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Show ! I Ore Reserve For 40 Years i - . ! f i UTAH COPPER PRODUCTION 1 FAIRLY COMMENCED. OVER BILLION POUNDS OF f RED METAL TO BE MADE I J B LEACHING CAPPING. j Utah Copper? has produced f 176,144,651 tons of ore and paid I $169,991,302 in dividends, yet i I the mine contains more than I three and a half times as much ore in its reserves as has been I shipped. This is shown by Vice i , I President and General Manager !L. S. Cate's annual ' report to stockholders. ; At the rate ' of 1928 production, produc-tion, the estimated ore reserves , 1 of the mine, given as 625,000,-I 625,000,-I 000 tons, should last forty " I years. . ' I Mining cost for the year was I 31.78 cents a ton as compared I with 37.34 cents for the year I preceding. Credit for the re J Suction is attributed to the in-1 in-1 stallation of electric shoves and , f .iaulage. j I Another big asset to the com-' com-' I pany is its leaching operations. I Last year the company produc-t produc-t I ed 1,933,235 pounds of copper at i I a cost of 6.2 cents apound. Mr. j I Cates predicts that from the I large yardage of capping, for I I copper production of approxi-I approxi-I mately one billion tons, assuming assum-ing a 70 per cent recovery, is I promised. MILL BEING IMPROVED. MetalurgicaJ efficiency of the company was lowered by an increased in-creased production to 60,000 ' tons of ore daily. This reduced I recoveries to 85.56 per cent as ; I compared with 89.12 per cent, i Additional fine grinding and necessarye equipment is in- stalled to give the company's plants the metallurgical effici-j Iency attained during 1927. There was milled a total of 16,558,500 tons of ore, corresponding corres-ponding to an average of 45,742 I tons per operating day. The av ierage copper content of all ore milled was 19.84 pounds per ton. Copper production for the year amounted to 273,823,351 pounds of refined marketable metal; at a cost calculated in the usual way to 6.38 cents per 'pound. The proceeds from cop 'per, together with those from gold and silver accounted for, resulted in a gross revenue from mental production of 144,019,: 605.19. HUGE TOTAL AMASSED. (After alii operating cnaxges for production, including the cost of marketing refined copper, cop-per, the direct profits from min-1 min-1 ing operations were $24,433, (051.11. Indirect earnings, accruing ac-cruing as miscellaneous income incident to operations in Utah, amounted to $713,240.58, which, together with income from out-I out-I side investments, $3,454,073.60, brought the total income to f $28,600,365.29. The audit report I shows deductions for other J charges, inc'uding Federal in-1 in-1 come tar accruals, depreciaton I of plant and equipment and ob-I ob-I solence or retirement of proper-1 proper-1 ty, aggregating $3,724,119.23. j leaving a net income earned to I sin plus amounts of $24,876, 2 K;. I 01, equivalent to $15.31 per share of capital stock outstand- j mg' Min. Sur. |