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Show 2 Jane The Western Mineral Survey, Salt Lake City, Utah . 13, 1952 Production Copper Trading Active On Salt Lake Stock Exchange Magma Superior, Ariz. is negotiating for an per RFC loan to enable it to further Of Nickel develop its San Manuel Copper ore body in Arizona. About million has been spent since On Increase development was started in MAT 195S (The information eontalnad In this sheet la derived from sonreea retarded aa reliable, net guaranteed, bnt believed te be cerreet) LISTED 8TOCK8 Nevada Monarch (New Majestic Magma Cop- Co. Co. $10 1944. It is estimated an additional $85 million Plutus xPrince ... Con Tlntlc Central Utah Con xUtah-Idah- o . . Wilbert STOCKS UNLISTED xAmalgamated Sugar Pfd xUtah Fire Clay Com xUtah PAL xlndlcates operating companies. TOTAL SHARES DOLLAR Radio Speeds Work at Open Pit Mine VALUE way of replying until they could reach a telephone. Then, too, because of blasting, signals and messages' might not even be heard. An operator licensed by the Federal Communications Commission is in charge of and refor the approved opEaster and safer operations, sponsible eration of the industrial radio together with increased pro- station at the mine. Operators duction, have resulted from the of the other stationary and moradio com- bile units also are licensed. adoption of two-wa- y There has been no interference, munication in the Kennecott and consequently no comCopper Corporations big open-p- plaints, from operators and remine at Santa Rita, N. M., ceivers of other radio stations in J. H. East, Jr., regional director the area who use other wave of the Bureau of Mines, said lengths and frequencies. today in announcing a new pubit lication that describes the installation. Radio coordination of the many mechanized operations, which extend over an area some three miles in diameter, has saved a lot of time and has repaid many times over the initial cost of the 21 FM sets installed, company officials reported. Maintenance costs are nominal, they added. After experimenting for almost two years, the company liscarded its earlier communi--catiosystem that involved a complex code of shovel, locomotive, and control tower whistles, supplemented with "telephones. Over the extensive Iproect area, persons for whom .signals were intended had no n. New Alining Machine The many applications of the Caterpillar D4 Diesel Tractor are illustrated in a new catalog. Subject of the catalog is a 43 drawbar horsepower machine of value in construction, logging, mining and oil field work. It tractor power for has long-lif- e the average owner and is an economical, high-wor-k capacity unit for the large operator. The catalog explains, part by part, how the tractor is built, what its like and how it performs. Attachments and specifications are listed. Reports from actual D4 tractor owners on typical jobs are shown. SUBSCRIBE NOW SPECIAL OFFER Submit One New or Renewal Subscription Accompanied by One Additional New Subscription. A TOTAL COST FOR BOTH OF W.00 $5.00 YEAR 2 YEARS 1 Single Subscription 1 Year $250 2 Years $4.00 TAKE THIS UNUSUAL OPPORTUNITY OF KEEPING INFORMED ON ACTIVITIES IN THE OIL AND MINING INDUSTRIES Western Mineral Survey UTAH SALT EAST FIRST 22Vi SO., LAKE CITY 1, completed, total annual production of nickel in the free world will be roughly 375,000,000 pounds, an increase of 150,000,-XX- ) pounds, or mor ethan 65 per cent, above that of the prewar years, it was disclosed here by Dr. John F. Thompson, Chairman and resident of the International Nickel Company of Canad&, Limited, at its fiftieth annual meeting of shareHome-stak. The annual report of holders at the Royal York HoMining Company reveals tel that this big South Dakota gold In his address, Dr. Thompson producer has survived a gold since ounce an fixed at $35 price outlined progress of the huge 1934. Homestake Mining Co.s efforts to cut production costs underground development prohave been closely watched. gram of International Nickel, as Again last year, the output per well as other programs to exman was substantially increased pand niqkel production. He stattechnical improve- ed that Inco is now mining ore through ments. While the gain could not off- at a record rate. The volume set a drop in total tonnage due of ore we are mining from unto lack of men underground to derground and surface combreak more ore, bullion recov- bined, he said, is now over ered totaled $15,486,682, some tons a month, or a pres$3,778,000 less than in 1950 but r aver- ent annual rate of 12,000,000 to well ahead of the The of age grade of 13.000.- 000 tons. This compares ores being mined is slightly low- with the 10,500,000 tons yearly er than obtained in recent years. for World War average II This month the company has mined from had 800 workers underground, underground and and operating results at the surface combined, and with the mine are reported excellent. 13.000.- 000 tons expected to be There are signs, however, that obtained solely from undera seasonal decrease in manwhen we complete our ground power might develop as work- underground and expansion ers quit to go back to other sum- discontinue open pit mining. mer jobs. This will insure our ability to Homestake has been fairly ac- maintain the 21,000,000 pounds tive recently in joint invest- of nickel monthly production ments in mining ventures. It which we reached at now owns a $500,000 interest in Idarado Mining Co. of Colorado, o1951, through the installation emergency facilities. and a $100,000 interest in Atlas per plant of National Mining Corp. of Idaho, both con- Leadseparation in Missouri, is Company, trolled by Newmont Mining. Idato add further quan-froexpected rado already has returned good the nickel mines in New dividends and hopes are held creased is ouput anticipated that Alias may be a source of A new cobalt, nickel and this news later year. good to the world supply. AcExploration for oil and uranium 'are other joint ventures cording to trade reports, in the South Pacific. under consideration. Homestake When these are , (programs at the end of 1951 had about Dr. realized, Thompson stated, $5,155,000 in cash besides govthe total annual production in ernment securities worth Some consideration has the free world will be roughly been given to investment of part 375.000.- 000 pounds, an increase of these fund3 in securities of of over 150,000,000 pounds, or other companies, but it is un- more than 65 per cent, above production of derstood that no such change in the corresponding r the years. imminent. is policy Reserve of ore in Homestakes own mine in South Dakota was 20,501,000 tons at the end of 1951, more than they were 10 Gross revenues of Hecla Minyears earlier, despite the fact miltime that $100 since that ing company and its subsidiary, lion of bullion has been sold Silver ufrnmit Mining comfrom the mine. According to pany, during the first three Donald McLaughlin, president, months of this year were someat the current price of $35 an what below 1951 levels, accordounce, the quantity of gold pro- ing to reports filed with Spoduced at the Homestake mine kane stock exchange last week. since it opened in 1877 would Gross income of the subsidibe valued at $700 million. Val- ary Polari Mining company, on ued at $20.67 an ounce prior to the other hand, soared to an e 1933 and $35 an ounce therequarterly high in the would be total after, production period ended March 31. The Poworth about .$530 million. In laris firms receipts from ore that period more than $175 mil- sales and other gross revenues lion has been paid in dividends. mounted to $673,069, before deLast year, Homestake earned duction for taxes and operating $1.05 a share, compared with expenses, for the last three-mont- h $1.82 in 1950. period as compared with $601,751 In the preceding quarGross operating revenues of ter and $570,482 in the same peDay Mines, Inc., during the first riod of 1951. three months of this year to- was $327,628, before taxes and taled $1,108,548, the highest since operating expenses, as against the fourth quarter of 1950, when $428,168 In file fourth quarter they were $1,208,510, a report of 1951 and $354,605 a year ago. to the Spokane Stock Exchange Silver Summit reported first reveals. In the fourth quarter quarter 1952 receipts from ore last year gross revenues amount- sales of $357,822. This compares ed to $949,137. and in the first with $639,457 in the similar pequarter last year they totaled riod of last year and $417,103 $984,771. in the last three months of 1951. e Sugar Com . Victor Con xZCMI cur- en Homestake Continues Heavy Output South Iron Bloasom xSouth Standard . . . Swansea Ont-Wh- rent expansion programs are Initiate production of 70,000 tons of copper annually approximately four years from now. Magmas earnings last year are expected to equal $2.25 a share, compared with $3.15 in 1950. Con xRoyaton Coalition xSllver King Coalition TORONTO, will be required to TRADED 8,162,129. $290, 942 Jl. Climax Moly Lists Profit five-yea- 1947-195- 1. For Quarter Net profit of Climax Molybdenum Co., of Colorado, for the three months ended March 31, 1952, after all charges and after deducting $420,000 for federal income and excess profits taxes, amounted to $1,033,823, equal to 42 cents a share, for the first three months of 1951. Arthur H. Bunker, president, told stockholders at the annual meeting that the 1952 earnings were adverseaffected by the firms proly of gram increasing it3 broken ore reserves by five million tons this year, wnicn, it is estimated, will cost $5 million. It is an economical luiahig practice to have ore broken up so that it will be ready when needfirst-quart- er ed. This plan calls for an ultimate million tons ci such broken ore in reserve, whici at present aggregates about 12 million tons. He noted that during Wot Id War II and up to this year the company had been unable to proceed with its development of ore reserves ,sinee during most of this time it was primarily concerned with getting out the molybdenum for the defense effort. Because of the expense entailed in increasing the broken ore reserves, he did not expect earnings this year would be as large as in 19451, when net was equal to $3.15 a share. Not until 1953, he added, could sales from the production of molybdenum be expected to exceed those of 1950 when substantial amounts of molybdenum' sold out of accumulated inventoiy were included. When the companys mine and mill expansion programs are completed, possibly by the beginning of 1953, the company will he able to produce between 35 and 40 million pounds of molybdenum annually. Operations in 1953 will also have some benefit from oil ventures and the mining of tungsten and uranium. Asked if the company would be able to maintain its dividend rate,' Mr. Bunker said: It is our intention to continue payments at the current rate. In 1951, the company paid $2 a share, or 50 cents quarterly. 20 mid-yea- r, m cop-titl- es $10,-806,00- 0. pre-wa- Hecla Mining all-tim- i |