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Show GRAND DEPOSIT 409 NESS MNG .. 00. BLiDG CITY ALT ULTU IKKLTKB ; (' UAD, par COmB null ..mots m. hv mImA) 1M UU COLD (par aa ZINC (par IN) . MUa Hid S4.B1M lfHa Features Mining, Oil, Financial VOL 18, NO. 16. . On Year $2.50 Salt Lake City, May 9, 1947 I 1946 Production, Financial Summary of Mining Firms Indicates Need for Stronger Metal Price Policy ' MINE VALUE . PRODUCTION Continues to VALUE Record Gains Chief Con. .....1,183,011 $1.25 ' $1,478,763.75 $ 227,322.27 .192 $722,935.16 $ 950,257.43 1.75 " 5,224,721.25 New Park ..... .2,985,555 287,675.09 1,185,732.52 .397 1,473,407.61 .224 664 2.75 . 559,001.44 479,774.95 Utah JS0, 1,038,776.39 Perk .,. .2,091,878 1.40 5,752, .829 316,788.11 N 980,077.32 Rico "Argentine . 800,000 663,289.21 1,120,000.00 391,291.22 945,965.64 554,668.42 .454 Silver. King C.. .1,220,467 . 4.50 5,492,101.50 2.00 136,089.70 257263.26 Tintic Std. ......1,140,090 121,77326 .106 2280,180.00, ' 81 .0632P $ 333,034.51 .110 328.697.14P .1109P 330,188.12 .601 45.947.55P .0219P 1,258,598.24 .612 186.245.72P 233P 490,012.67 .649 .108L 132.780.06L 792,345.52 .149L 169, 896.35L 1,190,740.95 1.044 $ 74, 805.00P Nate: Profit end loss Adjusted te minlnr profit er Iom exclusively, after depredation. PRODUCTION cent r f . Chief Consolidated . . 6,793,721 V New Park ....8,200,790 ; .5,002,882 ' Park Utah . . . . . . . -- 5.74 380,045 2.75 2.39 463,264 309,335 5.647 183,380 Rid Argentine.... ...... .4,519,732 3.39 221,033 Silver King Coalition. . . . .4,147,694 1.851' 98,833 Tintic Standard . . .". , . .2,111,11)8 The above chart summarises the financial and production status of mining companies whoso stocks are listed on toe Salt Lake are selling for moro than $1.09 per share Data obtained from toe 1946 Annual Reports Issued by toe Stock Exchange and which ' s various companies. . . . - Output From Anaconda Direct By Evan Just According to thft survey, all classifications in the zinc industrycost or high cost, large or small, Western or Eastern, -low miner or smelter, simple or integrated are divided over the question of direct subsidies to producers as a permanent policy. I was asked to make an iminpartial analysis of the zincsubsi- The annual report of Anaconda Copper Mining Co. says that during the past year the company increased its holdings in shares of subsidiary companies. It purchased 3310 shares of Anaconda Wire Sc Cable Co., 5600 shares of Ander Copper Mining Co., 770 shares of Chile Copper Co., 371 shares of the Greene Cananea Copper Mining Co. and four shares of Butte Water Co. The company now owns 23,032 shares or of Anaconda Wire & 69.44 Cable Co., 3,508,125 shares or 97.93 .of Andes Copper .Mining Co., 4,378,936 shares or 99.17. of Chile Copper Co., and 492,193 shares or 98.44 of Greene Cananea Copper Mining .. - . - Co. 'The following is a summary of the output of principal products of the company in 1946 compared with 1945: Copper: Total output was 984,077,005 741,998,086 of pounds pounds were which from company mines: In 1945 the total output was ' 1,098,626,338 pounds of which 861,607,176 pounds were from own mines. Zinc: Total production pounds of which 1,527,-56- 8 pounds were from company mines. In 1945 total output was 380,489.939 pounds of which 1,632,750 pounds were taken from own mines. Lead: Total production pounds of which 15,615,-70- 9 pounds were from company mines. In 1945 total output was . 393,-657,5- 41 - 09 of Which pounds pounds were taken from own mines. r Silver: Total .production 8,171,695 ounces of which'3,687,-59- 5 ounces were from company mines. In 1945 total output was 9.620,647 ounces of which 5,303,-25- 9 ounces were from own 71,237,709 5,492,093 : 79,-905,6- minies. . - . Gold: Total output was 73,509 ounces of which .30,054 ounces were from company mines.. In 1945 output was 77,995 ounces of. which 36,507 ounces were from company mines. The five stages of Brandy and Water One: "Brandy and Water. Two: "Branny and Warwer. Three: Bran Warr. Four: Brraorr." ' Five: Collapse." (Presented at 29th Annual Meeting, American Zinc Institute, Inc., St. Louis, Missouri) dustrys attitude toward dies. To fulfill this mission, I sent out 150 questionnaires, all to producers.' Of toe 62 replies, six either disclaimed their authority to speak for their companies or I discarded them because I discovered that to seek a diversity of opinion among individuals in toe same company developed ho important differences, and simply served to overweight toe attitude of the company involved. Inasmuch as about 25 of the original questionnaires were addressed to this kind of individual, I think it is fair to state that, of 125 companies questioned, 56 replied, a return of 45 per cent. In my opinion, toe sur-of vey is a true representation toe industrys current attitude. These replies came in in such a way as to give representation to all the zinc mining and smelting states. Naturally, the proportions would tally more with the number of operators in each state than with its total production. Of the 56 counted respondents. 11 were large, nine of them and smelting having both miningmedium-sized interests, 23 were or operations, smelting inining operaand 22 were small-mi- ne tors. The first question was, Are you on principle against all direct subsidies to aid marginal Continued On Page 2 . - Society Slates . Salt Lake Meeting The Rocky Mountain Feder- ation of Mineralogical Societies has slated its 1947 convention at toe Newhouse Hotel, Salt Lake City on toe 12th, 13th, 14th and 15th of June. Included in the. program of events will be mineral displays,, presentation of a paper on toe Geology of Utah, field trips to New Park Mining Company during 1946 produced 61,786 tong of ore which returned $1,185,732 from ore sales and $287,675 in premiums paid by Metals Re serve Company, according to in formation' contained in the firm's annual report Additional income amounted to $78,260. making total income for the year of $1,551,668, an increase of more than 35 per cent over 1945. Ore sales registered an increase of more than 29 per Federal Has Reduced Ore" Output" Idaho Earnings WALLACE, of Federal Mining & Smelting Co. for toe first quarter of 1947 were estimated at $57 57 before federal taxes and depredation, F. H. Brownell chairman told toe stockholders at toe annual meeting. This was equal to about $2 a share on toe capital stock. For toe like period a1 year ago, net was equal to about $1.50. If conditions remain as at present there is a chance stockholders may receive increased dividends this year, Mr. Brownell stated. He expressed toe opinion that toe premium price plan would not be renewed when that law expires June 30, 1947. After that date and with present prices, the principal operating mines of toe company will be toe Page, and Frisco mine properties in Idaho Further operations of toe Morning mine, in years past toe companys main producer, will depend upon hiring additional labor. Meanwhile toe company is continuing its search for new ore at the Morning 'property. Concerning the Tristate district where zinc is toe principal declared that product, Brownell operations of ' the companys Cougar Mine property there would undoubtAt the Mine, work was edly cease with toe lapse of pre- continuedCougar toe lower tunnel on mium payments. (Continued On Page 2) - year. Unusual Report Included in the companys comprehensive report that graphically explained all phases firms activities, were toe following salient facts on mine operations: Mining operations of toe company center, around the .fissure from the Mayflower, tunnel or 800 level-otoe mine in January, 1940. Total ore production through toe tunnel to January, 1947, has been 384,511 tons with a value of $7,769,916. During toe year 1946, a new level, 580 feet below toe tunnel has been opened on toe fissure, from toe Mayflower shaft The ore zone here is being developed as expected from operations on upper levels. Pearl Fissure The Pearl fissure. 400 feet north of toe Mayflower, has long been a potential ore reserve and during toe year has been developed on two levels by drifting and between levels with several raises. The fissure width is less than in our othA mining operations and ore shoots occur as lenses, but metal values are high and a substantial ore tonnage is being developed. To Sink Deeper Preparations are being completed to sink the Mayflower (Continued on Page Four) and-bega- . f '. Production activities at properties controlled by Tintic Standard Mining Company were substantially curtailed during 1946 due to toe acute labor shortage and inability to make ore shipments to toe Garfield Smelter during the six month long smelter workers strike, toe firms annual report reveals. Production Total ore production during toe period from Tintic Standard and Wholly Owned Subsidiaries totaled 12,079 tons compared with 40,088 tons for toe previous year. Net ore sales together with premium payments returned $257,863. This compares with a total of $723,610 for 1945. Loss from mining was listed at $116,778 and general administrative and other expenses were $53,117. However, other income, including interest earned and profit from sale of securities was $187,937. Net income for the year was $18,012. James W. Wade, company Leave at once! I never want president, included toe following information in his report to see you again! of operations: O. K., Ill go. But will you do Two churn drill holes were one more thing for me before I completed in an undeveloped leave? Well, what is it? area east of toe main shaft reGet off my lap. sulting in favorable geological information. This area is being further developed by a drift now being run on government development funds. Diamond drilling was continued on tts 700 level and a drift was run from the 1450 level to the Tintic Standard No. 1 shaft which will be deepened to toe 1450 level. This No. 1 shaft will eventually become toe main working shaft. . Earns $2 Per Share Abandon Lease After writing off $105,489 as loss from, abandonment of toe Showers and Bowers lease in the Tintic District and : charging off $64,991 for intangible drilling costs for toe Wyoming Oil Joint venture and Sulphur. Creek operations, net Income for the year ended December 31, 1946, without deduction for depletion wae $236,476. Earnings for 1945 were $259,348. During 1946 dividends amounted to $238,844, compared with $179,340 for the previous Hecla Mining Idaho Hecla WALLACE, Mining Co report shows net income for 1946 Of $1,290,079.67. On income side $1,648,591.71 was received from ore sales. Other income totaled $970,915.30, dividends $500,000 including from Sullivan Mining Co. and Bingham and Alta and an over- $252,900 from Polaris. Production night trip to Topaz Mountain. costs were $899,064.93 with genBusiness and organizational eral and administration expense of $101,441.61 meetings will be held Friday, Polaris Mining Polaris WALLACE," Idaho Mining Co. received $1,051,277.21 from ore sales plus . $28,045.80 from custom milling last year, total of $1,079,323.01 with other income of $634,143.57. Operating costs, general administration expense was $602,548.95. After tax allowances, etc.r net 1946 profit was $415,258.91. METAL MINING INDUSTRY OF UTAH n |