| Show OHIO COPPER LEACHING SCHEME GIVES COMPANY profitable YEAR A total of including interest back taxes outstanding I 1 notes and mone money y put into plant equipment was ivas expended during 1923 by the ohio copper company according to president charles A kittles annual report io to the stockholders the year 1923 notwithstanding the low lov p price rice for the red metal was the most successful year in the history of the bingham property all of the sum totaling nearly a half million dollars was derived from the company s leaching in place operations on ore so low in grade that it cannot be exploited by any ordinary method the following items were paid during the year cou pons due august 1 1920 to august 1 1923 from first mortgages 7 per cent convertible bonds three and a half years at 7 per cent which with interest amounted to back taxes outstanding notes reduced from to total claims paid or funded during year in addition the company expended on plant construction repairs the sum of total the company says mr kittles report is no longer in default in any respect under its bonds its debt has been reduced to an insignificant amount the interest due february 1 1924 on the first mortgage 7 per cent convertible bonds of the company represented by coupon no 10 was promptly paid profits increase operation profits for the year were w ere 98 after deducting for taxes interest other indebtedness and discount of bonds a net profit of remained bained d reserve for depletion amounted to leaving a balance of to be transferred to surl surplus production during january amounted to pounds copper made at an average cost cost of a pound operating profit was as compared with a production of pounds bounds and an operating profit of for the month of december the caved area from which we are extracting t the copper values reports mr kittle has a surface of square feet and of this we used during the year for the distribution of water a plot not in excess of 2500 square feet and this small area yielded a production of nearly pounds of copper the ore supply in the present caved area and th the e un caved portion of the mine is of sufficient magnitude to warrant the statement that operations at maximum plant capacity can be carried on for many years engineers who have examined the property state that the present caved area should last for at least twenty years in addition mineralized ground east 0 of f the there is an area of the management is is confident that present caved ore body should develop for similar operations a larger tonnage e of or ore than in the present caved area and if the results of the this area will be explored exploration work confirm the indications then this min mineralized erali zed ground will be gradually developed and made r ready eady by caving so that when the present operations will ex I 1 supply haust the copper in in the present eray era this new be available and thereby extend the life of the operations for r a further long period 4 resources vast esthe the company p an y reserves in addition to the above ore cd of f millio pounds s 0 has containing many a tailings dump precipitate on and copper which can be treated by leaching though in a different manner than the present operations experimental work will be actively carried on until there is found the most economical and rapid method of extracting the values from the tailings dump this asset should f materially future add to the earning power of the company in the the board of directors desire to give full credit to samuel K kellock and frederick E turner the com banys representatives at the base of operations to whose foresight courage and energy a large measure of success is due and to hereby recognize the loyalty efficiency and cooperation shown by the members of the staff and employees plo balance sheet of the company as of december 31 1923 is as follows assets property account investment in bingham central railway company securities inventories cash 84 accounts receivable prepaid items suspense items total liabilities capital stock funded debt notes payable not due accounts payable current accrued pay roll suspense items special reserve reserves surplus total |
