Salt Lake Tribune | 1918-04-24 | Page 15 | Utah Con. Earnings Decrease in 1917

UTAH CON. EARNINGS DECREASE IN 1917 j Reduction in Copper Production Due to Fuel Shortage at the Smelter. Utah Consolidated Mining company reports re-ports for the year ended December 31, 1917, net profits of $S12,194, equal to $2.70 a share on 300.000 shares outstanding, against $6.41 a share in 1916. The report says in part: "There were mined 226,536 tons of copper cop-per ore and 58,247 tons of lead ore, which yielded 7,968,165 pounds of copper, 13.-014.841 13.-014.841 pounds of lead, 408,560 ounces of silver and 13,530 ounces of gold. "As compared with the previous year, the above figures show that tonnage of copper ore mined was decreased by about 37 per cent; lead ore by about 22 per cent, but with 13 per cent more exploration and development work necessary to maintain ore reserves around their former figure. "The large decrease in tonnage of copper cop-per ore mined was due to the fact that a curtailment of our shipments practically throughout the entire yeaf was made necessary nec-essary by a continual coal shortage at the smelter. Under the high price of copper now prevailing, certain portions of the ore bodies can be worked which under un-der average conditions would have to be left in the ground as unprofitable. The tonnage of this class of ore placed in sight during the year has bedn increased, but, on the other hand, the ore reserves available under average prices for copper show a reduction. Lead ore reserves have also been reduced, but exploration work now being carried on in this class of ground looks more promising. "Ore reserves in sight in the mine are as follows: One hundred and forty-one thousand tons of copper ore, averaging 1.7G per cent copper; .65 ounces silver, .05 ounces gold; 31,000 tons of lead ore, averaging 14.90 per cent lead, 4.96 ounces silver, .06 ounces gold, .61 per cent copper. cop-per. "There are, in addition, between two and three hundred thousand tons of low-grade low-grade copper ore that can be mined at a small profit under the present price of copper." Boston News Bureau.