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Show UTAH COPPER NET EXCEEDS 5n3.6DD.D0G Net Profit From Bingham Mine Operations Alone Over Six Millions. MINE IN FINE SHAPE Annual Report Shows Gigantic Gi-gantic Operations of Great Bingham Property. Showing a gross production of copper In concentrates of 119,939,809 pounds, a not production of 113,942,834 pounds of refined copper and net operating profits for tho year of ?6, 303, 223.29, the 191S report re-port of tho Utah Copper company was released at tho local offices yesterday. It Is explained that miscellaneous Income received during the year from outsldo Investments, Including the dividends received re-ceived from tho stock owned In tho Nevada Ne-vada Consolidated Copper company, was $2,270,200.27, making tho company's total net Income for the year $8,573,423.56. President MacNoill's report, In part, is as follows: Tho gross production of copper In concentrates for the year 1913 was 119,039,809 pounds. After making smelter deductions, a net production of 113.912.S34 pounds of rellned copper cop-per was obtained. In addition, there were produced 28,121.24 ounces o gold, for which tho company recoived $20 per ounce, and 285,6Sl.35 ounces of silver, for which tho company received re-ceived 59,582 cents per ounco. Our sales and deliveries of copper for the year wero made at the gross price of 15.337 conta per pound, or, after deducting delivery charges, 15.167 cents. It will bo noted that in our balance sheets and statements of Income for tho year our copper Is valuod at 14.076 cents, which is tho resultant figure from the estimated prlco which was used In the various monthly statements and quarterly reports. re-ports. Tho difference between the higher prlco of 15 167 received for the copper and the tlgure of 14.976 cents at which our income was computed is du to reducing to a lower valuation valua-tion the Inventory price of our unsold copper, which stood at the end of the year 1913 at 13.5 cents per pound. The net cost por pound of copper produced for tho year, after deducting miscellaneous income, was 9.256 cents. No deductions, however, were considered consid-ered from thlB cost for dividends received re-ceived upon the stock of the Nevada Consolidated Copper company, owned by your company. The net operating profit from L'tnh mining operations for the year amounted to $6,303,223.29. Miscellaneous Miscellane-ous income received during tho year from outsldo Investments, Including the dividends received from the stock owned In the Nevada Consolidated Copper company, amounted to $2,-270,200.27; $2,-270,200.27; the total lncomo, therefore, amounted to $S,573,42S.r0. Intorest paid during the year amounted to 360.31S.39; this amount being deducted leaves, as shown on the income statement, state-ment, a not profit for the year applicable ap-plicable to dividends and for other capital purposes of $8,415,105.17- Dividends wero continued quarterly during the year 1913 at tho rate of $3 per share per annum, and amounted amount-ed to $4,747,710, leaving as a surplus for the year after the payment of dividends, $3,765,395.17. There was set nslde as depreciation deprecia-tion an amount equal to 5 per cent of the total cost of all plants and equipment, equip-ment, such sum amounting to $o0,-712.21, $o0,-712.21, which leaves a net balance passed to undivided profits of $3,-257.6S2.96. $3,-257.6S2.96. Tho total dividends paid, up to and Including the dividends declared de-clared for the year undor discussion, aggregate S20.9S9.930. It 13 well to again call your attention atten-tion to the surplus account of $6,-658,220, $6,-658,220, as shown on tho balanco sheet of the company, which only represents repre-sents the amount receive! over par from the talo f securities, nnd should not In any way be confused with tho Item shown as undivided profits, which Item amounted to 59.708,653.47 at the close of the year. On December 31. 1912, tho outstanding outstand-ing shares of the comjtany were 1,579,540. The outstanding capital stock on December 31, 1913, amounted to 1.5S3.6S0 shares. The Increase, amounting to 4010 shares, was Issued In exchange for $202,000 par value Bingham &. Oarflcld Railway company's com-pany's bonds, which bonds aro convertible con-vertible under the terms of the mort-gngo mort-gngo until July 1, 1914, but not thereafter. there-after. Into tho stock of your company com-pany on the basis of $50 per sharo for the stock and par for the bonds. Out of the total authorized Issue of first mortgage bonds of the Bingham cc Garfield of $2,500,000. par value, there remained outstanding on December De-cember 31 last $2,163.00. par value. TVhllo as above Hinted, the Bingham & Garfield has $2,163,000, par value, of bonds outstanding, nt the close of tho year $97,000. par value, of these wero In tho treasury of the company. com-pany. It Is well to note that slnco January 1. 1914. $142,000. par value, additional bonds were exchanged, reducing re-ducing tho amount In tho hands of the public to $1,924,000. 1 Managing Director D. C. .Tackling In his report Hays that the holdings of the company now amount to 4156.75 acr-ss at tho mill sites. 11SS.81 acres In Bingham canyon and 6S4.52 acres in Utah county, or a total of 6Q30.0S acres. In all there were S3.23 miles of underground under-ground work In the property In nlngliHm and 24.S12 feet were done during the year. The surface work has destroyed 58.67 miles of the work. During the year 14 additional drill holes were put down, amounting to a total of 10.153 feet. The total of drill holes on the property le 37.471 feot. Underground development during the year cost 17.72 cents a ton. as compared with 1.59 cents per ton on the total tonnage of all ores mined and shipped. At the clo?e of tho year 1912, tho total ore-bearing area fully and partially devoloped de-voloped wax 217.26 acres. During th year 1913 this area was increased to 225.31 acres, and the calculated average thickness thick-ness of development and partially developed devel-oped ore was Increased from 424,3 feet to 44,4.5 feet. A revised estimate of the ore reserves was made, taking Into account the additional addi-tional development work done during th'j year, and this shows that previous to January 1. 1914, there ha1 beon developed In the entire property 361.220.234 tons of ore, of which quantity 268.000.000 tons are I classed as fully developed, and 93.220,234 tonf- are partially developed. This tonnage ton-nage Includes about 27,700,000 tons of partially developed oro in the slopes of the sieam-ahovel workings. The siddl-j tion to ori rceerves for the year was 1 16.000.000 tons iu excess) of the tonnage mlnid during the year. The average axuay of the fully developed devel-oped oro Is 1.59 per cent copper, and th: nvorngo assay of the partially developed ore Is 1-1 per cent copjfer. making the nvorngo nssav of both clavf? of ore l.7 per cent. Thero wa mined from the entire property prior to January 1. 1914, a total of 27.72SO.234 tons of ora. averaging averag-ing 1.455 per cent copper, and the total reserves remaining, therefore, amount to 332.50 000 tons, averaging 1,47 por ctnt coppor. In making th calculations to determine the averago assay of the ore reserves there wore used 50,761 assays, representing 23.465 feet of diamond drill and churn drill holes. 2S5.913 foot of drifts, raises and winzes, and 7130 linear feot of steam-shovel cuts, or a total of 316,50s linear feet of development work. The total amount of capping removed during the year was 4.S35.479 cubic yards, being an average of 402,957 cubic yards per month. The average per month during dur-ing the first quarter was onlv 274,082 cubic yards, this low rate being duo to labor conditions and winter weather. The average per month for the remaining quarters of the years wns. therefore, approximately ap-proximately 116,000 cubic yardB. The total amount of capping removed from the property to tho close of tho year was 22,125,207 cubic yards. Of this amount, 14,946.276 cubic yards were removed from tho Utah group and 7,17S,931 cubic yards from the Boston group. Consolidated statement of assets and liabilities.- Assets, December 31, 1913 Mining and milling properties and equipment $17,912,691.22 Railway properties and equipment 0,252,825.30 Total .$24,195,516.55 Investments $ 5,013. 013. 35 Deferred charges to operations opera-tions 3,772.179.17 Current assets: Cash 5 3S2.602.14 Accounts receivable, prepaid Insurance, etc 145,296.51 Metals on hand and in transit, less advances 3, 615,762. iC, Materials nnd supplies SS7.351.55 Agencies and conductors 6.S10.31 S 5.037.S22.97 Cash in sinking fund S 449.54 Total , .$3S,019,5S1.61 Liabilities. December 31. 1913 Capital stock outstanding (Utah Copper Co.) $15.S36,S00.00 Bondif outstanding (Bingham & Garfield Railway Co.).. 2.066,000.001 Current liabilities-Accounts liabilities-Accounts payable, accrued taxes, etc j 1.077,570.33 Accrued treatment, refining j and delivery charges 1.043.10S 43 Reserve for depreciation 552,691 IS Appropriated surplus, sink- ing fund 159.0RS.20 Surplus from securities 6.65S.220 00 Undivided profits 10.62C.103; 17 Total .$3S,019.oS1.61 Liabilities, December 31, 1912 Capital stock outstanding (Utah Coppor Co.) $15,796,400.00 Bonds outstanding (Bingham & Garfield Railway Co.).. 2.26S.000.00 Current liabilities ' " Accounts payable, accrued taxes, etc $ 5S7.C7l.4F. Accrued treatment, refining and delivery charges 495,103 64 Appropriated surplus, sinking sink-ing fund 375,923 71 Surplus from securities e.96 Co'oo Undivided profits g, 151.247 '.bS To,aI '.. .$32,171, 266. 3S I.VCOHB ACCOUNT. Ycr mded I)ucmber 31, 11J. Oprtinf: roventm: Coppci prolucfl 11.1.:-t:.(3l lbs. c U.JJte H7 ijt3 ii Gold product zi.m.m ot3. 'sc'iir S!!r produecd-:;S,SSJ.3I ot ft " ..p"0 :ro,iss.: MUcelliacsu l.ZH.V, XoU1 ,, - U7.737.SSI. 21 Operating espni: Mining and milling ; 4 ES2 23, Treitrnont. rtflnlnc nd frelghl g Ws'sTS Tn PalllDS eommlralon i;o'fa$'-i Stripping or ui.KXAl Mine dcTcIopcieal 1W.CS "5 T011 : , .U.19.S(0.jz Net Opprtlnic profit s,jo: ta a MUcelliacoui Income: ' ' Dividends on Inrcariraont j 3,1$ 00 Other tnroa from Interest, rmlals, rojlt!, tc Jl.KO.rr ' 5.I70.:CO.J7 10U ineomo , j t,i-,i,n te I am: Interest pild .....J 40,123.;? Net profit, for 7r ,j a.Sls.lK.lT DUIdeods ptld durloc ycr j .7iT.710.CO Sarpluj Jrr dlrldend J,7fcS,3as 17 n-irs4 for dtprecU'.lon of plint nd equipment 1 07.7i;.;i Bliace to uadliL.Vd profits , j Z.ZZT.ttz V. t:.vniviDnD roortT3. rjiUoet to credit of uodlrlded profit! Perabcr SI, 112 j e.4.97o.SJ Ket undmded profit for yctr (m bcna) J,U7,U.M BUns Detabw tt, UU t,7M,t3.T |