Show Latest Cut in Lead Zinc Prices Deals Another Blow to Mining I Reductions In tb the tho prices of ot both lead cad and nd line LinO Dee 13 dealt a at heavy bt blow w to already downtrodden den western producers of ot the tho me mo tale Some Som predicted increasing losses lossos los tos sos ses and reductions In work forces for the d depressed Industry Lead prices price were shaved a full cent dropping from 12 to 11 cents tents a pound while the tho price of ot zinc line was cut from 13 cents cent to 12 cents a pound The combined price of ot the metals metals me me- Is now 23 cents a pound Traditionally the com combined Ib I nod price of lead and zinc IIno should be beabout beabout beabout about equal to the price of ot copper CO Copper per on a t major producer level is now selling for about 30 0 cents a pound The Tho Tuesday were Initiated by a leading custom lead and zinc smelter But Dut others In Inthe Inthe inthe the trade Immediately followed ved suit A A. direct factor was the tho resumption resumption tion lion of ot operations at midwestern mines of Now New Jersey Zinc Co which had been strike strIkebound How trow However ever over lead prices have been soft sott for tor several months and the tho low operating rate In the steel Industry industry industry indus indus- try has hils affected zinc quotations Only a basic Improvement Inthe in inthe inthe the general economy along with expanded total market for tor the metals plus adequate import protection protection protection pro pro- would seem to dictate a turn around from the present low level tevel of ot lead and zinc prices Emphasizes Desperate Plight Zinc prices were raised one halt cent a pound Jan 8 1960 while lead prices were cut one half cent centa a II pound In Inthe the final week of Ot Dec Dec- ember ember of of last year Miles Milas P. P Romney manager of ot the Utah Mining Asan said that price reductions Tuesday emphasize size the desperate plight of the domestic producer of lead and zinc S. S 1 K Droubay vice president and general manager of United Park City Mines Co Park City producer of leads lead eUver lver said eald the price cut announced Tuesday by ay the smelters would cost roughly about a month at a a. a time when United Park Parle which has lost money every quarter for several years was just beginning to get our head above water by virtue of ot development of ot some higher grade ore Mr Droubay said Mr Droubay predicted stringent stringent string string- ent economy moves for his firm Including possible reduction In work force torce among the miners still employed by the company But I dont don't know how far you youcan youcan youcan can go on economy Weve We've been on an economy diet for or years he commented Shocked by Christmas Present Similarly Gale Hansen Hanson general genral superintendent for the New Park Mining Co another Park City producer expressed shock at this Christmas present He estimated the tho price cuts would cost coat New Park about a ton on oa ore produced and that over-all over the reductions would come to about 1000 monthly for I I I I I the he company This happens at a time when we were were just g getting a higher grad jrade ore orf body hody into production following sacrifices s of of the last several years Mr Hansen aldA said ald A spokesman for for tor the Tooele smelter of International Smelting Refining Co said there would be e no immediate effect on OD operations opera opera- ions at that facility The rhe smelter has ms a large stockpile of ot concentrates concentrates concen concen- created as a result of a astrike astrike astrike strike at the plant In 1959 he lie explained However the reduced prices of ot the he metals ultimately will cut production pro pro- of f ore In n the area This In n turn will deny the e smelter ami am pie ile supplies 8 o of c concentrates In Inthe Inthe the he past 8 several veral years years the smelter has baa front from time to time been shut shutdown shutdown shutdown down ur lJ Il sufficient supplies of con concentrates 8 were accumulated for tor economic metal production Severe Severo ff ct Effect o on Company Oscar Glacier Glaeser vice president and general geal manager of western operations at Salt alt Lake Jake City for United States Smelting Refining 1 4 Mining Co was waa in Boston Maw headquarters e of that firm and un unavailable VAU bl tor So for comment another spokesman for tor the Uie c company which has baa major production J q pj f l lead d and zinc Ino In Ja t the e Lark Lark-Dl Lark M im district t described the ita as aa having baying a very severe effe eer on the mining corn com pany IW 1314 al also aIO operate operates a concentrator ito a Morale le which supplies conc con concentrates to Tooele smeller E E. II JI Snyder president of Coma Com corn a u. Co had 4 tJ n C- C from a e.- e. York o 0 th Lead and Zinc Committee cur cux seeking re resolution otilla domestic domestic- miner problem through legislative Action In t the e new Co 4 gress Mr Droubay voiced what Was waa probably the united attitude Of ot tho western Industry m in this regard Wo We must all do whatever we taD Can Canto to support the committee in Ita ha legislative program ho he told The Tho Tribune Robert W. W Dern Bernick Ick Tribune Tri Fri bune buns Business Editor |