Show It III FINANCIAL MINING NEWS AND STOCK REPORTS REPORTS I UTAH COPPER iSSUES H REPORT fOR SECOND SECONDI L' L I QUARTER U A R TE R We herewith submit s statement showing I the results of the operations of your company com corn of the calendar calendar cal cal- jany pany Dany for tor the second secona Quarter ler codar and nd fiscal year 1916 of contained con Con- The gross production copper tamed in concentrates for the quarter and Ibe flie preceding quarter is shown in the following table s Second Quarter 1916 Pounds April April S June May g i June 17 Totals i Average monthly I production First Quarter 1916 Pounds I January February Z March Totals Average Average monthly monthly 1 production the quarter there was treated DurIng tons total of nt It both plants a Sf of ore as compared with tons for forthe forthe handled the previous quarter The tonnage 1 and the gross pounds of copper produced 1 Swing during the the quarter were the largest for of the property prop prop- history in the j an any quarter high record c ha havIng erty ertl the tho previous f of the year ear j h been hn n for tor the third quarter 1 1916 when wIlen a total of tons was milled and a a. total of pounds b 10 of copper produced The average grade of the or or mIlled was per cent as compared wIth 1433 per cent copper for forthe of ot the year and the the first t quarter average ax extraction was per cent The tow low extraction was due to the unusually I all ally large tonnage treated The average cost per Pound of net copper produced after allowing for during the tho quarter Ii smelter deductions and crediting miscellaneous miscellaneous laneous income from Utah operations only Including BIngham Garfield railway railway rail ran way Way earnings was cents as compared compared com corn pared with cents for tor the first quarter ter of 1916 UThe The financial fInancial results recuRs of your company's operations for the quarter as compared I I with the previous quarter are shown in int inthe t the following table 1916 1916 I Second I First Quarter Quarter I Net profit from fromI milling opera opera- I lions S I Other income t rents etc in inI I Utah Income from Navada Nead Nevada Ne Ne- vada ad a Con Copper Cop Cop- per per per-Co cCo divid Income from c Bingham Car Car- i field Ry Co V dividend Total net profit Dividends paid 4 Net surplus I The earnings earning's for the quarter are com com- ld IU on th the basis of cents per pound for copper as compared with cents per pound for the previous quarter There was no unsold copper on hand at th tb the end of the Quarter The regular regular regu regu- lar tar dividend declared payable June 30 last was at the rate of 6 per C annum In addition addi- addi tion an extra dividend of per share 1 I I 1 was paid malting making a total of 3 per share t for tor the quarter quarte I II i During the period there was removed 1 total of cubic yards of capping as ns compared with cubic yards for forthe forthe forthe the first quarter of ot 1916 being an In Increase Increase increase In- In crease of cubic yards The average average average aver aver- age per month was cubic yards as compared with cubic yards for the previous quarter Near the end of the quarter designs were completed to an extent sufficient to permit of actual construction work being started upon the addition of equipment Inthe in inthe inthe the mills at Garfield for tor the purpose not alone of greatly Improving recoveries In conn connection with such large tonnages as asare asare asare are now being treated but at the same time of materially tr gl increasing ea g the tonnage f fI capacity cYl of the plants The first work r In Inthis Inthis I this direction is being done at the Arthur Arthur Arthur Ar Ar- thur plant and It is expected to have three of M the thirteen sections of that plant completed in the new arrangements be before before before be- be fore the end of the year In the meantime meantime meantime mean mean- time work worle on other sections will be started and carried to completion as rapidly rap- rap Jelly idly as material can be secured The execution of these improvements will wilt not I interfere to any serious extent with the there re regular lar operation of the plants Work Worle I I will be started on similar Improvements I I at the Magna plant as soon as the first three sections of the Arthur 1 plant lant are completed and provided material and machinery ma ma- chinery can be secured more rapidly than It i Is 13 required at the Arthur plant The plans for extending these plants are practically I Identical as to each At the end of the quarter grading was I in pr progress ess for the new leaching plant the Initial units of which as aa now being constructed will have a capacity estimated estimated esti lOst mated at about 2500 tons per day The plant upon which construction is now be being beng beng be- be ing ng undertaken should be ready for use In Inthe Inthe inthe the spring or summer of next year de del depending depending de- de l pending largely upon how ow rapidly cont conI construction con con- t I ructIon material can be secured The site and designs for t ine ne leaching plant have Ilava been so selected and arranged that It t can readily be increased to a capacity of nf tons per da day or an any Intermediate ate capacity If tf operating results of the initial plant justify such increase The e operations of f the Bin BIngham ham Garfield Garfield Gar Gar- fieT er R iIO f ls field r railway were r profitable CI and satis satis- t factory An average of ot tons of ore pr per day was transported transporte l. l and ana an average of tons per day of other freight was handled making a total of tons per day as compared with tons per day for the previous quarter Respectfully submitted C. C M. M MacNEILL President D. D C. C JACKLING Manager Director |