Show L UTAH UfAH COPPER IS IN STRONG POSITION I Ii i Acquisition of Nevada Con No I Real Advantage Says Expert The time for or depositing Nevada evada Con Consolidated ConIo Io dated stock In Jn exchange for Utah Cop Coppa Coppa par pa stock will not be extended extend lid nor will hoders of ot Nevada Consolidated be b so solicited O to exchange according to a state statement ment made by an easten director of or Utah Copper AV At ut shares of or Nevada Consolidated have been deposited posited d for tor ex exchange exchange change and no request 11 t withdraw any an Of ot it line has been received Tile The original proposition for the consolidation came from Irom the Guggenheim not from Utah Copper interests who feel rel that their coin com is in fully tully HB a strong stong position with without cut out Nevada Consolidated as al it would be beith with ith it H Provisions for new financing have been made matle to increase Utah Coppers production tion to between bet OO and pounds of or copper Coppel annually says xay I s George GeorgeL L Walker alker of the Commercial COlli 11 I On Onan an au output of pounds there should be lK an in annual annid profit of X Xon iI on a 3 copper market If It the com company m flan pany any does not lake jake over any allY Nevada Neada Consolidated t stock dock t k its capitalization in including Boston Consolidated lon will vIIi l he be 1118 ii on which earnings should fig figlUre figlure figure lUre ure after the proposed increase in pro ItrO production between ii 75 and 6 G per Iter share annually If It Nevada Consolidated Is IB ab au absorbed orbed curbed in full or in part Utah Cop Copper er erill ail ill III increase In its capitalization relatively ui 01 JL tiLe the basis of one ODe for two and a quarter Kiar s and the income inco lt from Nevada Neada Con Consolidated on stock so received will maintain Up ile rate of or earnings I have mentioned on onet BIT et a ii additional Utah Uta stock Its Us capital will Rill be made up of the shares now outstanding of new stock which has ben underwritten at W 0 O and is be being beIng ing offered to Utah stockholders at nt that price irice f the shares exchanged d for Boston capital stock and yu h stock as itS may ma be or has been issued iSI d In tin n exchange for Nevada Consolidated lare The proceeds of the sale of wharfs har less leas a commission of or 1 I per Iter er cent nt il be lit an amount which will jay Ja for a 1 50 per cent increase in the thet t of the bi big bili mill of the Utah Cop Coppi fi pi pu r C company at Garfield and a like en enlargement lr of the Boston Consolidated mill milland and n nd leave a sum stun to be added tn h t the working capital At AtI I ri sit Utah Copper has about OO of f lash cash ani quick assets over Oer and above nt current liabilities One of Worlds Big Coppers Itah tall tah Copper with the Boston Con Consolidated property included is eI al li one of the biggest copper mines In Int tir IIi t world It is reasonable to estimate in u tL total of tons of ot ore in the property carrying an aver IRA agi of If 1 per cent copper The average ed of this ore should be at least 23 3 pounds of copper to the tile ton or a total Or i pounds Figuring an aver averIl III Il profit of 5 o rents cents a POUnd the total to come from the treatment of all this th ore ort would amount to As the shares at 60 50 rep rs ns a market value of only G ic i about 25 Ii per cent of the apparent ulti mat profit the stock has an investment element dment or margin of or safety safet which should mak it especially attractive to the mure murt conservative class claa of mining in Ve stirs Attention is given by Mr Walker to practice of the Utah Copper manage management ment of carrying as a credit a portion of tue heavy expenditures for stripping or uncovering its ore bodies This work he out our is ill equivalent to ing in m the deep mines which is t Is ly charged to capital account and is included in the cost of producing cupper c In the case of ot Utah Copper the flipping is charged to the cost of cop Irr but it is made to cover entire pro 0 i tion rather rath r than being charged to cur rn production That Is one ton of of c burden covers covens an average of about fur 1 ur tons of ore orl and it would for the tm being give an erroneous idea of th the i i ost of producing the copper were t cost ost of removing the four tons of charged to the cost of ot tak taking ing one ton of ore j fore Boston Consolidated began to mill any of its porphyry ore at all aft it re r 3 d 1 millions of tons of overburden 1 t f steam shovels This has been t i inert to capital account already and 1 M quantity removed will not have to be he bei i 1 moved again The work was not d but the quantity remaining s i MX hI Y represents not over one ton of over overt overto Overto t to six sh or eight tons to of ore The nse of stripping already alread done will be id d to the Utah Copper company I Utah Copper is worth J S sT a share for investment concludes and I firmly believe that it will F 1 U n at that price some som time this year ear |