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Show November 6, The Western Mineral Surrey, Salt Lake City, Utah Rico Argentme Production Results in Net Profit ' Rico Argentine Mining Company operations for the six month period ending June 30, 1953 resulted in production of concentrates ' having a gross value of $448,432, according to information furnished stockholders this week by officers pf the company. ' , 496 the six month During period, dry tons of flux grade pyrite were sold and 21,773 dry tons of lead zinc ore were milled. The major Sales of Vanadium Corp. of portion ' of the ore mined capie for nine months should America from the Mountain Springs area of exceed $34 million and net for the the mine with lesser amounts beshould top $4 a share, Wiling produced from the Silver Swan period C. and Argentine areas. 1,222 dry liam Keeley, president, estimated. In the similar period last tons of lead concentrates and sales totaled $26,7Q4,707 and tons of concentrates zinc year, dry net amounted to $2.82. For first six were produced. Net income to surplus without months of 1953 net was equal to provision for depletion was $73,-51- $2.96. . Vanadium produces alloys used in the manufacture and treatment Development for the six months of steel,- - iron and aluminum. consisted of driving 719 feet of drifts and crosscuts and 35 feet of provides' for 1,500,000 pounds, at raises rehabUitating 400 feet of $1.80 or the market whichever is tunnel and drilling 3414 feet of higher, and 2,000,000 pounds at the diamond drill holes. The develop- market ment work made accessible sev-- : The treatment contract is eral small bolcks of good grade with East Rim Nickel Mines Ltd, ore and left a known ore reserve a Falcanbridge associate. It calls at the end of the period approxi- - for payment of the cost of the ore ' mately equal to that known at the and a treatment charge of 75.7 beginning of the period, the re- - cents a pound for 1,435,000 pounds of nickel and 4400 pounds of copport stated. Low remetal , prices greatly , per duced the profit made on producMilnet Mines, Ltd., also a Faltion for the first six months of conbridge affiliate;; has contracted-t1953 compared with profits made furnish 4,1000,000 pounds of bn similar ores during the previ- nickel at 56.6 cents, plus changes ous two and one half years. How- in market; 4,900,000 pounds of ever, it was pointed out that by copper for a flat 27.5 cents; 5177 keeping in production the mine ounces of platinum at $93 an has been maintained in good ounce, or.' the market, if higher; a and order working capable and 7172 ounces of palladium at staff and crew retained. a floor of $21.50. In June of this year, Rico enOther Canadian contracts were tered into an agreement with the with International Nickel, to supBanner. Mining Company has a ply 120,000,000 pounds, of nickel producing copper mine and mill at at 87.7 cents a pound, subject to Lordsburg, New Mexico and n escalation, and luO, 000,000 pounds developing a copper mine and of copper at 27 cents; with Wesbuilding a mill near Tucson, tern Nickel of British Columbia to Arizona. furnish 42,000,000 pounds of nickel Rico Argentine Mining Company at 60 cents and 14,000,000 pounds operates its lead-zin- c producer at at 56.5 cents; and with Campbell Rico, Dolores County, Colorado. Chibougamau, Ltd., for .63,000,000 Stock of the company is listed on pounds of copper at 24.5 cents, the Salt Lake Stock. and Mining subject to. an escalator clause. Bulk of the. contracts made pub.Exchange. lic concerned Mexican firms supplying manganese. There were 16 of. these, all calling for relatively small commitments of ore at $20 per long ton. (Continued from Page 1) A contract with the Republic of .year. Another' provides a floor Korea requires purchase of 15,000 tons of tungsten trioxide expected of 17,342 cents a pound for of lead pounds supplied by to yield 975,000 short tons units at Huehueten-ang- o $65 each. Amveco of Venezuela Minera de Campania of Guatemala. The Mexican will get $945.30 a ton for 500 tons subsidiary of National Zinc will of chrysotile asbestos. Other conconcentrates get 1616 cents a pound for 40,000,-00- 0 tracts cover beryl' from and manganese Brazil, pounds of zinc. GSA officials pointed out that chrome ore. from Turkey, . and these contracts were negotiated molydbenum and bismuth from by its predecessor, the defense Canada. correThe Spokesman-Reviematerials procurement agency, and seemed like good business spondent said it appeared that the at the time. Now that world contracts released were for maprices have declined, th6 govern- terials which are held in invenment is stuck because it cant re- tory and later sold or transferred : to the stockpile and that those for pudiate its obligation. Price arrangements under vari- materials going directly to the l. ous contracts with Canadian firms stockpile were classified as It was apparent, he said, for nickel and copper show an extreme range of from 56.6 cents to that the publicized contracts were $1 a pound for nickel, the investi- for lower priority minerals. Inforgator said. One firm is being paid mation on top , strategic items is for security reasons. withheld 75 cents a pound for treatment ' The preferential treatment givof copper. The cost of the ore is en foreign producers has been added. Falconbridge Nickel of Canada, particularly harmful to the lead-zin- c branch of the. domestic for example, has a contract to supmining industry. Hundreds ply 100,000,000 pounds of nickel ' at $1 a pound, another 50,000,000 of mines throughout the west have been forced to close and many pounds at the same price, and more at the market price others have curtailed production after June, 1962. Under a separate during the past year, when similar deal it will furnish this country deals at- premium prices would with 75,000,000 pounds at 56.6 cents have enabled them to continue in a pound, but this deal has esca- operation. According to reliable lator provisions. reports .there are no zinc-lea- d For its copper, Falconbridge mines operating in the Silver City, New Mexico, area at the present will get 30 cents a pound for time and the number of producing 27.5 cents for pounds, mines in Utah is now 19 and cents for zinc-lea- d pounds 12 as only compared with 74 in 20,000,000 pounds,, contractors op1948. tion.' For cobalt, the agreement Vanadium Corp. . 2,-1- 73 0. . - Foreigiii Mines : 32,-500,- 00 . w . conn-dentia- non-ferro- 50,-000,0- 00 - 15,-000,0- 00 17,-000,0- 00 us 1953 New Tungsten Small Mine Circulation Of New Gold Projects Have Mill Pushed Area Advocated Rough Time The In Butte Minerals SAN FRANCISCO, Caif. Return v WASHINGTON, D. C. House of the gold .Undard is .abject, enterof much interest nowadays . to reported that little mining Americans in general and Cali- prises are being slaughtered at . , fornians in particular. It has been discussed in. congress. California Young Republicans argued the subject at their policy conference at Monterey and many people have expected the Eisenhower administration to restore the precious, yellow metal to its old place in our national economy. t Chief argument against a return to gold in this country is fear that such a hard money policy might result in. serious deflation, making money scarce and labor and commodities cheap! yy . The trend, of course, has been in the other direction since Franklin D. Roosevelt-pu- t the country on the paper dollar and made private possession of gold coins or .yellow back, a criminal offense. As a result- of government control, pure gold now is. worth $35 a troy ounce and. the present dollar is worth about 55. cents in relation to the old gold dollar. Harold S. Gilbert, assistant secretary of the Gold Hill Dredging Co. of San Francisco, has come up with one possible solution. Speax-in- g as an individual; Gilbert suggests that by permitting all new production of gold in the U. S. to go into free circulation this' country could head back toward a gold standard, without upsetting the money cart Total U. S. production last year amounted to only about $66,000,-00Gilbert says a drop in the bucket to the gold hoarded at 1 - . 0, fort Knox. , . . Domestic (Continued from page 1) tee headed by Senator Malone (R-Nev- S. H. Williston, president of Cor- .) dero Mining company of Nevada, told the subcommittee that our present policy of buying strategic metals and materials abroad while keeping our domestic resources in the ground was deliberately planned that way by communist cells in government agencies, to injure the American mining industry, and weaken the domestic economy. The policy, which he termed treasonable and in the best interest of the Kremlin, was foisted, upon the American people, he said, .by a state department which senate investigators have shown to be heavily infltrated wth communist influences. Congressman Dawson also expressed strong opposition to present policies which, are making us increasingly dependent on the whims of foreign governments for our strategic metals. Lack of adequate tariff protection against excessive foreign imports of lead and zinc has forced prices, of these metals down to levels at which no domestic mining com' pany can keep in business, he stated. In Utah there are normalr ly about 250 lead-zin- c mines, but now are three only operating and more than 1000 miners are out of work. Assistant Interior Secretary Felix E. Wormser, 'another witness before the committee, stated that he favored putting a stop to the flow of excessive imports by some method, preferably tariffs; but added that he was supporting the administrations position calling for a years extension of the reciprocal trade program . until ' a foreign policy commission completes a study of the program! (R.-Uta- In a report an alarming rate. based on hearings concerning conditions in the lead-zin-c industry the committe said: The reduction in the number of these small independent businesses in the mining district of the nation has reached as high as ninety per cent in some areas and other mines are being sold out to Urge- competitors because the small producer cannot compete with the large integrated corporations. Losses to thousands of stockholders are heavy. Small .independent companies are unable to finance under., the impossible rules of the SEC is one report before the committee, nor can the older development companies finance under the duplication of state and federal SEC to carry on this needed work. The committee said its hearings, held in Denver, San Francisco, Spokane and Phoenix last April, showed that dumping of foreign-mine- d lead and zinc was driving some domestic . producers into bankruptcy and causing serious economic repercussions in the industry. The cost of producing lead and zinc outside the United States is much less than it is within the United States, largely due to the high living standards maintained here,, it reported. The delay for one year in passing' remedial legislation would hi the opinion of many representatives of the industry, result in severe damage to the. domestic, lead and zinc mining industries. The delay of a year would also result in irreparable damage to the economy of the areas in which lead and zinc are produced. Immediate action is recommended in order to prevent tremendous losses which otherwise will result. : f - . . BUTTE, MONT. Co., Grand En- Junction, gineering flotaColo., is building a 300-to- n tion mill, four miles northwest .of Glen (P.O. Reichle), Beaverhead county, about 40 miles south ,of Butte, to beneficate tungsten ores from Lost Creek mines of the coin--' pany and Browns Lake mine, of the American Alloy .Metals, Inc., the latter company being a" subsidiary of Goldfield Consolidated Mines Co. of Reno, Nev., and San Francisco. , The new plant is approximately one mile west of the Big Hole . River basin, to prevent pollution of that stream. Roads are being built to facilitate the development of outcrops of ore in the area and to prepare for mining. A 7,000foot waterline is being installed to serve the mill from wells in the & . district . Montami Power Co. is putting in a. high tension line from Maiden Rock, Silver Bow county, to serv- ice ' the area. The, concentrates from the Glen mill will be shipped to the Salt Lake Tungsten companys refinery at 2160 Indiana Ave., Salt Lake City, which is jowh-e- d jointly by Minerals Engineerings Co. and Sylvania Electric Products, Inc. The Salt Lake refinery shortly will issue a schedule giving terms of delivery and refining- - charges for. custom tungsten ores and concentrates. Blair Burwell, Grand Junction, Colo., is president and general manager of Minerals Engineering Co. and also president of Salt Lake Tungsten Co. The American Alloy Metals, Inc. has its Browns Lake tungsten operations to the Minerals Engineering Co., according Toby, superintendent for Minerals Engineering in Beaverhead county. : .. sub-leas- . ed The' committee said it considers the preservation of domestic mining industry purely that of enlightened self interest of the nation. . 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