Show mining M ining company reports chino copper company the chino copper company has issued its ts report for the third quarter ending september 30 as follows besides tile the copper contained in concentrates there was contained in ore shipped direct to the smelter during the quarter a total otal of pounds of copper represent ing ag a monthly average of pounds which added to that produced from concentrates cen en brings the total production from all II 11 sources for the third quarter up to 11 pounds as compared to pounds for the second quarter the aver age ge monthly production from all sources was ras therefore pounds for the third quarter barter as compared to pounds for the ie second quarter the total tonnage of ore treated for the third aird quarter was an average of tons per day as compared to tons ns representing an average of tons per er day for the second quarter the aver age ge grade of ore for the third quarter was 2165 per cent copper being the same as he ie average for the second quarter the average extraction was per ent corresponding to a recovery of 2946 per ton of ore milled as compared 0 an extraction of per cent corres to a recovery of 2897 pounds per on milled for the previous quarter the concentrate production amounted to ry tons containing an average of 1679 per I 1 ent copper as compared to tons con lining aaning an average of per cent copper or r the previous quarter the cost per pound of net copper pro need from milling operations for the ir after allowing the smelter deductions nd id without allowing any credits from mis il laneous ous income was cents during its is quarter of operations the amount of old id contained in concentrates was it t to be given consideration in smelter set cements under contract terms and the net edit from this source amounted to ants per pound thus reducing the net cost r pound of producing copper after credit g the gold value to cents as compared cents for the previous quarter the cost per pound of net copper pro iced ced from both milling and direct shipping es for the quarter was cents as comred to cents for the previous quarter miscellaneous earnings derived from varus s sources for the period were credited the ahe cost of producing copper the amount credit would be cents per pound lich ich would reduce the cost for the third arter to cents per pound as corned comred to cents per pound calculated on 6 same basis for the previous quarter its 18 cost as usual includes administration general and all other charges as well ag as the regular charge applied to the extinguish ment of mine development and stripping expense it was expected as a result of the necessity of reducing output which has been previously referred to that the per pound cos coals s of production would increase because of adjustment of operations following such curtailment tail ment and the impossibility of reducing fixed and general charges in proportion to the reduction of output it is very gratifying therefore to learn by an experience of nearly two months operations erat ions at reduced capacity that it has not only been possible to keep within n costs cost s prevailing under normal production and the same grade of ore but that such costs have actually been improved considering the business as a whole As an illustration of this the per pound cost for the month of september on half capacity basis for the full month was cents without crediting any miscellaneous income this being a trifle less than the cost on the same basis forthe for the five previous Iong months of the second and third quarters this result has only been achieved by the most rigid and exacting economy coupled with hearty operation cooperation co and effort on the part of employed emp loyes of all classes the earnings are based on carry carrying na price of cents per pound for copper for tile the third quarter as compared to cents for the second quarter and cents for the first quarter the total amount of copper on hand and in transit sold and unsold at the end of the quarter was pounds during the quarter 1500 par value first mortgage bonds were converted into stock leaving only 1500 first mortgage bonds outstanding the issued capital stock at the cose of the quarter was shares during the quarter there was removed a total of cubic yards of stripping as compared to cubic yards for the previous quarter the average cost of stripping for the third quarter was cents per cubic yards as against cents per cubic yard for the second quarter the cost of mining ore for the third quarter was 2178 cents per ton as compared to 2042 cents for the second quarter and cents for the first quarter about the middle of august the new primary crushing plant at the mine was put in operation and has proven of great assistance si in reducing delays to shovels silo vels and transportation equipment serving thorn them thus increasing the efficiency of all mining equipment and correspondingly reducing j unit costs the principal object of tills this plant is t to 0 crush very coarse ore to sizes that can be sent to and conveniently handled at the mill formerly large pieces of 0 ore had to be broken by hand before loading into cars for shipment to the plant by this method much coarse ore escaped detection and caused serious delays and expense in subsequent unloading and handing hand ing at the mill the new crushing plant obviates this difficulty also and has therefore resulted in substantial economy as regards both mine an and mill operations ray consolidated the report of the ray consolidated mining alining company for the quarter ended sep september em 30 shows net earnings of compared with in the previous quarter there was produced pounds of copper compared with pounds in the previous quarter the income account for the past two quarters compares as follows third second quarter quarter net operating profit miscellaneous income total interest on bonds total dividends surplus copper in concentrates for the third quarter as compared with the previous quarter is as follows third quarter pounds ju y i august september total second quarter pounds april may june I 1 total I 1 there was pounds of copper contained in ores shipped direct to the smelter making total production pounds president aldrich says ore milled was dry tons averaging 1691 per cent copper as compared with dry tons averaging 1786 per cent tor for the second quarter average mill recovery was per cent as compared with per cent for the previous quarter 1 milling costs were cents as compared with cents for the second quarter and cents for th the e first quarter 11 underground development amounted to feet making the total development to date feet cost per pound of net copper prod produced need was cents if all miscellaneous incomes w were ere cred cited as a reduction of cost cost of net copper produced for july was cents for august augus t cents for september cents of an average of S cents for the quarter earnings for the third quarter are based upon cents per pound for copper as compared with cents for the second quarter copper on hand in transit sold and unsold at the end of the quarter was pounds conversions of bonds into stock since those noted in the report covering the see sec quarter up to september 30 brought the outstanding capital stock on that date to shares par value of bonds were outstanding on september 30 1914 butte superior report the butte superior copper company has issued its report for september as f follows 3rd ard 2nd and net value of zinc concentrates cen net value of lead concentrates cen miscellaneous income in total income operating costs profits metal an fn inventories e and quotations surplus principal features of operations is compared herewith 3rd ard 2nd and 1914 1914 dry tons of ore milled per cent zinc silver ounces per ton zinc concentrates produced lbs ibs per cent zinc in concentrates cen zinc in concentrates pounds average silver in zinc zinc concentrates ounces per ton 2415 2636 mill recovery per cent total zinc recovered in concentrates mining cost per ton milling cost per ton 2049 2023 total cost per ton mining and milling president mackelvie says tonnage milled during the quarter under discussion exceeded that of the previous quarter by approximately tons being in fact the largest tonnage handled during any similar period of operations steps are now being taken to improve recoveries and it is expected that within a short time they will be brought back to equal or exceed the best extraction results attained in previous periods when recoveries considerably in excess of 90 per cent were the rule in connection however with sacrifice as to grade of concentrates which as has been pointed out is more important in its bearing upon net earnings the financial operations of the third quarter as compared with those of the previous quarter are as follows profits for the quarter were calculated on an average price of cents per pound for spelter as compared with cents for the previous quarter and cents for the net smelter first quarter of the year the for the quarter return per ton of ore milled after deducting smelting smelling sm elting tran transportation S por tation and all other costs and including the estimated and zinc value of lead concentrates with residues was 1021 as compared and for the for the second quarter first quarter if the credit shown for metal inventories and quotations is averaged over the tonnage for the period the net return becomes 1076 per ton 0 of f ore milled this being per top ton of ore increased over the net return for the second quarter derived on the same basis development work for the quarter amounted to a total of feet and continued to show increases of ore reserves above previous estimates on the levels where mining was more actively conducted cash received during the fourth quarter for products in transit will more than cover the quarters dividends after payment of dividend in third quarter cash on hand was and net current assets was 1 |