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Show 41 ' OP CITY Jr. kw't u LIBRARY r--' Z I fvie; :,. . ! METAL PRICES . Features Mining, Oil, Financial Salt Lake City, July VOL. 23, NO. 28 11, 1952 i 1 ltic Lead (per lb.) Gold (per oz.) $34.9125 242c Copper 15c Zinc (per lb.) Silver (per oz.) 82.75c new mined ' oJ -- ' One Year $2.50 ,.fV Us Huge Nevada Copper Development Pushed By Anaconda Joint Project Opens New Park City Area An experiment conducted the past 18 months by three mining companies in the Park City area, to explore possible new ore bodies, will be continued, Paul H. Hunt, vice president of Park Utah Mining Company, announced this week. The companies Park Utah, Silver King Coalition Mines Company and Daly Mining Company-reported $550,000 worth of ore had been recovered under the joint exploration project. Eastern third of the area has been worked and all indications point to the western being more productive, Mr. Hunt said. In grossing $550,000 the three companies showed a net profit of $25,000, with 60 per cent of the gross income going toward meeting labor costs. Since operations began, the venture has employed an avei age of 100 men. Mr. Hunt pointed out that the small net return would hardly make continued exploration practical, but anticipated richer lead and zinc ores is the incentive for moving into the as yet unworked portion. Should the new area yield zinc and lead ore of more value, the move stimuto In a further operation may continue for up late production of domestic to 10 years, with the possibil manganese ore, a depot has ity of an even greater number been established at Wenden, of men being employed. Ariz., to which miners and proHowever, Mr. Hunt said cerducers can ship such ore for tain factors now in the making purchase by the government, may change the picture. The Jess Larson, administrator of recent drop of 21 per cent in general services and of the de- the price of lead, from 19c to fense materials procurement 15c a pound, and the 23 per cent agency, announced today. drop in zinc, from 19 c to 15c Three other manganese dep- a pound, were serious blows to ots at Butte and Philipsburg, the continued operation of the Mont., and Deming, N. M. have venture. Lead produces bealready been set up in conjunc- tween 60 and 65 per cent of the r income from a lead-zin- c tion with tiie governments mine, domestic purchase pro- and lowered income combined gram to encourage the discov- with rising costs of operation ery, development and produc- could very well force discontintion of manganese in the United uance of the mining efforts by the three companies. States. As soon as it doesnt pay to The purchase depots are operated by the general services work the ore, Mr. Hunt said, administration for the defense its no longer ore. As a matter materials procurement agency. of fact its no better than waste Ore delivered at the Wenden rock. One of the most complicating factors in the operation depot must contain a minimum of lead and zinc mines is the of 15 per cent of managanese to be acceptable under the regula- competition of foreign production setting up the depot, and ers, said Mr. Hunt. Some foreign labor working five long tons of ore is the least that will be accepted in a single in mines equipped with the latshipment. Moreover, the ore est and most efficient machines will be purchased only from and tools, is receiving $1 or $2 miners or producers who have a day, as contrasted with the notified the government in ad- $12 to $14 a day paid Amerivance of their intention to take can miners. The important role played by labor costs in total part in the program. costs Prices to be paid or ore of American operational delivlocal under a operators places acceptable specifications ered at the Wenden depot will considerable burden. be computed on the basis of The f uture of the $2.30 per long ton unit of recovventure depends entirely erable manganese, less handling on developments in operational cost and selling price picture, and treatment costs. The actual amounts paid are Mr. Hunt declared. Empoyment determined by a number of security as well as other beneconditions as set forth in the fits coming from tax payments regulation establishing the dep- and supply purchases will likeot, copies of which will be avail- wise depend on the possibility able shortly from the GSA re- of solving the economic problems involved, he said. gional office. jointly during two-thir- Government Makes Deal To Buy Jess Larson, administrator of the defense materials procure ment Agency, announced today that the government will buy 30,000 tons of lead during the remainder of this year to assure future availability of the metal for defense and other essential purposes. New Metal Source Site Of Intensive Building Program at Anaconda are under way Copper Comgetting Operations at new Yerington, Nev., according to development panys huge information released this week by the firms board of directors. In the above photo is shown an artists gendering of the pro-- , posed plant mine is in When the open-pi- t (Week Ending July 6, 1952) ore will be BINGHAM DISTRICT, the UTAH operation, crushed and leached at this Combined Metals Reduction plant At Anacondas annual Co. 200 tons. stockholders meeting at Butte, U. S. Smelting Co. 7769 tons. Mont, Chairman Cornelius F. Utah Copper (Kenjnecott) cars daily average. Kelley, in discussing Yerington, 1050 said Anaconda acquired and (Courtesy J. A. Hogle & Co.) explored the Yerington ore body during the early 1940s. Development and equipment of the property was deferred until the emergency Oil present national mine. of the operation justified The property is located in NEW YORK, NY. St. JoapproxiNevada, Lyon County, seph Lead Company trusees mately 80 miles southeast of have approved entering into a Reno. It has been demonstrated that the ore body contains contract to drill 15 exploratory approximately 35 million tons oil wells in eight states. St. Joseph plans to enter into of copper oxide ore having an cent. 0.97 of contract with Continental Oil a per average grade Underneath this lies an ore Co. to drill 11 exploratory oil body which is estimated to con- wells six in west Texas, one tain at least 15 million tons of in southern Louisiana, one in copper sulphide ore, but this is northern Louisiana, one in Calinot being considered in the fornia, one in Oklahoma and one in Montana. present project. The principal features of the The firm also proposed to enare mine ter into a drilling contract vth Yerington Project preparation, preliminary strip- Zephyr Drilling Co. to drill of inte- three exploratory oil wells ping and construction fa- two in Wyoming and one in n grated Colorado. townsite a cilities, together with be St Joseph also proposes to and housing. Copper will in one exploratory well on a iron on drill scrap precipitated plot in southern Illithe Yerington plant and the re- 6000-acrsulting precipitates will be nois. shipped to Anacondas Montana plant is being built to manufacplants for smelting and refining. Since sulphuric acid is re- ture sulphuric acid. It ' is estimated that producquired in large quantities, it was assured an obtain to will be 60,000,000 pounds tion necessary source of supply. To that end, of copper per year during the Anaconda acquired the Levia- first two years of operations than sulphur mine in Alpine and thereafter will be 66,000,-00- 0 County California. The sulphur pounds annually. Producore will be trucked for about 60 tion will start before the end miles to Yerington, where a of 1953. Ore Shipments 85-to- Mr. Larson said that the purchase program for lead, which has been under consideration by interested agencies of the government for several months, has been authorized by the de- fense production administration and that funds have been made available. The actual purchases, which will be at the market price, will be made by the general services administrations emergency procurement service. The decision to purchase a reserve supply of lead is based on the considered opinion of agencies responsible for maintaining an adequate supply of vital metals and minerals that future lead requirements for defense uses justify this action, Mr. Larson said. Lead purchased by the government under the program will be held in reserve for resale to Industry as needed. At the end of 1952, any lead remaining in the reserve will be turned over to the national stockpile. No purchases or commitments to purchase lead will be made after Dec. 31, 1952, Mr. Larson said. t BUSINESS OPPORTUNITIES WANTED Intelligent man to help sponsor unique busiD. Ornstecn, ness project. 1609 S. Adams, Peoria, 111. n St. Joseph Lead Joins Activity leaching-predpitatio- e ds Depots For Manganese Ore Set Up five-yea- three-compan- y |