Show mining company reports UTAH consolidated geo L walker in boston commercial Con mercial utah consolidated bingham utah made a poor showing of earnings in 1918 but it added materially to its ore reserves at the end of tle te year its res arves amounted to tons ot of copper ore averaging per cent copper ounces silver and ounces gold lead ore reserves aggregated tons averaging 1593 per cent lead ounces silver ounces gold and 08 per cent copper in addition it haaf ha tons of low grade ores averaging per cent copper ounces silver and ounces gold by comparison utah Consolidate ds ore reserves on december 31 1917 were tons of copper ore averaging el per cen cent t copper ounces silver and ounce ounces 4 gold it had tons of lead ore averaging 1490 per cent lead ounces silver ounces gold and per cent copper its additional resources of low grade copper ore then were figured at between and tons thus it will be seen that tha its copper ore resources were double approximately and the grade improved materially the decrease in its lead tonnage was negligible and there is an appreciable betterment in the grade of the lead ore now left in sight the marked decrease in earnings was due largely of course to the lower prices received for copper and lead but litigation cost the company dividend payments of a share and the investment of in additional mining property caused a shrinkage of a share in the companas comp anys net surplus of cash and quick assets it will be noted however that the companas comp anys current assets amount to only less per share than its stock is selling for in the market included in utah Consolidate ds assets are shares of anaconda copper mining which at 62 a share are worth it has invested in liberty bonds and it closed the year with tied up in copper bullion and various mining supplies president channing states that all controversies trover sies with the utah metal tunnel company have been satisfactorily adjusted during the year he says litigations arose over the ownership of certain ore bodies lying beneath the surface of the utah apex mining company your company maintains that those ores belong to lodes which apex in its property and has laid claim to the ore bodies and to profits hitherto derived from their exploitation by the utah apex mining company that company has made counter claims this litigation is now pending and we believe the outcome in both cases will be favorable to the utah consolidated i mining company perhaps the most significant feature of the report is that which details the grade of the copper ore encountered in the deep workings of the mine the average assay of these ore bodies on the 1200 foot level was per cent copper on the 1300 foot level they averaged per cent and have continued to increase until the average on the 1600 foot level is per C cent e U t opper copper A review of the report indicates stion strongly gly that utah consol consolidated dated still has a productive 1 life of many years rema remaining inin g THE NEVADA consolidated in summing up conditions at the nevada consolidated at ely nevada geo L walker has the following to say in the boston commercial nevada consolidated operated under very unfavorable conditions in 1918 and results as a whole were somewhat disappointing A large number of its men were called to 11 government service making it necessary to employ many inexperienced workmen particularly ticul arly in the concentrator and supplies of all kinds as well as labor were difficult to obtain expensive and generally unsatisfactory there was an effort constantly to make as large an output as possible costs advanced all along the line and mill recoveries fell off appreciably the lower price received for copper and a considerable addition to stocks of bullion in hand carried at the low valuation of 1312 13 cents a pound resulted in a severe reduction in earnings during the year under review nevada consolidated added tons of ore to Us its reserves averaging per cent copper and mined tons averaging 1506 per cent on december 31 1918 there remained tons averaging per cent copper from the beginning of operations tons of ore have been developed averaging per cent copper and tons averaging 1 1619 per cent have been milled thus from the treatment of less than tons the company has distributed in dividends to its stockholders and it closed the year with net surplus of cash and quick assets so far only 30 per cent of the total ore developed in the property has been mined the management states that there are considerable extensions to the ore bodies now being worked which when drilled will add materially to the ore tonnage previously developed on account of its contract with consolidated Copp ermines nevada consolidated was obliged to mill a large tonnage tonn age of ore from that companas comp anys property and this exerted an influence to cut down the tonnage of its own ores treated approximately 17 per cent of nevada Consolidate ds total smelter output of copper last year was from consolidated Copp ermines ore alterations improvements and betterments at the nevada consolidated concentrator and smelter will enable the company to put through tons of ore daily after operations at full capacity are resumed this compares with a gross capacity of 10 tons daily as recently as 1915 in connection with these changes there have been improvements in concentrating practice which soon will restore recoveries to the 1916 average of per cent of all the copper in the ore resident president jackling says the properties of both the mining and transportation companies are in excellent physical condition and prepared to resume full production promptly upon the appearance of a demand for copper such as to justify action in that direction on december 31 1918 the company had tied up in metals on hand in transit and in process of refining |