OCR Text |
Show May 7, 1954 The Western Mineral Survey, Salt Lake City, Utah 2 Great Molybdenum Company Increases Earnings, Output . Climax Molybdenum Co.s production, sales and earnings rose sharply in 1933, its annual report revealed Monday. Net income was up 60 per cent construction of the No. 4 mill, to $9,717,000 or $3.81 a share from which includes three ball mills, $6,071,519 or $2.38 a share. three classifiers and three flotaProduction was up 56 per cent tion systems, revamping of the No. to 37,306,341 pounds of molyb- 1 crusher and the construction of denum from 23,874,408 and sales a new mill office building, new were up 40 per cent to 33,000,000 sample building and a new warepounds from 23,571,00. Dollar sales house in the garage area. and other income were up to A central electric locomotive , 328,448 from $30,099,929. mill cars have been and 20 ten-to- n President Arthur H. Bunker, added to the Climax haulage netNew York, said the increases were work. Sixty more mine cars are due to the enlarged capacity at presently on order to form four Climax, Colo. The firms expan- new complete trains which will be sion program has raised mill ca- used in the development and proe ore. pacity at Climax to 27,000 tons a duction of day from 15,000 since 1950. Climax is the largest industrial .Climax is now the largest un- consumer of power from the Pubderground mine in North America lic Service Company of Colorado and second largest in the world. in the state,1 using from nine to Capacity operation is assured by ten million kilowatt hours monthgovernment contract until 1956 and ly. Total estimated consumption a' production from for 1953 is exepcted to reach KWH. low grade ores is assured by such mid-196contract until In order to provide information From June to December, 1953, concerning the companys activiearnings of Climax Uranium Co, ties, a public relations department totaled $428,248. Climax Molyb- has been added during the past denum owns 91.45 per cent of the year. This department endeavors uranium firms bonds and 84.07 to better inform the residents of this area. as well'as the residents per cent of its common stock. ' Climax also has acquired several of the rest of Colorado and naproperties believed to contain tion. The industrial relations dethorium ore. Research continues partment in charge of Gordon on use of thorium as a nuclear Weller has been expanded greatly fuel. to better handle problems . that The firm also increased its in- may arise in conjunction' with vestment in oil and gas activities the increases in 'production and and gross income from that source personnel. is expected to total $600,000 this Of the $34 million of company funds earmarked for the over-a- ll year. Research continues in use of expansion of mine and townsite, molybdenum in high speed tool between $3 and $4 million remains steel, lubricants, fertilizer, as a to be spent. The remaining funds catalyst for removing sulphur from will be expended early in 1954 to oil and in paints. complete the companys effort tq The firms balance sheet listed increase production for the benefit working capital down to $10,113,-48-4 of American industry and defense. from $11,361,830 .during 1953 and revealed earnings up to $37,663,474 from $33,038,974. There Are no ARIZ. Phelps MORENCI, long term debts and no preferred stock. Common stock consists of Dodge Corp.'had net income for 2,550,000 no par value shares out- 1953 amounting to $40,776,529, or $4.02 a share, before depletion,' in standing. More than $14 million was spent comparison with $37,277,549, or by the company during 1953 to in- $3.67 a share for 1952. After decrease the capacity of both the duction for depletion of mines, mine and townsite. Of this total 1953 net was reported at $38,878,-73- 3 $7,250,000 was expended for capiequal to $3.83 a share against tal improvements, with $5 million $35,026,556, or $3.45 a share in spent for mine preparation on the 1952. Storke Level and $2 million for Copper production last year mine preparation on the Phillip-so- n amounted to 447,108,344 pounds, level. against 453,168,649 in the previous Among the industrial projects year. Net working capital showed completed during the year was the a small increase at $101,275,594. low-grad- 104,-165,8- 5,000-ton-a-d- ay 2. . . Phelps Dodge 00 Sea-Pon- Jumping Of Claims To Be Discussed Uranium miners and officials of the Ajomic Energy Commission will meet in Grand Junction next week to discuss serious conflicts over leases, whien have brought charges of claim jumping and even threats of shootings. The announcement was made in Denver Saturday by State Sen. Stephen L. R. McNichols, who said the three-da- y meeting will be the of the Uranium convention annual Ore Producers Assn., an organization of independent miners. McNichols, counsel for the association, fixed the date as May The claim jumping charges have flared into a. major issue in the rugged Colorado plateau, which is experiencing a feverish uranium hunt. McNichols said another subject to be discussed will be the effect upon western mining of extraction of uranium from phos? phates. A uranium exposition, including the latest materials for finding the ore, will be held in connection with the meeting. Governors of chief uranium producing states have been invited by Governor Thornton to attend the meeting. They include J. Bracken Lee of Utah; Ed Mediem of New. Mexico, Howard Pyle of Arizona, C. J. Rogers of Wyoming and Siguard Anderson of South Dakota. The AEC will be represented by R. W. Cook, assistant general manager,' who may be joined by Felix Wormser, undersecretary of interior in charge of minerals. GBwmmxM (ESS Power Is used in Incredibly small, this agile operations by the Ketchikan Pulp Company in waters off Prince of Wales Island near Hollis, Alaska. Its small enough to be maneuvered in 35 inches of water and develops enough power with its small-bonew GM Diesel to push bundles of from 25 to 35 Because the engine bums only Diesel fuel the pilot, conUrge logs. fined to extremely close quarters, does not have the, worry of explosive fumes collecting, which is always a possibls danger with gasoline aboard. sea-pon- 4-- Golden Cycle Raises Net . Earnings CRIPPLE CREEK, COLO. Gold- en Cycle Corp., Colorado Springs, Saturday reported 1953 net income of $176,599 or 79 cents a share in 1953 compared with $161,501 or 72 cents a share in 1952. Total income was off slightly to $5,252,180 from $5,420,457. President Merrill E. Shoup reported that the firm spent $118,074 on development of its new ura- nium property on Atkinson Mesa near Uravan, Colo. Golden Cycle intends to expand its uranium activities greatly. Working capital was up to $793,887 from at year-en- d The forms were set at the Golden Cycle mill the first of the week for one of the largest pours of 1954. Three bricks were poured, numbers 174, 175 and 176, with a value of $90,500. This pour brings the total approximate production of the mill since it was opened in March of 1951, to $4,414,000 in gold. The mill purchased about 12,000 tons of rock during the month of March. This last pour gives indication that though the purchases fell off a little in tonnage, the ore was of higher value. ASSESSMENT NOTICE SILVER STANDARD MINING CO., principal place of business 606 Utah Savings St Trust Bldg., Salt Lake City 10, Utah. Notice Is hereby Riven that at a meeting of the Board of Directors of the Silver Standard Mining Company, held on the 4th day of May, 1954, assessment No. 19 on one cent (le) per share was levied on the issued and outstanding stock of the corporation, payable immediately to Russell Cashln. Secretary, at 606 Utah Savings and Trust Building, Salt Lake City, Utah. Any stock upon which this assessment may .remain unpaid on the 2nd day of June, 1954, will be delinquent and advertised for sale at public Auction, and unless payment is made before, so manv shares as may be necessary will be sold on the 30th day of June, 1954, at the hour of 2:00 oclock P.M., at the office of the company, to pay the delinquent asess-me- nt together with the costs of advertising and expense of the sale. Russell Cashln, Secretary 606 Utah Savings St Trust Bldg., Salt Lake CityTutah. . log-herdi-ng mate there are a hundred or more State Owned Land Opened For Leasing' The hunt t for uranium, vital elein the atomic bomb, is spreading over the Front Range in Colorado. The first time leases? to permit uranium prospecting on state-owne- d land. t i Among regions where leases are being asked is one in El Paso county, west of Florence and almost on the Fremont-E- l Paso county line. Other leases are for property in Las Anitnas and Huerfano countries. Some of the leases given initial approval are in the western part of Moffatt county, in extreme northwest Colorado, north of mountainous Grand county, hi the community of Troublesome, between Hot Sulphur Springs and Krem-mlin. . g. The land y" at 51 ment LEGALS (DZEi fiSHB O U0,B Sea-Hor- se 7-- $622,636. B03M38 (53J0308 With y commissioners, esti applications already on file seeking permits to prospect for uranium on the state-owne- d land. the estimate They applications cover around 20,000 acres. The Board has held somd of them for several months, pending working out of a satisfactory contract. Last week the first' approvals were granted. The board identified the applicant for the El Paso county property as F. S. Baum of Golden. It said several claims in the Grand county area were asked by the Shannon Oil Co. The board disclosed that it has raised the rental rate for leases both for uranium and oil and gas from 25 cents an acre for the first five years to 50 cents. The rate continues to prevail when an extension of a lease is sought. In addition, the state will collect royalties on any ore found. Other counties where the land board is granting wildcat uranium leases include Dolores and Gunnison in western Colorado. 50-ce-nt . . |