Show AH i COPPER EARNS EARMS f E G WEAR NEARLY sia LAST EAST QUARTER e Utah i Copper earned approximately during tho the last quarter of ot 1915 st Ed d cut its costs o of ot production down to 10 cents a pound At this rate this o ot mine mue Is now getting net returns b. b 20 cents a pound on its production tJ tb wh when n w weather conditions permit Tin excess of pounds a month he last Jast quarterly report just released 0 s an all follows ru fo o 0 the stockholders of the Utah Copper topper tk h e company submit he herewith statement of results rf operations of your r company I for o the curth u the quarter J r of rc t the calendar i and n fiscal IS ear ai- ai 1915 10 SCOt i The total amounts of copper contained concentrates for this quarter and the receding three quarters of the year to to- tn n IM ether ther wl with a comparison o of the pro Ic- Ic Mon Ion for tile Ute year i it wua tOe year 1314 t fee bre e given below Pounds o I 1 r q 1 uly 09 i September al d I Total otal lay Be one une t k It 40 ret get ill i larch lg gi Total J Average Average monthly production October III Xo and December July II August and September April ii May and June Junc January Feb- Feb and March 1 f Pounds Gross pro production for year 1914 I Gross production for year 1915 r l I Average monthly gross producT T r. r tion for or 1914 SA average A rage monthly gross lion for 1915 U I The total quantity of ore milled during I the quarter was tons as compared com com- L pared with tons for the previous quarter The dally daily average of ore treated for the fourth quarter was tons The average a assay of the ore was per cent copper as compared with M per cent for the third quarter of e the year and the average extraction was 3 11 per cent Tills This lo low 10 extraction was f due ju partly to the fact that the ore treated contained a considerable portion of Its values In the form of carbonates ot of copper but principally to the unusually unusually f ally large tonnage milled if The average cost per pound of net copper copper cop- cop per produced during the quarter after I making allowance for smelter deductions and without crediting miscellaneous Income in- in come com including Bingham Garfield railway earnings was cents as compared compared com com- pared with cents for the third quarter cents for the second quarter j and cents for the first quarter of This low Jow cost for tor the last quarter I of the year was largely due to a material I modification of our smelting contract which was not finally finall agreed upon Until I December but which was made retroactive retroactive retro- retro active to June 1 1 1915 1916 and the credits due under same amounting to 1 I were Vere deducted from the quarters quarter's operatIng operating J Ing charges Therefore the fourth quarter I ter received all the benefit of this modification modi- modi that otherwise would have been distributed over the last Jast seven months of I the he earS Tear ear I S The financial results of the operations I Jor or the quarter as compared with those of the previous quarter are shown be- be ow S Fourth Fourth Quarter Quart Third Quartet ills 1015 1911 1915 tel tt profit ro emOting op epe a- a 9 income neome rents etc elc In S. S income neome from 1 Co t 4 k Garfield Railway Co eo 7 Total Tota net Pom paid 3 00 i Net e plum sm 63 for the fourth quarter are The earnings fo t i. i computed Te on the basis of cents per I pound for copper as against a basis of cents per pel pound for the third thid quarter The comparatively high carrying car car- c- c crying price for the copper produced during during dur dur- ing the quarter resulted from large sales of copper during the period at figures considerably d above e the low arbitrary b price re red of ra cents per pound at which ht unsold copper was carried cared All Al unsold copper on hand hand and In transit is inventoried inventoried toned at al 15 cents per pound The dividend paid on December 31 3 was WI at the rate rale of 6 per annum being 50 60 cents per hare share more than for the previous h quarter During this tills period there was removed a total of cubic yards ards of capping I I fas ss C compared a with h c cubic Y yards I for r the I previous vl quarter Tie The total t i amount mount of ot capping removed during th year jear ear was cubic yards being an average of cubic yards per month and an average of cubio cubic yar yards s sper per quarter The Time average per month during during during dur dur- ing the tho first quarter was cubic yards for the second quarter cubic yards for the third quarter quarte cubic yards and for the fourth quarter cubic yards yards The operations of tho the Bingham Garfield Garfield Gar- Gar field S railway during the quarter were quite e satisfactory An average of 7 ton g oa eoa of ore fai per day was sat transported and an average of tons tOll per day of ot other fr freight was handled making a total of tons per day dy for the period in question Queston as compared with wih tons per pi r day day for tor the third quarter tons tOI per Oer Jer day day for the second quarter and I tons per day ro for the first quarter quarterS I S of 1915 Respectfully submitted S o C. C M. M l MACNEILL President D. D C. C Managing Director i |