Show ohio copper facts and figures N Y COPPER CURB AND MINING OUTLOOK A new rumor regarding ohio copper is current these days and is being discussed with interest by the street it is to the effect that the failure of mr heinze to effect the financing needed by the company to enable it to produce to capacity turned on oil the question of ownership of the mascotte tunnel this tunnel is an enterprise controlled by mr heinze independently of ohio copper it pierces the mountain at bingham its portal being on the side opposite the camp and near the mill at lark anile the face of it is under the ohio copper property the ohio mine was developed with the idea of utilizing the tunnel for the shipment of the ore to the mills ore being dropped from the mine laterals literals late rals to the tunnel level and then sent through the tunnel this development was engineered by mr air heinze and his staff and the same interests selected the mill site at lark utah between the tunnel company owned and controlled by heinze and the ohio copper company also then controlled by heinze a contract was negotiated by which the ohio copper company pays the tunnel company 15 cents per ton for all the ore sent through the tunnel the exact terms of the contract including the clause if any there be as to the revocability of the contract by the tunnel company have never been made public it is however conceded that should the tunnel company ever exercise a right to revoke this contract and refuse ohio copper the right to send its ores through the tunnel ohio copper would be laid prostrate since it could only reach its mill at lark by a roundabout rail shipment prohibitive because of expense or by an aerial tram carrying the ores up the mountain over the summit and down the other side to the mill this would be almost prohibitive because of the expense it is now asserted in quarters usually well informed that mr heinze could complete the financing of ohio copper either here or abroad by the sale at a good price of the companas comp anys bonds if he would transfer the ownership of the tunnel to the copper company so as to guarantee the latter against ever being deprived of an outlet to its mill this it is stated mr heinze has declined to do and in consequence is finding it exceedingly difficult to place the company bonds or otherwise raise money for lifting chios floating debt and providing the needed additional mill equipment at the oho ohio property between 1450 and 1500 tons of ore are going to the concentrator daily this tonnage is being taken from the upper levels in the mine and is of lower grade than the average of the reserves amount to approximately tons assaying 16 per cent copper at the mine several improvements have been made which should bring about considerable sid erable saving in the handling of ore the most important of these has been the construction st of a large ore bin feet long and twenty feet wide extending over to tracks on the tunnel level this bin which has a capacity of tons dumps directly into the train which comes underneath these trains train consist of from eighteen to twenty cars carp and it is so arranged that all cars are filled at the same time requiring only four minutes for the operation the distance from the loading station to the mill is something over three miles at lark only one half of the concentrator is in operation the building for the second unit is erected and the shafting has been put in but the bulk of the machinery has not been installed as this equipment is awaiting the financing of the company the farat unit is operating well and good results are being obtained A saving of between 65 and 66 per cent is being made in the mill on a low grade ot of ure which probably at the present time is averaging in the neighborhood of to 14 per cent copper the ratio of concentration varies from twenty six to twenty eight tons into one allowing for losses and concentration and smelting smelling sm elting ohio is probably producing slightly over pounds of copper per month the ohio management claims to be making a wonderful record in the cost of mining milling and milling the former being below that of underground operations at the utah copper company and the later lower than concentration cent ration costs at the big garfield and arthur mills when both sections of the concentrator are in operation and with the heads averaging a ing 15 per cent copper ohio should turn out something over pounds of copper per annum |