Show COPPER SHOWS SHOWS- PROFIT t 4 Figure Compares With Loss of fOi Opera Operations During 1932 Gain Is Equal to 57 CentS Cent Per Share Shar of Capital 4 1 f f Stock JO J O OUTPUT ALSO INCREASE Boosted 1575 Per Cent P ver Previous Year n Of ft Utah Copper company operations during 1933 resulted in prod pounds ot of rc refined ined marketable market market- able copper an Increase of 1575 per percent percent cent over the previous year and a anet net credit jo o surplus account of according to the annual report announced Wednesday Gross revenue from copper sales and proceeds train from gold and sliver shyer amounted to Metal production production pro pro- sales were fro front n copper sales from gold and from silver The Thenet net prom profit of was re rg ported to be equal to 57 cents a share on the capital stock and s wits with a net loss or of in 1932 Jackling JacklIn- Makes l Report The report o of D. D C. C Jackling president dent follows J Production for the year ear d to pounds or of refined marketable mar copper the cost of which be be- tore fore federal income tax and tion but including all other taxes together tOe to- gether with all fixed and nd general ex cx pease pense and accounting charges for tor depredation de de- predation of plant and equipment and alter after crediting the value ot of gol silver and mIscellaneous earnings was was' cents cents per pound The gross revenue from copper sales and the proceeds from gold and silver amounted to After deduction ot of expenses and giving credit fo Ct earnings and appling ap pl pling ing charges for depreciation tion or of plant and equipment les ence ot of retired property etc the thenet thenet net credit to surplus account was as The inventory of unsold copper on hand as of December 31 1932 w was s carr ed at 5 cents per pound and the production ot of copper for the current year ear which was unsold and on hand handas as or of December 31 1933 was carried at cents per pound the latt latter r figure beIng the thc cost or of production before depreciation Meager l Demand Continues The meager demand for lor copper which continued as an average mat ma matter ter throughout the year necessitated operations operations' at I leSs s than one filth capac it ity The report of oC D. D D Moffat vice president and general manager follows follows fol- fol lows Ore r mined nei and anc transported to toe the mills amounted to dry tons compared with dry tons in 1932 Operation or Inthe in inthe the Sulphide to d dc md and maintenance of underground under under- ground resulting in the shipment hs' hs f ore The mining cost per ton Ion of ore shipped hipped to the mills including proper apportionment of fixed general suspense sus sus- pense and stripping charges not in- in eluding cIudin and federal taxes was cents per ton The actual mining cost exclusive ot of stripping charges was 2407 2 cents of 1246 I direct mining costs and the remainder or 1161 cents fixed and general charges Shipments of cement copper fr m Continued on Pu Two U-T U AH COPPER MAKES PROFIT Net Credit of for 1933 ShoWn in Annual 1 R Report e p 0 ft Continued from Pate Pare One Onel precipitating plans yielded net p pounds of copper compared with pounds in 1932 Overburden Is Decreased Overburden excavated and disposed dis posed ot of amounted to cubic yards a decrease ot of 8 per c cent nt from 1932 The area arca covered by mining and ana stripping operations was bout about 37 acres The expense ot of strippIng waste waite overburden together with an apportionment of similar charges previous ly 1 deferred amounted to 1699 cents per ton or of ore are mined The concentrating mills at Garfield Gar Gar- field treated dry tons of ore are equivalent to tons per day for tor the operating days This tonnage was treated at the Magna na plant the Arthur plant remaining Idle throughout the year The average copper content was per cent or 2060 pounds per ton ton compared with per cent or 1946 pounds for tor 1932 The aver aver- ago recovery in the form of concentrate concentrate con con- was per cent or 1912 pounds per ton compared with per cent or 1814 pounds for the previous year A Average Cost Shown The average milling cost was cents per ton compared with cents for tor 1932 There were no Improvements or additions of any importance durIng the year Concentrates shipped to the smelter contained gro gross s pounds of copper the average grade being per pcr cent compared with gross pounds and grade of per cent for tor 1932 Copper precipitates contained gross pounds ot of copper compared with gross pounds for tor 1932 After smelting and refining deductions deduc- deduc the net production of refined copper was pounds The average cost per pound of net copper Including depreciation of plant and equipment and all fixed and general expenses except federal ted fed eral taxes and after crediting gold slIver silver and miscellaneous earnings was cents compared with cents for tor 1932 computed on the same basis Shovel performance In both ore and waste established new records An average of tons of ore oro and tons of waste loaded per shovel shift is a considerable Increase over the high figures established In 1932 Concentrates produced at the Magna plant averaged per percent percent cent copper creating a record for tor ayears a ayears years year's operation Reflected e d In Lower Costs The increase in copper production production tion amounted to 1575 per cent over the previous year This slight increase increase in- in crease was reflected in lower unit costs which dropped approximately 24 2 per cent Operating economies and efficiency records record such as those cited were largely responsible for these accomplishments The campaign for safety and accident accident ac- ac prevention was continued atall at all plants with the result that the Magna and Arthur plants went through the year without a disabling accident The rotation plan or of employment was continued throughout the year at all company properties and by this means workmen were afforded about 15 days days' employment per month ThIs program served to prevent prevent pre pre- vent serIous hardship to those dependent de- de pendent upon company operations In January 1933 the company entered into a lease agreement with the American Smelting and Refining ing company covering the Sulphide m mine ne whereby the smelting company company com com- pany pany was given ven the right for tor a perIod period pe- pe ot of ten years to prospect forand for forand and extract ores encountered in the sedimentary formations In the leased area It Is believed the terms ot of this agreement including royalty royalty roy roy- alty will prove more advantageous than thim the pr previous practice of working working work work- I ing these deposits on company account BC ac- count or through small leases I |