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Show Spring Brings Hike In Construction At Kennecott Copper With the advent of spring and improved construction conditions, condi-tions, many of the major building build-ing projects in the Utah Copper Division's $13 million 1962 capital capi-tal investment program now are under way. Recently, construction construc-tion on a new supply warehouse was initiated at our Arthur concentrator. con-centrator. Shortly, a similar project proj-ect will be started at the smelter. smel-ter. Construction work on leaching leach-ing facilities at the mine is also in full gear. Demand is at a relatively high level in the world copper market, with production continuing on a full, 24-hour, seven-day basis at the Utah Copper Division. While the price of copper has been relatively stable at 31 cents per pound for the past year, it is interesting to note the increase in foreign production through the development of new mines. In the past five years, five new major copper mines located in Canada, Peru, Southern Rhodesia Rhode-sia and Northern Rhodesia with a combined annual total production produc-tion of over 250,000 tons, have been developed. This new production pro-duction exceeds the annual aver- age production of our Utah operations. oper-ations. Highlights of Kennecott's recently re-cently released annual report indicate in-dicate earnings in 1961 were somewhat lower than in 1960, due principally to a reduction in over-all average price for copper cop-per of 1.7 cents per pound. Substantially Sub-stantially lower earnings in Kennecott's Ken-necott's operations in Chile because be-cause of additional taxes, higher costs, lower prices and reduced volume also contributed to the earnings drop. Cash dividends which amounted to $5 per share represented 89 per cent of the 1961 earnings. The annual report notes that in the past 20 years, 75 per cent of Kennecott's net income has been paid out to stockholders. If you are interested in obtaining ob-taining a copy of this report, you may do so by writing to the Public Pub-lic Relations Department, Utah Copper Division, P. O. Box 1650, Salt Lake City 10, Utah. |