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Show TUNNEL FIRM CLOSING DOWN Because of cessation of federal premium payments on ore and impending higher labor costs, the National & Mines Co., Bingham, I has notified its 200 employees that operations will cease as soon ai mine equipment, including pipe and rails, can be salvaged from underground workings. This announcement was made i Wednesday by Frank A. Ward-j Ward-j law Jr., general manager of International In-ternational Smelting & Refining Co. which controls and manages j the mining property, j Mr. Wardlaw explained that the company has been receiving a premium of 8 1 2c per lb. above i the market price for copper; 2.75e for lead and 9c for zinc. The company in 1941 completed complet-ed the $1,250,000 Elton tunnel j from Bingham to Tooele hoping I to strike rich ore bodies and provide pro-vide drainage and transportation j for the old Utah Apex, Highland I Boy and other workings. Records I show that the Utah Apex over a period back to 1905 paid $3,428.-800 $3,428.-800 in dividends. National Tunnel & Mines Co. workings went to a depth of 8300 feet. Extensive development work had been done. IS&R will continue to operate its smelter at Tooele and the North Lily and Chief Consoli-dated-Godiva lease at Eureka, Mr. Wardlaw said. Mountain View, Yankee and Dragon prop- I erties in lintic districts are op-i op-i erated by leasers who have been j receiving premium payments, he I said. Whether the leasers will be able to continue operations will depend upon then ability to locate lo-cate higher grade ore, he said. James K. Richardson, manager Utah Mining Assn. knew of no other mining companies which are closing down with cessation of premium payments. There will be considerable figuring and reevaluating of costs, and some ores which could be taken out with federal payments now will remain underground unless market mar-ket prices increase correspondingly, correspond-ingly, he said. Many members of the mining association favored cessation of the premium payment because of the controls involved, he said. Zinc, upon which the highest premiums have been paid, commonly com-monly is found associated with lead and silver in Utah ores, he said. |