Show I I SAYS UTAH flAil tOPPER CUPPER IS I AN INDUSTRiAL I. I I More Nearly Manufacturing I Enterprise Than Mining I f V Venture WALKER ALKER GIVES FIGURES Should Produce Copper at 71 74 I Cent Running at I Capa Capacity i ay Y I VI i 1 should say that ii Utah Utah- Copper Copper- r. r I stock looks u lIne like cJ a n splendid mining I investment in ve vestment Hut lut would hardly do T It I justice sars George e L J. Walker in ill hi 11 j. j lat latest st Weekly Copper Letter Leter It is ismore ismore more nl nearly a a a. rn enterprise enter enter- rI r- r I prise as ns its Immense oro ore it has been tunneled drilled and sampled until un un- til UI the tho tonnage anti and value can be e estimated estimated esti esti- ti- ti mated mate very r lY closel closely and Ud Its mills nillia h have havo ht been r rim run n on em tile the ore until tho the nv yu l. u saving Caving and co cost t of op operations arc nrc accurately determined In view 0 0 ot the fact that thai th tile lie enterprise e which this company has been establishing Is now nv so nearly completed rind and Its HR earning arnin capacity so fully demonstrated It Is I surprising that Its stock Mock should sell seil I it nt the low figures recently quoted Within three or 01 four months month the company will ill be hI to tl tat nt approximately tons fon of o ore daf dally daily and If t railroad facilities are supplied a as promised the company's production should hould average a nearly tons daily resulting In a production of about rr pounds of or copper annually As As this can enn he ho produced at a n l maximum co cost t of 9 c cents nt per pound it i should i e tile the company compan earnings 9 of 3 1 t 1 to lo 5 r p per r share shar annually on u it I 1 15 cent c nt copper ma market t Neu- Neu Mill a SIC Success The company's new mill mil I is a sue suc I F cess It I is reco recovering 71 per pel cent of the thc gross values contained in the tho porphyry per nor ore Af After the tl n adjustment r find management of tho the I Is hetel better till Ih r Sa sn rimy bV ih in imi il to Th t p por r cent Jh Ibo Tho ore ore oro contains con con- an nn n nr average r a of of or- about 1 JJ 1 1 p per percent I cent to 2 per pel cent or 0 35 r pounds to 40 pounds of copper to tho the ton The TIlO II cr recovery varies between n 20 pounds pound and ld 20 29 pounds A As is 19 2 1 tons of or ore are re reduced to one ono ton of or this timis concentrate i itself contains 2 5 per percent pel cent to 2 27 per pCr cent copper or to o oiO iO O pounds to tt the thc ton Ion in lit 11 addition 10 zo 0 the le copper a about 21 25 c cents cents' in lii gold old id silver values ailes I Is r recovered Jel co fro from I each ach ton of oreTho ore or The Tho method of or treatment hf begins ins insh h y 1 grinding the tho or oro r vo very line fine In a specially C Chilean mill mi The concentration i is made on shies the the- tailings from flom which nJ are Tho The concentration Is completed com coin INed on Johnston and tables tahl t U the outset it i was wa estimated that Life tho cost cot of mining would GO average a ro j cents per ton The Tho mana management j is isi now no satisfied that It i will wi have th h cost down to toto ill to I f cents i per ton time the j is is- in iii 11 ot operation Nearly is being put into a n power plant at nt the the mill mil which Is Is' equipped with wih General Electric Electric generators generators gen gen- cn- cn a and el designed ej to make malo l O horsepower I. I or OC tIlls this between 2000 and horsepower WH be sent over owr overa a n tran transmission line lne and used usel at the tho mine The plant Is a very effective n economical one onn no and I lf h expected I Io to o produce electricity at al nn an avern ost of or 40 0 pot per pe horsepower annually The company h has R l Us Its winter coal sup mp- ply th contracted for or I Its cont contract ct is is' with wIh the Union Pacific railroad mines In n Wyoming Wyoming- As Asi As I i 1 known the tho Utah Utah- Uth Copper company compan ha has de development development te- te de- de openings s in its Is' Is ZOO OO nce acres 0 of or mineralized porphyry ore which t ag aggregate nf- nf a- a regate many miles mile It I Is by hy bythe bythe the tho caving system m at a cost ost of or 40 cents tn to 60 cents cont per ton It I al also o l luis bits lR five big steam shoveLs and anel several locomotives loco loco- motives m and cars cm's at work vork stripping and 1 ng mo tho the surface matalla material from froni a i portion porton of or Us its is porphyry belt A small l area arca I is nh already ac cleared It ItIs itIs l Is planned to strip the entire surface e eventually and anti to 10 do all al tho the mining with Wih steam shovels shovels The Ih mine is isI I ahead o or of the mill mil If IC I the Rio Grande Granile Ve Western tern railroad mana management had hall been more prompt In providing railroad railroad rail rail- road facilities Utah Copper would woul I idon dOD he lie able ahle to supply the entire entre 7 7 o tons ton of 1 oro ore l that at Its Is milling capa capa capacity city will wm care Cre for Copper at 7 1 2 1 Cents There Is reason for belief that the com company pony eventually will wi gel get Its Us Operating Oper er- er aUng costs down clown to an nn average of 2 2 per on of or ore ore- treated If H its recovery amounts amount to 2 pounds therefore re It ItI I I will IlI he be able tot make to-make Its copper at at- n 1 cost of 7 2 1 cents per pound This would jj mean mean that l tile Hie o pounds of or copper resulting annually L from froman nn an avel average o treatment of or tons of o ore nrc dally laly would yield a n profit of or on a t cent 15 15 copper market mart mar mar- than per shar- shar ott in t t ket Kt or 01 moie molt 1 share It lie Its It capitalization I Would appear also ulso that the company could dould oulI earn rn 4 poi per share sharo even en 1 0 1 should the price o of cf ff copper decline to 12 cents per pound It I lt I is estimated that there Is con- con kl mUo more than lhnn tons tois I ur Jr porphyry ore orb ort of or Ih the Cra a average c value al j mentioned in tho Utah Copper J Ol- Ol p l rity This Flits ore will wl apparently yield Iehl a net profit of or C per por ton on Oil a 12 r market and 2 II per er r on a ft 1 1 cent 15 copper L It I would seem 0 therefore tint thAt U to 20 O Is to bo 10 talen taken In profits prom the property and anI thin compare wih a pre present nt market valuation on the stock of about |