| Show AM JACKLING COPPERS ARE IN SPLENDID CONDITION Companies Re Ready dy to Respond Respond Respond Re Re- spond to Improvement in Demand for A circular devoted to the porphyries por po- Utah Nevada Chino and Ray Ray- has be been n Issued by Hayden Stone Co saying In part 1 The ore reserves and average grade o of I the ore dro remain radically the same as at atthe atthe the end of 1919 11 except In is the thecae cas of Chino I the ore reserves es vere recalculated and show an Increase of tons with the av average average av- av grade lowered slightly I av-I Operations during 1920 were at practically practically cally caly one half normal capacity about the I Isa sa same as 1919 1819 I The cost per pound of copper produced was wal higher than then In 1919 except at Climb Chino I On account c of the lower selling e i 11 of copper 0 p in 1920 t than In w 1919 9 and nl hl higher costs the net profits were smaller except I in the ca case e of I Dividends on Nevada Ne Chino ChiCo and Ray I have recently been passed and Utah's last dividend was at the rate rale rate of 4 per share per annum Under normal conditions and when operating operating op op- crating these properties at al c. c anything ap- ap IP- IP g full fuli ful capacity the costs per pound of copper produced would be bs con- con less than titan the costs shown on on the statement for 1519 and 1920 1020 On the bo other hand under the present actual conditions and operations operation the tie production cost of copper copper cop cop- COPper per the price now obtainable for forthe forthe forthe the metal The Tue basis on which three these prop prop- rt s s wire were He originally financed and quipped equipped was wa for operations upon a large larg scale sale The great str strength of these porphyry copper properties In I 1 in their ability to produce copper copper cop cop- copper per at less t qan an the average cost for the averle industry so that over oter a period of years par they are lre assured a profit on n any price basis that can conceivably be bs maintained In view of the higher r costs cost of tim the lower Iwer price of the metal the large surplus stock on hand and the present light market demand the recent closing down of many of the large mines of the country I was wag certainly the logical If not the necessary necessary necea- necea sary consequence The continuation of op- op under the present would I simply mean the depletion depiction of the copper reserves at no profit profi I From the beginning of actual operations to the end of 1913 1911 the ore treated has yielded yield yield- ed a net profit of SI 1 40 per ton as the average average av av- av- av rage for all al of these companies This It is the he period of normality prior to 1914 11 to which most Industries are now looking for fora a basis of future operations This profit was ras wal made during the early operations of these ieee properties When production was com corn small email emal Certainly the copper In Industry Industry In- In has nothing to fear In the thA return of t the he conditions ot 00 the prewar period It I s will wi nil not be ba handicapped by importations from rom Europe on the contrary Europe looks t to S this hemisphere almost entirely for Its Itsu g u supply ply of copper and already there are arc sI signs gas of Increased buying of the metal even at st t the pr present unfavorable unfavorable rate of ex ex- C change hange Therefore looking to the future growth o of f industries generally as time goes on keeping In In mind the past pat record of these c companies their r large ore t reserves er and c complete up to d date plants we have e the u utmost confidence e In the future of these c copper opper producing Industries and the stable v value alue of th their lr shae shares share |
