Show Is Held for Taxes Utah Copper ji Issues 1917 Rei Report D. D P D C. C J Jac adding Jackling I kling IB T Te Tells I ells IB ils oi of i High Cost I of the annual report of Utah C COPIES Copper for or 1917 have been received S in Salt Lake from the New York offices This the thirteenth annual annual annual an an- nual report shows net profit fr from m 1917 operations of equivalent to 1766 per share compared with 2409 in inthe inthe inthe the previous year The Income account compares as follows 1917 1916 Operating Operating- revenue Op expenses Net op profit Div on Inv mv Total income and ad Net profit Res Rca for dep Surplus There was no change during the year In capital stock outstanding namely 1 shares Production and prices received for the year ended December 31 1917 compare as follows 1917 Production Price rec Copper Ibs Gold 20 Silver 1916 Production Price rec Copper lbs Ibs Gold oza 20 Silver Net cost of all copper produced durIng during dur dur- ing lag the year was 10 cents a pound as compared with 69 for the previous year President MacNeill says In part Gross production of copper In concentrates concentrates concentrates concen concen- for the year was pounds The shipments of crude ore contained an additional pounds After making malting making mak malt ing smelter deductions the net production production production tion was vas pounds The net cost of production of all copper after deducting deducting deducting de de- de- de ducting miscellaneous Income including dividends from the BIngham Garfield Railway company was cents per pound as compared with cents per ler pound for the previous year The considerable considerable considerable con con- advance in cost can only be explained by the greatly Increased prices for labor and supplies and antI reserves for taxes During the year 1917 there was set up as a reserve for taxes which was the estimate of all alt taxes as ab abI nearly as could then be made including state and county and federal This willbe will willbe willbe I be more than ample to meet all 1917 taxes which as now estimated and re returned returned re- re turned aggregate Managing Director Jackling says sas in part Production was as not as great as a ex expected ex- ex due to impossibility of completing completing ing mill mi enlargements and improvements on schedule time While no deliberate ef effort effort effort ef- ef fort was made to Increase ore reserves routine developments necessary in connection connection con con- necton with wih operations resulted In an InI in increase increase In- In crease of reserves substantially In excess excess ex ex- I cess of tonnage mined Mill recoveries continued to be low but difference in grade considered they were fairly comparable with those for 1916 A large percentage of the low grade ores produced during the year ear from the margins of the deposit was not of ofa ofa ofa a character favorable t to good extrac As regards the Item iem of taxes the amounts included in costs for the year represent reserves set up somewhat ar arbitrarily arbitrarily ar- ar based upon information and es estimates estimates estimates es- es available as to rates of and proper methods for determining taxes II Therefore the total amount of taxes so Included in operating costs did not ac accurately accurately ac- ac represent the true tre totals as they will wi be finally determined and ad- ad Leaching plant operations were started in a small way In December but practically nothing In the way of actual results was accomplished before the end of the year At the time this report Is written the plant is running regularly on a small a tonnage e. e and this I is being e gradually increased c Results Ul so o far re recorded recorded re- re corded have proven satisfactory General Manager Gemmell says In part The total area of mining ground gound was increased from 74 acres to acres through purchase of the J J. J Guld and Alamo group comprising twelve claims This group adjoins the westerly side of the main body of mining ground gound Churn drilling driling increased calculated average thickness of developed and partially developed developed developed de de- de- de ore from to feet Revised estimates show that previous to January 1 1 1918 there had been developed developed developed de de- de- de tons of ot ore avera averaging 14 per cent copper of which tons are clashed as fully developed and as partially developed There I was mined prior to January 1 1 1918 a aI I total of tons of ore averaging 1428 per cent copper and the total re reI reserves reserves re- re I serves remaining therefore amount to tons averaging ncr ner cent copper The addition additon to o reserves reserves' reserves was tons In excess of tonnage mined Average grade gade of ore milled at both plants was 1337 per vel cent copper as compared with 1435 1435 per cent copper for 1916 Reduction In grade was due to 10 the fact that it was necessary to mine a considerable quantity of low grade gade ore oreon oreon ort on upper levels The average recovery at t both plants was per cent corresponding to 1633 pounds per ton as compared with wih 1789 I pounds per ton in 1916 |