Show QUARTERLY REPORT Of UTAH COPPER COPPERt I t C One of or the most Interesting reports ever everI I given to Utah Copper shareholders Is the theone tl one just issued It I is signed by C. C 11 M. 11 i J v MacNei MacNeill D. D C. C Jackling and Spencer Pent PenI Pen Pen- en I t Iose rose and Is as follows We Ve submit the following st statement of i results t-results results applying to the operations of ot your company for forthe the months of or April Apri May and June comprising the second quarter of ot the current calendar year ear During the entire entre period both bott the Garfield GarI Gar Gar- I field and Copper Copperton ton plants were operated ft at practically their full ful capacity but th the ii earnings predicted In our report t coveting l S the first quarter quartel were not realized on account of the copper contents of th the thi ore oie r having T been een considerably lower l' l for rOI the thu thet t first two months of the period than it f. f was was anticipated it would be when the I report covering the first qu iter was made The deficiency in the grade of ore as compared with tIle tle previous pre quarter amounted to approximately 4 pounds of oC I copper per ton of ore but as the result of ot our having milled a greater tonnage I than in the previous quarter the gross output of or copper for the quarter was considerably considerably con- con II greater than that of the previous previous pre pre- pre pre- Ious quarter The ore treated during the latter later part of the second quarter was of an improved quality and the recovery at the mills mis correspondingly corresponding cor cor- cor- cor responding better as compared with the previous quarter on account of a d decreased de de' creased creased proportion of or copper existing in 1 oxidized form The lower hea headings re suited from the necessity of moving a comparatively large block of low grade ore that was encountered In the extension of our lowest steam shovel shoel level level This particular block of or ground had not been thoroughly developed by underground workings and when Ve we ve came to remove It we found a great quantity of or ore of or a agrade agrade grade grade lower than titan we we- had reason to ex expect expect ex- ex peet from the Information gained from developments in other and immediately surrounding territory Towards the end of or the quarter the grade increased somewhat somewhat some some- what but the average of the entire entre quarter quarter ter was as above stated about 4 pounds r i per ton of ore lower than that for the previous quarter The gross output of copper contained in concentrates produced and shipped durIng during dur- dur ng ing the quarter was pounds i being greater than that of th the previous quarter by slightly less than pounds The he net profit from mining and I milling operations for for the quarter a amounted to 7 Add M 1 Income t. from g f rents i and other I incidental Items t amounted t to I. I lS Total net tiet profit for the J quarter The average price ot of copper upon which the above earnings were ere based was per lb as compared with the price applying to copper for the previous quarter At t the end of the second e quarter r copper f g de sales af had been e made d covering all copper metal due for delivery delivery- up to the early part of September Notwithstanding the lower grade grade- grade of or ores handled during the quarter the cost per pound was slightly less than that applying to the quarter previous being for the quarter under discussion discussion discussion dis dis- per lb for the net copper ropper produced after deduction ton of or smelter al al- al Considering th the results at the Garfield Garfeld plant by themselves the cost per pound of tho S-tho the copper produced was lower being for l t the quarter For the month of or June the cost at th the Garfield Gareld plant alone was per pound Th costs at the Copperton plant are uniformly higher than those at the Garfield Garfeld plant on account account account ac ac- ac- ac count of or its smaller capacity Late In the month of June some alterations were undertaken at Copperton that are aresti I still sti in progress which will wi bring this a to o a condition d more nearly a y similar f to that a of 07 i the Garfield plant Ta as yr r respects Its is efficiency The per ton cost at both mine and mill mi 1 I have been steadily decreased to the end that the milling cost at Garfield Gareld for the j month of or June Including its Is proper pro- pro I portion porton of or all al general and fixed charges was per ton The direct mining cost Including only the expenses at the mine and applying to all al ore mined during the month of June was slightly In excess excess ex- ex cess of ot per ton this average including including ing both underground and steam shovel The indirect development development de de- de- de ore expense Including and the proper charge made against each ton of or steam shovel ore for forthe forthe the retirement of or prepaid stripping fund amounted to slightly over per ton bringing the total charges for mining up to nearly per ton so that considering considering considering consider consider- ing the operation of or the Garfield Garfeld plant alone the total cost of or mining and milling mi mill- mill ing was less that per ton this figure not including of or course the transportation tion ton of or ores The average total cost of or mining and milling at both plants for June was was' less than The relative percentages of or steam shovel and underground ore for the quarter quarter quarter ter under discussion were per cent of ot the former and per cent of or the la latter ter 5 s- s The average monthly movement of or stripping for the quarter was cu cubic cubic cu- cu bic yards the quantity moved during the month of or June was cubic yards The average cost of or stripping for the quarter was per cubic yard for the month of or June une only the cost was These figures may be compared with wih the average cost for the first quarter of this year which was per cubic yard on onan onan onan an average rate of movement of or cubic yards per month The physical condition of the mine Is improving rapidly towards a state which will wi enable us to produce more nearly an average grade and character of or ore and we expect constantly constanty Improving results both with respect to copper production and earnings The transportation of or our ores for the quarter was conducted in a manner that was generally speaking satisfactory and I Ithe the railroad company is continuing In Its Is application of or betterments which should be completed before the beginning of winter weather The Tha The outlook therefore Is that there Is no occasion to expect otherwise otherwise oth- oth than that we will wi continue to receive receive receive re- re satisfactory transportation service serice |