
Coated Fertilizers (I - Initial, A - Aged) 101
28 Performance of Petrolatum Waxes in Intermediate Scale
Field Tests 103
29 Nozzle Arrangements at Transfer Point //1 108
30 Details of Mixing Technique
(a). Photograph of Mixer for Product on the Belt
(b). Photograph of Mixing Action 119
31 Variation of Fertilizer Temperature as Discharged from a
Number of Trucks 122
IX

32 Temperature of Fertilizer Samples as a Function of Time
(a). Heat Loss of GTSP Samples Over a Period of Time
(b). Temperature of GTSP Samples Five Hours after
Collection in Five Gallon Buckets 123
33 Effect of Laboratory Mixing Procedure on the Dust
Release of GTSP Samples with an Initial Petrolatum Wax
Distribution of 20 % (Application Rate = 2 kg/ton) . . . 125
34 Effect of the Initial Distribution of Dust Suppressants
on the Dust Release of GTSP Samples (a). NW6364LA and
NW6889 (b). Pet HM (c). P4556 (d). AM303 127
35 Effect of the Fertilizer Temperature on the Dust Release
of GTSP Samples at Two Application Rates
(a). 3.2 kg/ton (b). 2.0 kg/ton 136
36 Effect of the Fertilizer Temperature on the Dust Release
of GTSP Samples Coated with NW6889 after Five Hour and
Twenty Four Hour Heating Times 137
37 Effect of the Fertilizer Temperature on the Dust Release
from Various Fertilizers Coated with Petrolatum Wax
after a Five Hour Heating Time
(a). NW6889 (b). NW6364LA 138
38 Response to Heating and Cooling for GAGTSP, GAMAP and
FDAP Samples 139
39 Photographs of GTSP Granules Showing Evidence of
Petrolatum Wax Absorption (a). NW6889 (b). NW6364LA. . 143
40 Photographs of Fertilizer Granule Cross-sections
(a). GTSP (b). MAP 144
41 Elemental Spectral Analysis of GTSP Granules Coated with
NW6889 tagged with lead (a). Interior of Heated Granule
(b). Surface of Heated Granule (c). Surface of
Unheated Granule 148
42 Elemental Spectral Analysis of MAP Granules Coated with
NW6889 tagged with lead (a). Interior of Heated Granule
(b). Surface of Heated Granule (c). Surface of
Unheated Granule 149
x

Abstract of Dissertation Presented to the Graduate School
of the University of Florida in Partial Fulfillment of the
Requirements for the Degree of Doctor of Philosophy
FUGITIVE: DUST CONTROL FOR PHOSPHATE FERTILIZER
By
Cumbum N. Rangaraj
April 1988
Chairman: Dale A. Lundgren, Ph.D.
Major Department: Environmental Engineering Sciences
A technique for the measurement of fugitive dust emission factors
was characterized and optimum operating parameters were developed. The
technique was based on a vertical flow dust chamber (VFDC) and high
volume air sampler (HVAS) combination.
Extensive tests showed that the technique produced very reproducible
results. The particle penetration characteristics of the VFDC were
determined by using monodisperse test aerosols. An upper penetration
limit of 100 um was determined and the 50 % cut size at 26 liters/sec was
40 um.
Laboratory tests were conducted to evaluate various dust
suppressants with application rates in the 1 kg/ton to 4 kg/ton range.
Oils, in general, were found to be product specific in their performance
and showed a tendency toward decreased performance with age. Petrolatum
waxes were found to be excellent dust suppressants, when used correctly,
with dust suppression effectiveness values better than 90 Í.
xi

The laboratory tests were scaled up to intermediate scale field
tests (ISFT) where 5 candidate petrolatum waxes were tested with granular
triple superphosphate (GTSP) at application rates between 1 kg/ton and 4
kg/ton but with fertilizer feed rates of up to 10 tons/hour. Results
obtained were similar to the laboratory test results.
Based on the smaller scale tests, 2 petrolatum waxes with melting
temperatures of about 52°C were tested at a GTSP shipping facility where
the nominal process rate was 250 tons/hour. A number of parameters
including nozzle type and location were evaluated, but the best result
obtained was a dust suppression effectiveness of 70 %. It was determined
that the fertilizer temperature varied between about 54°C and 77°C.
Laboratory work showed that a combination of elevated fertilizer
temperature and time was accompanied by a loss in performance of the
soft, low melting waxes. A higher melting petrolatum wax showed improved
performance in laboratory tests. This loss in performance was correlated
with the porosity of the GTSP granules and the softening point of the
waxes and was shown to be due to absorption of the surface coating into
the granule interior. General criteria for the selection of appropriate
dust suppressants have been identified.
xii

CHAPTER I
INTRODUCTION
Fugitive dust emissions from granular phosphate fertilizer result
primarily from handling of the fertilizer during the various stages of
manufacture, transfer, storage, shipment and use. Excessive fugitive
dust emissions have a detrimental effect on the sale value of the product
and can be a major nuisance problem.
Fugitive dust emissions from granular phosphate fertilizer can be
caused by a number of factors including:
1. Loss of anti-caking agents due to poor
adherence.
2. Incorrect granulation and screening of
granular fertilizer.
3. Loss of dust adhered to granule surface and
breakage of crystal growths due to impaction
and attrition.
4. Breakdown and fracture of granules during
material handling operations as at belt
conveyor transfer points or load out areas and
crushing of granules by material handling
equipment such as front end loaders in storage
areas.
Fugitive dust can be controlled after generation by conveying the
dust, if technically and economically feasible, to appropriate air
pollution control equipment. The release of fugitve dust can also be
prevented by using dust suppressants. This research is concerned with
the latter approach.
1

2
An extensive search of existing literature to determine information
pertaining to dust suppressants and emission factor measurement methods
was conducted. Experimental procedures are described and the various
granule characteristics, including size distribution, hardness and
moisture content, are discussed.
Laboratory tests were performed to study the performance of a range
of dust suppressants and the factors which influence them. Based on the
laboratory tests an intermediate scale field test (ISFT) setup was
designed and assembled so as to evaluate candidate dust suppressants when
used in larger quantities. Results were very comparable with those
observed in laboratory tests.
Two petrolatum waxes, YP2A and NW6364LA, both with melting
temperatures of about 52°C were used in full scale field tests (FSFT) at
a GTSP shipping facility. The performance was not found to be as good as
expected from the smaller scale tests. Post field test experiments
conducted in the laboratory showed that a combination of factors
including, fertilizer temperature and porosity, wax melting temperature
and softening point and coating aging time caused absorption of the
surface coating into the granule interior thus leading to a decreased
performance level.
General criteria for the selection of appropriate dust suppressants
have been developed. Requirements for improved performance in field use
are discussed.

CHAPTER II
BACKGROUND
Dust emissions from handling granular phosphate fertilizer are a
major problem in the industry. Because of the diffuse nature of the dust
emission, accurate measurement and subsequent control are a major
problem. Background information relating to this problem is discussed in
this chapter.
Definition
Industrial emissions are regulated in order to maintain a certain
level of ambient air quality. However, only the ducted industrial
emissions have specific regulations and test methods. Other industrial
process emissions and natural emissions are grouped into a separate
category called fugitive emissions. These fugitive emissions are not
specifically regulated though they might have a significant effect on
ambient air quality. Fertilizer dust is usually considered a nuisance
particulate and when released in a workplace environment the published
Threshold Limit Value (TLV) is 10 mg/m^ (American Conference of
Governmental Industrial Hygienists, 1977).
There are many different definitions of the term "fugitive
emissions." "Fugitive dust" has been defined as particulate emissions
from wind and/or man's activity such as unpaved roads and agricultural
operations and "fugitive emissions" are defined as particulate matter
generated by industrial activities which escape to the atmosphere from
non-ducted sources (Jutze et al., 1977). Industrial process fugitive
3

4
particulate emissions can also be defined as particulate matter which
escapes from a defined process flow stream due to leakage, material
handling, inadequate operational control, lack of proper pollution
control technique, transfer and storage. Because these emissions are not
emitted from a stack, they cannot be measured easily by conventional
techniques and their impact on air quality is extremely difficult to
quantify.
Standards
During the initial development of ambient air and industrial
emission standards, fugitive emissions were believed to be minor and
efforts were directed toward control of emissions which could be readily
quantified. With the installation of air pollution control devices on
ducted stationary sources and the discharge of these emissions at
elevations significantly above ground level, the effect of fugitive
emissions on ground level concentrations has become more significant.
The Air Quality Act was passed in 1967 and amended in 1970 and the
new law was referred to as the 1970 Clean Air Act Amendments. The
primary National Ambient Air Quality Standards (NAAQS) for Total
Suspended Particulates (TSP) were
75 ug/m^ - annual geometric mean concentration
260 ug/m^ _ maximum 24 hour concentration not to be
exceeded more than once a year
The corresponding secondary standards were 60 ug/m^ and 150 ug/m3t
respectively, and were described in the Code of Federal Regulations
referred to as 40 CFR 50. The primary standards were aimed at the
protection of public health while the secondary standards defined levels
for the protection of public welfare.

5
The reference method for the determination of particulate matter
(TSP) was based on the use of a high volume air sampler in an enclosure
of standard dimensions and was also described in 40 CFR 50. Operational
parameters were clearly specified and the upper particle size limit was
stated to be 50 um. A number of studies have been conducted to evaluate
the collection characteristics of the air sampler (Wedding et al., 1977;
Lundgren and Paulus, 1975; Robson and Foster, 1962) and it has generally
been found that particles up to about 60 um were collected.
As of July 31» 1987, EPA promulgated a new standard based on
particulate matter with a carefully defined upper size limit of 10 um. A
new reference method was also proposed. This new standard specifies the
mass concentration of particulate matter less than 10 um (PM-10) and
sampled over a 24-hour period. The idea is to concentrate on that
portion of the total suspended particulate matter that is likely to be
deposited in the thoraic region of the human respiratory tract.
Because PM-10 is only a portion of TSP, the new standard is lower
than the old NAAQS for TSP. The annual average and 24-hour average
primary standards are 50 ug/m3 and 150 ug/m^, respectively. The
corresponding secondary standards are the same as the primary standards.
Depending on the size distribution of the fugitive dust emissions these
lower limits can make the extent of fugitive dust emissions more or less
significant.
Fugitive Dust Emission Sources
Fugitive dust emission sources are of both natural and anthropogenic
origin. Early work in the study of fugitive dust emissions was
stimulated by soil erosion problems due to wind. Important anthropogenic
sources, specifically industrial processes, include material transfer and

6
conveying, loading and unloading, storage piles and unpaved areas and
roads within industrial facilities.
Material transfer is usually accomplished by means of belt, screw or
pneumatic conveyors. A series of conveyors is usually used and the
transfer points are the major sources of dust emissions. Emission rates
for bulk materials are highly variable and often not known (Jutze et al.,
1977). As a result, the effectiveness of control techniques is not
quantitatively determined with any great degree of reliability.
Loading and unloading of bulk material from and to storage are other
sources of dust emissions. Mechanical agitation, dissipation of kinetic
energy on impact and turbulence all lead to generation of dust. Emission
factors vary with product type, moisture content and various process
parameters. Some quantitative data is available but is of questionable
reliability (Jutze et al., 1977).
Large tonnages of bulk materials are often stored in open or
partially enclosed storage piles and storage may be for a short time with
high turnover or for a long time to meet cyclical demand. Storage pile
operations leading to dust emissions include loading onto piles,
vehicular traffic, wind erosion and loadout from piles. The relative
importance of each of these operations depends on factors like storage
pile activity, pile configuration, method of loading and unloading, wind
speed and precipitation. Emission factors (U.S. Environmental Protection
Agency, 1976) and various equations (Jutze et al., 1977; Midwest Research
Institute, 1977; Carnes and Drehmel, 1981) have been developed, but they
are of limited value for general use.
Roads on plant property can be another major source. Vehicular
traffic causes increased mechanical breakdown of material and suspends

7
particulate matter in the air. The emission factor for roads has been
found to be a function of silt content, vehicle speed and weight and a
number of equations have been developed (Jutze et al., 1977; Midwest
Research Institute, 1977; PEDCO Environmental, Inc., 1976).
Fugitive Dust Measurement Methods
As discussed earlier, reference methods are available to quantify
emissions of particulate matter from ducted sources and so reliable
emission factor data can be developed for such situations. However, no
such single technique exists for the measurement of fugitive dust
emissions. Existing methods can be divided into field scale and
laboratory methods. The field scale methods were aimed at developing
emission factors on the basis of large-scale tests of full scale material
handling operations.
The six most widely used field scale methods are
1. Upwind/Downwind sampling
2. Roof Monitor sampling
3. Quasi-stack sampling
4. Exposure profiling
5. Wind tunnel method
6. Tracer method
Upwind/Downwind sampling (Kolnsberg, 1976) involves the measurement
of particulate matter concentration in the atmosphere upwind and downwind
of the source. Meteorological parameters are also simultaneously
measured. Based on the concentration map obtained and the values of the
meteorological parameters, Gaussian dispersion equations are used to
back-calculate the source emission rate.
Roof monitor sampling (Kenson and Bartlett, 1976) involves sampling
at building openings and has been used with indoor sources. Emission
rates are calculated based on the measured concentration and the exhaust

8
flow rate through the opening. No meteorological data is needed. Quasi¬
stack sampling (Kolnsberg et al., 1976) requires temporarily enclosing
the source and drawing off the emissions through ductwork and measuring
particulate matter concentrations using standard stack sampling methods.
Exposure profiling (Cowherd et al., 1974) is a multi-point sampling
technique where particulate matter concentrations downwind of the source
are isokinetically determined across the plume cross-section. Emission
rate is then calculated by a mass balance approach. In the wind tunnel
method (Cuscino et al., 1983) dust generated by wind blowing over an
exposed surface is measured. A wind tunnel with an open-floored test
section is placed over the surface to be tested and air is drawn at
controlled velocities. Isokinetic samples are collected and used to
calculate dust concentrations. Finally, the tracer method (Hesketh and
Cross, 1983) consists of releasing a tracer at the dust source. Downwind
from the dust source both dust and tracer concentrations are determined
and based on this ratio and the quantity of tracer released the dust
emission rate is determined.
The field scale techniques described above were all developed and
applied to special situations and were often dependant on meteorology.
The techniques are all complicated, time consuming and expensive.
Because of the scale of the tests, the performance of dust suppression
techniques cannot be easily and quickly determined. In addition,
reproducibility is a major problem.
A number of smaller scale techniques for use in the laboratory have
also been developed. A dedusting tower (Hoffmeister, 1979) consisting of
a 8.6 cm diameter glass tube fitted with seven screen stages has been
used. Air is sampled such that air flow is countercurrent to a falling

9
250 ml sample at a velocity of 0.9 m/sec. Weight loss of the test sample
is used to calculate dust emission factor. Another laboratory scale
technique involves the use of a spouted bed arrangement (Kjohl, 1976)
where 1.2 liters of sample are used in the spouted bed and the dusty air
is sampled through a filter bag. Test conditions are such that particles
up to 200 urn are sampled. An analogous technique is one where a
fluidized bed of 400 grams of material, 10 % test sample and 90 % sand,
is used and the dust generated is sampled with a cascade impactor
(Schofield et al„ 1979). All these techniques are more representative
of pneumatic type conveying systems. The fluidized bed technique has
been compared with a rotary drum technique and an impact type test
(Higman et al., 1983). The impact type test involves dropping 300 grams
of material into a box and exhausting the box through a cascade impactor
(Wells and Alexander, 1978). All the above tests were more suited to
powders and reproducibilty has been stated to be 15 % to 20 %. The small
sample sizes lead to greater variabilities in dust measurement. In
addition, for moderately dusty materials, the small amount of dust
generated would require more accurate gravimetric analysis. None of the
above techniques really simulate dust generation at transfer points.
A semi-field scale technique where 50 kg of coal was discharged from
a hopper in three minutes through a series of belt conveyors onto a
stockpile (Nakai et al., 1986) is more directly based on an impact type
dust generation process, as at transfer points. Dust concentrations at a
transfer point were measured with an optical device and efforts were made
to correlate emission factors with ambient dust concentrations.
A number of methods based on some means of dropping a test sample in
an enclosed space have been developed. A technique called the powder

10
spill test column (Cooper and Horowitz, 1986) uses 10 gram samples which
are dropped a distance of 1 m inside a 17 cm diameter column and the air
is exhausted through a 47 mm filter at a flow rate of 52 liters/min. A
particle size limit of 40 urn is stated. Another technique used to
evaluate spills and pressurized releases (Sutter et al., 1982; Sutter and
Halverson, 1984) was based on a chamber 2.9 m in diameter and 3 m high
where small quantities of the sample were discharged and the air was
sampled with high volume air samplers. The ASTM method for determining
an index of dustiness of coal (American Society for Testing Materials,
1975) consists of a 1.5 m tall metal cabinet with a 0.46 m square cross-
section. A minimum of 23 kg of the sample is placed on a tray within the
cabinet and released at a 1.2 m height. After 5 seconds two slides are
inserted 0.6 m below the release point and pulled out 2 minutes and 10
minutes afterwards. The dust settled on the slides is gravimetrically
analyzed and reproducibility of 20 % is claimed. Another technique used
with coal uses a belt conveyor to discharge coal samples into a 0.46 m
diameter chamber of variable height (Cheng, 1973). The chamber is
evacuated with a high volume air sampler and dust is sampled with a
cascade impactor. A variation of the chamber technique called the Totman
dust test device uses a 0.9 m tall chamber of 0.15 m x 0.2 m cross-
section with a chevron type internal material flow arrangement. Because
of this arrangement, unlike other chamber techniques where only one
impact is used, at least 4 impacts occur before the product comes to
rest. The air is sampled in a counter-current manner through a filter
for gravimetric analysis. A review of these and other laboratory
techniques has been published elsewhere (Hammond et al., 1985).

11
Dust Suppressants
Coating agents have been applied to a very large number of materials
to suit many requirements which include moisture control, prevention of
caking, providing slow release capability and reducing dustiness. The
most commonly used dust suppressant is water. When coal moisture content
was raised from 0.8 % to 1.5 % and mixed briefly in a tumbler, the
emission factor was reduced 70 % (Cheng, 1973) though excessive mixing
created more dust due to breakage. This same effect has been reported
with different kinds of coal (Nakai et al., 1986)and has been reported to
cause agglomeration of coal dust. A number of studies have also
documented the increased adhesive forces between particles and surfaces
with increased relative humidity due to formation of liquid bridges
(Stone, 1930; Van Den Tempel, 1972; Larsen, 1958; Corn, 1961; Ketkar and
Keller, 1975; Corn and Stein, 1965). However, excessive moisture content
with phosphate fertilizer can cause caking problems (Hoffmeister, 1979;
Kjohl, 1976) and decrease granule crushing strength (Kjohl, 1976), thus
leading to increased dustiness due to granule fracture and subsequent
generation of fines.
The most common dust suppressant used in the fertilizer industry is
oil. Oils with high viscosities are suggested to avoid the problem of
absorption into granules and consequent loss of effectiveness
(Hoffmeister, 1979). Oils with high paraffinic content are also
suggested as effective dust suppressants for fertilizer (Frick, 1977).
Extensive work is reported in patent literature on the use of coating
agents to increase granule strength, reduce caking tendency, reduce
dustiness and control moisture content. A list of patents is presented
in the Appendix. Coating agents used have included amines, mineral oils,

12
surfactants, fillers, acids, waxes and many other materials. These
patents and some others are reviewed elsewhere (Sarbaev and Lavkovskaya,
1978).
In the laboratory, dust suppressants have been applied in a rotary
drum where the granules and coating agent are both introduced
(Hoffmeister, 1979). In actual industrial facilities coating agents used
are primarily petroleum oil blends and have been sprayed in screw
conveyors, mixers, on belt conveyors, coolers and material transfer
points and sufficient mixing occurs so as to effectively distribute the
coating agent (Achorn and Balay, 1974).

CHAPTER III
EXPERIMENTAL PROCEDURES
Extensive experimental work was carried out in order to establish
the nature and extent of the fugitive dust problem associated with
handling phosphate fertilizer. The apparatus and procedures used are
described in this chapter.
Laboratory Tests
Sample Preparation
A supply of uncoated granular phosphate fertilizer was a
prerequisite to any experimental work. Samples of fertilizer were
obtained in quantities of at least 100 kilograms and stored in 19 liter
(5 gallon) plastic buckets with tight fitting lids. The sample buckets
were kept air tight during transfer from the field to the laboratory.
Fertilizer sampling locations were chosen with care and included belt
conveyors, material transfer hoppers and storage piles.
A batch of uncoated fertilizer consisting of about 80 kilograms of
product was poured out of the buckets on to a clean plastic sheet laid
out on the floor. The pile of fertilizer was thoroughly mixed to ensure
that all parts of the pile were homogeneous. Five kilogram test samples
were then made by collecting 8 to 10 scoops of product from various parts
of the pile and stored in polythene bags to provide a stable environment
for the sample. This technique was also used when making test samples of
coated fertilizer.
13

14
Five kilograms was chosen as the standard test sample size. This
sample size was considered to be large enough to overcome the possible
variabilities in the fertilizer and more representative of the average
characteristics of the bulk material. This sample size was also the
maximum quantity that could be conveniently handled without spillage
during experiments. In addition, the larger the test sample size the
greater the amount of dust generated and, hence, the greater the accuracy
of gravimetric analysis of the emitted dust.
Application of Dust Suppresants
In actual plant situations the dust suppressant is usually applied
on the fertilizer when it moves past a spray header on a belt conveyor or
at a product transfer point. The dust suppressant is applied as a spray
produced either by a high pressure airless spray system or by a lower
pressure air atomized spray system.
The dust suppressants tested have included vegetable and petroleum
based oils, waxes, petrolatums, emulsions and many other materials. Dust
suppressants which were liquid at ambient temperatures, were dispersed
using an air atomized spray system at a pressure of about 138 kPa (20
psig). A Sears Model 919.156580 portable air compressor was used with a
Sears Model 919.156140 spray nozzle for this purpose. This system was
used because of its similarity to actual industrial practice, ease of use
and availability. This system was designed for use with dust
suppressants which did not require special handling and whose viscosities
at ambient temperature were such that they could be sprayed directly.
However, waxes, which are solid at ambient temperatures, were
sprayed either in the form of water based emulsions or melts. Some
natural waxes were easily emulsified by a process of saponification.

15
These waxes were tested in both forms, where possible. Emulsification of
petrolatum waxes required a more complicated process using special
emulsifiers and they were, therefore, sprayed only as melts.
The wax emulsions were sprayed without further treatment. The non-
emulsified waxes, on the other hand, were first melted by putting them in
a plastic container immersed in boiling water. Once heated to a
temperature of about 75°C the liquid wax was sprayed using an air
atomized nozzle (Spraying System //SU — 1) in a siphon arrangement. To
prevent plugging problems due to solidification of wax, the nozzle was
heated to an appropriately elevated temperature by using a heating tape
and variable transformer arrangement.
The test sample to be coated was retained in the storage bag for the
coating operation. The exposed surface layer was first sprayed lightly,
then a new layer was created by mixing the bag contents and this new
layer was sprayed. This process was carried out till the required amount
of dust suppressant was added. The quantity of dust suppressant added
was determined by weighing the test sample before and after application
of the dust suppressant by using a single pan balance with a 20 kg
capacity. Once the coating operation was complete the coated sample was
stored in the polythene bag pending the drop test.
Measurement of Some Fertilizer Properties
Moisture Content. For the purposes of characterization of various
batches of fertilizer, moisture content was determined for at least two
test samples per batch of fertilizer. The technique used was that
recommended by the Association of Florida Phosphate Chemists (Association
of Florida Phosphate Chemists, 1980).

16
Three 2-gram samples were taken from each test sample to be
evaluated and placed in a vacuum oven (Precision Model #19). The samples
were subjected to a temperature of 50°C and a vacuum of 508 mm of mercury
for 2 hours with a stream of dry air being circulated in the oven. The
weight loss of each of the three samples was determined with an
electronic single pan balance (Mettler Model #HK60) and converted to a
"percent moisture content" representation. The average value for the
three samples was calculated and used as a measure of the moisture
content of the test sample.
Size Distribution. Size distribution of the granular fertilizer was
another parameter of interest. A sieving machine (Gilson Model #SS-15
Sieve Tester) with a set of 6 sieves was used. The sieves used were U.S.
Standard 6, 8, 12, 16, 20 and 40 mesh. One-hundred-gram samples were
weighed out using an electronic single pan balance (Sartorius Model
#2355) and then poured into the first sieve. The sieving machine was
operated for 10 minutes. At the end of the sieving cycle the size
fractionated sample was collected in preweighed petri dishes and re¬
weighed. The weights of the various size fractions were then used to
calculate the size distribution.
Crushing Strength. Crushing strength of a granule is a measure of
the resistance to fracture. The technique used is also known as the TVA
method (Hoffmeister, 1979). Size fractionated samples were prepared with
the sieving machine as described earlier. For a particular size range a
number of granules were placed on a single pan spring balance with a
weighing range of 0 to 10 kilograms. A load was applied on individual
granules by pressing down on the granules with a steel rod. The scale
reading at the point of granule fracture was noted and the average value

17
for a number of granules was calculated. This procedure was carried out
for the various size fractions to establish the crushing strength
distribution.
Emission Factor Measurement
Apparatus and Operating Procedure. Emission factors for coated and
uncoated fertilizer were measured by means of a "drop test" using a
vertical flow dust chamber (VFDC). The VFDC was an enclosure constructed
of 1.3 cm (1/2 inch) thick plywood (Figure 1). The enclosure was 0.6 m
(2 feet) square and 0.9 m (3 feet) high. The top of the enclosure had
two openings: a 0.2 m (8 inch) diameter opening into which a 0.6 m (2
foot) long duct was mounted and a 18 cm (7 inch) by 23 cm (9 inch)
rectangular opening over which a high volume air sampler (General Metal
Works Model #2000) was placed. A baffle separated the two openings in
terms of the air flow characteristics of the enclosure (Figure 2(a)).
The test sample was introduced manually through the 0.2 m diameter feed
tube and fell 1.5 m before striking the floor. Dust was released during
the pouring process and also when the sample struck the floor, due to the
combined action of impaction and attrition. The released dust was picked
up by the high volume air sampler and deposited on a filter for
gravimetric analysis.
About 10 % of the samples in a batch of fertilizer were tested in an
uncoated state to establish an emission factor in units of g/kg for
untreated fertilizer for that particular batch. The remaining samples
were treated with the dust suppressants to be evaluated and then tested.
The test sample was first preweighed to the nearest gram with a 20
kg capacity single pan balance and then transferred from the plastic
storage bag to a pouring bucket. Four 20 cm x 25 cm (8 inch x 10 inch)

18
Air Inlet
Figure 1.
Vertical Flow Dust Chamber.

Figure 2.
Photographs of the Vertical Flow Dust Chamber,
(a) The Enclosure (b) The Test Setup

20
glass fiber filters were weighed using a single pan balance (Mettler
Model #H6) equipped with a special attachment for weighing filters. The
VFDC was placed on a plastic sheet spread out on the floor. The first
filter was mounted on the high volume air sampler which was then placed
over the enclosure opening as shown in Figure 2(b). The high volume air
sampler was previously calibrated by using a set of calibration orifices
to develop a correlation between air flow rate and sampler pressure drop
as measured by a magnahelic gage (Figure 3).
The air sampler was turned on and set to operate at a flow rate of
31 liters/sec, unless, specifically stated otherwise. The sampler flow
rate was adjusted with a variable transformer. After 15 seconds the test
sample was steadily poured into the enclosure through the feed tube in a
pouring time of 60 seconds. After an additional 45 seconds of operation
the air sampler was switched off. Thus, the total run time of the
sampler was 2 minutes and this was equivalent to a total of about 10 air
changes in the enclosure, 5 of which were during material transfer.
After the first drop of the test sample the "dirty" filter was
removed from the air sampler and the test sample, now on the plastic
sheet on the floor under the enclosure, was transferred back into the
pouring bucket. The above procedure was repeated 3 more times. The
weight gain of the 4 filters was determined and normalized to given an
emission factor in units of grams of dust per kilogram of test sample.
The average value of the emission factors calculated for the four filters
was determined and represented the average emission factor for the test
sample.
Discussion. The VFDC configuration and test procedure described
were established after an extensive evaluation of a number of parameters.

21
Figure 3.
Calibration for the High Volume
Air Sampler.

22
These included baffles, feed tube diameter, enclosure height, air flow
rate and material pour rate.
The baffle in the VFDC was introduced in the basic design to better
define the air flow in the enclosure and to prevent possible "short
circuiting" of the air flows at the enclosure inlet and outlet. Tests
with granular triple superphosphate (GTSP) showed that the presence of
the baffle did have a small, but not negligible, effect on measured
emissions. The principal value of the baffle, however, was that it
permitted a clearer mathematical description of the air flow in the
enclosure. Dust emission factors for test samples were measured using
a "drop test" procedure as described earlier. Four drops were performed
per test sample in a "drop test" as a matter of practice. This was done
in order to obtain an average value for the dust emission factor. A
single drop would usually, but not always, represent a maximum emission
from the test sample and would not be representative of an average
emission resulting from a series of handlings of that same test sample.
Four drops would thus permit a more representative estimate of dust
potential of a test sample, especially when comparing different
materials.
The effect of various feed tube diameters was also evaluated. As
shown in Table 1 the diameter of the feed tube affects the velocity of
the air at the inlet and so measured dust emission factors were higher
for the smaller diameter feed tube. However, both the 0.15 m and 0.25 m
diameter feed tubes were found to be not quite convenient for regular
operational use. Therefore, a 0.20 m diameter feed tube size was used as
standard. The 0.6 m length was chosen because this would make the
effective height of fertilizer discharge from the pouring bucket, 1.5 m

23
TABLE 1
Effect of Feed Tube Diameter on the Emission Factor of GTSP Samples
Sample
Drop
Flow Rate
Emission Factor
Average
Feed Tube Diameter
I.D.
Number
(liters/sec)
(g/kg)
(g/kg)
(m)
1
32
0.0248
A
2
32
0.0234
0.0225
0.15
3
32
0.0211
(gsd=0.0017)
4
32
0.0208
1
33
0.0167
B
2
33
0.0154
0.0162
0.25
3
33
0.0166
(gsd=0.0005)
4
33
0.0162
NOTE: "gsd" is the Geometric Standard Deviation.

24
from the ground. A height greater than this would have made the process
of fertilizer discharge, which was manual, very inconvenient.
Enclosure heights of 0.9 m and 1.5 m were considered next. The
effective fertilizer discharge height was 1.5 m for both configurations.
The configuration with the 0.9 m enclosure was as shown in Figure 1 while
the configuration with the 1.5 m enclosure height had the feed tube
projecting into the enclosure rather than out of it. Results of tests
conducted with phosphate rock and white sand (Table 2) show that the
measured dust emissions were consistently higher with the 0.9 m
enclosure, probably because of a smaller volume of dead space and a
shorter distance between the point of dust emission and the air sampler.
The difference in measured emission factor was of the order of 10 % and
so this factor did not play a major part in the eventual selection of an
enclosure height. The 0.9 m enclosure was selected as standard because
it was much easier to move around due to its lower weight and smaller
dimensions.
Using the standard inlet size and enclosure height, the effect of
three different air flow rates was evaluated. The air flow rate was
varied by changing the applied voltage to the air sampler. The maximum
possible air flow rate was found to be about 35 liters/sec and, as shown
in Figure 4, operating the sampler at this condition did not result in a
significant increase in measured dust emission. A flow rate of 31
liters/sec was chosen as an optimum value for emission factor measurement
tests. It was observed that a flow rate of 21 liters/sec resulted in
emission factor measurements which were 21 % lower than that at 29
liters/sec and that the air flow rate had a nonlinear effect on measured
dust emission factor. If the air sampler was operated at a flow rate of

25
TABLE 2
Effect of Enclosure Height on the Emission Factor
of Phosphate Rock and White Sand Samples
Product
Type
Sample Enclosure
I.D. Height
(m)
Average
Emission Factor
(g/kg)
Overall
Average
(g/kg)
Phosphate
A
0.90
0.1361'
0.1362
Rock
B
0.90
0.1363
Phosphate
C
1.50
0.1214
0.1206
Rock
D
1.50
0.1198
White
A
0.90
0.0142
0.0133
Sand
B
0.90
0.0123
White
C
1.50
0.0118
0.0117
Sand
D
1.50
0.0115

WEIGHT GAIN (g)
26
Figure 4.
Effect of Air Flow Rate on the
Measured Dust Emission of GTSP
Samples.

27
26 liters/sec instead of the optimum 31 liters/sec, the deviation in the
measured dust emission factor would be less than 10 %.
Material pour rate was varied by pouring 5 kilogram test samples of
GTSP in three different pour times, viz., 30, 60 and 90 seconds. As
shown in Table 3» for the pour times evaluated, the variations in
measured dust emission factor as determined by the "drop test" were not
extreme for moderately dusty materials like GTSP. For operational
reasons, the 60-second pour time was found to be most convenient and was
thus established as the standard pour time. Tests conducted with
phosphate rock, a significantly dustier material, showed that pour rate
did have a more significant impact (Figure 5) though the measured
emission factor was that from a single drop. However, the 60-second pour
time is still a valid selection since relative dust emission factor is
the primary parameter of interest.
The cross-sectional area and air flow rate were selected so that the
particle collection characteristics of the VFDC would be similar to that
observed with the high volume air sampler operating in a standard housing
as used for ambient air sampling. The VFDC test procedure simulates the
process of dust generation due to handling of bulk materials as at
transfer points in material conveyors and unloading stations.
Both VFDC configurations were calibrated with monodisperse ammonium
fluorescein aerosols and glass beads. The monodisperse ammonium
fluorescein aerosols were generated with a vibrating orifice aerosol
generator (TSI Model #3050) while the monodisperse glass beads, purchased
commercially, were dispersed from a flask by compressed air. The
fractional penetration of particles of various sizes was determined
gravimetrically for glass beads and fluorimetrically for ammonium

28
TABLE 3
Effect of Pour Time on the Emission Factor
of GTSP Samples
Sample
I.D.
Drop
Number
Pour Time
(seconds)
Emission Factor
(g/kg)
Average
(g/kg)
1
30
0.0448
A
2
30
0.0383
0.0343
3
30
0.0260
(gsd=0.0089)
4
30
0.0279
1
60
0.0362
B
2
60
0.0536
0.0366
3
60
0.0256
(gsd=0.0122)
4
60
0.0308
1
90
0.0312
C
2
90
0.0491
0.0330
3
90
0.0265
(gsd=0.0111)
4
90
0.0250
NOTE: Enclosure height = 1.50 m (5 feet).
Air flow rate = 25 liters/sec (60 cfln).
"gsd" is the Geometric Standard Deviation.

EMISSION FACTOR (g/kg)
29
Figure 5.
Effect of Pour Rate on the Measured
Factor of Phosphate Rock Samples.

30
fluorescein aerosols. With the air sampler operated at 26 liters/sec the
particle penetration characteristics of the two units were found to be
almost identical (Figure 6). The measured 50 % cut point for both
units, when operated in an identical manner, was found to be 40 um.
In summary, the standard VFDC configuration used was like that shown
in Figure 1. Five kilogram test samples were standard as was a 60 second
pour time, a 2 minute air sampling duration and an air flow rate of 31
liters/sec.
Dust Size Distribution Measurement
The size distribution of dust emitted due to handling of various
materials was measured using single stage impactors like that shown in
Figure 7. For a given flow rate the 50 % cut size can be changed by
changing the flow area in the impactor or, correspondingly, by using
separate single stage impactors with different nozzle widths. Three
impactors with 50 % cut sizes of 42 um, 25 um and 13.6 um when operated
at 30 liters/sec were used. The calibration of the single stage
impactors has been described elsewhere (Vanderpool, 1983).
The impaction surface was prepared by lining it with aluminum foil
cut to size and then coated with a silicone spray and weighed. The first
impaction surface was mounted in the nozzle section of the 42 um
impactor. Four spacers were placed on the rear side of the impaction
surface and the first pre-weighed filter was laid over it. The high
volume air sampler was then mounted on the impactor and bolted in place.
The impactor-high volume air sampler assembly was then placed over the
enclosure opening. The procedure was then similar to that for the first
drop of the "drop test" for emission factor measurement. For each test a
new sample was used. At the end of the first drop the impaction surface

31
AERODYNAMIC DIAMETER (^m)
Figure 6.
Calibration for Two Configurations of
the Vertical Flow Dust Chamber.

32
Inlet
Impactor Nozzle
Impaction Plate
Filter
Blower
Flow Meter
Figure 7
Schematic of a Single Stage Impactor.

33
and filter were carefully removed. Prior to the next drop of the test
sample the second impactor nozzle was set up and a similar assembly and
test procedure followed. After the third drop test with the third
impactor nozzle the weight fractions on the impaction surface and filter
were determined and the size distribution calculated.
Intermediate Scale Field Tests
Apparatus and Operating Procedure
From extensive laboratory experiments it was apparent that full
scale field tests to demonstrate the validity of laboratory results would
be much more likely to succeed if intermediate scale tests were first
performed. The intermediate scale field tests were designed to evaluate
possible scale-up problems and to determine the influence of various
operating conditions.
An intermediate scale field test (ISFT) setup was designed to handle
a minimum of about 70 kilograms of fertilizer at a maximum feed rate of
about 10 tons per hour. The setup was composed of two major components
which included the fertilizer handling system and the coating agent spray
system.
The fertilizer handling system consisted of feed and discharge
hoppers and a belt conveyor. The system was made portable by mounting
the conveyor and feed hopper on a modified boat trailer. The boat
trailer was a Harding Model #B-16~7 unit with an overall length of about
5.2 m and a 320 kilogram load capacity. The conveyor and feed hopper
support structure was made of 5 cm x 10 cm (2 inch x 4 inch) pressure
treated wood and was attached to the boat trailer frame with "U" clamps.
The trailer was equipped with a seven foot long tounge which was removed
once the setup was put in place.

34
A general drawing of the fertilizer handling system is shown in
Figure 8(a). The conveyor selected was a slider bed type conveyor
(Hytrol Model #TT "Thin Trough" conveyor) where the belt runs in a trough
cross-section frame as shown in Figure 8(b)(i). This type of conveyor
had the advantage that the probability of spillage was reduced and the
belt, when in operation, would be relatively smooth running and vibration
free. The conveyor weight was about 200 kilograms and was thus ideally
suited for light duty use as in the present application. The overall bed
length was 4.9 m and the belt was driven by a 3/4 HP motor at a speed of
25 cm/sec through a combination belt and chain drive. The conveyor belt
speed could be changed by changing the sprocket in the chain drive.
The conveyor was mounted on the wooden support structure on the
trailer at an angle of about 15 degrees by using 3 supports of
appropriate height so that the conveyor discharge was about 1.8 m from
the ground. The support heights were adjustable and allowed a variation
of a few degrees in the conveyor inclination if such an adjustment was
desired. The belt tension could also be adjusted by using tensioning
screws provided. The feed hopper was held in place over the belt in a
slotted angle frame so that the relative position of the hopper discharge
with the belt surface was fixed. The hopper was made of 1.9 cm (3/4
inch) plywood and painted so as to resist attack by the fertilizer. It
had an approximate capacity of 255 liters or, equivalently, about 250
kilograms of fertilizer. The downstream end of the hopper discharge was
equipped with an adjustable aluminum slide plate as shown in Figure
8(b)(ii) to allow a measure of control over the product discharge rate
from the hopper. The two sides and the upstream end of the feed hopper
discharge were equipped with rubber skirts to prevent spillage and to

J J
0 0.3 0.6 1.2
18cm
—0.5m Bed—j
\
}**0.4m Belt *4
V
10cm
T
(0
J
Hopper Wall •
1.9 cm Thick Plywood
Bolt with Wing
\ Nut and Washer
Scraper • 0.6cm Thick Aluminum
with Slots for Vertical Adjustment
(¡¡)
(b)
Figure 8. Intermediate Scale Field Test Setup.
(a) Schematic of the Material Handling
System
(b) (i). Cross-section of the Conveyor
(ii). Fertilizer Feed Control Method

36
allow fertilizer flow only in the direction desired. The support
structure overhanging the trailer frame was propped up by concrete blocks
when the system was in use.
The discharge end of the conveyor was semi-enclosed in an enclosure
made of two 0.9 m sections of 0.51 m diameter galvanized pipe. A slot
was cut along the circumference so that the discharge end of the conveyor
was enclosed and the fertilizer discharge was down the axis of the pipe.
The top of the pipe was covered and bottom of the pipe was lower than the
top of the discharge bin (Figure 9). This enclosure helped to protect
the spray droplets and the fertilizer discharge stream from the effects
of wind. In addition to the conveyor supports mounted on the trailer
support structure, a fourth support made of 5 cm x 10 cm pressure treated
wood and slotted angle iron was used to support the overhanging discharge
end of the conveyor where the motor and drive weight was concentrated.
This support was on the ground and was removable (Figure 10).
The fertilizer feed rate could be adjusted by changing the belt
speed or by changing the feed hopper discharge characteristics. The
conveyor was equipped with a single speed motor and so the belt speed
could be varied only by changing the sprocket in the chain drive. It was
much easier, on the other hand, to control the feed hopper discharge
rate. The width of the hopper discharge was about 20 cm and so the bead
laid out on the belt was about 20 cm as shown in Figure 11. However, the
thickness of the bead could be easily varied by adjusting the slide
plate. The feed rate could thus be varied from about 4 tons per hour to
about 10 tons per hour by using the slide plate arrangement.
A line drawing of the coating agent spray system is shown in Figure
12. The spray system was designed to transfer a controlled amount of

37
Figure 9.
Photograph of the Front View of the
Intermediate Scale Field Test Setup

38
Photograph of the Side View of the
Intermediate Scale Field Test Setup.
Figure 10

39
Figure 11
Photograph of the Feed Hopper Discharge

Air
Compressor
Spray
Nozzle
Heated
Copper
Tubing
Air Hose
.>
o
Figure 12
Dust Suppressant Spray System Used for the Intermediate
Scale Field Test Setup.

41
coating agent on to the fertilizer granules. The basic spray system
included a portable air compressor (Sears Model //919.156580), two Fitz &
Fitz 1.9 liter pressure containers and 2 nozzles. The nozzles used were
of the pressurized liquid type (Spraying Systems Catalog #1/4TT-730039).
The compressed air supply was divided into two streams, each passing
through a pressure container. The pressure containers were rated at a
peak liquid pressure of about 414 kPa (60 psig). Each pressure container
had two outlets used to provide separate air and liquid flows for air
atomizing nozzles. The air outlet was capped off since the pressurized
liquid nozzles did not need atomizing air. All liquid lines were 9.5 mm
(3/8 inch) diameter copper tubing. The copper tubing and nozzles were
heated by heating tape while the pressure containers were heated by
heating mantles. All heaters were controlled by variable transformers.
Since petrolatum waxes were the primary coating of interest, the pressure
containers were maintained at a temperature high enough to keep the
petrolatum waxes molten and liquid lines were heated to prevent
solidification in the lines. The liquid feed was controlled by adjusting
the regulator pressure on the pressure containers. The nozzles were in
an opposing jet arrangement about 25 cm from each side of the fertilizer
discharge stream and about 15 cm below the discharge end of the conveyor.
At least 3 buckets (about 70 kilograms) of fertilizer were used in
each test. Three 5 kilogram samples of the uncoated fertilizer were
first prepared in the standard manner. The remaining uncoated fertilizer
was then poured into the feed hopper. The line heaters and heating
mantles were all energized and the nozzles were calibrated prior to the
test by timing the consumption of a known amount of hot water. This also
helped to heat the lines and clean them. Hot water was poured into the

42
pressure containers and the water temperature was maintained by means of
heating mantles. The wax being tested was weighed out into two plastic
bottles which were then placed in a beaker of boiling water till the wax
was completely melted. The bottles were then placed in each of the two
pressure containers. In this manner the wax was not subjected to
excessive local heating, the pressure containers were easily cleaned
after use, successive tests could be conducted more rapidly and cross
contamination was not a problem. After allowing sufficient time for the
nozzles and fluid flow lines to heat up and setting the hopper discharge,
the conveyor was turned on. The wax spray was initiated so as to
coincide with the fertilizer discharge from the conveyor. When all the
fertilizer was used up the wax spray was discontinued by disconnecting
the air supply at the quick disconnect and relieving the line pressure by
using the pressure relief valve on the pressure container. Operating
parameters such as the hopper discharge setting, fertilizer weight,
weight of wax consumed, wax temperature and the wax and fertilizer feed
times were noted. During the test the fertilizer was discharged into the
discharge bin. After the test was complete the fertilizer in the bin was
stirred by using a shovel and then stored in 19 liter buckets. Two to
three test samples of coated fertilizer were then made in the standard
manner for later testing. To verify that the nozzles did not plug during
the test the nozzle calibration for water was rechecked. At this point
the next test , if planned, was performed by simply replacing the wax
sample bottles and recharging the feed hopper with a new batch of
uncoated fertilizer.

43
Discussion
The development of the ISFT setup and operating procedures was an
evolutionary process. Preliminary tests were conducted without the
discharge enclosure, but excessive fertilizer dust and wax spray blow-off
led to the addition of the discharge enclosure.
Before reaching a decision on the use of the pressurized liquid
nozzles, air atomized nozzles were evaluated. Both internal mix and
external mix nozzles were considered. In using the air atomizing nozzles
the air outlet from the pressure container was connected to the nozzle by
an air hose. In the internal mix type nozzle, compressed air and liquid
are mixed within the nozzle and then ejected from the nozzle. However,
wax solidification due to excessive cooling and losses by overspray due
to extreme atomization were continual problems. Modification of the
setup by regulating the air pressure to the nozzle did not significantly
improve the problem nor did the use of 4 nozzles, each with half the
capacity of the nozzles in the 2 nozzle arrangement. The external mix
nozzles did not have the same wax solidification problem but overspray
losses were still excessive. With the pressurized liquid nozzles, nozzle
plugging due to wax solidification was no longer a problem and overspray
losses were much reduced due to the coarser droplets produced.
The two nozzles were placed 15 cm below the discharge end of the
conveyor, one on each side of the fertilizer discharge. Because of the
close proximity of the nozzle to the underside of the belt, over a period
of time the belt had a tendency to get coated with wax and so a deflector
shield was installed. The nozzles were originally placed 15 cm from the
fertilizer surface but at this distance the spread of the spray was
insufficient to cover the width of the fertilizer discharge. So, the

nozzles were moved back to a distance of 25 cm from the fertilizer
discharge.
Full Scale Field Tests
Apparatus and Operating Procedure
Full scale field tests were conducted at a fertilizer shipping
facility (Agrico Chemical Co., Pembroke Road, Gibsonton, Florida). This
facility handles granular triple super phosphate (GTSP) and ground
phosphate rock. The GTSP was transported to this facility from the
fertilizer plant by trucks in a travel time of about 1 hour. The
fertilizer handling setup was as shown in Figures 13 and 14(a) with air
samplers placed within the storage building as shown in Figure 14(b).
The nominal fertilizer handling rate was 250 tons/hour.
The coating agent spray system was designed within the facility
constraints to provide a maximum spray rate of about 19 liters/min (5
gpm) at about 414 kPa. Petrolatum waxes were acquired in 208 liter (55
gallon) drum quantities. The spray setup was as shown in Figure 15. The
pump used was a Liquiflo Series 86 Eccentric Impeller pump with a 3/4
H.P., 110V motor. The flowmeter used was an Erdco Series 400 vane-type
flowmeter. Valve 1 was a bypass valve used as flow control, Valve 2 was
a 3-way valve used to switch the flow from recycle mode to spray mode and
Valve 3 was a 1/4 turn valve used to control the supply of compressed
air. All flow lines were 1.9 cm and 1.3 cm black iron pipe and were heat
traced with 220V heating tape and insulated. Four nozzles were aligned
46 cm (18 inch) apart along the axis of the belt conveyor between
transfer point #1 and #2.
The drum of wax was heated by 2 drum heaters (Briskest Catalog #SRL-
A-DHC-1200) with integral temperature controllers being used to set the

45
(a)
(b)
Figure 13. Photographs of the Full Scale Field
Test Facility.
(a) Truck Unloading Station (b) Transfer
Point #2 (c) Transfer Point #3

46
(c)
Figure 13
Continued.

4 7
Storage
Buitírg
(a)
Door
1N
Storage
Pile
o Sampler Locations
(b)
Figure 14. Details of the Full Scale Field Test Facility.
(a) Fertilizer Handling System
(b) Air Sampler Locations

Flow
Meter
Figure 15.
Dust Suppressant Spray Setup for the Full Scale Field Tests.

49
temperature at about 150°C and insulated with fiberglass insulation. The
drum heating process was begun 12 to 24 hours prior to actual use. The
line heaters were then energized and heating was controlled by a variable
transformer. The pump intake was equipped with a suction filter
(Spraying Systems Catalog #HSW) to strain out particulate matter. Four
pressurized liquid type nozzles were cleaned in hot water and mounted in
the spray manifold. Each nozzle was equipped with a 50 mesh strainer.
Valve 2 was first set to position 1 to permit use of the system in
recycle mode, Valve 1 was opened halfway and the pump was then turned on.
The liquid wax was permitted to circulate through the system so that all
the lines and components could be evenly heated. The pump intake was
securely tightened so as to prevent air infiltration which could cause
the liquid wax to foam. A yardstick was taped to the inside of the drum
to permit a secondary measure of liquid consumption.
The oil supply to the existing oil spray system was first shut off.
Once a truck started unloading its load and the fertilizer appeared on
the belt between transfer point #1 and #2, the fertilizer was allowed to
run uncoated for about 45 seconds. The liquid wax was then switched from
the recycle mode to the spray mode by switching Valve 2 to position 2.
Valve 2 was then adjusted to set the flow rate at the required level as
indicated by the flowmeter. It took 30 seconds for material transfer
from transfer point #1 to transfer point #2, 45 seconds for material
transfer from transfer point //2 to transfer point #3 and 30 seconds for
material transfer from transfer point #3 to transfer point #4. A bucket
was half-filled with uncoated fertilizer sampled at transfer point #2 and
then 2 buckets of coated fertilizer were sampled at transfer point #4 a
minute after wax coated product appeared. Once the coated samples were

50
collected Valve 1 was used to reduce the liquid spray rate by recycling
part of the pumped liquid back to the reservoir and Valve 2 was set to
position 1, to put the spray system in recycle mode. The half filled
bucket of uncoated fertilizer was then completely filled at transfer
point #2. By measuring the fall of the liquid level in the drum and the
time of consumption, the application rate was calculated as a check of
the flowmeter. If more than a few minutes wait was anticipated between
runs compressed air was blown through the nozzles by switching Valve 3 to
the "on" position. Compressed air was provided by a portable air
compressor (Sears Model #919.156580). In this manner, nozzle plugging was
avoided. At the end of a series of tests hot water was circulated
through the spray system in the recycle mode to clean out as much wax
from the lines as possible. No attempt was made to spray water through
the system in the spray mode because of possible caking problems which
could occur in the vicinity of the conveyor.
The coated samples collected were brought back to the laboratory and
5 kg test samples were prepared for further analysis in the standard
manner.
Discussion
The location for conducting the field test was chosen based on a
number of factors, the most important of which was familiarity with the
facility. Power outlets were easily accessible, fertilizer sampling
locations were convenient and the design of the fertilizer handling
system was such that the coating spray system could be situated in a
compact way not too far away from the spray location.
The pump selected was of an eccentric impeller design with a high
density polymer impeller. The maximum pressure and temperature ratings

51
were 1103 kPa and 90°C, respectively. This pump was considered ideal for
the present application because the liquid to be pumped was clean and a
lubricant. No pressure gages were installed because of the possibility
of fouling the internal parts of the gage by solidifying wax. For this
same reason a "sight gage" type vane flowmeter was selected for flowrate
measurement. The deflection of the vane was a measure of flow rate. » In
addition, line plugging could be signaled by the "see through" window in
the flowmeter. Pressure relief was provided by a plastic coupling rated
at 828 kPa.
The pump and compressor both had 110 V motors and the power supply
was routed through a 15 amp circuit breaker. As a result, when the
compressed air tank was full the cycling of the compressor caused the
breaker to trip due to the high starting current of the compressor motor.
Thus, in order to operate the pump and compressor simultaneously, a bleed
valve was installed in the compressor outlet so that the compressor would
run continuously without shutting off.
Various combinations of spray location and nozzle size were
evaluated and the results are discussed in a later chapter.

CHAPTER IV
RESULTS AND DISCUSSION
Extensive evaluations were conducted during the course of this
study. Results presented in this chapter are divided into separate
sections: laboratory tests, intermediate scale field tests (ISFT) and
full scale field tests (FSFT). Criteria for the selection of dust
suppressants are also discussed.
Laboratory Tests
Effect of Temperature on Test Samples
The effect of temperature on granular triple superphosphate (GTSP)
and diammonium phosphate (DAP) was studied. Three 30-gram samples of
GTSP, three 20-gram samples of GTSP and three 30-gram samples of DAP were
weighed out in 95 mm diameter aluminum dishes and placed in an oven
(Precision Model #17) at 105°C. Sample weights were measured with a
single pan electronic balance(Sartorius Model #2355). The measured
weight change as a function of time was as shown in Figure 16.
The DAP samples showed a consistent loss in weight with no sign of
equilibration over the time period considered. This loss in weight was
accompanied by a strong smell of ammonia in the vicinity of the oven.
From this observation it was concluded that the DAP ranules were
undergoing a process of breakdown and subsequent deammoniation.
The GTSP granules also exhibited a continuous weight loss as a
function of time. However, the rate of weight loss was significantly
reduced after the first 24 hours. This phenomenon was probably due to
52

53
O
LU
£
7
6
5
4
3
2
1
O
1 2 5 10 20 50 100
0
30 Gram
GTSP
&
â–¡
20 Gram
GTSP
CA
“ A
30 Gram
DAP
A A
-
A
A
A
m â–¡
CO o
â–¡
0
c
c
—
A
â–¡
^ o°
A
â–¡
0
O
—A
â–¡
0
O
_J L
1 L
1_
Mil
I l
1 1
1 1 t
HEATING TIME AT 105°C (hours)
Figure 16. Weight Loss due to Heating of GTSP and
DAP Samples as a Function of Time.

54
accelerated chemical reactions within the granules and subsequent
breakdown by a process called phosphate reversion (Bookey and Raistrick,
1960; Slack, 1968).
In addition, when test samples of GTSP were subjected to elevated
temperatures over a period of time the moisture content of the granules
was significantly reduced. Because of this reduction in moisture content
the measured emission factor (Table 4) was greatly increased.
Effectiveness of Test Sample Preparation Method
Five kilogram test samples were prepared from a given batch of
fertilizer using the technique described earlier. As standard practice
at least two test samples from each batch of product were tested in an
uncoated state. The average emission factor for the batch and the
deviation of the emission factor of each individual sample from the
average emission factor was calculated. This average emission factor
represents the baseline emission level prior to treatment while the
deviation is a measure of relative product homogeneity with regard to
dust emissions.
Specific results for test samples from three batches of fertilizer
are shown in Table 5. A scatter diagram of measured deviation for 178
samples of fertilizer from 89 distinct batches is shown in Figure 17.
From these results it is evident that the sample preparation method and
the measurement method were very effective. The average deviation from
the average emission factor was about 3.5 % and 97 % of the samples had a
deviation of less than 10 % from the average emission factor. Thus, the
calculated average uncoated emission factor for a batch can be considered
to be representative of the whole batch. In addition, since dust
suppression effectiveness is a function of the ratio of coated to

55
TABLE 4
Effect of Heating on the Emission Factor
of GTSP Samples
Sample
I.D.
Sample
Treatment
Moisture Content
(%)
Emission Factor
(g/kg)
R14
None
1.4
0.0166
R3
Heated
0.8
0.0652
AGTSP127
None
0.96
0.0433
AGTSP134
Heated
0.54
0.0628

56
TABLE 5
Effectiveness of the Test Sample Preparation Method
Product Sample Average Emission Average Emission
Type I.D. Factor of Test Sample Factor of Batch
(g/kg) (g/kg)
Deviation
fhom Average
(%)
AOTSP8
0.0387
-6.5
GTSP
AGTSP7
0.0405
0.0414
-2.2
AGTSP6
0.0449
+8.5
G0DAP11
0.0918
-6.4
DAP
G0DAP1
0.1007
0.0981
+2.7
G0DAP6
0.1019
+3.9
IGTSP7
0.0229
-8.8
GTSP
IGTSP1
0.0247
0.0251
-1.6
IGTSP8
0.0278
+10.8

DEVIATION (%)
57
30
20
10
0
-10
O
-20
O
-30
0
50
100 150
SERIAL NUMBER
Figure 17. Deviation of the Emission Factor of
Individual Samples from the Average
Emission Factor for that Batch.
200

58
uncoated emission factor, an accurate value of uncoated emission factor
improves the quality of the calculated effectiveness.
Because of the reproducibility of the emission factor measurements,
this technique was used to screen materials from different sources (Table
6). Dust emission factors in the 0.005 g/kg to 0.1 g/kg range were
measured for various products from many sources. This technique was also
used to monitor the variation of product quality, as shown in Table 7.
For a particular source the measured dust emission factor varied between
0.03 g/kg and 0.08 g/kg over a period of time.
Granule and Dust Characteristics
Moisture, both surface and chemically bound, is present in the
fertilizer granules and, as discussed earlier, sustained high
temperatures lead to moisture loss and severe increases in dust
emissions. This suggests that increased moisture content should have the
opposite effect. The validity of the above observation was borne out by
the results shown in Figure 18. Four samples of GTSP from batch A and
three samples of GTSP from batch B were used. For batch A, sample //1 was
dried, sample #2 was left untreated and sample #3 and sample #4 were
sprayed with known amounts of water to raise their moisture content. For
batch B, sample ü 1 was left untreated and sample #2 and sample #3 were
sprayed with known amounts of water to raise their moisture content. The
results of drop tests clearly show that just a 20 Í increase in moisture
content resulted in significant decreases in dust emission factor and it
appeared that a moisture content of about 1.5 % for GTSP samples could be
very beneficial as far as dust emission reduction was concerned.

59
TABLE 6
Examples of Emission Factors for Various Products
Product
Type
Average Emission Factor
(g/kg)
AGTSP
0.0506
GADAP
0.0093
IGTSP
0.0096
IDAP
0.0082
GGTSP
0.0158
GODAP
0.0981
FDAP
0.0309
Phosphate Rock
0.1362
White Sand
0.0133
Sulfur
0.0877
NOTE: AGTSP, IGTSP and GGTSP are GTSP samples from three
different manufacturers.
GADAP, IDAP, GODAP and FDAP are DAP samples from four
different manufacturers.

60
TABLE 7
Variation of Product Quality for GTSP Samples
Batch 3
I.D.
Average Emission Factor
(g/kg)
CVerall Average
(g/kg)
A
0.0506
B
0.0720
C
0.0347
0.0457 b
D
0.0331
(gsd = 0.0143)
E
0.0405
F
0.0435
a. Ihe 6 batches represent product acquired from
the same manufacturer on different occasions.
b. "gsd" is the geometric standard deviation.

EMISSION FACTOR (g/kg)
61
Figure 18
Effect of the Moisture Content on the
Emission Factor of GTSP Samples.

62
Since moisture plays such an important role in determining product
dustiness, a test was conducted to establish if there was any variation
in measured moisture content as a function of time of storage. Three 2-
gram samples were taken on 3 successive days from a 5-kg test sample of
GTSP and moisture content was measured in the manner described earlier.
Results in Table 8 show that there was no significant change in moisture
content over the time period considered and, correspondingly, the dust
emission factor can be considered to be unaffected by storage, at least
in the short term.
The standard test procedure for the measurement of moisture content
specifies 2-gram test samples. But, a series of tests with larger sample
sizes were carried out to determine if sample size was a significant
factor in the measurement. Results of tests with untreated fertilizer
(Table 9) show that the measured moisture content was quite insensitive
to sample size when the fertilizer was not sprayed with water after
manufacture. However, if in an effort to increase moisture content,
water was externally sprayed on the 5-kg test sample, the smaller 2-gram
sample results in erroneous and scattered results (Table 10). On the
other hand, 10-gram samples resulted in a significantly better
determination of measured moisture.
Size distributions of DAP, GTSP and MAP samples from different
manufacturers were determined by sieving 100-gram samples for 10 minutes
in a Gilson Model #SS-15 Sieve Tester. Calcined phosphate rock and fine
grain white sand were also sieved as a comparative measure. Results of
these sieving tests (Table 11 and Table 12) show that the granular
product was generally in the 2.0 mm to 2.5 mm range and the size
distribution was fairly narrow. The various size fractions were tested

63
TABLE 8
Stability of the Moisture Content
of Stored GTSP Samples
Day
Sample
timber
Moisture
Content
(X)
Average
Moisture Content
(X)
1
0.82
1
2
0.66
0.73
3
0.71
1
0.69
2
2
0.75
0.75
3
0.82
1
0.74
3
2
0.76
0.73
3
0.70

64
TABLE 9
Effect of Sample Size on the Measured
Moisture Content of Untreated GTSP Samples
Sample
I.D.
Sample
Size
(g)
Moisture
Content
(%)
Average
Moisture Content
(%)
1
20
1.10
1.13
2
20
1.17
3
10
1.06
1.07
4
10
1.07
5
2
1.13
1.16
6
2
1.20

65
TABLE 10
Effect of Sample Size on the Measured Moisture Content
of Treated GTSP Samples
Sample
I.D.
Serial
Number
Sample
Size
(g)
Measured
Moisture Content
(.%)
Average
Moisture Content
(2)
Treatment
AGTSP109
1
2
0.93
1.01
None
2
2
1.10
AGTSP108
1
2
0.94
1.11
Water
2
2
1.28
AGTSP101
1
2
1.26
1.20
Water
2
2
1.14
AGTSP109
1
10
0.96
2
10
1.04
0.99
None
3
10
0.98
AGTSP108
1
10
1.08
2
10
1.14
1.11
Water
3
10
1.12
AGTSP101
1
10
1.44
2
10
1.42
1.43
Water
3
10
1.42
NOTE: Expected Moisture Content: AGTSP108 - 1.2 %
AGTSP101 - 1.5 %

TABLE 11
Granule Size Distribution of Samples of Various Fertilizers
Granule
Size
(ran)
AGTSP8
(wt. % <)
IMCGTSP6
(wt. % <)
IMCDAP14
(wt. % <)
a
Sample I.D.
GRGTSP14 GR0DAP8
(wt. % <) (wt. % <)
FDAP2
(wt. % <)
GAMAP2
(wt. % <)
GAGTSP8
(wt. % <)
3.35
91.5
93.0
97.4
99.8
100.0
99.4
99.1
93.0
2.36
33.5
19.4
74.5
83.6
91.0
81.7
61.6
18.4
1.70
1.3
0.62
18.8
34.2
63.3
19.5
14.1
0.09
1.18
0.02
0.03
0.33
2.5
27.1
2.3
1.6
0.02
0.85
0.02
0.02
—
2.02
4.7
0.18
0.19
0.01
0.425
0.02
0.02
—
—
0.05
0.04
0.12
—
MMEÍ3 (mm)
2.60
2.65
2.02
1.85
1.50
2.00
2.10
2.60
GSD c
1.19
• 1.18
1.24
1.28
1.40
1.23
1.24
1.20
a. Samples are GTSP, MAP and DAP from 5 different manufacturers
b. MMD is the Mass Median Diameter.
c. GSD is the Geometric Standard Deviation.

TABLE 12
Size Distribution of Samples
of Some Non-granuiar Materials
Q-anule Phosphate White
Size took Sand
(un) (wt. % <) (wt. % <)
850 9^.2 100.0
425 89.6 99.8
212 46.5 72.8
106 2.6 1.3
75 0.44 0.03
53 0.12 —
MMDa(un) 250 190
GSDb 1.60 1.32
a. MMD is the Mass Median Diameter.
b. GSD is the Geometric Standard Deviation

68
for granule hardness or crushing strength by the TVA method described
earlier. Results show that the measured crushing strength increased with
increasing granule size as has been observed elsewhere (Jager and Hegner,
1985). For the samples tested, MAP granules were stronger than DAP
granules, which were, in turn, stronger than GTSP granules (Figure 19).
Since product dustiness was determined by drop tests, experiments
were conducted to determine if granule fracture, a possible mode of dust
generation, was measureable. One-hundred-gram samples were extracted
from 5-kg test samples before and after a complete "drop test" and sieved
in the standard manner. The difference in measured size distribution for
DAP and GTSP samples was not significant and could have been due to
sampling variabilities (Table 13). This same behavior was exhibited by
phosphate rock and white sand. However, though the dry sieving technique
used was not sensitive enough to determine if granule fracture occurred,
the results do show that it was not significant.
Similar tests were conducted with prilled sulfur, a brittle
material, and the results are presented in Figure 20. With increased
handling the size distribution exhibited a distinct shift toward the
smaller particle sizes with a corresponding increase in the fraction of
small particles. Examination of the samples also verified that
significant granule fracture occurred. A similar process has been found
to occur with coal, char particles and detergents (Arastoopour and Chen,
1983; Goodwin and Ramos, 1987; Knight and Bridgewater, 1985).
Further study of the drop-wise change in dust emission factor
(Figure 21) indicated the significant difference in response to handling
between sulfur and the other products. The dust release process is a
function of the fracture tendency of materials. Dust release from sulfur

HARDNESS (kg) HARDNESS (kg) HARDNESS (kg)
69
GRANULE SIZE (mm) GRANULE SIZE (mm)
GRANULE SIZE (mm) GRANULE SIZE (mm)
GRANULE SIZE (mm) GRANULE SIZE (mm)
Figure 19.
Hardness of Granules of Various Fertilizers.

70
TABLE 13
Effect of "drop tests"
on Product Size Distribution
(a). Granular Materials
Granule IDAP14 IGTSP6
Size
Before
After
Before After
(run)
wt. % <
wt. X <
wt. % < wt. % <
3.35
97.4
95.8
97.1
97.6
2.36
74.4
71.3
48.3
51.3
1.70
18.8
18.4
6.2
8.4
1.18
0.33
0.39
0.30
0.36
0.85
—
0.02
0.02
0.01
0.425
—
0.01
—
0.01
MMDa(mm)
i
2.02
2.10
2.22
2.30
GSD
1.24
1.24
1.23
1.22
(b) Non-granular Materials
Particle
White
Sand
Phosphate Rock
Size
Before
After
Before
After
(urn)
wt. X <
wt. X <
wt. X <
wt. X <
850
100
100
93.1
94.3
425
99.8
99.8
85.2
87.8
212
73.1
76.3
45.9
49.3
106
1.2
1.3
2.6
3.2
75
0.03
0.02
0.42
0.60
53
—
—
0.09
0.15
MMD^un)
190
190
255
245
GSDb
1.32
1.32
1.61
1.61
a. MMD is the Mass Median Diameter.
b. GSD is the Geometric Standard Deviation

CUMULATIVE PERCENT MASS LESS THAN SIZE
71
99.9
99.8
~ O No Drops
99.5
~ A 4 Drops A
99.0
~ V 10 Drops O
98.0
—
95.0
90.0
—
80.0
- A
70.0
60.0
u
50.0
40.0
<7
30.0
A
20.0
_ V
A O
10.0
- O
V
5.0
6
2.0
“ A
1.0
O
0.5
0.2
0.1
I l I I I I l l I | l I I l l l I
0.01 1.0 10.0
PARTICLE DIAMETER, D p (mm)
Figure 20. Effect of Handling on the Size Distribution
of Prilled Sulfur.

EMISSION FACTOR (g/kg)
72
0.4
0.3
0.2
0.1
0.0
O Uncoated
Phosphate Rock
• Uncoated
White Sand
â– 
A Uncoated
MAP
A Uncoated
GTSP
â– 
~ â–¡ Uncoated
DAP
â– 
â–  Uncoated
Sulfur
â– 
â– 
O
â– 
â– 
O
O
—
â–  o
A
â–¡ 8
A 9
0 é
f f t *
f
+
! 1
CM
O
4 6
8
10
NUMBER OF DROPS
Figure 21.
Effect of Handling on the Emission Factor
of Various Materials.

73
was due to significant breakage of prills while with the other materials
fracture was not a significant source of dust. The dust was probably due
to fines in the sample, breakage of crystal growths on the granule
surface (Figure 22) and release of dust bound to granule surfaces by
physical forces. The existance of crystal growths has also been
documented elsewhere (Hoffmeister, 1979; Kjohl, 1976; Jager and Hegner,
1985).
The dust size distribution for various products was measured using
the technique described earlier. Products used included GTSP, DAP,
phosphate rock and white sand. Tests were initially conducted with the
Andersen and University of Washington Mark III multi-stage impactors.
These tests were not successful because the optimum operating
characteristics of the multi-stage impactors were not compatible with the
drop test apparatus and operating conditions. The above multi-stage
impactors were designed to measure particle size distributions in the
approximate 0.4 urn to 15 urn size range with a sample flow rate of about 7
liters/min to 21 liters/min. To ensure that a representative sample was
collected, isokinetic sample conditions had to be maintained by an
appropriate selection of nozzle diameter and sample flow rate and this
required the use of a highly flared short nozzle. By replacing the wood
panel of one side of the VFDC with a plexiglass sheet it was possible to
visualize the flow pattern of smoke injected into the VFDC. This
evaluation revealed that the flow field had characteristics which
prevented accurate sampling with the multi-stage impactor setup used.
Tests were later conducted with a set of 3 single stage impactors
used in the manner described earlier. Use of the single stage impactors
did not interfere with standard VFDC operation and the operating

7 4
Figure 22.
Photograph of Crystal Growth on MAP
Granules.

75
conditions were exactly the same as that of the VFDC. The three single
stage impactors were used at a flow rate of 29.7 liters/sec (63 scfm) and
the corresponding 50 % cut points were 42 uma, 25 uma and 13.6 uma,
respectively. The measured mass median diameter (MMD) and geometric
standard deviation (GSD) for GTSP, DAP, phosphate rock and white sand
were 12 uma and 2.2, 17.5 uma and 1.7, 25.5 uma and 1.8 and 7.4 uma and
3.2, respectively (Figures 23 and 24). The aerosols from the fertilizer
samples were mostly larger than 10 urn though, with GTSP, a significant
mass fraction was less than 10 urn, and with white sand a major fraction
was less than 10 um. The 10 urn size is important because of recent
regulations regarding particle emissions in the less than 10 um size
range and their possible health effects.
Product Treatments
Three principal types of fertilizer were used in the evaluation of
proposed dust suppression agents. These were granular triple
superphosphate (GTSP), diammonium phosphate (DAP) and monoammonium
phosphate (MAP). Dust suppression agents used included oils, waxes,
emulsions and other miscellaneous materials.
Oils. The kinematic viscosities of various oil blends in actual
industrial use, were measured using Cannon-Fenske type glass capillary
viscometers according to procedures described in ASTM method D445-82.
These oils were then applied in the standard manner to GTSP samples. The
coated samples were drop tested immediately and again after an aging
period. In general, the test results (Table 14) reveal that for oils
with kinematic viscosities in the 50 to 250 centistokes range the
performance was poor. In addition, as the viscosity decreased the
performance decreased. Tests were also conducted with naphthenic oils

CUMULATIVE PERCENT MASS
LESS THAN SIZE
76
AERODYNAMIC DIAMETER (jim)
Figure 23-
Size Distribution of the Dust Emitted
by the Handling of GTSP and DAP Samples.

CUMULATIVE PERCENT MASS
LESS THAN SIZE
77
AERODYNAMIC DIAMETER (jim)
Size Distribution of the Dust Emitted
by Handling of White Sand and Phosphate
Rock. (*This point is off the line due
to impactor stage overloading).
Figure 24.

78
TABLE 14
Effect of the Kinematic Viscosity of Oil Blends on
the Dust Release of GTSP Samples
IXlSta
Suppressant
Sample
I.D.
Kinematicb
Viscosity
(cst)
Initial0
Dust Release
(Í)
Normalized d
Dust Release
(Í)
Final
Age
(days)
Final
Dust Release
(X)
DCA305
AN2
58
83.6
DCA Bell
IGTSP7
198
23.5
—
—
—
AM302EEF
AN4
204
9.4
23.7
11
61.8
AM303
B8-1
232
12.6
15.3
17
27.7
a. Application Rate = 3 kg/ton.
b. At 20°C.
c. Initial Dust Release is that determined soon after
application of dust suppressant.
d. Normalized Dust Release is that determined after
an aging period of three days.

79
with kinematic viscosities of 105, 410 and 755 SUS, respectively.
Results (Table 15) again show a definite decrease in dust release with
increased kinematic viscosity, but with aging the performance was again
severely degraded as manifested by the increased dust release values.
It has been stated in literature (Frick, 1977) that the dust
suppression effectiveness of oils improves with increasing paraffinic
content. The aniline point represents the relative paraffinic content of
oils and is a commonly used measure. Paraffinic oils with aniline points
in the 102°C to 121°C range were acquired from 2 manufacturers and
sprayed on GTSP samples. Drop test results (Table 16) do, indeed, show
that increased aniline points lead to decreased dust release, but the
performance was still average.
A number of other oils, including petroleum and vegetable oil
blends, were evaluated. The results show that most of the oils tested
with GTSP (Table 17) exhibited increased dust release with increasing age
though some oils retained their effectiveness to a greater extent. Most
of the oils tested on DAP (Table 18), on the other hand, showed low
initial dust release levels and smaller increases in dust release with
age.
In summary, of the oil blends tested only some had low initial dust
release values (better than 10 %) and even fewer had low final dust
release values when used with GTSP. With DAP all the oils tested had low
dust release values and exhibited small increases in dust release with
age. This product specific behavior was probably caused by differences
in the interactions at the substrate oil interface leading to migration
of the oil from the granule surface to the granule interior at different
rates. Differences in granule porosity and oil viscosity and the

80
TABLE 15
Effect of the Kinematic Viscosity of Naphthenic Oils
on the Dust Release of GTSP Samples
Dust3
Sample
Kinematic*3
%
Initial c
Normalized d
Final
Final
Suppressant
I.D.
Viscosity Dust Release
Dust Release
Age
Dust Release
(SUS)
(Í)
(»)
(days)
(Í)
S100
AGTSP137
105
23.2
39.0
8
65.3
S400
AGTSP138
410
11.3
23.0
8
42.5
S750
AGTSP136
755
6.4
17.8
8
36.9
a. Application rate = 2 kg/ton.
b. At 38°C.
c. Initial Dust Release is that determined soon after application
of dust suppressant.
d. Normalized Dust Release is that determined after an aging period of
three days.

81
TABLE 16
Effect of the Aniline Point of Paraffinic Oils
on the Dust Release of GTSP Samples
Dust a
Suppressant
Sample
I.D.
Aniline
Point
(° C)
Initial k
Dust Release
(¡S)
SP110
AGCN1
101.7
31.8
TUFL06016
AGTSP50
107.2
32.2
SP120
AGCN2
107.8
20.3
TUFL06026
AGTSP51
113.3
18.0
SP130
AGTSP110
115.6
14.3
TUFL06056
AGTSP53
121.1
11-5 .
a. Application Rate = 3.2 kg/ton.
b. Initial Dust Release is that determined soon
after application of dust suppressant.

TABLE 17
Performance of Oil Blends as Dust Suppressants with GTSP Samples
IXiSt
Suppressant
Sample
I.D.
Application
Rate
(kg/ton)
Initial3
Dust Release
(?)
Normalized15
Dust Release
(?)
Final
Age
(days)
Final
Dust Release
(?)
AM302EEF
GGTSP13
1.6
12.7
1
18.9
AM302EEF
IGTSP6
2.6
4.4
—
1
3.8
AM302EEF
AN 4
3.0
9.4
23.7
11
61.8
AM303
GGTSP15
2.8
20.1
_
2
40.3
AM 303
IGTSP5
3.0
7.2
8.2
4
8.5
AM 303
AGTSPB81
3.0
12.6
15.3
17
27.7
DCA BELL
GGTSP14
1.6
11.0
—
DCA BELL
IGTSP7
3.0
23.5
—
—
—
TUFL02000
AGTSP60
3.6
3.4
6.5
11
14.8
Carnation
AGTSP77
2.8
17.8
23.2
8
32.1
TUFL055
AGTSP52
3.4
57.5
—
—
—
ADS-197-2
AN 3
4.6
31.9
—
“
——
a. Initial Dust Release is that determined soon after application of the dust suppressant
b. Normalized Dust Release is that determined after an aging period of three days.

TABLE 18
Performance of Oil Blends as Dust Suppressants with DAP Samples
Dust
Suppressant
Sample
I.D.
Application
Rate
(kg/ton)
Initiala
Dust Release
(Í)
Normalized^
Dust Release
(Í)
Final
Age
(days)
Final
Dust Release
(.%)
AM302EEF
GODAP10
1.6
8.7
2
5.4
AM302EEF
IMCDAP14
2.0
6.4
—
2
6.8
AM302EEF
G0DAP7
3.4
4.3
3.9
10
3.1
AM303
IMCDAP15
2.6
9.3
7.2
4
6.5
AM303
G0DAP11
3.2
5.5
6.2
4
6.4
AM303
G0DAP5
4.4
6.6
5.7
8
4.3
DCA BELL
IMCDAP8
1.4
7.5
. - -
—
DCA BELL
GODAP2
3.1
12.5
9.6
8
4.7
a. Initial Dust Release is that determined soon after application of
the dust suppressant.
b. Normalized Dust Release is that determined after an aging of three
days.

84
corresponding differences in performance suggest that the above
explanation is quite plausible. This aspect is considered again later in
this chapter.
Waxes. Waxes evaluated included natural waxes such as paraffin wax,
microcrystalline wax, candellila wax, carnauba wax and montan wax and
many petrolatum and related waxes. Results of a preliminary qualitative
evaluation are shown in Table 19 and further details on the use and
properties of natural waxes are described elsewhere (Bennett, 1975). The
waxes melt with varying degrees of difficulty. Paraffin,
microcrystalline and candellila waxes formed coatings or films which were
either flaky or powdery in nature and, for this reason, were not expected
to be effective dust suppressants when used as melts. Montan wax did not
melt easily and when it eventually did so, it was "tarry" and did not
spray properly. Carnauba wax, though it melted easily, formed a "grainy"
melt and thus an intermittant, uneven spray was produced. Petrolatum
waxes, on the other hand, melted easily, sprayed easily and formed good,
ductile films that adhered well to substrate materials.
Based on the qualitative evaluations, it was expected that the
natural waxes would give poor results. The melting points of paraffin
wax and candellila wax were 55°C and 70°C, respectively. Tests were
conducted at an application rate of 2 kg/ton and, as expected, the
performance was very poor. In fact, candellila wax had such poor
adhesive qualities that the coated emission factor was much greater than
the uncoated emission factor (measured dust release = 613 %) thus
suggesting that the coating itself was shedding and contributing to the
overall emission. For paraffin wax the measured dust release was 72 %.
Petrolatum and related waxes were the only materials, among those

85
TABLE 19
Qualitative Characteristics of Waxes
Type
Remarks
Paraffin
1.
Received in prilled form.
Wax
2.
Melts easily.
3.
Sprays easily.
4.
Forms hard, flaky films.
Microcrystalline
1.
Received as a hard block.
Wax
2.
Melts with some difficulty.
3.
Hard to spray.
4.
Forms hard, flaky film.
Candellila
1.
Received as a hard block.
Wax
2.
Melts easily.
3.
Sprays easily.
4.
Forms loose, powdery film.
5.
Significant shrinkage of film on cooling.
Montan
1.
Received as fine beads.
Wax
2.
Melts with difficulty to a tarry product.
3-
Could not be sprayed
4.
Significant shrinkage of film on cooling.
Carnauba
1.
Received as flakes
Wax
2.
Melts easily.
3.
Sprays intermittently due to grainy
texture of melt.
4.
Significant shrinkage of film on cooling.
Petrolatum
1.
Received as "pastes" with various
Wax
oil contents.
2.
Melts and sprays easily.
3.
Forms smooth, strong film.

86
considered, that appeared to have good spray qualities and, thus, the
potential for superior performance. A total of 11 waxes from 3 different
manufacturers were evaluated. Of these Light Plasticrude and NW7098 were
slack waxes while all the others were various grades of petrolatum waxes.
These waxes were classified as having low, medium or high oil content
based on the approximate oil content values provided by the manufacturers
and some of their properties are summarized in Table 20.
Since the waxes were sprayed as melts the ease of melting was an
important consideration. In general, the higher the oil content, the
easier it is to melt a wax. All the petrolatums, except NW6889, melted
and sprayed easily. NW6889 had the lowest oil content and the highest
melting temperature and was a little more difficult to handle. However,
with proper selection of spraying conditions, NW6889 was also sprayed
without undue difficulty.
The effectiveness of the dust suppressant ultimately depends on the
application rate. As a result, 3 different application rates, nominally
1 kg/ton, 2 kg/ton and 4 kg/ton, were used and the results are shown in
Tables 21, 22 and 23* respectively. The most important factors in
judging coating performance are the initial and final dust releases.
Since not all the petrolatum waxes were tested after the same aging
period a normalized dust release was calculated for an averaging period
of 3 days to permit direct comparison of results from different
petrolatum waxes. A loss or decay rate was also calculated and used as
an indicator of the rapidity with which the performance changes. Both
the above parameters were calculated assuming linear variation of dust
release with age. The variation could well be non-linear, but as a first
step the linear assumption provides a quick method of comparing different

TABLE 20
Physical Properties of Petrolatum and Slack Waxes
Dust
Suppressant
Oil Content
ASTM # (%)
Specific
Gravity
at 16°C
Melting Point
ASTM# (£fc) (°C)a
Congealing Point
ASTM # (Pc)
Penetration
at 25°C
ASTM # units
Viscosity
at 10CPC
ASTM # SUS
Cost
($/kg)
NW6889
D721
5
_
D127
79
74
D938
68
D937
41
D445
77
0.3960
NW6364LA
D721
15
—
D127
29-41
52
D938
29b
D937
100-250
D445
60
0.7755
NW7098
D721
10
—
D127
60-66
59
D938
60-66
D1321
66
D445
49-54
0.2530
NWLP
D721
15
—
D87
54-58
51
D938
54-58
D1321
51
D445
40-55
0.2090
Tech Pet F
D721
20
0.87
D127
57-66
60
D938
50-58
D937
160-190
D445
85-100
0.5830
YP2A
D721
25
0.87
D127
54-60
52
D938
46-52
D937
180-210
D445
80
0.6160
Red Vet
—
—
—
—
—
57
—
—
—
—
—
—
0.6050
Pet HM
D721
10
0.89
D127
52-66
53
D938
41-52
D937
125-175
D445
75-125
0.6600
P4523
D721
28
0.87
D127
46-57
52
—
—
D937
170-260
D445
70-115
0.6105
P4556
D721
20
0.87
D127
52-60
59
—
—
D937
130-175
D445
70-95
0.6105
P4576
D721
12
0.87
—
—
57
—
—
—
—
—
—
—
a. Measured as per technique described in [Bennett, 1975].
b. Minimum.

TABLE 21
Performance of Petrolatum Waxes as Dust Suppressants
at a Nominal Application Rate of 1 kg/ton
Dust
Suppressant
Application
Rate
(kg/ton)
Sample a
I.D.
Initial*5
Dust
Release
(Í)
Normalized0
Dust
Release
(Í)
Final^
Age
(days)
Final
Dust
Release
(%)
Loss
Rate
(%/day)
Pet HM
1.2
AGTSP73
5.3
5.6
34
9.0
0.12
NW6889
1.0
AGTSP100
3.9
3.9
46
2.3
-0.01
P4576
1.2
AGTSP74
16.5
17.5
35
28.3
0.34
Tech Pet F
1.0
AGTSP72
11.2
11.7
33
16.6
0.16
NW6364LA
1.0
AGTSP106
5.9
6.5
53
16.5
0.20
P4556
1.0
AGTSP81
11.9
13.0
35
24.4
0.36
Red Vet
1.0
AGTSP71
21.0
22.1
28
31.5
0.88
P4523
1.0
AGTSP82
12.6
14.4
35
33.9
0.61
a. All samples are GTSP.
b. Initial Dust Release is that determined soon after application
of the dust suppressant.
c. Normalized Dust Release is that determined after an aging period
of three days.
d. Final age test represents the final test of the sample.

TABLE 22
Performance of Petrolatum and Slack Waxes as Dust Suppressants
at a Nominal Application Rate of 2 kg/ton
Dust
Suppressant
Application
Rate
(kg/ton)
Sample3
I.D.
Initial13
Dust
Release
(%)
Normalized c
Dust
Release
(.%)
Finald
Age
(days)
Final
Dust
Release
(?)
Loss
Rate
(?/day)
Pet HM
2.0
AGTSP65
4.0
4.5
14
6.2
0.16
NW6889
2.0
AGTSP103
2.5
2.5
47
2.0
-0.01
NW6889
1.8
GRDAP91
6.2
6.0
75
2.0
-0.06
P4576
2.0
ACTSP115
3.4
4.1
58
17.5
0.24
Tech Pet F
2.0
AGTSP75
2.1
2.3
35
4.6
0.07
NW6364LA
2.0
AGTSP105
2.2
2.2
52
2.8
0.01
NW6364LA
2.0
GRDAP90
2.0
2.0
79
2.2
0.00
P4556
2.0
AGTSP116
4.4
4.9
63
14.7
0.16
Red Vet
2.2
AGTSP76
3.0
3.4
35
7.4
0.13
P4523
2.0
AGTSP107
4.7
5.8
58
26.9
0.38
YP2A
2.0
AGTSP59
4.8
5.5
16
8.6
0.24
NW7098
2.0
AGTSPB826
2.9
—
—
—
—
NWLP
2.0
AGTSP882
9.4
—
—
—
—
a. All samples are GTSP except GRDAP91 and GRDAP90.
b. Initial Dust Release is that determined soon after application of
the dust suppressant.
c. Normalized Dust Release is that determined after an aging period of
three days.
d. Final age test represents the final test of the sample.

90
TABLE 23
Performance of Petrolatum Waxes as Dust Suppressants
at a Nominal Application Rate of 4 kg/ton
IXist
Application
Sample3 Initial*3
Normalized3
Final^
Final
Loss
Suppressant
Rate
I.D. Dust
Dust
Age
Dust
Rate
Release
Release
Release
(kg/ton)
(%)
(%)
(days)
(?)
(%/day)
Pet HM
4.2
AGTSP111
0.7
0.8
70
2.0
0.02
Tech Pet F
4.0
AGTSP112
0.9
0.9
70
1.6
0.01
NW6364LA
4.2
AGTSP104
1.0
1.0
52
1.4
0.01
a. All samples are GTSP.
b. Initial Dust Release is that determined soon after application of
the dust suppressant.
c. Normalized Dust Release is that determined after an aging period of
three days.
d. Final age test represents final test of sample.

91
coatings. Thus, for screening purposes, a good coating is chosen to be
one which shows a low initial and normalized dust release and a low loss
rate.
Therefore, from Table 21 it can be concluded that NW6889 had the
best overall effectiveness since the dust release was the smallest at 1
kg/ton. Pet HM and NW6364LA were also effective. From Tables 21, 22 and
23 it will also be observed that the loss rate, in general, decreased
with increasing application rates. Because of this effect some of the
coatings which performed marginally well at 1 kg/ton performed
significantly better at higher application rates. NW6364LA and NV/6889
were also used on DAP and again the dust releases were very low. The
other petrolatum waxes will work just as well on DAP. The results show
that the petrolatum waxes were excellent dust suppressants and that they
provided long-term control of fugitive dust emissions.
As discussed earlier, granule fracture was not a significant factor
with fertilizer granules. The wax coatings were found to effectively
suppress the surface dust and multiple handlings produced continually
decreasing dust emissions. With sulfur treated identically the wax was
found to be just as effective (Figure 25) with the measured dust release
being 3 X. More importantly, even after 10 drops the dust release did
not increase thus suggeting that the wax suppressed dust emissions even
though significant fracture of the substrate material was occurring.
In actual plant situations coatings are normally applied on warm
product prior to transfer to storage. The fertilizer temperature in such
situations is usually about 49°C. Therefore tests (Table 24) were
conducted to study the effect of fertilizer temperature on dust
suppressant performance. Unless specified otherwise, in all laboratory

EMISSION FACTOR (g/kg)
92
NUMBER OF DROPS
Figure 25.
Effect of Handling on the Emission
Factor for Coated and Uncoated Samples
of GTSP and Prilled Sulfur.

93
TABLE 24
Effect of Fertilizer Temperature on the Performance of
Petrolatum Waxes with GTSP Samples -- Preliminary Tests
Sample
I.D.
%
a
Initial
Moisture
Content
(t)
a
Final
Moisture
Content
(1)
Product
Temperature
(°C)
b
Dust
Suppressant
Initial*"
Emission
Factor
(g/kg)
Final
Emission
Factor
(g/kg)
Dust
Release
(1)
. .. C
Coating
Method
AGTSP135
0.97
Ambi er.t
None
0.0938
AGTSP13D
0.96
—
Ambient
None
0.0«33
—
—
—
AGTSP13A
0.87
0.5“
63
None
0.0628
AGTSP125
0.9“
0.27
79
None
—
0.0689
—
—
AGTSP105
Ambient
NW6369LA
0.0905
0.0009
2.2
in
AGTSP103
—
—
Ambient
NW6889
0.0905
0.0010
2.5
bag
AGTSP190
0.96
—
.Ambient
NW6369U
0.0935
0.0029
6.7
in
AGT5P131
0.82
—
Ambient
NW6369LA
0.0935
0.0029
5.5
pans
AGTSP122
0.77
Ambient
NW6889
0.0935
0.0091
9.9
in
AGTSP121
0.81
—
Ambient
NW6889
0.0935
0.0036
8.3
pans
AGTSP129
0.73
0.31
78
NW6369LA
0.0656
0.0132
20.1
in
AGTSP123
0.97
0.13
80
NW6369LA
0.0656
0.0105
16.0
pans
AGTSP132
0.8u
0.15
80
NW636MLA
0.0656
0.0298
36-3
AGTSP120
0.80
0.21
66
NW6889
0.0656
0.0099
13-1
in
AGTSP130
0.59
0.15
66
NW6889
0.0656
0.0097
19.8
pans
a. Initial and Final Moisture Contents are that measured before and
after product heating.
b. Application Rate = 2 kg/ton.
c. For the coated samples the Initial Emission Factor indicated is that
for the uncoated batch.
d. Samples are coated either in pans or in bags, as discussed in text.

94
tests the dust suppressants were applied while the fertilizer sample was
in the storage bag. However, for tests with warm product the fertilizer
sample was transferred into 2 enameled pans and placed in a 100°C oven
for 2 hours. While still in the pan the top layer was sprayed, then a
new layer was created by turning over the pan contents with a spatula and
sprayed again. This process was continued till the quantity required was
attained. Results from the "pan coating" technique and the "bag coating"
technique for product at ambient temperature were comparable. The
results also indicated that product temperature affected dust suppressant
performance significantly, with the lower melting petrolatum wax
(NW6364LA) being affected more severely. Because of the nature of the
experimental procedure, the product temperature indicated was only an
approximate maximum measured at the beginning of the coating procedure.
The drop in performance was probably due to absorption of the dust
suppressant into the granule interior. Since the elevated temperature
chosen was higher than the wax melting temperature, the wax was still in
a liquid state for a sufficient length of time to permit absorption. At
ambient temperatures the fertilizer temperature was much lower than the
wax melting temperature and so the wax solidified on the granule surface
before significant penetration could occur. This aspect is explored
further later in this chapter.
Emulsions. Some of the waxes named earlier were a little difficult
to melt and spray. So, water based emulsions were considered as a means
of delivering the wax to the granule surface. Water based emulsions have
the advantage of raising the granule moisture content and do not need the
special handling required by the melts.

95
The natural waxes were emulsified using a simple saponification
process. The wax was first melted in a beaker and then a boiling
solution of potassium hydroxide or potassium carbonate was poured into
the beaker. The mixture was thoroughly stirred for a number of hours to
ensure homogenization. Candellila and carnauba waxes emulsified easily
while montan wax formed a dispersion rather than an emulsion. The
candellila wax emulsions tended to thicken with time while the carnauba
and montan wax emulsions tended to sediment with time. Emulsion
stability was thus a significant problem. Emulsions with various wax
concentrations were tested with GTSP and the results are presented in
Table 25. As a control, tests were also conducted using an equivalent
weight of water as a coating agent. Though it appeared that the
emulsions had reasonable performance levels, this conclusion was
misleading. In general, the dust release characteristics of fertilizer
samples coated with emulsions were similar to those treated with plain
water. This suggests that the water based emulsions were not a
significant improvement over plain water and reinforces the importance of
product moisture content. In addition, application of water subsequent
to product manufacture can create caking problems.
The petrolatum waxes could not be saponified in the same fashion.
Special surfactants were required to form stable emulsions and so little
success was achieved. However, based on results from tests with the
natural wax emulsions, it appears that emulsions may not be appropriate
long term dust suppressants.
Miscellaneous Coating Agents. In addition to the coatings described
earlier, other dust suppressants were evaluated and the results are
shown in Table 26. Lignin, a by-product of the paper and pulp industry,

96
TABLE 25
Performance of Wax Bnulsions as Dust Suppressants with GTSP Samples
Emulsion
I.D.
Sample
I.D.
Application
Rate
(kg/ton)
Initial3
Dust
Release
(%)
Normalized 15
Dust
Release
(Í)
Final
Age
(days)
Final
Dust
Release
(%)
0.25 % Montan
AGCN11
3.0
6.1
6.3
11
6.8
0.5 % Montan
AGCN14
3.0
10.9
—
—
—
1.0 % Montan
AGCN16
3.2
10.4
—
—
—
1.0 % Montan
AGCN9
3.4
9.2
8.2
3
8.2
1.0 í Candellila
AGTSP64
3.6
14.8
15.2
13
16.5
1.0 % Candellila
AGCN10
3.0
8.3
7.1
4
6.7
5.0 í Candellila
AGCN13
3.2
18.4
12.6
3
12.6
1.0 % Carnauba
R15
2.2
13.1
14.8
10
18.9
2.5 % Carnauba
AGTSP79
3.0
17.2
21.2
9
29.2
5.0 í Carnauba
AGTSP78
3-2
17.8
20.3
9
25.4
5.0 % Carnauba
R8
3.6
10.9
11.0
10
11.1
Water
AGCN7
3.0
6.2
7.1
11
9.5
Water
AGTSP61
3.2
22.0
—
—
—
Water
AGTSP59
3.4
21.5
21.2
13
20.2
a. Initial Dust Release is that determined soon after application of
dust suppressant.
b. Normalized Dust Release is that determined after an aging period of
three days.

TABLE 26
Performance of Some Miscellaneous Dust Suppressants
Dust
Suppressant
Type
Dust
Suppressant
Application
Rate
(kg/ton)
Sample3
I.D.
Initial'3
Dust
Release
(Í)
Normalized0
Dust
Release
(%)
Final
Age
(days)
Final
Dust
Release
(Í)
Lignin + Oil
Norlig A + DCA BELL
6.2
RM6
1.9
22.9
6
43.9
Lignin + Oil
Norlig A + DCA BELL
9.0
GODAP3
3.8
4.3
8
5.1
Lignin
Norlig A
1.7
RM4
213.0
—
—
—
Hydrocarbon Polymer
DCL1803
3.0
AGTSP1
44.3
57.4
3
57.4
Hydrocarbon Polymer
DCL1803
4.0
AGTSP4
11.8
19.2
3
19.2
Oil + Surfactant
DCA BELL + Petroleum
Sulfonate
3.6
AN1
3.8
28.0
7
60.3
Lignin in oil emulsion
Lignin in glycol
NALC08802
4.3
FDAP8
43.4
—
—
—
emulsion
NALC07981
5.2
FDAP6
37.9
—
—
—
a. All samples are GTSP, except GODAP and FDAP which are DAP.
b. Initial Dust Release is that determined soon after application of dust suppressant.
c. Normalized Dust Release is that determined after an aging period of three days.

98
has been claimed to be a good dust suppressant. However, when applied
directly on GTSP, lumpy agglomerates of granules were produced and the
resulting coated product had a higher emission factor than the uncoated
product. The coating agent did not bind with the granule surface and was
dispersed into the air by handling the coated product. When the granular
product was first coated with oil and then coated with lignin, a smooth
hard coat was formed and the resultant coated emission factor was
significantly reduced. Lignin, which is in the form of a dispersion of
lignin solids in an aqueous medium, spreads easily on the oil coated
product. The dust release characteristics of the lignin-oil combination
coating was practically undiminished with age for the DAP sample but was
once again significantly reduced for the GTSP sample.
Two commercially available lignin based emulsions (NALCO8802 and
NALC07981) primarily used to suppress road dust were also evaluated. One
was an oil based emulsion and the other was a glycol based emulsion. Both
coatings performed poorly, as shown by the high initial dust release
values. Another commercially available dust suppressant for road dust,
Calgon DCL1803 (a hydrocarbon polymer), was also found to be ineffective
in this application. Finally, addition of a petroleum sulfonate to oil
to change the wetting characteristics resulted in good initial
performance but poor long-term performance.
Dust Release Characteristics of Treated Fertilizer. A single stage
impactor with a 13-6 urn cut point was used in the manner described
earlier in conjunction with the vertical flow dust chamber setup. Tests
were conducted to study coating, aging and handling effects on the
release of particles larger than 13.6 urn. A petrolatum wax (Tech Pet F)
and a naphthenic oil (S100), both of which were among the poorest

99
performers of their class, were used at an application rate of 1 kg/ton.
The percentage by weight of particles larger than 13.6 um, for uncoated
fertilizer samples, is shown in Figure 26. In general, all four
materials tested appeared to follow a similar trend in their response to
handling with the "weight % > size" value stabilizing after the third
drop. This suggests that the relative amounts of large and small
particles did not change though the total mass did decrease steadily for
these materials. The AGTSP sample produced a much larger quantity of
large particles while the other three samples produced a larger quantity
of small particles.
In Figure 27 the effect of aging is illustrated. The impactor and
filter contributions to the total emission factor of the coated product
are compared with the corresponding values for the uncoated product and
represented as a percentage. For GAMAP both the oil and wax were quite
effective in controlling the large(>13.6 um) and small(<13.6 um) particle
fractions, though with age the oil suppressed the large particle fraction
less effectively. With FDAP and .IGTSP, the oil exhibited decreased
performance with age and this loss was not a strong function of particle
size. The wax also showed a decrease in performance though the magnitude
was much smaller and not particle size dependant. Therefore, the results
show that the oil was not an effective dust suppressant with both FDAP
and IGTSP. In addition, the loss in performance with age was more severe
with oil and does not appear to be a strong function of particle size for
both the coatings evaluated.
However, as would be expected intuitively, large particles were
less effectively suppressed by coating agents as compared with small

WEIGHT % > SIZE
100
10“
1 0
1
1
2 3 4 5
DROP NUMBER
Figure 26. Effect of Handling on the Mass Fraction
of Particles Larger Than 13.6 Micrometers
for Uncoated Fertilizer Samples.

101
DC
O
h*
O
<
LU
CO
CO
LU
Q
LU
I-
<
o
o
u.
O
UJ
o
<
H
Z
Ui
o
cc
Hi
Q.
Figure 27. Relative Particle Release Characteristics
of Oil and Wax Coated Fertilizers
(I-Initial, A-Aged).

102
particles but this difference was small for wax coatings and larger for
the oil tested.
Intermediate Scale Field Tests
Five petrolatum waxes and a wood processing by-product called tall
oil were further evaluated in the ISFT test setup. Once the nozzle
selection and location problem was addressed there were no problems with
spraying the molten petrolatum smoothly and continuously. Coating spray
rates were in the 11.4 liters/hour to 26.5 liters/hour range and the
fertilizer feed rates were in the 4 to 12 tons per hour range. The
corresponding application rates were calculated to be in the 1 kg/ton to
3.5 kg/ton range. Results are shown in Figure 28.
As expected, the dust release was reduced with increasing
application rate. Of the 5 petrolatum waxes, 4 had similar performance
while the fifth, NW6364LA, appeared to perform significantly better at
lower application rates. Best fit curves were fitted to the data. In
general, at 2 kg/ton the dust release measured was in the 5 % to 10 %
range. These measured values were quite similar to the results obtained
from laboratory evaluations with 5-kg test samples. At an application
rate of 3.4 kg/ton the dust release with the tall oil was 34 %.
Based on these results it was concluded that dust release values in
the 10 % region could be attained in the field. In addition, the tests
with the ISFT setup showed that handling larger quantities of wax should
not be a problem if the spray system was properly designed.
Full Scale Field Tests
Dust Suppressant and Coating Technique Evaluation
Based on the results from laboratory and intermediate scale
evaluations the full scale field tests (FSFT) were undertaken. The

DUST RELEASE (%) DUST RELEASE (%)
APPLICATION RATE
(kg/ton)
APPLICATION RATE
APPLICATION RATE
(kg/ton)
(kg/ton)
APPLICATION RATE
APPLICATION RATE
(kg/ton)
(kg/ton)
Figure 28.
Performance of Petrolatum Waxes in
Intermediate Scale Field Tests.

104
material handling system for GTSP had a nominal rate of 250 tons/hr and
the wax spray system was designed to provide application rates in the 1
kg/ton to 4 kg/ton range. The fertilizer temperature was estimated to be
not more than 49°C. Both NW6364LA and Yellow Protopet 2A (YP2A) were
effective in the smaller scale tests and since their melting temperatures
were about 52°C they were considered ideal for this application.
In order to get an estimate of dust concentrations in the storage
building (Figure 13) two high volume air samplers were operated using the
standard method for ambient air sampling. The background level prior to
the start of discharge in the building was about 0.5 mg/m^. As trucks
discharged their uncoated load into the receiving hopper the fertilizer
was coated with oil by a "trickling" system in the receiving hopper and
about 2 minutes later the fertilizer was discharged through a tripper in
the storage building. The dust concentration in the building when oil
coated fertilizer was discharged increased to about 4.5 mg/m^ during the
duration of the test (Table 27). The measured concentration was
influenced by the sampler locations. Other factors involved were the
size, shape and orientation of the pile of fertilizer in the storage
building, frequency of truck unloading and building ventilation by drafts
caused by wind blowing through the building doors. Due to the various
problems encountered during sampling it was not expected that air
sampling during discharge of wax coated fertilizer would provide
significant information. However, discharging uncoated fertilizer in the
building significantly raises dust concentrations in the air within the
building.
From the intermediate scale tests it seemed that spraying the
coating agent at a transfer point would be the best course of action.

105
TABLE 27
Dust Concentrations within a GTSP Storage Building
Date
Test
Number
Sample a
Location
Number b
of Ihucks
Dust
Concentration
(mg/m3)
3/20/87
1
SE
3
2.4
NE
1.1
2
SE
2
2.9
NE
2.0
3
SE
1
3-9
NE
1.7
4
SE
1
2.3
NE
3.0
5
SE
1
2.6
NE
3-0
6
SE
4
2.7
NE
2.2
7
SE
4
4.5
NE
3.0
8
SW
1
4.2
NW
3-0
9
SW
1
3-7
NW
2.7
10
SW
1
3.1
NW
2.7
4/28/87
1
SW
Blank
0.42
NW
0.49
2
SW
1
1.86
NW
2.52
3
SW
1
1.56
NW
1.99
4
SW
1
1.03
NW
1.79
5
SW
1c
—
NW
30.2

106
TABLE 27 — Continued.
Date
Test
Number
Sample a
Location
Number*3
of Trucks
Dust
Concentration
(mg/m3)
4/29/87
1
SW
Blank
0.58
NW
0.63
2
SW
1
1.01
NW
1.35
3
SW
1
1.07
NW
1.56
4
SW
2
1.86
NW
2.21
a. Location within storage building.
b. Oil coated fertilizer unless stated otherwise.
c. Uncoated ferilizer.

107
Between the point of truck unloading and discharge into the building
there were five transfer points. Facility constraints such as
availability of space and utilities and safety considerations ruled out
transfer point #2, #3 and #4. Transfer point #0 was the receiving hopper
and was the location used at the facility to spray oil. Transfer point
#1 was therefore chosen as the first nozzle location. Pressurized liquid
nozzles were used. Three different arrangements were considered as shown
in Figure 29.
Results shown in Table 28 indicate very poor coating performance.
Visual observation of the coated product showed little evidence of the
coating. A high volume air sampler was therefore setup just after
transfer point #1 to study the problem. With arrangement 3 (Figure 29),
the filter weight gain when wax was sprayed was significantly higher than
that observed with uncoated fertilizer. When the oil spray at transfer
point #0 was turned on the measured dust emission was reduced (Table 29).
Examination of the filters under black light clearly showed significant
wax deposits. When the same wax flow was pumped through 4 nozzles
(arrangement 1) the measured filter weight gain was significantly
reduced. This suggests that the poor results with the 2 nozzle
arrangement was caused, at least in part, by excessive atomization and
subsequent dispersion in the air. Air samples were also taken when oil
was sprayed at transfer point #0 using the existing facility setup and
when oil was sprayed at transfer point #1 using the new (UF) setup with 4
nozzles. Again filter weight gains showed similarities for both setups
and the dust suppression levels were comparable. However, with NW6364LA,
the dust suppression was only about 50 %, which was no better than that
with oil. Transfer point #1 was the location where fertilizer was

108
Plan View
Elevation
Arrangement 1 Arrangement 2 Arrangement 3
Figure 29.
Nozzle Arrangements at Transfer Point #1.

109
TABLE 28
Summary of Full
Scale Field Test Results with GTSP
Sprav^
Location
Nozzle
Tvpe
Duat
Suppressant
Application
Rate
(kg/ton)
Uncoated
Sample E.F.
Location (g/kg)
Coated
Sample E.F.
Location Cg/kg)
Du At
Release
(X)
At TP1
4-HFMA
NV6364LA
2.6
Belt
0.0485
Belt
0.0466
96.0
Opposing
after TPl
after TPl
At IP!
2-HFMA
NV6364LA
2.4
8elt
0.0484
Belt
0.0527
—
Same Side
after TPl
after TPl
At TP1
2-HFMA
NW6364LA
2.4
Belt
0.0349
Belt
0.0933
—
Opposing
after TPl
after TPl
At TP1
4-HFMA
NW6364LA
2.6
Belt
0.0427
Belt
0.0221
51.8
Opposing
after TPl
after TPl
At TPO
Existing
Oil
3-5
Belt
0.0677
Belt
0.0341
50.4
after TPl
after TPl
At TP1
H-HFMA
Oil
2.6
Belt
0.0538
Belt
0.0260
48.3
Opposing
after TPl
after TP1
At TPl
2-HFMA
YP2A
2.5
Belt
0.0567
Belt
0.0105
18.5
2-HFMA on Belt
after TP2
after TP2
At TP1
2-HFMA
YP2A
3.9
Belt
0.0567
Belt
0.0032
5.6
2-HFMA on Belt
after TP2
after TP2
Belt
4-HFMA
YP2A
2.6
Belt
0.0487
Belt
0.0028
5.7
afte- 7?1
after TP2
after TP2
Belt
4-HFMA
YP2A
3-9
Belt
0.0487
Belt
o.oom
2.9
after 7?1
after TP2
after TP2
Belt
4-LFMA
YP2A
1.7
Belt
Belt
afte- TP1
after TP2
0.0260
after TP2
0.0121
46.5
after TP3
0.0226
86.9
Belt
2-MFWA
YP2A
2.5
Belt
Belt
afte- TP1
after TP2
0.0279
after TP2
0.0043
15.4
after TP3
0.0143
51.3
Belt
2-MFVA
YP2A
2.5
Belt
Belt
after TP1
after TP2
0.0245
after TP2
—
—
after TP3
0.011U
46.5
Belt
4-HFMA
YP2A
1.7
Belt
Belt
after TPl
after TP2
0.0353
after TP2
0.0234
66.3
after TP3
0.0300
85.0
Belt
4-HFMA
YP2A
2.6
Belt
Belt
afte' TPl
after TP2
0.0352
after TP2
0.0038
10.8
after TP3
0.0153
43.5
Belt
Ü-MFWA
YP2A
2.6
Belt
Belt
afte' TPl
with mixer
afte- TP2
0.0460
after TPl
0.0186
UO. 4
after TP2
0.0227
“9.3
after TP3
0.0305
66.3

110
TABLE 28 -- Continued.
Sprav a
Location
Nozzle °
Type
Dust
Suppressant
Application
Rate
(kg/ton)
Urroated
Sample E.F.
Location (g/kg)
Coated
Sample E.F.
Location (g/kg)
Dust
Release
(í)
At TPO
Existing
Oil
3-5
Belt
without mixer
Truck
0.0620
after TP1
0.0260
41.9
after TP2
0.0125
20.2
after TP3
0.0122
19-7
At TPO
Existing
Oil
3-5
Belt
with mixer
Truck
0.0*440
after TP1
0.0177
40.2
after TP2
0.0135
30.7
after TP3
0.0071
16.1
Belt
4-HFMA
YP2A
2.6
Belt
Belt
after TP1
with mixer
after TP2
0.0369
after TP1
0.0296
80.2
after TP2
0.0252
68.3
after T?3
0.028“
77.0
' Belt
4—HFMA
YP2A
2.6
Belt
Belt
after TP1
without mixer
after TP2
0.0450
after TP1
0.0152
33.8
after T72
0.0185
41.1
after TP3
0.0215
“7.8
Belt
4-HFMA
YP2A
2.6
Belt
Belt
after TP1
with mixer
after TP2
0.0456
after TP1
0.0164
36.0
after TP2
0.0139
30.5
after TP3
0.0203
44.5
Belt
3-HFMA
YP2A
2.3
Belt
Belt
after TP1
with mixer
after TP2
0.0452
after TP1
0.0241
54.0
after TP2
0.0218
48.2
after TP3
0.0252
55.8
Belt
4-HFMA
NW6364LA
2.6
Belt
Belt
after TP1
with mixer
after TP2
0.0390
after TP3
0.0156
40.0
at TPU
0.0126
32.3
Belt
4-HFMA
NW6364U
3-6
Belt
Belt
after TP1
with mixer
after TP2
0.0451
after TP3
0.0146
32.4
at TP4
0.0139
30.8
Belt
4-HFMA
NW6364LA
2.6
Belt
Belt
after IP!
with mixer
after TP2
0.0462
after TP3
0.0173
37.4
at TP4
0.019“
42.0
Belt
4-HFMA
(M6364LA
2.6
Belt
Belt
after TPl
without mixer
after TP2
0.0504
after TP3
0.0171
33-9
at TPU
0.0196
38.9

Ill
TABLE 28 — Continued.
Sprav a
Location
Nozzle b
Tvpe
Dust
Suppressant
Appl icatior.
Rate
(kg/tor,)
Unco ated
Sample C E.F.
Location (g/kg>
Coated
Sample E.F.
Location (g/kg)
Dust
Release
(5)
At TPO
Existing
Oil
«-3
Belt
3elt
with mixer
after TP2
0.0261
after TPj
0.0183
70.1
at TP«
0.0158
60.5
At TPO
Existing
Oil
“.3
Belt
Belt
without mixer
after TP?
0.02^2
after TP3
0.0169
69.8
at TPU
0.0125
51-7
At TPO
Existing
Oil
“•3
Belt
Belt
without mixer
after TP2
0.0772
after TP3
0.0130
23-3
at TPU
0.0217
32.0
At TPO
1-HFNA
•V-6 35 “LA
3-5
Belt
Belt
without mixer
after TP2
0.0379
after TP3
0.0095
2«. 9
at TPU
0.0121
32.6
At TPO
1-HFNA
V-5361LA
3-5
Belt
Belt
without mixer
after TP2
0.0652
after TP3
0.0190
29-2
at TP1
0.0152
23-3
At TPO
U-HFNA
V-ó 361 LA
3-5
Belt
Belt
without mixer
after TP2
0.0*125
after TP3
0.0135
31-7
at TP«
0.0133
31-2
a. TPO - Transfer Point 90 ; TP1 - Transfer Point 01.
b. HFMA - High Flow Median Angle (Spraying Svstetns Í1/UTT-9508)
LFMA - Low Flow Median Angle (Spraying Svstems 01/UTT-950*0
MFWA - Maximum Flow Wide Angle (Spraying Svstems 01/UT7-11015)
HFNA - High Flow Narrow Angle (Spraying Systems 01 /UTT-730770)
c. TP2 - Transfer Point 92.

112
TABLE 29
Einission Concentrations Measured after Transfer Point #1
Test
Number
Ihuck
Number
Nozzle
Arranganent
Dust
Suppressant
Application
Rate
(kg/ton)
Filter
Weight Gain
(g)
1
1
None
0.7605
2
3
NW6364LA
2.4
3.0089
3
Existing
Fleetwing Oil
3.8
0.4216
4
2
—
None
—
0.7805
5
1
NW6364LA
2.6
0.5585
6
3
—
None
—
3.7483
7
Existing
Fleetwing Oil
3.8
1.7144
8
4
—
None
—
4.5817
9
1
Fleetwing Oil
3.2
2.6413
NOTE:
Arrangements shown in Figure 29.

113
brought up from the underground receiving hopper by a drag flight
conveyor. Unlike a belt to belt transfer point this arrangement
discharges the fertilizer in a diffuse manner with significant
turbulence. As a result, it appeared that the wax spray was dispersed in
the air and little actually deposited on the granules. In addition, the
turbulence caused rapid fertilizer dust and petrolatum wax build-up on
the enclosure walls.
In order to better distribute the coating agent 2 nozzles were
installed at transfer point //1 in arrangement 3 as shown in Figure 29 and
2 more were installed over the axis of the belt conveyor just after
transfer point #1. Since 2 of the nozzles were spraying on the top
surface of the bead of fertilizer on the belt, samples were collected off
the belt after transfer point #2. At 2.5 kg/ton the result (Table 28)
seems significantly improved compared with results described earlier and
at 3.9 kg/ton it was even better. When all four nozzles were located
along the belt axis results were very good. However, because of the
design of the material handling system, one transfer between point of
coating and point of sample was found to be insufficient with regard to
material mixing. Therefore, the results of some of the past tests were
probably skewed.
A study was made of product variability. For a particular truck,
ten 5 kg samples were collected about 20 to 30 seconds apart and a 19
liter bucket was also filled a little at a time over the period of
discharge of the truck. The bucket sample represents an average sample
and the average emission factor of 0.0296 g/kg had a deviation of 2.5 %
from the 2 individual emission factors (Table 30). The emission factors
for the instantaneous samples were between 66 % and 115% of the average

114
TABLE 30
Variability of Dust Emissions from Uncoated GTSP
Sampled at Thuck Discharge
Sample
Number
Sample
Type
Emission Factor
(g/kg)
Average
(g/kg)
Variability
(%)
1
I
0.0279
94.3
2
I
0.0287
97.0
3
I
0.0299
101.0
4
I
0.0267
90.2
5
I
0.0239
0.0276
80.7
6
I
0.0283
95.6
7
I
0.0341
115.2
8
I
0.0261
88.2
9
I
0.0197
66.6
10
I
0.0305
103.0
11
A
0.0302
0.0296
—
12
A
0.0289
—
NOTE: "F are instantaneous 5 kilogram samples collected
in about 10 seconds, 30 seconds apart during truck
discharge. "A" are 5 kilogram samples made from
product collected in a 5 gallon bucket a scoop at a
time during truck discharge.

115
value, though 6 out of 10 samples were between 90 % and 105 % of the
average. Thus, there were small but significant differences in the
product as discharged by the truck.
Similar tests were done with the existing oil spray setup operating
and samples being taken off the belt after transfer point #1. The
deviation of the average value was about 5 %. The variability of the
instantaneous emission factor was much higher (Table 31) but the average
of the instantaneous values was within 5 % of the average sample.
Samples taken simultaneously at the truck and off the belt after transfer
point //1 with no oil spray, again showed significant variability though
the samples off the belt were much worse. Because of the action of the
drag flight conveyor the same fertilizer appeared to be significantly
dustier when oil was not applied (Table 32). These tests show that the
sampling procedure should be carefully planned so as not to unfairly skew
the evaluation of dust suppressants.
Four high flow, medium angle (HFMA) nozzles were used again at an
application rate of 1.7 kg/ton and 2.6 kg/ton and as expected the
performance increased with application rate (Table 28). The uncoated
samples were collected at transfer point #2 in 2 stages, before and after
the wax spray so that a reasonable, average, uncoated emission factor
could be determined. The coated samples were taken a scoop at a time at
both transfer point #2 and //3. There were significant differences in the
measured dust release at the two sample locations with that measured at
transfer point //2 being generally lower because of insufficient product
mixing and sampling bias. At 1.7 kg/ton whether the HFMA nozzles or the
low flow, medium angle nozzles were used was not important and in both
cases the dust release was very high. With the HFMA nozzles, raising the

116
TABLE 31
Variability of Dust Emissions from Oil Coated GTSP
Sampled from Belt after Transfer Point #1
Sample
Number
Sample
Type
Emission Factor
(g/kg)
Average
(g/kg)
Variability
(%)
1
I
0.0159
162.2
2
I
0.0087
88.8
3
I
0.0178
181.6
4
I
0.0066
0.0103
67.3
5
I
0.0076
77.6
6
I
0.0072
73.5
7
I
0.0138
140.8
8
I
0.0044
44.9
9
A
0.0103
0.0098
—
10
A
0.0093
“““
NOTE: "I" are instantaneous 5 kilogram samples collected
in about 10 seconds, 45 seconds apart during truck
discharge. "A" are 5 kilogram samples made from
product collected in a 5 gallon bucket a scoop at
a time during truck discharge.

117
TABLE 32
Variability of Dust Emissions from Uncoated GTSP
Sampled Simultaneously at Truck Discharge and from
Belt after Transfer Point #1
Sample
Number
Sample3
Type
Emission
Truck
(g/kg)
Factor
TP1
(g/kg)
Average
Truckb TP1c
(g/kg) (g/kg)
Variability
Truck TP1
(?) (?)
1
I
0.0308
0.1314
150.2
104.0
2
I
0.0249
0.1288
121.5
101.9
3
I
0.0217
0.0707
0.0234
0.0935
105.9
55.9
4
I
0.0207
0.0631
101.0
49.9
5
I
0.0189
0.1314
92.2
104.0
6
I
—
0.0714
—
56.5
7
I
—
0.0579
—
45.9
8
A
0.0213
0.1231
0.0205
0.1264
—
9
A
0.0196
0.1296
—
—
a. "I" are instantaneous 5 kilogram samples collected in about 10
seconds, 1 minute apart during truck discharge period. "A"
are average 5 kilogram samples made from product collected in
a 5 gallon bucket a scoop at a time during truck discharge.
b. Samples taken at truck discharge.
c. Samples taken from belt just past transfer point #1.

118
wax feed rate to 2.6 kg/ton raised the nozzle operating pressure. Adding
the additional wax cut the dust release in half but this was still too
high. With the HFMA nozzles, operating at 2.6 kg/ton the spread did not
completely cover the top surface of the fertilizer bead on the belt. So,
2 nozzles of higher capacity and wider spray angle (MFWA) were used so as
to completely cover the top layer. The improvement in initial
distribution of the wax, if any, did not significantly change the dust
release. Installation of a plough type arrangement to introduce some
mixing of the coated product on the belt also did not provide significant
improvement.
The nozzles placed along the belt axis were about 22.5 cm from the
fertil-izer surface so that the top layer was completely covered. At this
condition the petrolatum wax was still in the form of a liquid sheet to
ensure that a maximum amount would be deposited on the fertilizer. Since
the dust release levels were still too high and because the coating still
appeared poorly distributed a bank of mixers, as shown in Figure 30, was
installed so as to present new granule surface to the spray. When only 3
nozzles were used one extra product turnover occurred because of the
fourth bank of the mixer whereas, when 4 nozzles were used, after the
final mixing the ensuing surface layer was given an extra coating. Tests
without and with the mixer revealed no significant differences (Table
28). Samples taken at transfer point #3 and #4 did not reveal any major
differences. Uncoated samples were taken simultaneously at transfer
point #2 and #4 and the measured emission factors for uncoated product
were found to be within 5 %. Therefore, collecting uncoated and coated
product at different locations did not affect the quality of the data.
Data suggests that by the time the product passed transfer point #3

119
(a)
(b)
Figure 30. Details of Mixing Technique.
(a) Photograph of Mixer for Product on
the Belt
(b) Photograph of Mixing Action

120
product mixing had played a significant role in damping out
variabilities. By raising the feed rate to 3.6 kg/ton the dust release
was improved to about 30 %. Thus, raising the feed rate from 1.7 kg/ton
to 2.6 kg/ton decreased the dust release from about 85 % to about 40 %
and raising the feed rate to 3.6 kg/ton only decreased the dust release
to about 30 %. Visual observation of the coated product indicated that
the mixers and extra product transfers up to transfer point #4 had the
effect of improving the distribution of the petrolatum wax throughout the
product because of the more even coloration of the fertilizer. However,
the fertilizer granules did not look as dark as granules of the same
product coated in the laboratory. This difference in color contrast
suggests that less wax was on the granule surface.
Finally, tests were conducted by spraying the petrolatum wax at the
spray location currently used to spray oil. Four nozzles were installed
within the receiving hopper. Because of the close confines of the hopper
and to prevent loss of wax on hopper and drag flight surfaces high flow,
narrow angle (HFNA) nozzles, which have a narrower spread, were used. At
3.6 kg/ton the average dust release for 3 successive runs was again about
30 % and this was comparable with the dust release measured when oil was
sprayed with the existing setup and with results of earlier tests where
the petrolatum wax was sprayed on the belt after transfer point #1.
When results of these tests are compared with that from laboratory
and intermediate scale field tests, it is obvious that coating
performance is significantly reduced in field use. The coating agents
used in the full scale field tests were NW6364LA and YP2A both of which
have melting temperatures of about 52°C. The fertilizer used was the
same in all the tests. The major difference was that in the laboratory

121
and intermediate scale tests the fertilizer was at ambient temperature
while the fertilizer in the full scale tests was at an elevated
temperature of between 49°C and 77°C, with 60°C to 77°C being the most
frequent temperature range. The temperature of fertilizer delivered by a
number of trucks was measured and, as shown in Figure 31» it was quite
variable. It was also observed that there was little change in product
temperature between the truck discharge and transfer point #4. The
temperature of two buckets of coated fertilizer was measured as a
function of time (Figure 32(a)) and was found to change very slowly and,
as shown in Figure 32(b), after more than five hours fertilizer
temperatures greater than 49°C were observed for product stored in
buckets. Because of the high initial temperature and slow cooling of the
fertilizer in sample buckets, the relatively low melting temperature of
the waxes causes them to behave as oils i.e., they do not harden on the
granule surface rapidly. As a result, the wax was susceptible to
capillary action and penetration into the granule interior leading to
increased dust release. Higher melting waxes or lower fertilizer
temperatures could combat this problem. However, since the pump selected
for the field spray system was recommended for use with liquids at less
than 85°C the higher melting wax, NW6889, was not suitable for pumping
with the existing system.
Therefore, the full scale field tests demonstrated that the
petrolatum waxes could be easily handled and pumped in larger quantities.
The results obtained were comparable with those observed with the oil
currently used at the test facility but were not as good as that obtained
with the same petrolatum waxes in laboratory and intermediate scale field
tests. The initial distribution of the wax did not seem to be a major

122
Figure 31.
Variation of Fertilizer Temperature as
Discharged from a Number of Trucks.

TEMPERATURE (°C)
(a)
BUCKET NUMBER
(b)
Figure 32. Temperature of Fertilizer Samples as a Function of Time.
(a) Heat Loss of GTSP Samples Over a Period of Time
(b) Temperature of GTSP Samples Five Hours after Collection
in Five Gallon Buckets
123

124
factor but fertilizer temperature did influence coating performance
significantly. This factor is further discussed in the next section.
Further Experiments Pertaining to FSFT Results
As discussed earlier, the fertilizer used in the full scale field
tests was at an elevated temperature of between 49°C and 77°c. Once the
coated samples were collected in buckets and brought back to the
laboratory, measurement of temperature showed that the heat loss from the
fertilizer while in the bucket was slow. Because of the fact that the
dust suppression effectiveness of the selected petrolatum waxes in full
scale field tests was not as high as expected, the combined effect of
aging and fertilizer temperature was implicated. In addition, the effect
of mixing on the distribution of the petrolatum wax was not clearly
understood.
In order to establish the effect of mixing on the distribution of
the petrolatum waxes a number of test samples were prepared and tested in
the standard manner. Twenty percent of a 5-kg sample was separated and
coated with 10 grams of the petrolatum wax, an application rate of 2
kg/ton, using the procedure described earlier. The remaining uncoated
portion (80 %) of the sample was then mixed in the required number of
times and the total sample was then "drop tested" in the standard manner.
The mixing procedure was carried out in square bottomed plastic bags with
one "mix" being one to and fro motion of the bag contents along the bag
axis. Results shown in Figure 33 emphasize the significant effect of
mixing on dust release. The fertilizer was at ambient temperature and
NW6364LA, a soft wax, and NW6889, a harder wax, both produced a rapid
decrease in dust release with increased mixing though the softer wax
showed a faster response, as expected. Thus, though the coating was

125
Figure 33. Effect of Laboratory Mixing Procedure
on the Dust Release of GTSP Samples with
an Initial Petrolatum Wax Distribution of
20% (Application Rate = 2 kg/ton).

126
poorly distributed initially, the distribution was significantly improved
by mixing as evidenced by the decreased dust release.
Tests were also conducted where the initial distribution of the
coating agent was varied. Initial distributions of 20 %, 40 % and 100 %
were considered and the samples were mixed 60 times. For both NW6364LA
and NW6889 the initial distribution did not make a significant difference
as long as moderate mixing was carried out (Figure 34(a)). The
individual differences between the performance of the two waxes can be
attributed to the differences in their response to a fixed number of
"mixes" as discussed earlier. Similar tests (Figure 34(b), 34(c) and
34(d)) with Pet HM and P4556, petrolatum waxes of intermediate hardness,
and AM303, an oil blend, showed similar results except that the oil
exhibited comparatively poorer performance overall and, as expected, the
lower application rate resulted in poorer performance. From these
results it is clear that good mixing can overcome poor initial coating
distribution and wax hardness does not significantly influence the
outcome. Now, if the fertilizer temperature were higher, NW6889 would
soften and distribute more easily and could be expected to perform
better.
In an initial series of experiments (Table 33) with NW6364LA, 5
kilogram test samples of AGTSP were transferred to enameled pans and
heated in an oven set at 105°C. The average fertilizer temperature was
determined by measuring the temperature of the product in the pan using a
thermocouple at 9 different locations. Once the required temperature was
reached the pans were placed on a hot plate and then the top layer of
fertilizer in the pan was repeatedly sprayed with the coating agent till
about 10 grams of wax was added. At this point the fertilizer was

DUST RELEASE (%) DUST RELEASE (%)
40
2kg/ton
20 40 -joo
PERCENT OF SAMPLE COATED BEFORE MIXING
(a)
40
30
20
1 0
0
-áÉül
IIIÉl
20 40 100
PERCENT OF SAMPLE COATED BEFORE MIXING
(b)
Effect of the Initial Distribution of
Dust Suppressants on the Dust Release
of GTSP Samples. (a) NW6364LA and
NW6889 (b) Pet HM (c) P4556 (d) AM303
Figure 34.

DUST RELEASE (%) DUST RELEASE (%)
128
40
30
20
1 0
0
20 40 100
PERCENT OF SAMPLE COATED BEFORE MIXING
PERCENT OF SAMPLE COATED BEFORE MIXING
(d)
Figure 34.
Continued.

i/y
TABLE 33
Effect of Fertilizer Temperature on the Performance
of Dust Suppressants with GTSP Samp les — Series #1
Sample
Number
Batch Dust
Number Suppressant
Application
Rate
(kg/ton)
Fertilizer Temperature
Before After After
Sprav Spray Spray A Mix
(°C) (°C) (°C)
E.F.
(g/kg)
Dust
Release
(X)
„ , a
Sample
Treatment
B1—3(9/9)
1
NONE
25
0.0488
Ur,coated, unmixed
B1-10C9/9)
1
NONE
^
25
— —
0.0487
—
samples.
B1—17(9/9)
1
NONE
—
25
— —
0.0448
—
52-16(9/17)
2
NONE
25
0.0414
Ur.coated, ur,mixed
32-10(9/17)
2
NONE
—
25
0.0501
—
samples.
B2-u(9/17)
2
NONE
—
25
— —
0.0451
—
53-13(9/27)
3
NONE
—
25
0.0495
'Jreoated, ur,mixed
93-10(9/27)
3
NONE
—
25
— —
0.0503
—
samples.
BS-1(10/7)
u
NONE
25
0.0571
Urcoated, unmixed
34-2(10/7)
u
NONE
—
25
— —
0.0546
—
samples.
5—3(10/7)
u
NONE
—
25
—
0.0512
—
B3-11(9/29)
3
NONE
—
25
—
—
0.0334
66.9
Ur.coated samples
33-19(9/29)
3
NONE
—
25
—
—
0.0339
67.9
mixed 100 times.
B2—5(9/27)
2
NONE
—
25
—
—
0.0383
84.1
B2-1(9/27)
2
NONE
—
25
—
—
0.0289
63.5
B1—2(9/16)
1
NONE
25
0.0359
75-7
Urcoated samples
32-14(9/22)
2
NONE
—
25
—
—
0.0372
81.7
mixed bv 4 B-B
32-13(9/22)
2
NONE
—
25
—
—
0.0348
76.4
transfers.
31-5(9/14)
1
NW6364LA
2.0
25
25
25
0.0047
9.9
Unheated samples,
31-7(9/14)
1
NW6364LA
2.2
25
25
25
0.0077
16.2
coated and then
32-15(9/21)
2
NW6364LA
2.0
25
25
25
0.0027
5.9
mixed 100 times.
32-19(9/21)
2
NW6364LA
2.0
25
25
25
0.0032
7.0
33-16(9/27)
3
NW6364LA
2.0
25
25
25
0.0026
5.2
Urheated samples.
33-23(9/29)
3
NW6364LA
2.0
25
25
25
0.0032
6.4
coated with 7T and
33-2K9/28)
3
NW6364LA
2.0
25
25
25
0.0031
6.2
mixed 20 times.
33-24(9/27)
3
NW6364LA
4.0
25
25
25
0.0026
5.2
31-16(9/16)
1
NW6364LA
2.0
25
25
25
0.0151
40.9
Urheated samples.
32-8(9/22)
2
NW6364LA
2.0
25
25
25
0.0079
22.3
coated, then mixed
32-5(9/22)
2
NW6364LA
2.2
25
25
25
0.0114
32-1
bv 4 B-B transfers

iJU
TABLE 33
Continued.
Sample
Batch [Aist
Application
Fertilizer Temperature
E.F.
Dust
O
Sample
Number
Number Suppressant
Rate
Before
After After
Release
Treatment
(kg/ton)
Spray
Spray Spray 4 Mix
(°C)
(°C) (°C)
(g/kg)
(t)
B1-1U(9/1R)
1
NONE
—
09.9
—
—
0.0059
—
—
81-9(9/10)
1
NW636NLA
2.0
09.2
07.0
39.9
0.0044
9.3
Heated samples, /"oated,
Bi-i3(9/10)
1
NW636NLA
2.0
06.8
05.8
39.2
0.0030
6.3
then mixed 100 times.
Bi-u(9/iu)
1
NONE
57.9
0.0095
B1—19(9/15)
1
NW636NLA
2.2
58.6
52.8
02.8
0.0000
8.0
Heated sample*, coated.
32-2(9/17)
2
NW636NLA
2.2
58.5
55.2
09.2
0.0053
11.6
then mixed 100 times.
B3—17(9/29)
3
NW636NLA
2.0
58.1
57.8
52.3
0.0090
18.8
Bl—3(9/10)
1
NW636RLA
2.0
57.6
50.9
07.3
0.0072
15.2
B1-1K9/15)
1
NONE
65.1
0.0586
Bl-12(9/15)
1
NW636NU
2.2
69.8
61.2
50.6
0.0087
18.3
Heated sample*, coated,
B2—12(9/22)
2
NW636ALA
2.0
69.1
63-0
53.1
0.0031
6.8
then mixed 100 times.
32-17(9/18)
2
NW636«LA
2.0
67.5
62.3
52.6
0.0075
16.5
Bl—18(9/15)
1
NW636NLA
2.0
64.4
60.3
09.9
0.0097
20.0
B3—12(9/30)
3
NW636NLA
2.2
65.3
61.8
53.6
0.0155
31.1
Heated samples, coated.
B3-13(9/30)
3
NW6369U
2.0
60.8
60.6
51.5
0.0155
31.1
mixed 100 times, then
reheated for 0.5 hour.
Bt-«(10/8>
NW636NLA
2.0
66.3
61.2
08.2
0.0109
27.0
Heated sample*, coated,
B3-m(9/30)
3
NW636NLA
2.0
60.0
63.1
52.3
0.0200
00.9
mixed 100 times, then
reheated for 1.5 hours.
3U-7(10/8)
u
NW636KLA
2.2
67.1
60.9
08.6
0.0158
29.1
Heated samples, coated,
mixed 100 times, then
reheated for 3.5 hours.
B3—20(9/17)
3
NW636NU
2.0
66.0
51.5
0.0103
28.7
Heated samples, coated
83-3(9/17)
2
NW636NLA
2.0
66.3
55.7
51.0
0.0087
19.1
with 7T, then mixed
83-15(9/29)
3
NW636NU
2.2
65.3
57.0
09.0
0.0119
23.8
20 times.
83-22(9/29)
3
NW636NLA
2.0
60.9
57.3
50.6
0.0087
17.4
31-5(9/16)
1
NW636NLA
2.0
69.9
60.3
50.9
0.0182
09.3
Heated samples, coated.
32-7(9/22)
2
NW636NLA
2.0
69.3
65.1
51.8
0.0073
20.6
then mixed bv n B-B
31-1(9/16)
1
NW636NLA
2.0
68.7
63.6
50.5
0.0138
37.3
transfers.
32-20(9/21)
2
NW636NLA
2.0
82.1
60.3
0.0063
13.8
Heated samples, coated,
32-18(9/21)
2
NW636NLA
2.0
79.0
72.3
58.8
0.0059
13.0
then mixed 100 times.
32-11(9/21)
2
NW636NLA
2.0
76.7
70.3
56.7
0.0005
9.9
a. "H 3-3"
mean**
4 bucket to
bucket, "7T"
mean* 7
turnover*.

131
transferred from the pan to the plastic storage bag and mixed 100 times.
After cooling, these samples were tested. Results in Table 33 show a
slightly increasing trend suggesting that dust release does increase with
temperature. However, the dust release was still only about half as much
as that measured in the full scale field tests. But, because of the
nature of the test procedure, primarily the mixing process, the
fertilizer cools quite rapidly. Therefore, the petrolatum is exposed to
detrimental temperatures for only a short time. Now, when uncoated
fertilizer was subjected to the same mixing process the dust release was
only about 71 % i.e., 29 % of the dust was lost. Since the coating
spreads quite rapidly the same dust loss will not occur with coated
product. When the samples were reheated to the required temperature for
about half an hour after application of the coating agent the dust
release increased to the 30 % level. Tests were also conducted where
samples were reheated for one hour and three hours at about 65°C and the
measured dust release was again of the order of 30 %. Therefore,
temperature and aging play a role in the loss of performance with AGTSP,
with the lower melting petrolatum wax, NW6364LA, and apparently, the drop
in performance occurred with a heating time of less than an hour.
A different method of mixing where the coated product was
transferred from one bucket to another four times (4 B-B), similar to
material transfer from conveyors, was tried. This process caused a loss
of 22 % of the dust when the product was uncoated and since this mixing
method was not as effective, it was factored into the calculations for
the coated product. The dust release for ambient temperature fertilizer
(Table 33) was about 32 % and at 68°C it was about 36 %. This indicates
the effect of poor mixing rather than that of temperature. Further tests

132
were conducted where the initial distribution of the wax was improved by
turning the product over 7 times (7T) during the process of coating and
then mixing 20 times. The measured dust release averaged about 22 %
whereas with cold fertilizer the result was about 6 %.
The rationale behind the above tests was to simulate the full scale
field test conditions by applying the coating agent on hot fertilizer.
The results do indicate a significant increase in dust release with
fertilizer temperature but because of some uncertainty about the length
of time the coating was maintained at the required temperature the test
procedure was modified again and a second series of tests (Series #2)
were conducted using NW6364LA, a low-melting petrolatum wax, and NV/6889,
a high-melting petrolatum wax. During the second series of tests, five
kilogram test samples were first coated in the standard manner and then
mixed 100 times. The coated samples were then transferred into enameled
pans and placed in an oven set at an appropriate temperature for the
required length of time. Results in Table 34 show that for AGTSP samples
when no heating was done the coated samples had very low dust release
values, in the 2 % range, at both application rates. When placed in a
muffle furnace set at about 82°C for 30 minutes and then in an convection
oven set at about 71°C for 30 minutes the final product temperature was
about 65°C and the dust release was in the 30 % to 35 % range for both
petrolatum waxes for both application rates. In the above situations
heating was quite rapid. Further tests were conducted where the coated
samples were placed for 5 hours in a convection oven (Precision Model
#17) set at temperature not more than 8°C higher than the required
fertilizer temperature. An evaluation of the effect of fertilizer
temperatures in the 49°C to 65°C range showed that at an application rate

1JJ
TABLE 34
Effect of Fertilizer Temperature on
Dust Suppressants — Series #2
the Performance of
Sample
Sample
Dust a
Application
Temperature
Unooated
Coated
Dust
Sample
Number
Tvpe
Suppressant
Rate
in pan
in bag
E.F.
E.F.
Release
Treatment
(kg/ton)
(°C)
(°C)
(g/kg)
(g/kg)
(Í)
B7-5Í11/3)
AGTSP
NW6889
3.2
25
25
0.0462
0.0005
1.1
Coating applied on
97-901/3)
AGTSP
NW6889
3.2
25
25
0.0462
0.0006
1.4
cold samples, mixed
B7-1801/3)
AGTSP
NW6889
2.0
25
25
0.0462
0.0011
2.4
100 times and tested
B6-10(10/27)
AGTSP
NW6889
2.0
25
25
0.0434
0.0009
2.0
without heating.
B7-1501/4)
AGTSP
NW6364LA
3.2
25
25
0.0462
0.0005
1.2
B6-16(10/25)
AGTSP
NW6364LA
3.2
25
25
0.0434
0.0009
2.0
B7-1K11/4)
AGTSP
NW6364LA
2.0
25
25
0.0462
0.0011
2.4
B6-24(10/27)
AGTSP
NW6364U
2.0
25
25
0.0434
0.0008
1.9
B8-K11/15)
AGTSP
AM 303
3.0
25
25
0.0448
0.0057
12.6
31-901/20)
GAMAP
NW6889
3-2
25
25
0.0434
0.0010
2.2
B1-U(11/21)
GAMAP
NW6364LA
3.2
25
25
0.0434
0.0006
1.3
B1-102/18)
IGTSP
NW6889
3-2
25
25
0.0390
0.0004
1.0
B1-6Í12/19)
GAGTSP
NW6889
3.2
25
25
0.0201
0.0007
3.6
B5-1100/21)
AGTSP
NW6889
2.0
70.3
62.1
0.0456
0.0128
38.1
Coating applied on
35-15 00/24)
AGTSP
NW6889
2.0
65.1
64.7
0.0456
0.0133
29.2
cold samples, mixed
35-7 0 0/22)
AGTSP
NW6889
2.0
64.9
66.4
0.0456
0.0195
42.8
100 times and tested
B5-2 0 0/23)
AGTSP
NW6889
3.2
64.7
65.1
0.0456
0.0161
35.4
after heating in oven
35-16 0 0/20)
AGTSP
NW6889
3.2
64.6
62.5
0.0456
0.0128
28.2
and muffle furnace
for 1 hour.
35-21 00/19)
AGTSP
NW6364LA
2.2
65.3
63.8
0.0456
0.0158
34.6
B5—19(10/19)
AGTSP
NW6364LA
2.0
65.1
62.5
0.0456
0.0150
32.9
B7-6Í11/8)
AGTSP
NW6889
3.2
60.1
57.1
0.0462
0.0127
27.4
Coating applied on
B8—10(11/13)
AGTSP
NW6889
3.2
57.5
55.8
0.0448
0.0053
11.7
cold samples, mixed
B8-6Í11/17)
AGTSP
NW6889
3.2
56.9
54.9
0.0448
0.0051
11.3
100 times and tested
36-1(11/14)
AGTSP
NW6889
3.2
51.5
50.4
0.0434
0.0036
8.3
after heating in oven
38-15(11/15)
AGTSP
NW6889
3.2
51.2
50.3
0.0448
0.0026
5.7
for 24 hours.
38-16(11/20)
AGTSP
AM303
3.0
59.9
58.3
0.0448
0.0100
22.2
B8-701/7)
AGTSP
AM303
3.0
52.3
50.2
0.0448
0.0081
18.1

134
TABLE 34 -- Continued.
Sample
Nunber
Sample
type
- . a
Dust
Suppressant
Application
Rate
(kg/ton)
Temperature
in pan in bag
<°C) (°C)
Uncoated
E.F.
(g/kg)
Coated
E.F.
(g/kg)
Dust
Release
(J)
Sample
T-eatment
B6-1501/3)
AGTSP
NW6889
3.2
63.7
62.1
0.0434
0.0150
34.5
Coating applied on
B6-7(10/27)
AGTSP
NW6889
3.2
63.7
61.1
0.0434
0.0111
25.6
cold samples, mixed
B6-19C10/27)
AGTSP
NW6889
2.0
63.4
61.7
0.0434
0.0095
21.8
100 times and tested
B5-10(10/24)
AGTSP
NW6889
2.0
63.1
58.7
0.0456
0.0163
35.8
after heating in oven
B7—13C11/3)
AGTSP
NW6889
2.0
62.6
61.2
0.0462
0.0139
30.2
for 5 hours.
B6-2(10/27)
AGTSP
NW6889
2.0
61.7
55.8
0.0434
0.0120
27.6
B6-11(10/27)
AGTSP
NW6889
3.2
60.7
56.9
0.0434
0.0054
12.3
B6-17(10/26)
AGTSP
NW6889
2.0
55.8
52.3
0.0434
0.0048
11.0
B7-701/4)
AGTSP
NW6889
3.2
55.6
53.4
0.0462
0.0021
4.5
B7-2C11/5)
AGTSP
NW6889
2.0
55.4
52.7
0.0462
0.0030
6.5
B6-22(10/25)
AGTSP
NW6889
3.2
54.8
50.6
0.0434
0.0025
5.9
B6-3(10/26)
AGTSP
NW6889
2.0
53.9
51.2
0.0434
0.0035
7.9
B7-2001/5)
AGTSP
NW6889
3.2
53.8
50.9
0.0462
0.0032
6.8
B6-2K10/26)
AGTSP
NW6889
3-2
53.0
50.9
0.0434
0.0017
4.0
B6-18C10/25)
AGTSP
NW6889
2.0
52.2
49.9
0.0434
0.0034
7.8
B6—1U(10/25)
AGTSP
NW6889
3.2
51.9
49.3
0.0434
0.0018
4.0
B7-K11/8)
AGTSP
NW6889
2.2
50.2
48.5
0.0462
0.0037
8.0
B6-8(10/26)
AGTSP
NW6364LA
2.0
62.3
57.1
0.0434
0.0139
32.0
B5-1(10/24)
AGTSP
NW6364U
2.0
59.2
54.7
0.0456
0.0197
43.2
B6-9C10/25)
AGTSP
NW6364LA
3.2
55.8
52.8
0.0434
0.0100
23.1
B6-23C10/25)
AGTSP
NW6364U
2.0
55.3
52.8
0.0434
0.0116
26.7
B6-13(10/26)
AGTSP
NW6364LA
2.0
51.9
50.7
0.0434
0.0140
32.3
B6-5C10/25)
AGTSP
NW6364LA
3.2
51.3
50.4
0.0434
0.0081
18.6
B1-701/21)
GAMAP
NW6889
3.2
66.7
65.4
0.0434
0.0011
2.5
B1-10(11/20)
GAMAP
NW6889
3.2
52.1
52.8
0.0434
0.0009
2.0
B1—6(11/21)
GAMAP
NW6364LA
3.2
61.4
60.2
0.0434
0.0005
1.2
B1-501/21)
GAMAP
NW6364LA
3.2
46.1
—
0.0434
0.0006
1.3
B1—3(12/18)
IGTSP
NW6889
3.2
62.6
60.9
0.0390
0.0079
20.3
B1—5(12/18)
IGTSP
NW6889
3.2
55.8
54.5
0.0390
0.0019
5.0
B1—5(12/19)
GAGTSP
NW6889
3.2
60.7
57.7
0.0201
0.0037
18.5
B1-3(12/20)
GAGTSP
NW6889
3.2
56.9
55.6
0.0201
0.0032
16.1
B1-10Í12/25)
FDAP
NW6889
3.2
63.7
62.9
0.0541
0.0090
17.7
B1—1(12/19)
FDAP
NW6889
3.2
59.«
55.9
0.0541
0.00U4
8.1
B1—10(12/15)
FDAP
NW6889
3.2
54.3
53.8
0.0541
0.0036
6.6
a. NW6364LA, NW6889 - Petrolatum waxes, AM303 - Oil blend

135
of 2 kg/ton, for NW6364LA the dust release was about 30 % at temperatures
as low as 52°C while with NW6889 the corresponding dust release was about
8 % (Figure 35(b)). At an application rate of 3.2 kg/ton, the dust
release decreased to about 19 % with NW6364LA at the same temperature
while with NW6889 the dust release was reduced further to about 4 %
(Figure 35(a)). In general, the higher melting petrolatum wax, NW6889,
performed better than the lower melting petrolatum wax, NW6364LA, at
higher fertilizer temperatures. At fertilizer temperatures of about
60°C dust releases of 10 % to 15 % were attainable with NW6889. When the
heating time was changed from 5 hours to 24 hours NW6889 did exhibit some
decrease in performance (Figure 36) at the higher temperatures thus
indicating a clear time-temperature relationship. In comparison, AM303,
an oil blend, did not respond as well under similar conditions.
Similar tests with 5-hour heating times were conducted using GTSP
samples from two other manufacturers (IGTSP and GAGTSP), monoammonium
phosphate samples (GAMAP) and diammonium phosphate samples (FDAP).
Results show that for NW6889, the IGTSP, GAGTSP and FDAP samples all had
time-temperature responses similar to that observed with AGTSP (Figure 37
(a)). However, GAMAP showed significantly different behavior with dust
releases in the 1 % to 2 % range at fertilizer temperatures of up to 65°C
just as was observed with fertilizers at ambient temperature i.e., not
heated after application of coating agent. Similar response was observed
with NW6364LA (Figure 37(b)). Tests also showed that 4-kg samples of
FDAP, GAMAP and GAGTSP all responded to heating and cooling in almost
identical fashion (Figure 38) thus suggesting that this factor did not
contribute significantly to the differences in the results.

DUST RELEASE (%)
136
Effect of the Fertilizer
the Dust Release of GTSP
Application Rates.
(a) 3.2 kg/ton (b) 2.0
Temperature on
Samples at Two
kg/ton
Figure 35.

DUST RELEASE (%)
50
40
30
20
1 0
0 *-
50
AGTSP, 3.2kg/ton, NW6889
â–¡ 5 Hours
£24 Hours
55 60 65
FERTILIZER TEMPERATURE (°C)
Effect of the Fertilizer Temperature on
the Dust Release of. G-TSP S amp les Coated
with NW6889 after Five Hour and Twenty-
Four Hour Heating Times.
Figure 36.

DUST RELEASE (%) DUST RELEASE (%)
138
Figure 37. Effect of Fertilizer Temperatur
Release for Various Fertilizers
Five Hours of Heating (a) NW688
NW6364LA.
e on Dust
after
9 (b)

Temperature ( C) Temperature ( C) Temperature

140
It is therefore obvious that both NW6889 and NW6364LA are capable of
being extremely effective dust suppressants, even with elevated
fertilizer temperatures, in specific situations. The above results with
heated fertilizer are of the same order of magnitude as that obtained
with NW6364LA in full scale field tests and suggest that the time-
temperature effect was a factor in the field tests. For GTSP samples,
the same coating agent performed very well at low fertilizer temperatures
but not at higher temperatures, all other parameters being the same.
Tests were conducted to determine if the petrolatum wax coatings
could be lost by vaporization due to exposure to elevated substrate
temperatures. Two sets of 5 strips of aluminum foil, spray coated with
NW6889 and NW6364LA were preweighed and placed in a convection oven
(Fisher Isotemp Oven Model #106G) set at 65°C for 5 hours and then
reweighed. No significant weight loss was detected (Table 35) suggesting
that the wax must still be on the fertilizer and could not have vaporized
during heating. Since the performance does decrease with GTSP the
coating is clearly not at a location where it would do the most good viz.
on the granule surface. Therefore the coating must be penetrating into
the granule interior leaving less on the surface and consequently
decreasing the ability of the film to suppress dust.
Throughout the full scale field tests and the laboratory tests just
discussed, it was observed that the coated AGTSP samples appeared a lot
lighter in color after heating when compared with unheated samples. This
suggested that absorption within the granule interior was occurring.
Now, the melting temperatures for NW6889 and NW6364LA were about 74°C and
52°C, respectively and both petrolatum waxes exhibited decreased
performance at or below these temperatures. Therefore, the melting

141
TABLE 35
Effect of Temperature on Thin Films of Petrolatum Waxes
Sample Wt. of Coating
Wt. of Coating
Weight
I.D. Before Heating
After Heating
Loss
(mg)
(mg)
(%)
NU6889 NW6364LA
NW6889 NW6364LA
NW6889 NW6364LA
1
34.86
27.68
34.82
27.85
0.11
—
2
23-22
39.68
23.30
39.59
—
0.23
3
23-84
23.60
24.01
23.55
—
0.21
4
32.16
30.92
32.21
30.90
—
0.06
5
25.62
28.64
25.62
28.75
0.00
—
NOTE:
Heated in 65°C convection oven for 5 hours.

142
temperatures are clearly not the primary factors. The corresponding
congealing points were 68°C and 29°C (minimum), respectively with the
softening points being a few degrees lower. Therefore, the petrolatum
waxes could become soft enough to flow i.e., be absorbed through
capillary effects, at temperatures much lower than the melting
temperature and these temperatures were attained both in the full scale
field tests and the subsequent laboratory evaluation. To further
evaluate this, uncoated granules of AGTSP were placed on a piece of
aluminum foil spray coated with the petrolatum waxes. These samples were
then placed in a convection oven set at the appropriate temperature near
the softening point of each petrolatum wax. Significant wax pickup was
observed. Photographs of granules show evidence of significant
petrolatum wax pickup after about 30 minutes at 65°C. When these
granules were placed in an oven set at 65°C for about 5 hours significant
loss of color contrast was observed (Figure 39) again suggesting that
absorption was the cause. This same technique could not be used with MAP
because of the dark color of the uncoated MAP granules. Since both the
petrolatum waxes were naturally fluorescent an effort was made to detect
granule penetration by looking at granule cross-sections under a
fluorescent microscope but because of the small quantities of wax used
(0.2 % to 0.3 % by weight) the fluorescence could not be detected.
The cross-sectional view of AGTSP and GAMAP (Figure 40) shows the
differences in structure. Experiments have shown that at identically
elevated temperatures there is a distinct difference in performance for
AGTSP and GAMAP. Therefore there must be a structural difference between
the two fertilizers viz. porosity. Differences in porosity could account
for the loss in performance with AGTSP and the unchanged performance with

143
(a)
(b)
Figure 39. Photographs of GTSP Granules Showing Evidence
of Petrolatum Wax Absorption. (a) NW6889
(b) NW6364LA (Left -- heated; Center -- unhe¬
ated & uncoated; Right — unheated)

144
Figure 40.
Photographs of Fertilizer Granule
Cross-sections. (a) GTSP (b) MAP

145
GAMAP. Results of tests using the BET technique (Quantachrome Autosorb
6) shown in Table 36 clearly indicate the significant difference in pore
volume and average pore diameter for GAMAP and the 3 GTSP samples with
the GTSP samples having larger pore volumes and pore diameters. For 5-kg
samples of IGTSP, GAGTSP, AGTSP and GAMAP the total pore volume would be
*
20 cm3, 49.5 cm3, 20.5 cm3 an(j 1.15 cm3, respectively. The volume of 16
grams of coating (application rate of 3.2 kg/ton) is about 20 cm3.
Therefore, a significant portion of the coating could be absorbed into
the GTSP granules while very little would be lost within the MAP granule.
Granule porosity could, therefore, be the major factor in performance
degradation of coatings with GTSP samples.
A lead tag was applied to NW6889 by dissolving about 3 grams of lead
oxide in 15 ml of oleic acid heated to about 80°C and then mixed
thoroughly with 85 ml of melted NW6889. The process of dissolving lead
oxide in oleic acid forms lead oleate, a metallic soap. This is a waxy
solid at ambient temperature and is soluble in waxes. Granules of AGTSP
and GAMAP were dipped in the melt and then placed in a convection oven
set at 65°C for 5 hours. After cooling, these granules were cleaved with
a .sharp blade and then mounted on a graphite mount and carbon coated for
analysis with a scanning electron microscope (JEOL Model 35C) equipped
with an X-ray detector. Because of the small quantities of petrolatum
wax and the even smaller quantities of lead, only a small energy range in
the region of lead was scanned so that the wave form could be enhanced.
The granule interior and surface near the fracture edge was studied and
areas scanned were about 20 um x 30 urn and not more than 100 urn from the
fracture edge. With GAMAP lead was detected on the granule surface, but
none was detected in the granule interior for the dipped and heated

146
TABLE 36
Porosity of Fertilizer Q~anules
Sample
lype
Average
Pore Diameter
(A)
Pore
Volume
(cm3/g)
AGTSP
434
0.00406
GAGTSP
555
0.00990
IGTSP
554
0.00399
GAMAP
71
0.00023
NOTE: AGTSP, GAGTSP and IGTSP are
GTSP samples from three
manufacturers.

147
samples. With AGTSP samples treated the same way no lead was detected
either on the granule surface or the interior. Because of the small
quantity of lead present, wax penetration would distribute the wax
throughout the pores thus diluting the lead concentration even further,
making it harder to detect. Samples prepared by using the regular spray
coating technique also exhibited this response, with lead being detected
on the unheated AGTSP surface but not on the heated AGTSP surface (Figure
41) and with GAMAP lead was detected on the surface of both heated and
unheated samples (Figure 42). This observation confirmed the penetration
phenomenon.
Therefore, an improper match of fertilizer and coating agent
resulted in lower levels of dust suppression than expected. For GTSP and
DAP, lower fertilizer temperatures would result in better dust
suppression effectiveness with the petrolatum waxes used in the full
scale field tests. Both the petrolatum waxes would work with GAMAP.
General Criteria For The Selection Of Dust Suppressants
A large variety of coating agents have been used to serve many
different purposes. The coating agents used have included waste
petroleum oils, surfactants, resins, inorganic acids, polymers, clays,
diatomaceous earth and many others. The primary goals in using coating
agents on fertilizers have been to reduce caking tendencies, reduce dust
emissions, improve granule strength and provide timed release
characteristics.
In order to be an effective dust suppressant any coating should have
certain qualities which will ensure success. But, it is possible that no
coating agent would possess all the required positive qualities. A

148
b)
Figure 41. Elemental Spectral Analysis of GTSP Granules
Coated with NW6889 tagged with lead (a).
Interior of Heated Granule (b). Surface of
Heated Granule (c). Surface of Unheated
Granule.

149
Figure 42. Elemental Spectral Analysis of MAP Granules
Coated with NW6889 tagged with lead (a).
Interior of Heated Granule (b). Surface of
Heated Granule (c). Surface of Unheated
Granule.

150
knowledge of good coating qualities would however, enhance the chances of
successfully finding an appropriate coating.
The most important requirement of any dust control agent is that it
provide a significant reduction in dust emissions. In this work a 90 %
reduction level has been chosen as a minimum requirement. In addition,
the dust suppressant should retain its effectiveness with age. The dust
control agent must not adversely affect the handling characteristics of
the granulated fertilizer, must not be toxic or flammable and must
provide the greatest benefit for the least cost. Finally, since the dust
release process is a surface phenomenon whereby dust is released by
breakage of surface crystal growth or by release of fine dust adhered to
the granule surface, the coating must remain where it will do most good
viz., on the granule surface.
During the course of this project waxes, oils and other
miscellaneous coating agents were evaluated. Of these only some of the
waxes were found to satisfy all the requirements discussed above. Oils
and other liquid coating agents were found to have variable dust control
effectiveness values. Some worked well on DAP but not on GTSP while
others did not work well at all. This was due to the porosity of the
fertilizer granules and the consequent capillary forces acting on surface
coatings thus drawing the coating into the granule interior in the manner
of a sponge.
Waxes may be classified in accordance with their origin as mineral,
vegetable, animal, insect, synthetic, compounded and so on. The waxes
evaluated have included montan wax, paraffin wax, microcrystalline wax
and petrolatum waxes, all of which are of mineral origin. Candellila wax
and carnauba wax were also evaluated and these are of vegetable origin.

151
Waxes, like other natural products, vary within certain limits
because of their place of origin, climatic conditions, methods of
collection, handling, storage and shipping, age, exposure, impurities and
many other factors. In addition, these waxes are usually made up of a
number of distinct chemical fractions which result in the wax not having
sharply defined properties (Bennett, 1975).
All coating agents used, including the waxes, were applied by using
pneumatic spray nozzles. Waxes can be applied to the substrate in two
forms. First, they can be dissolved in a volatile solvent which plays no
part in the final coating and only serves as a means of transferring the
non-volatile solute to the substrate. Secondly, they can also be heated
to a temperature beyond their melting temperature so that the melt can
then be sprayed. For this particular application the first approach
would not be economically feasible and would result in very high volatile
organic emissions. Therefore, the second approach was the one of choice.
Since the wax is sprayed, there are some practical aspects which
must be addressed. Because no liquifying agents or solvents are used,
particular attention must be paid to the coating agents’ viscosity and
melting temperature. Both these factors strongly influence the flow and
spray behavior of the waxes. Waxes with high melting temperatures
require correspondingly high heating rates to keep them in a fluid state,
require grater care in handling and are generally more difficult to
spray. Viscosity affects the degree of penetration of the wax into the
substrate. It also governs the ease with which the melt can be sprayed
and thus strongly influences the choice of wax. Viscosity in the molten
state generally decreases with increasing temperatures, but excessive

152
temperatures can lead to physical and chemical changes in the waxes which
can be detrimental to their utility.
On the other hand, the blocking characteristics of a coating agent
must also be considered. Blocking refers to the fusion of the coatings
present on separate substrate granules and can lead to agglomeration of
granules which, in turn, causes the bulk product to lose its free-flowing
condition. Storage conditions, principally temperature, pressure and
time, influence the blocking tendencies and as any of these three factors
increases so does the tendency to block. Blocking tendencies are also
significantly affected by three principal wax properties viz., melting
point, oil content and ductility. In general, coatings with high oil
contents have low melting temperatures and form more ductile films which
do not shrink appreciably and deform without fracture. However, high oil
content and low melting temperatures increase blocking tendencies and
tend to accelerate aging effects on dust suppression effectiveness.
Extreme film ductility is also not desirable because the film formed
would be either too brittle or too deformable.
The temperature of the substrate material can affect the dust
suppression effectiveness of the waxes. The higher the substrate
temperature the greater the penetration of the wax into the substrate.
Excessive penetration takes a significant fraction of the wax away from
the substrate surface, where it is most required. Other factors which
must be considered, where appropriate, are the odor, flash point,
volatility and toxicity of the coating agent. Coating agents with low
flash points should be avoided because of the potential fire hazard while
a high volatility can adversely affect the dust emission versus age
profile. Finally, cost and availability are probably the most important

153
considerations in making a final decision about a suitable dust control
agent.
It is evident that the waxes are complex in nature and that their
properties are not sharply defined. Results of extensive testing show
that no strong correlation exists between physical properties and dust
suppression effectiveness. As a result, it is not possible to arrive at
specific guidelines for the selection of waxes for specific fugitive dust
suppression effectiveness values. But, based on the earlier discussion
of effectiveness and handling requirements, some general guidelines in
the form of a range of values of selected physical properties will, most
likely, be applicable. The appropriate range of values of the selected
parameters are as follows:
1. Melting temperature - 65°C to 95°C
2. Viscosity at 100°C - 70 SUS to 120 SUS
3. Oil Content - 5 % to 20 %
Keeping in mind the earlier discussion, it is important to select a
coating agent which is neither too ductile nor too brittle and subject to
shrinkage. Petrolatum waxes based on these general criteria have been
successfully used during the course of this project and are not expected
to significantly affect the solubility and release characteristics of
coated fertilizers (Slack, 1968). These criteria can be used to narrow
the choices so that extensive evaluations may be avoided.

CHAPTER V
SUMMARY AND CONCLUSIONS
A vertical flow dust chamber (VFDC) was thoroughly characterized and
a standard operating procedure was established. Calibration of the VFDC
with monodisperse, solid aerosols has shown that the upper particle
penetration limit was about 100 um and the 50 % cut size was 40 um. This
was similar to the collection characteristics of the standard method for
ambient air sampling of total suspended particulate matter (TSP).
Extensive use of the VFDC established that the technique was capable
of providing extremely reproducible results. From tests with fertilizer
samples it was determined that a deviation of less than 5 % from average
emission factor values could be easily attained. This fact was used to
screen fertilizers from many sources and to monitor the variation in
product dustiness with time for product from a single source.
The fertilizer samples used during the course of this project have
had a mean granule size between 2.0 mm and 2.5 mm and the size
distribution was quite narrow. The granule hardness was found to
increase with increasing granule size and, in general, MAP granules were
harder than GTSP and DAP granules.
Tests were conducted to show that granule fracture was not a
significant mode of dust release for granular fertilizers. However, with
sulfur the dust release was shown to be accompanied by significant
fracture and generation of fines. The latter mode of dust release has
been observed with coal, char particles and detergent powders in other
154

155
studies. The generation of dust was due to abrasion of surface dust,
dislodgement of adhered dust due to impact forces and breakage of surface
crystal growths.
The performance of oils was found to improve with increasing
kinematic viscosity and aniline point but long term performance was still
inadequate with GTSP. Petrolatum waxes were found to be excellent dust
suppressants regardless of substrate material and were found to be
capable of continued long term effectiveness. Based on laboratory tests
an intermediate scale field test (ISFT) setup was designed and used to
evaluate the performance of petrolatum waxes on a larger scale. Results
were very similar to those obtained in the laboratory scale tests.
Full scale field tests (FSFT) were conducted at a GTSP shipping
facility handling material at a nominal process rate of 250 tons/hour.
Tests conducted with two petrolatum waxes did not produce the same kind
of effectiveness as had been produced during small scale tests. It was
determined that this was caused by an unanticipated set of circumstances
viz., high fertilizer temperatures, slow heat loss during transport and
low petrolatum wax melting temperatures.
Further evaluations in the laboratory showed that the petrolatum
waxes spread quite easily by the process of mixing and the initial
distribution of the petrolatum wax was not a significant factor as long
as sufficient mixing was provided afterwards. The results obtained in
the FSFT were duplicated in the laboratory and it was found that better
performance could be obtained by using a petrolatum wax with a higher
melting temperature. In addition, it was found that both high-melting
and low-melting waxes performed extremely well when applied on MAP
samples at temperatures upto 65°C. It was apparent that a number of

156
factors were involved in determining effectiveness including fertilizer
temperature, fertilizer cooling rate, coating aging time, petrolatum wax
softening point and, most importantly, fertilizer porosity. A number of
techniques were used to show that the loss in performance was due to
absorption of the coating agent into the interior of granules. It was
also shown that the coated fertilizers which showed poor performance had
enough pore volume to absorb the coating agent.
Based on the above results it was concluded that the selection of
coating agent must take into consideration process variables like
fertilizer temperature and granulation technique. Other factors include
melting temperature, viscosity and oil content of the petrolatum wax.
From evaluations of other natural waxes it was also concluded that
shrinkage and ductility of the waxes must also be considered in the final
selection of a number of possible candidates.
The petrolatum waxes were found to be capable of extremely high dust
suppression effectiveness at a cost comparable with the oils currently
used with the added advantage of being more aesthetically pleasing, very
clean and easy to spray and odorless. The performance observed in field
use could have been significantly improved by selecting a more suitable
petrolatum wax, one with a higher melting temperature, or by applying the
petrolatum at a point in the process where the fertilizer temperature was
better controlled at a lower level. If these conditions are met the
petrolatum waxes are capable of reducing dust emissions from handling by
about 90 % and retaining this performance in the long term.

APPENDIX
This Appendix contains a partial list of patents relating to coating
agents used with fertilizers for the purpose of reducing caking and
dustiness.
1. Adams, B.E., W.H. Lawhon, and B.C. Philips, "Fertilizer Granules,"
U.S. Patent 3630713, December 28, 1971.
(Coating Agent — Vegetable Oils/High Wax Oil, Cement and Salt)
2. Arend, K.H., V. Schmide, K.C. Traenckner, K.F. Weitendorf and G.
Langhans , "Fertilizer with Dust-free, Nonagglomerating, and Good
Storage Properties," German Patent 2018623, November 11, 1971.
(Coating Agent — Polymer and Amine)
3. Cook, L.H. and S. Atkin, "Coating Fertilizer Granules," U.S. Patent
3477842, November 11, 1969.
(Coating Agent — Urea and Formaldehyde Reaction Product)
4. Giesicke, H.J., "Dustless Granulated Mineral Fertilizer," German
Patent 2003862, August 12, 1971.
(Coating Agent — Water Soluble Resin)
5. Goodale, C.D. and J.A. Frump, "Process for Improving Storability and
Controlling Release of Fertilizers by Coating with Inorganic Salts,"
U.S. Patent 3419379, December 31, 1968.
(Coating Agent — Concentrated Acids)
6. Jack, J., J. Drake, D.C. Thompson and F.J. Harris, "Noncaking
Fertilizer Compositions," German Patent 1767304, September 16, 1971.
(Coating Agent — Mineral Oil and Silane)
7. Jones, J.C. and G.C. Price, "Coating Fertilizer Granules with
Silicones and Fuel Oil," British Patent 1161609, August 13, 1969.
(Coating Agent — Fuel Oil and Silicones)
8. Lueth, G. and R. Zink , "Polyolefin Coating to Prevent Dusting or
Caking of Fertilizers," German Patent 1905834, September 3, 1970.
(Coating Agent — Polyethylene Wax and Surfactant)
9. Robins, P.J. and P. Hayler , "Compositions for Coating Granular
Fertilizers," German Patent 2120385, November 11, 1971.
(Coating Agent — Waxy Substance and Amine)
157

158
10. Sarr ad e-Lo uc he ur , J., "Coatings Preventing Dust Formation on
Fertilizer Granules," German Patent 2037647, February 11, 1971.
(Coating Agent — Gums, Gelatins and Amines)
11. Schmidt, V., K.H. Arend, K.F. Weitendorf, K.C. Traenchner and F.
Langhans, "Nondusting and Nonclumping Mineral Fertilizers," German
Patent 1947874, May 13, 1971.
(Coating Agent — Polymer, Wax and Amine)
12. Kistler, J.P. and M. Guinot, "Anticaking Compositions," U.S. Patent
4185988, January 29 1980.
(Coating Agent — Mineral Oil and Surfactant)
13- Tsekhanskay, Y.V., "Preventing the Caking of Ammonium Nitrate," USSR
Patent 618363, August 5, 1978.
(Coating Agent — Silicones)
14. Koch, H.K. and W. Rupilius, "Fertilizer Compositions Carrying an
Aminoalkanol as Anticaking Agent," U.S. Patent 4105430, August 8,
1978.
(Coating Agent — Fatty Aminoalkanol)
15. Pas, M.D. and I. Johnston, "Coating Particulate Fertilizers," British
Patent 1527597, October 4, 1978.
(Coating Agent — Liquid Paraffin, Surfactant and Polymer)
16. Bennett, F.W. and R.S. Nunn, "Coating Fertilizers," British Patent
1470652, April 21, 1977.
(Coating Agent — Polyolefin Wax, Surfactant and Water)
17. Knorre, H. and J. Fischer, "Anticaking Composition for Inorganic
Salts," German Patent 2456433, June 10, 1976.
(Coating Agent — Metal Oxide, Ferrocyanide and Hydrophobic Agent)
18. Kistler, J.P. and M. Guinot, "Fertilizer Conditioner," German Patent
2664522, April 14, 1977.
(Coating Agent -- Sodium Salt of Alkylaryl Sulfonic Acid and
Paraffinic Mineral Oil)
19. Bennett, F.W. and R.J. Nunn, "Coating Particles," British Patent
1462181, January 19, 1977.
(Coating Agent — Polyolefin Wax, Surfactant and Water)
20. Takashima, H. and F. Yamada, "Urea Fertilizer Coating," Japan Patent
75129362, October 13, 1975.
(Coating Agent — Reaction Product of Organic Isocyanate and Ammonia)
21. Steinmetz, W.E., "Prevention of Caking of Potassium Bisulfate," U.S.
Patent 3936392, February 3, 1976.
(Coating Agent — Ground Phosphate Rock)

159
22. Seymour, J.E., "Reducing Dust Emissions from Granular Fertilizers,"
Canadian Patent 980596, December 30, 1975.
(Coating Agent — Ammonium Orthophosphate/Ammonium Polyphosphate)
23. Kahane, L., "Anticaking Composition for Powdered or Granular
Fertilizers," German Patent 2550122, May 13, 1976.
(Coating Agent — Filler, Fatty Alcohol and Amine)
24. Manabe, N. and T. Komaki, "Prevention of Moisture Absorption and
Conglomeration of Fertilizers," Japan Patent 7405837* February 9,
1974.
(Coating Agent — Salts of Tetrafluoropropionic Acid)
25. Imafuku, K., "Inhibiting Solidification of Powdered Products," Japan
Patent 7452187, May 21, 1974.
(Coating Agent —Dehydrated Ettringate).
26. Woerther, C.J.,"Process for Preparing Slow Release Fertilizer
Compositions," U.S. Patent 3096171, July 2, 1 963.
(Coating Agent — Plant-derived Wax)
27. Zaayenga, R., "Coated Fertilizer Compositions," U.S. Patent 31 92031,
June 29, 1965.
(Coating Agent — Diatomaceous Earth and Paraffin Wax)

REFERENCES
American Conference of Governmental Industrial Hygienists. 1977.
Threshold Limit Values for Chemical Substances and Physical Agents
in the Workroom Environment. Cincinnati, Ohio: ACGIH.
Association of Florida Phosphate Chemists. 1980. Methods Used and
Adopted by the Association of Florida Phosphate Chemists. Bartow,
Florida: AFPC.
American Society for Testing Materials. 1975. Annual Book of ASTM
Standards. Philadelphia, Pennsylvania: ASTM.
Achorn, F.P. and H.L. Balay. 1974. Controlling in-plant dust in
fertilizer plants. In Proceedings of the 24th Annual Meeting of the
Fertilizer Industry Round Table, Washington, D.C. pp. 76-96.
Arastoopour, H. and C. Chen. 1983. Attrition of char agglomerates.
Powder Technology. 36: 99-106.
Bennett, H. 1975. Industrial Waxes, Volume II. New York, New York:
Chemical Publishing Company, Inc.
Bookey, J.B. and B. Raistrick. 1960. Caking of the mixed fertilizers.
In Chemistry and Technology of Fertilizers. V. Sauchelli, ed. New
York, New York: Reinhold Publishing Corporation, pp. 454-479.
Carnes, D. and D.C. Drehmel. 1981. The control of fugitive emissions
using windscreens. I_n Proceedings of the Third Symposium on the
Transfer and Utilization of Particulate Control Technology, Vol. 4.
F.P. Venditti, J.A. Armstrong and M.D. Durham, eds. Research
Triangle Park, North Carolina: U.S. Environmental Protection Agency,
pp. 135-145.
Cheng, L. 1973. Formation of airborne-respirable dust at belt conveyor
transfer points. American Industrial Hygiene Association Journal.
34: 540-546.
Cooper, D.W. and M. Horowitz. 1986. Exposures from indoor powder
releases: Models and experiments. American Industrial Hygiene
Association Journal. 47(4): 214-218.
Corn, M. 1961. The adhesion of solid particles to solid surfaces, II.
Journal of the Air Pollution Control Association. 11(12): 566-584.
160

161
Corn, M. and F. Stein. 1965. Re-entrainment of particles from a plane
surface. American Industrial Hygiene Association Journal. 26: 325-
336.
Cowherd, C., Jr., K. Axetell, Jr., C.M. Guenther and J.A. Jutze. 1974.
Development of emission factors for fugitive dust sources. U.S.
Environmental Protection Agency. EPA-450/3-74-037.
Cuscino, T., G. Muleski and C. Cowherd, Jr. 1983. Iron and Steel plant
open source fugitive emission control evaluation. U.S.
Environmental Protection Agency. EPA-600/2-83-110.
Environmental Protection Agency. 1976. Compilation of air pollutant
emission factors. U.S. Environmental Protection Agency. AP 42.
Frick, J.O. 1977. Petroleum based DCA’s to control fugitive dust. I_n
Proceedings of the 27â„¢ Annual Meeting of the Fertilizer Industry
Round Table, Washington, D.C. pp. 94-96.
Goodwin, P.J. and C.M. Ramos. 1987. Degradation of sized coal at
transfer points. Bulk Solids Handling. 7(4): 517-534.
Hammond, C.M., N.R. Heriot, R.W. Higman, A.M. Spivey, J.H. Vincent and
A.B. Wells. 1985. Dustiness Estimation Methods for Dry Materials
Part 1, Their Uses and Standardization and Part 2, Towards a
Standard Method. London, England: British Occupational Hygiene
Society.
Hesketh, H.E. and F.L. Cross. 1983. Fugitive Emissions and Controls.
Ann Arbor, Michigan: Ann Arbor Science.
Higman, R.W., C. Schofield and M. Taylor. 1983. Bulk material
dustiness, an important material property—Its measurement and
control. Presented at the 4^ International Environment and Safety
Conference, London, England.
Hoffmeister, G. 1979. Physical Properties of Fertilizers and Methods
for Measuring Them. Muscle Shoals, Alabama: National Fertilizer
Development Center.
Jager, L. and P. Hegner. 1985. Physico-mechanical properties of
fertilizers. Fertilizer Technology. 1(2): 191-221.
Jutze, G.A., J.M. Zoller, T.A. Jansen, R.S. Amick, C.E. Zimmer and R.W.
Gerstle. 1977. Technical guidance for control of industrial
process fugitive particulate emissions. U.S. Environmental
Protection Agency. EPA-450/3-77-010.
Kenson, R.E. and P.T. Bartlett. 1976. Technical manual for measurement
of fugitive emissions: Roof monitor sampling method for industrial
fugitive emissions. U.S. Environmental Protection Agency. EPA-
600/2-76-089b.

162
Ketkar, A.B. and D.V. Keller, Jr. 1975. Adhesion of micron-sized
limestone particles to a massive coal substrate. Journal of
Adhesion. 7: 235-251.
Kjohl, 0. 1976. Product quality requirements in bulk shipment of
fertilizers. Iji Proceedings of the International Superphosphate
Manufacturers' Association Technical Conference, The Hague,
Netherlands. pp. 144-165.
Knight, P.C. and J. Bridgewater. 1985. Comparison of Methods for
assessing powder attrition. Powder Technology. 44: 99-102.
Kolnsberg, H.J. 1976. Technical manual for measurement of fugitive
emissions: Upwind/downwind sampling method for industrial emissions.
U.S. Environmental Protection Agency. EPA-600/2-76-089a.
Kolnsberg, H.J., P.W. Kalika, R.E. Kenson and W.A. Marrone. 1976.
Technical manual for measurement of fugitive emissions: Quasi-stack
sampling method for industrial fugitive emissions. U.S.
Environmental Protection Agency. EPA-600/2-76-089c.
Larsen, R.I. 1958. The adhesion and removal of particles attached to
air filter surfaces. American Industrial Hygiene Association
Journal. 19: 265-270.
Lundgren, D.A. and H.J. Paulus. 1975. The mass distribution of large
atmospheric particles. Journal of the Air Pollution Control
Association. 25: 12-27.
Midwest Research Institute. 1977. A study of fugitive emissions from
metallurgical processes. U.S. Environmental Protection Agency.
Contract Number 68-02-2120.
Nakai, M., Y. Ichikawa and K. Sada. 1986. Coal particle dispersion
monitoring system. Atmospheric Environment. 20(10): 1891-1895.
PEDC0 Environmental, Inc. 1976. Evaluation of fugitive dust emissions
from mining. U.S. Environmental Protection Agency. Contract Number
68-02-1321.
Robson, C.D. and K.E. Foster. 1962. Evaluation of air particulate
sampling equipment. American Industrial Hygiene Association
Journal. 23: 404-410.
Sarbaev, A.N. and M.A. Lavkovskaya. 1978. Conditioning additives to
improve the properties of complex fertilizers. The Soviet Chemical
Industry. 10(9): 755-756.
Schofield, C., H.M. Sutton and K.A.N. Waters. 1979. The generation of
dust by material handling operations. Powder and Bulk Solids
Technology. 3(1): 40-44.

163
Slack, A.V. 1968. Fertilizer Developments and Trends. Park Ridge,
Illinois: Noyes Development Corporation.
Stone, W. 1930. Some Phenomena of the Contact of Solids. Philosophy
Magazine. 9: 610-620.
Sutter, S.L. and M.A. Halverson. 1984. Aerosols generated by accidents:
Pressurized liquid release experiments. American Industrial Hygiene
Association Journal. 45(4): 227-230.
Sutter, S.L., J.W. Johnston and J. Mishima. 1982. Investigation of
accident-generated aerosols: Releases from free fall spills.
American Industrial Hygiene Association Journal. 43(7): 540-543.
Van Den Tempel, M. 1972. Interaction forces between condensed bodies in
contact. Advances in Colloid and Interface Science. 3: 137-159.
Vanderpool, R.W. 1983. Calibration of the Wide-Range Aerosol Classifier
Impactors. M.E. Thesis, University of Florida.
Wedding, J.B., A.R. McFarland and J.E. Cernak. 1977. Large particle
collection characteristics of ambient aerosol samplers.
Environmental Science and Technology. 11: 387-390.
Wells, A.B. and D.J. Alexander. 1978. A method for estimating the dust
yield of powders. Powder Technology. 19: 271-277.

BIOGRAPHICAL SKETCH
Cumbum N. Rangaraj was born October 11, 1955, in Calcutta, India,
and attended local schools until completion of high school in 1971. He
received a Bachelor of Engineering (Honors) degree in mechanical
engineering from the Birla Institute of Technology and Science, Pilani,
India, in 1977. He then received a Master of Engineering degree,
majoring in air resources management, from the University of Florida,
Gainesville, Florida, in 1980.
After working for 3 years as an environmental engineer he returned
to the University of Florida to pursue a course of study leading to a
Doctor of Philosophy degree, majoring in air resources management.
164

I certify that I have read this study and that in my opinion it
conforms to acceptable standards of scholarly presentation and is fully
adequate, in scope and quality, as a dissertation for the, degree of
Doctor of Philosophy.
Dale A. Lundgren,^6hairman
Professor of Environmental
Engineering Sciences
I certify that I have read this study and that in my opinion it
conforms to acceptable standards of scholarly presentation and is fully
adequate, in scope and quality, as a dissertation for the degree of
Doctor of Philosophy.
Eric R. Allen
Professor of Environmental
Engineering Sciences
I certify that I have read this study and that in my opinion it
conforms to acceptable standards of scholarly presentation and is fully
adequate, in scope and quality, as a dissertation for the degree of
Doctor of Philosophy.
C
Wayne C'A Huber
Professor of Environmental
Engineering Sciences
I certify that I have read this study and that in my opinion it
conforms to acceptable standards of scholarly presentation and is fully
adequate, in scope and quality, as a dissertation for the degree of
Doctor of Philosophy.
Brijifl. Moudgil
Professor of Materials
Science and Engineering
I certify that I have read this study and that in my opinion it
conforms to acceptable standards of scholarly presentation and is fully
adequate, in scope and quality, as a dissertation for the degree of
Doctor of Philosophy.
Charles L. Proctor, II
Associate Professor of
Mechanical Engineering

This dissertation was submitted to the Graduate Faculty of the College of
Engineering and to the Graduate School and was accepted as partial
fufillment of the requirements for the degree of Doctor of Philosophy.
April 1988
/Uü.J-Q..
Dean, College of Engineering
Dean, Graduate School

UNIVERSITY OF FLORIDA
â– i mi
3 1262 08556 8052



UNIVERSITY OF FLORIDA
i ISM *imimi
3 1262 08556 8052