Show TONOPAH BELMONT REPORT clyde A heller president of the tono pah belmont development company of 0 f opah nevada in his annual report to stockholders says the results of operations on your property for the fiscal year ending february 28 1913 are shown by the accompanying financial and statistical statements the net earnings of the mine and both mills during the fiscal year were 1773 70 as compared with for the previous year the operating expenses of the mine for the fiscal year compared with the previous three years is given in the accompanying ng tables the operating operatic 0 expenses of the old mill including indirect expenses but not depreciation were as compared with for the previous year the cost per ton including depreciation and de expenses but not depreciation compared with the previous year is as shown in the table during the first six months of the fiscal year the old mill was operated to full capacity on belmont ores but during the balance of the year it was operated as a custom mill treating a very much lower tonnage nal le which accounts for the higher cost per ion shown during the year the average extrac extraction tion at the old mill during the past year was per cent of the gross values as compa compared with per cent in 1912 and per cent in 1911 the operating expenses of the new mill including indirect expenses and depre depreciation cla for the last seven months of the fiscal year were 29 during this period the new mill treated tons at a direct cost of per ton and an indirect cost of per ton or a total cost of per ton the average actual extraction was 94 43 per cent of the gross values attention is called to the statement in the general superintendents report to the effect that the new mill will have returned its entire cost by resulting economies after the milling of tons in addition to that milled last year while the old mill was operated e d as a small profit during the cu custom mill at a last six months of the fiscal year it was id deemed prudent to write its value on the down to its actual books of the company scrap value to accomplish this was written off from reserve for depreciation and from special reserve recent developments in the district justify assumption that the old mill can be operated during the coming year as a custom mill with at least as good results as during the last six months of the for larger ton past year with indications nages and increased profits meanwhile it is being maintained in first class condition to be available for immediate use for belmont ores in case of fire or accident at the new mill 1913 1912 1911 1910 mining expenses depreciation of mining eq equipment development work I 1 totals dry tons of ore mined cost per ton including depreciation and development I 1 1 4 10 V the total costs direct and indirect of during the year a number of more or producing treating and marketing product less well developed mines and prospects since the new mill has been in operation were examined with a view to purchase have bave been reduced to 8 per ton as compared but no property of feirt sufficient to justify with 1228 last year purchase was found 1913 1912 10 months 8 months dry tons of ore milled 6 10 7 10 cost per dry ton milled includes custom ore the average value of the ore produced in november the united states instates circuit during the year as compared with the court of appeals rendered a decision previous three years is shown in the table against your company in the suit of the 1913 1912 1911 1910 tons shipped to mill average gross value per ton 2421 2084 2758 1440 tons shipped to smelters shelters sm elters cco average gross value per ton qia 71 71 total production dry tons wa average gross value per ton 2434 1799 the sales of ore bullion concentrates moore filter company for infringement of etc for the years as compared with the the moore filter process patent in both previous year were divided as follows the old and new mills the butters patent 19 1913 13 1912 gold ounces 1913 ounces 19 1912 12 sold for average per oz 1913 1968 1912 silver gozs MS 1913 gozs 1912 sold for avera average g e per oz 1913 5 52 c 1912 t total 1 0 18 less treatment charges assaying freight and express espres S total receipts receipt saving in treatment charges maying assaying freight and express amounting to 0 74 Is due to the fact that very little I 1 ore was shipped to smelters shelters sm elters as the new mill is capable of successfully treating all grades of ores bres vacuum filters were installed under agreement with the butters company to defend any proceedings which might be brought for infringement and to hold your company harmless in case of adverse decision meanwhile the co court urt has granted ample time within which to modify the butters fait so they will not infringe filters ers your management desires to express it hearty appreciation of the good work done d by the organizations at tonopah and anam ers under the able direction of the eral superintendent extracts from the report of the mill sulk gu erin are presented herewith the full economy and efficiency of the new mill has not as yet been demonstrated for the reason that during the first sa s1 six or even 12 months operation of a new plant of the character the best results are never attained As instancing this at the millers plant the total cost of operation from in 1910 was decreased to fo 3 87 in 1911 so that a reduction in costs from those of the first seven months operation of the tonopah mill can be expected in the last four months of the yeartie year the new mill properly tuned up and under more nearly normal operating conditions treated tons of ore at a direct milling cost of 2774 per ton an indirect cost of per ton and a total milling cost of per ton a reduction in total milling cost from the of the previous year of per ton |