Show four great copper producers there is a group of copper mining stocks on the market which though now receiving almost no attention promises to develop prominently in market interest within a comparatively few months I 1 refer to those companies which are engaged in developing the enormous bodies of low lov grade concentrating ores in bingham utah and ely nevada these propositions are an entirely new character of ventures in the copper mining world and their stocks have been taken most largely by a class of investors who have not previously bartic participated in the development of copper mines A very large interest in these four companies nevada consolidated cumberland ely utah copper and boston consolidated is held by the guggenheims and their associates socia tes who control the custom smelting smelling sm elting business in the principal silver lead and gold districts in the united states and mexico all four companies have been liberally provided with funds and each of them represents an investment already of several million dollars in development work done and equipment purchased these companies will be the first to undertake on a very large scale the extraction of copper from the immense deposits of low grade milling ores commonly called porphyry which are peculiar to the bingham and ely districts the undertaking is in many respects different than the operations carried on in butte at lake superior and in arizona the ores are lower grade the mineral is more evenly disseminated through the rock and must be handled in mu much ch larger quantities than at butte the metal is found in the form of crystals 0 ot and in these tasse ely and bingham deposits whereas at lake superior the copper occurs native or pure in small particles in the lodes or veins which are worked through shafts and followed down to great depth whereas the ores of the butte district and those at cananea cananda Ca mexico conceit concentrate rate about four into one making a concentrate which will yield 8 per cent to 12 per par cent copper after three tons of rock containing more or less values has been washed away the porphyry ores of bingham can be concentrated as high as 22 into one and the concentrate often runs as high as 0 35 05 per cent copper in bingham the values occur in small crystals of and the ores contain an average of 1 per cent to 2 per cent copper and grab samples of ore taken at far distant pol points ints of the area rarely vary in mineral value more than 14 to I 1 per cent these ores concentrate splendidly it is anticipated that the boston consolidated and utah istah copper companies will be able to show a net saving savin of 75 per cent of the assay values of the ore or 28 to 32 pounds of copper to the ton their mines will be worked with steam shovels and the cost of mining the ore will be lower than ever previously recorded in the annals of copper mining it is possible that mining costs may drop at times as low as 10 cents per ton the utah copper company has been treating to tons of this porphyry ore daily for nearly three years past and has just completed a new mill of tons daily capacity boston consolidated is building a mill of similar size which will go into commission within two months the ores of the ely district are somewhat higher grade than the concentrating porphyry of bingham they carry 2 per cent to per cent copper the average t of the district probably being about 2 per cent the values are practically all in the form of or copper glance crystals this mineral does not concentrate quite as well as or but it is anticipated that the big companies operating there will be able to show a net saving of 1 per cent to 2 per cent or 35 to 40 pounds of copper to the ton of ore the nevada consolidated and cumberland ely companies have built a railroad into the ely district and raised money to construct an ini immense mense concentrating mill to have a capacity of tons daily and also a smelter to smelt the concentrates the eureka ore body of the nevada consolidated and the veteran property of the cumberland ely will be mined with steam shovels and the deeper ore bodies at ely will be mined by the economical caving system it is understood that the guggenheim interests expect that the ely mines will make their copper at a cost lower by one cent per pound than utah copper and boston consolidated representatives of the latter companies however estimate thel their costs as low as 5 cents to 6 cents per pound the securities of the four companies named have a present market value of about together they have practically in sight hundreds of millions of tons of ore which should yield from 2 to 4 per ton in net profits by the end of the present year all of the mills mentioned should be running and the combined companies should next january be producing at the rate of pounds of copper annually at an average cost well below 10 cents per pound investors heretofore have rarely been offered an opportunity to go into mining enterprises of such tre tremendous mendo us magnitude in partnership with business men of the experience peri ence and success of the guggenheims and where the most successful successor sr I 1 mini metallurgical talent has been dg 44 emm eraD loyd y technically work out every ta I 1 stage 0 t concentration process 1 in taj M I pv mills exPer inlet geo L walker in boston cor amerl ial |