Show COPPER REPORT PORT U I GOVERNING THE FIST FIRST I QUARTER fOR 1909 The C first quarterly report of t the U Utah C Copper r company ter for r this rr year e and the I fourth since the company taD began beau to give giveout giveout out lows Iowa statements statement to comp shareholders Is as fol follows Lol- Lol ol- ol We IVe submit herewith a 1 statement of ot I the time results of operations for the t throe three months montha of ot the current calendar year I During tho the months of January and February Feb Fob roar the tonnage mined and ad milled continued continued con con- to be bo very considerably below the tho capacity of ot the plants plant due to Inadequate transportation service and time the for those months were correspondingly orrl small smal Transportation condition Improved materially ma ma- ms- ms In March hove r. r and in that month we wore were lre more I neatly able to approach ap ap- ap- ap preach the milling capacity of the plants plant than at any time in the th past pat and as a 1 result of the Increased tonnage for tor that month the tho total t tonnage a for the quarter under J discussion u was approximately it rt the same lame as al that for or the last quarterly pe period period pe pe- nod of 1908 The AOI gross gros output of ot copper contained in concentrates c produced c during during dur dur- I f ing taid the tho q quarter r was ati pounds u the time excess over the last quarter being pounds but as a result of ot the tho t A very ery expensive n operations of J January and February and particularly I the tatter latter month n d due to portions og o n of the h plants being being be be- I r iod eli ing kIlo idle io a large part of time the time l t on ac account ae- ae count of deficiency elcy in tonna tonnage f the he cost per pEr pound of ot copper was slightly higher than that of tho the last quarter being for forthe forthe the tho period covered b by this report 96 cents per pel this cost applying to tonet tonet tonet net copp copper r produced after deduction of smelter I allowances The oni average alo alop net itc re recovery re- re t covery a at the tho mills i w was nearly S 5 p per cent greater Jeater than for tor the last quarter due to the better quality of ot the ore milled with particular respect to the decreased quantity quantity quan quan- tty of oxidized copper opper minerals con con- Rained As k partial offset to this condition con con- tho the average a copper contents was as somewhat lower than for the previous period pe nod so that the net pounds recovered per t ton were e only slightly I greater eater than tha r that it itt for r the ep p previous u quarter The net profits from mining and milling operations for the quarter amounted to Additional income IncomE from rentals and other incidental items amounted to Total net profit for tor the quarter quarter quarter ter The average price of copper at which these earnings accrued was as 1282 cents per pel pound which Is Ii less by nearly 13 18 cents per pound than the price applying to the report of ot th the previous quarter and accounts for the tho total deficiency li In earnings for the quarter as all compared to tho those e of tho the previous quarter At the expiration of the p period sales of copper metal had been made mado covering e the o output output out out- put etta available Y for delivery v well f l into o the i month of April so that we had no stock unsold of or finished copper r Capacity Not Yet Reached It I has been beEn stated above that the month of Starch March was as the first one in which we have haTe been able to even approach in tonnage ton ton- nage the tho total capacity of ot our plants plats Some difficulties In the delivery of ore were ere experienced in tho the early part o or of ora that month but as a whole ilg the plants averaged a In their operations nearly ranj up to capacity and tho the result was r that more moro than half tho the earnings for tor the en entire entire entre en- en tire tre quarter quart r were made mado In the one month on the basis of cent 12 copper Had Iad we been blen able ablo to secure the same character service In anc and of transportation ser January Januar Januar February that applied applE to March the earnings earn earn- In ings inga on the same fame character of ore and ande at the h same prices of copper would have havo been e approximately feel o fer fe greater r Late Lato In February the transportation company commenced some very extensive and anc the tho much c way needed ed of b improvements betterments fe to principally tracks i l and In inthe a roadbed The consequent Improved service service serIe ser ser- ice Ie for the month of ot Starch March which has ha continued for the month of ot April Apri to the time of writing this report lends en encouragement eng en- en t to the belief that we will ta bl Ja ese g hay have better T a and probably b adequate service service ice from this time forward The tonnage for the month of ot April Apri so 10 far fil has been somewhat above the tha rated capacity of the plants and tho the output output output out out- put of copper for the month will wi be considerably considerably con con- I in excess of the output for the month of March which was over o pounds Should this condition continue continue con con- 1 to apply P y throughout o I t the tho second c quarter rOte a as it yn n now bids f fair lr to d do the earnings should bo be bf nearly If not quite Qui double earing those of or the tho first quarter at th the same samo prices for copper lopper metal The percentage of ot underground ore orA treated during the first t n quarter I arter was still further decreased d as all compared to thelast tho the thol last quarter r of 1908 resulting es In a r ratio ratta l fd dr of s per c cent from underground d and 78 P per r cent from steam team shovels DurIng During During Dur Dur- ing Jr the quarter an additional steam shovel sho ll was as put Into commission on strip strip- pIngs with ih the result that we e moved mo an average of ot nearly cubic yards ards o ot ci capping monthly During the month of ofa March a the removal o of capping amounted to over r cubic tco t yards a We still tili t tn en endeavor endeavor en- en deavor to maintain approximately this thise rate of s stripping for some months to g gable come e in order that we may sooner be beable beable I able to supply the plants with wih clean ore of a normal nonal grade gade considerably higher I than that now being mined C. C M. M MacNEILL President SPENCER PENROSE D. D C. C JACKLING Executive Committee |