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Show UNITED PARK POSTS LOSS United Park City Mines Co., showed a $68,000 loss for the 1975 fiscal year. The figure represents an aggregate of expenses over revenue. Revenue for the year was listed at $354,000. A major source of income for the local mining firm comes from $140,000 per year in advanced royalties from a lease agreement with Park City Ventures. Park Cit) Ventures is a joint venture between Anaconda Company and American Smelting and Refining (Asarco) with Anaconda controlling 60 per cent of the venture and acting as the operating partner. Park City Ventures is currently mining the United Park Stopes from the Ontario No. 3 shaft in Ontario Canyon. In addition Park City Ventures will pay United Park an amount equal to 10 per cent of their annual mining profits on a calendar year basis until their initial investment is recovered. After Park City Ventures recovers their estimated $20 million investment which facilitated the construction of the new Ontario mill and concentrator also in Ontario Canyon, they will pay United Park City royalties equal to XA of the Ventures' mining profits. From May to the close of the 1975 fiscal year, Park City Ventures sold . $5.4 million in concentrates. The mine reports that they produced 7,788 tons of concentrates for the period containing 66.1 per cent lead and 12,104 tons of concentrates containing 55.1 per cent zinc. Other United Park City income comes from interest payments on an unpaid balance owed them stemming from their sale of interests in the Park City ski resort. United Park City founded the ski resort in 1962 and sold it to Greater Park City Co., ten years later, retaining a healthy interest in the resort company. During the summer of 1975 Greater Park City Co. was purchased by Alpine Meadows of Lake Tahoe, California, after GPCC was unable to meet certain financial obligations. At the time United Park City mines forgave much of the principal and accrued interest owed them by Greater Park City Co., in lieu of the new management meeting the obligations. United Park officials indicate that interest payments are arriving regularly with the Park City Resort enjoying their ' most successful season. |