Show REPORT Of UTAH COPPER CO The following quarterly report h has hocus been niall lal d tot tOl 8 of ot time tho Utah Copper Cop Cop- CopPer company per fler company Tho Tito operationS of or your 01 properties durn during the he months month of or October November and December comprising the quarter of or time tho year ar JOOS 1008 S resulted as follows J j Tevon I sections only of t tIme the GarOl plant were wore In partial operation until No No- ember 20 20 when time the twelfth and last section of iii tIm tho plant was placed In com corn mission Owing to In tonnage l largely d du u uc to transportation U but lut partially to winter w weather ather too Uio entire entro plant has not yet yeL bf en operated to Its It full lul capacity ex excepting ex- ex for or Periods o of suf a ll few tew days dl's n at t a I Abnormally severe ell weather cI conditions concH condi I- I Lions prevailed I throughout portions of f the tho months of October t and November nn c re resulting re- re suiting in a deficiency of ot tOlna tonnage c for fOl or October of ot about aboul 10 iw a 8 compare compared com com- pare pared to the tho average crage a monthly tOlla tonnage e for or I limo tho previous previews quarter Tim Tho month montim of or November No No- vember also showed a t as I corn com CI- CI pared to tho tim previous lous quarters quarter's cr a average c but iUt wo able to re regain somo of or tho tim I lost host tonnage In December I. I during which month we milled sufficiently largo large ton ton- usage nago to lo bring down tho tim average I crago i cy for lor this Quarter as compared with wih tho the last to approximately 5 p per Pr r cent This Is reflected almost In direct dl- dl r ct ratio In n a 1 decrease of or copper output output For Ito tho quarter und r tho the total output was 1 j pounds a ll do- do crease as aM compared with tho time third quarter ter of or pounds Time Tho decrease In tonnage and consequently In lii copper output out out- put putt resulted In a proportionate Increase In tho cost per pound of copper time the a average aver aver- rage r- r age ae cost for tor the quarter being 35 This Tais result Is readily understood when whets consideration Is s given to the tho tact that the Ino tonnage w we were unable to mil mill be because because because be- be cause It I coul could not bo be supplied to the plants plants could have isao o ha been handled with wih practically no 10 additional cost and It Is alum also truo true that with only slightly In Increased increased In- In creased costs wo vo vow w wre re prepa p rec re- re c I u n o l und unu unto could coma cOla cuntu navo havo O navo lall hadl handled d cl with wim WUI wih witH both c I u n o l und unu unto could coma cOla cuntu navo havo O navo lall hadl handled d cl with wim WUI wih witH both I plants In full tul operation approximately 25 5 5 per pr cent more ore titan than was actually i mined mine and milled Under such conditions tho the output for tor the quarter would have havo la c been nearly pounds of copper which would have havo ha e been produced at a avery avery very ery considerably decreased cost per pound The above 00 0 stated state costs Include all 11 mining milling transportation smelting selling and Indirect ex expenses nse of a all kinds Tho The recovery per r ton of or ore oro milled continues con con- to be bo unfavorably unta and very de de- de decidedly dl Influenced by the tho necessity of oC milling largo quantities of oC oxidized and b low grade e material rd resulting es from m the tho continued u U unavoidable bl admixture t with tho the ores mined by steam shovels of ot a considerable percentage of els such surface material from which little recovery Is I made i The rhe net profit for mining and milling for tor the quarter I amounted to Additional Income from cons rents and other Incidental Items amounted to 96 Total net profits for tor tho the quarter quarter ter profs 5 These earnings aro arc based on an average aver aver- age price of copper for tor tho the quarter of oC slightly less than 1 l 0 per pound which Is approximately the average ergo a price prie at which copper was wa sold during the Ute quarter ter although h tho ho average of or the net prices received for tor tho the last two months month of or th the quarter was wa 1430 1420 per pound At the ep expiration of the tho quarter there wa was no finished cOPP copper r on hand band unsold unsold unsold-sab's sales having been made during the unsold sas quarter to cover all an copper available for tor delivery up to about the middle of January delver Notwithstanding bad weather conditions condi condi- 1 tons stripping and capping from the orn ora bodies bolcs was as continued durin during tho the quarter at nt a rato rate somewhat In excess of ot that applying to the third quarter ro- ro suiting stilling In tho the removal of nf of an nn an an anavera average Rr nv rif g e nf n of C suiting stilling In tho the removal of nf of an nn an an anavera average Rr nv rif g e nf n of C slightly over cubic yards ards per I month mantIs Of the time total ore ore mined and milled duning dun dur ur- ur ing the tho quarter 23 25 per por rent cent came from underground mining and 75 per por cent from steam shovel sho operations tho the Increased percentage from fr-ens shovels sho as compared to last lat quarter resulting In a further slight alight decrease in the tho cost of mining Since placing tho the last last unit uni of ot the Garfield GarOld Garfield Gar- Gar field Old plant In commission we have been ablA ahl to demonstrate for tor short abort continuous periods when we could coul accuro the tonnage tonnage ton ton- nn nage e that the tho plant has an economical operating cp capacity cl In excess of tons a da day that being the nominal capacity for which It I was designer It has ha thus been determined that the tho two plants can handle more mor than tons ton per month as I to them soon oon as a that yean be bo delivered Progress has been mado made toward th the application to our operations of letter belter beter and more secure transportation facilities and wo we expert expect t to bo ho able to t report doOrs doOrs- ite I. I measure for relief from existing dUn dUn- c In our or next quarterly Issue Tho The annual report covering tho the year will wi issue as a quickly co a. a as the tho d data ta can b be bc compiled and printed probably be before foro the end of February C C. M. M r President SPENCER PENROSE ROSE D. D C C. C JACKLING P. P Executive Committee I |