Show THE RAY CON REPORTS ray consolidated of arizona showed a net profit of for the year 1913 according to its annual report just issued I 1 president aldrich says the closing months of the year witnessed practical completion of all construction and equipment for the treatment of at least tons of ore daily sales of copper were made at gross price of cents per pound or after deducting delivery charges cents the difference between this price and the figure of cents at which income is computed is due to reducing to a lower valuation the inventory price of our unsold copper which stood at the end of the year at 14 cents per pound A depreciation charge amounting to was made against general income this is the first year such a depreciation charge has been made for the reason that in all previous years the expenditures for new construction for maintenance and fan in M prove ments on the plants were many times greater than any possible dep depreciation which could have accrued this dep detrecia recia j tion charge which amounts to 5 per cent c of the cost of the improvements creates a reserve for the extinguishment of the im prove ments account in advance of the ex ha of the mine taxes paid in arizona during amounted to an increase of nearly nearl over the taxes paid during 1912 all equivalent to one sixth of a cent per poun poi of copper produced during the year 7 managing director jackling says there were mined during the year 2 tons of ore averaging per cent copper total developed tonnage remaining ing is the limits of the ore bodes ies have by no means been defined either 1 laterally or as to depth and this is particularly ticul arly true in the western section where it at several points drilling operations for development were discontinued in ore it is reasonably seasonably eason ably certain that a moderate amount f drilling would disclose ore reserves much greater than the quantity of the ore that has las been mined since the beginning 1 cost of mining ore for the year was cents per ton against in 1912 results of completely mining out some additional small areas fully bear out our expectation of recovering a very high percentage of ore reserves and copper contents as is calculated from drilling and other development I 1 representative areas so completed competed during the year have shown prodoc ions eions up to 60 per cent of total estimated content son tent 1 1 ore treated for the year was cons ons a daily average of tons and comparing lom om paring with tons for 1913 average copper content of the ore was 1179 per cent compared with 1677 per ent cent or pounds of copper per ton compared with for the previous year recoveries recoveries eco veries were affected adversely by a considerable onside rable amount of oxidized ore com ng at times from upper levels and also by irregular operations of the mill during the ast half of the year while improvements vere ere in progress cost of milling was cents per ton compared som pared with in previous year this s due to intermittent operations of the lant while improvements were in progress nd ind to absorbing expense of these improve ants into operating costs I 1 cost per pound of copper produced was cents compared with cents in year these costs include charge f 12 vz 1 2 cents per ton of ore treated or I 1 yer e r vz 12 cent per pound of copper for ex of mine development expense mine aline is fully and finally equipped and s equipment is operating as efficiently s i could be desired the outlook for 1914 is that the percent ge of increase in copper production will e almost as great over 1913 as was the crease that year over 1912 there will undoubtedly be a marked decrease in cost producing copper during the coming sar ar 11 |