Show possibilities OF PORPHYRY COPPERS A great deal of interest is being taken in the possibilities of copper bearing por phylies phy ries and the statistics presented on this subject by competent authorities are valuable as indicating the trend of the mining industry in this direction in reviewing the different market letters sent out by those closely in touch with the leading companies engaged in porphyry mining the evening telegram of salt lake says at times the baues va aes ues placed on some of the low grade porphyry properties becomes bewildering when it is shown that it is possible for a mine to earn from to almost on its copper production based on 13 cents a pound for the red metal investors naturally begin to make calculations on their own account some idea of what is expected from these large d disseminated ore bodies is shown in a recent copper letter sent out by hayden stone company which follows we submit a table showing the estimated net value as indicated by the tonnage actually in sight behind the shares of the two producing mines and the propositions in the porphyry group that have developed large tonnages ton nages in the case of the two producing mines nevada consolidated and utah copper the value per ton is of course definitely known the figures on the non prodoc ing properties are arrived at by careful mill tests from which the recovery can be accurately cura tely gauged and by a very conservative estimate of the cost of mining a tonnage of ore in sight utah copper nevada consolidated ray consolidated chino miami the two producing companies utah copper and nevada consolidated are ampy amply provided with working capital and the others are well financed for the completion of their development work and construction of their mills results obtained at the two producing properties utah copper and nevada consolidated soli dated and exhaustive mill tests on their own respective properties les make it possible to estimate very close y the results that will be obtained when these newer properties join the ranks of the producers as several of them will during the coming year we submit a table showing prospect ive performances prospective rate of cost on production per lb ib copper utah copper 7 nevada con 7 1 80 ray con 8 3 00 chino 71 7 2 80 liaa miami 71 3 according to to the hayden stone statement the earnings per share on 13 cent cop con per from prospective production of bf chino is ia chino is selling around 1250 a share in ocher words chino at the present mer mar ket price for the share is a 22 per cent di videna stock As for miami the statement 11 t says that the earnings per share on 13 cent copper from prospective production will be 0 3 20 miami is selling around 22 a share on that basis miami can net the investor only 1412 14 Vs per cent on his investment either cano cir no is selling too low or miami is selling too tod high and if matters adjust themselves miami will sell lower and chino will sell higher an interview was given to the press during the week by a member of the firm of thompson towle company in which he gave figures of the estimated ore tonnage of inspiration which is selling in the market at less than per share against about 22 for miami in excess of the tonnage exposed in the miami it is said that J parke channing the lewisohn engineer once turned down inspiration and that W B thompson bought the property afterward the street heralded the hayden stone and thompson towle attitude toward miami as indicating the parting of the ways between the Lewi who are behind miami and the utah copper crowd in the recent battle for the control of nevada consolidated which was put up by the utah copper crowd and in which the duggen helms heims hayden stone company and thompson towe company pulled together adolf lewisohn ewi sohn threw his influence with the fhe phillips ryan rockefeller interests and it looks like the battle is to be continued |