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Show CHILE COPPER TO SPEBDHSmOOO Issue of Convertible 6 Per Cent Bonds Planned, Financial Fi-nancial Authority Says. I According to Daily Financial America, the Chile Copper company will issue $35,-000,000 $35,-000,000 convertible 6 per cent bonds, the , proceeds of which will be used for improvements im-provements ;and extension of operations. A report had been published to the effect that the company would put out $.60,000,-000 $.60,000,-000 bonds, but, it is stated, that investigation investi-gation showed this report to be Incorrect. The company now has $15,000,000 in bonds outstanding, and this issue will bring the total up to ?50.000,000. The Chile Copper company owns the entire issued capital stock of the Chile Exploration company, and its Chilean properties, comprising vast tracts of mining min-ing lands in the province of Antofagata, Chile. The ore body, which is stated to be SOOO feet long, with a width of 700 feet, is a low-grade copper, carrying values of about 2 per cent. It is estimated that the developed ore is in excess of $200,000,000, and the mining min-ing is being done by steam shovels, with treatment by leaching plants, three of which have a capacity of 10,000 tons per day each. It Is planned that the Improvements Im-provements to be made under the bond issue -will double the daily capacity of the property. |