Show mining company reports ki arts UTAH COPPER COMPANY REPORT the utah copper company operating at bingham utah has issued its annual report for the calendar year ending december 31 1914 in which it is shown that the assets total earned surplus income account operating expense leaving a net operating profit of the production was pounds of copper costing a pound in president C M mae mac report appears the following lowing lol iol the gross production of copper in concentrates cen for the year 1914 was pounds after making smelter deductions the net production amounted to pounds of refined copper in addition there were nere produced ounces of gold for which the company received re 20 per ounce also ounces of silver for which the company received cents per ounce this production of copper gold and silver was the result of the handling during the year at both the magna and arthur plants of tons of ore the total developed tonnage on the entire property to december 31 1914 amounted to are classed as fully developed as partially developed deducting the total tonnage of ore ora mined from the entire property prior to december 31 1914 which has averaged 1457 per cent copper the total reserves as calculated remaining at that date amounted to tons report of managing director managing director D C jackling says in part no underground work was done in the original utah copper group but feet of tunnels drifts and raises were driven in the original boston group making the total length of all underground work at the end of the year feet or miles in the areas that have been mined by steam shovels or scoped from underground workings the total length of such workings do destroyed or rendered inaccessible up to the end of the year was feet or miles leaving 2089 miles still accessible during the year there were milled at the magna plant 4 tons of ore being an increase of tons over the previous year while at the arthur plant which was not operated after august 6 tons tolls were milled being a decrease of tons as compared with 1913 the total ore treated at both plants was tons as compared with tons for the previous year the magna plant treated an average of tons daily during the year and the arthur plant an average of tons daily during the time it was actually operated the average grade of ore milled at al boin plants was slightly under 1 per cent with about per copper as compared cent copper for 19 1913 13 the average recovery at both plants was 66 04 per cent corresponding to 1882 pounds of copper per ton as compared to 61 9 per cent or 1595 pounds of copper per ton for the previous year the forced curtailment of production beginning with the month of august seriously deranged working conditions for awhile but it is gratifying to observe that after operations became systematized on oil the reduced basis the cost of production was not substantially different from that prevailing in connection with normal output and the properties are ready to produce again at full capacity on short notice in fact notwithstanding the rate of stripping prevailing during the last five months of the year the mine is now in better shape to produce tonnage than it ever has been before the work of stripping at the mines ins his progressed to such an extent as to permit the economical production of any tonnage the reduction plants may be able and called upon to treat nevertheless in order to maintain this condition it will be necessary to continue stripping throughout the coming year at approximately the same rate as that prevailing in the past balance sheet the general balance sheet of the utah copper company dated december 31 1914 compares as follows assets 1914 1913 prop and pit invests ore account 5 cash notes rec accas rec copper 04 ore in res mat and sup prep ins etc total liabilities cap stock prof fr sale aerts pay treatment reserves res for dep undid prof total 39 prepaid Pre paid expenses for shipping rights ot of way etc I 1 value of copper in transit less advances received refining and delivery charges chare 3 not yet due i operating figures were as follows 1914 oper rev 1622 1 1 2 45 6 op exp eap net op rev bivs on inv dinv 2 int and rent total increase 4 42 1 interest 51 net profit dividends res for dep 1 l surplus 3 equal to per share on shares outstanding compared with per share on shares outstanding previous year |