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Show provision for the new smelter and additional mino and' mill facilities at the Ray Mimes Division, Divis-ion, the new electrolytic refinery refin-ery in the East, increased power facilities at Utah and Chino and acquisition of the miniing properties prop-erties of Consolidated Copper-mines Copper-mines Corporation adjacent to the properties of our Nevada Mines Division. Further oamindt-mervts oamindt-mervts not included .in the albove amount to approximately $29,- 000,000, the largest item of which is for additional investmenit in Allied-Kennecott Titanium Corp. Thus, total monies committed to date amount to approximately $129,000,000. You will notice in reading the review of operations section of this report five Important improvements im-provements in operations and in manpower and materials utilization utiliza-tion that have been accomplished. accomplish-ed. This effort has been essential essen-tial to counteract the effects of rising costs of labor and materials. ma-terials. By order of the Board of Directors, C. R. Cox, President" I price fell below 25 cents a pound, m the 'belief that the copper was worth more in the ground. Total sales of copper in 1957 were 552,-, 552,-, 944 tons, as compared with 495,-219 495,-219 tons in 1956. The increase was due entirely to increased foreign sales. Normally we sell approximately 20 per cent of our copper in the foreign market and ;80 per cent in the united States. In 1957, this sales pattern chang-!ed, chang-!ed, and 40 per cent of our copper was sold in the foreign market and only 60 per cent in the U. S. The domestic demand for copper cop-per in 1957 declined substantially. Our deliveries to fabricators decreased de-creased by 19 per cent. This was due to reduced buy ing cf cepper by a number cf the most important import-ant copper consuming iindugtries, including the electrical, construction construc-tion and automobile industries. Whereas cash and government securities shown on the balance ! sheet amount to $231,907,457, we have committed approximately $100,000,000 for the company's program of integration of its copper cop-per producing facilities and for expansion. This amount includes "TO THE STOCKHOLDERS Net income after taxes in 1957 was $79,251,667, as compared with $153,154,210 in the record year 1956. Per share earnings for the two years were $7.32 and $13.23, respectively. The amount distributed to stockholders in 1957 was $6.00 a iihare versus $9.25 in 1956. The average price received for our copper in 1957 was 28.9 cents a pound, as compared with 41.6 cents -in the previous year. In 1957, we operated at capacity capac-ity except at Ray, Ariz. This was possible because we were able not only to dispose of our Chilean production in Europe, plus a substantial carry over from the prior year, but some of our domestic do-mestic production as well. We stopped selling domestic copper to Europe when the European |
