Show UTAH COPPER A YEAR utah copper mine making splendid record on low metal prices that the low price of copper has not prevented utah mines from operating at a good profit is clearly shown in the report from the utah copper company for the quarter ending june the statement which is signed by president C M macneill spencer penrose and J C jackling forming the executive committee is most encouraging and shows the net earning rate to be approximately the first quarterly dividend of has just been declared by this company payable on september the remarkable record that has been made with copper at 12 cents and below and with only ten sections of the company mill in operation gives some idea of what willbe will be accomplished with copper at a higher level and the mill running to capacity ali the e last quarterly report is as follows it has been determined by your board to issue a statement quarterly presenting such information as will keep the stockholders in general touch with the results obtained without waiting for the more detailed annual report at the last meeting it was decided to change the fiscal year so as to have it correspond with the calendar year the next annual report will embrace the period allm from july 1 1907 to december 31 1908 and will be ready for distribution distributional at the annual meeting in april the new garfield plant was started up late in june 1907 As you have been advised the capacity of this plant is tons per day and is comprised of twelve complete sections of tons each the first two sections were started in regular operation july 1 the third and fourth sections were put in operation july 15 the fifth section august Z 17 the sixth september 1 the seventh november 2 the I 1 eighth december 18 the ninth march 20 1908 the tenth may 1 the eleventh section will be put in operation august 1 and the twelfth probably sixty days thereafter average cost cents for the quarter ending june 30 the gross production of copper amounted to 11 II pounds the average cost for the quarter was cents per pound on the net copper resulting after allowing smelter rj deductions net profit from mining and milling for the quarter additional income from rents and other small items total gain for quarter the earnings for the quarter are based on 1212 12 cent copper foe forthe the months of april and may and on 12 4 cent copper for the month of june although copper sold during period briod brought brough t prices slightly in ex this the average of these figures at of g cess nt time the company has no finished the t ne arese prese present copper on hand unsold the directors expect a gradual improve results and profits as steam shovel anent t in operations orations progress up to the present time it has been impossible to avoid mining considerable amount of surface and milling a oxidized material owing to the conditions surrounding 0 our ur mining 6 and stripping operations but improvement in this respect will follow as the area in which the steam shovels have to work becomes less restricted strict ed production for year the production for the 12 months ending june 30 shows an increase for each quarter as follows pounds first quarter july august september 1907 second quarter november december 1907 third quarter february march 1908 fourth quarter april may june 1908 I 1 total it may be interesting also to comment upon the fact that during the quarter just ended 34 per cent of the ore came from underground der mining by the caving system and 66 per cent from steam sh shovel ovel operations the percentage of steam shovel ore will gradually increase thereby reducing to a considerable extent the cost of mining the executive committee at a meeting held on the day of july 1908 declared the first quarterly dividend being dividend no 1 of 50 cents per share equaling a quarterly disbursement of 5 per cent on the par value of the stock this dividend is payable on the day of september 1908 to all stockholders of record at the close of business the day of september preceding good reserve left the company will have on october 1 a lum m of approximately available for working capital and the commencement of the payments of dividends in addition to outside investments and the prepaid pre paid ore expense in stripping chargeable against iture future operations these items amounting to w approximately quarterly reports in the future will be tendered rendered as soon after the close of each quarter as the result ca abe compiled |