The Sun.
London, England, 1864-03-11 00:00:00

The reason why the mines purchased by this company
have been brought out in one company is not only to save
the great expense of three boards of directors, with three
sets of books and accounts, but to insure to the shareholders
constant and regular dividends. Where there is only one
mine something may happen to stop returns for a time, but
with three mines in work continuous returns may be relied
on. This is the great reason of the success of the St. John
del Rey Mining Company, which pays 30 per cent. divi-
dend ; for that spirited company has now five mines, which
enable it to keep up its great dividends, although some of
its mines may be for a time non productive.
The Lochfyne Sett is very extensive, and contains three
large lodes of copper, running through the sett for nearly
one mile and a half. The width of the Grey Copper Lode
is full 30 feet, and the assays of it, made by Mr. Mitchell,
of London, are 14, 16, 25, and 35 per cent. The Yellow
Copper Lode is 20 feet wide, and the assays 10, 22, and 26
per cent.
The whole of these lodes may be worked by levels, so that
there is no water to draw. There is abundance of water
power, which will save the necessity of steam engines to
crush and dress the ores. The mines are within two miles
of a good shipping port, connected with a road recently
made. It would certainly be difficult to find another pro-
per ty in the kingdom combining so many advantages. This
valuable mine which the company has been fortunate enough
to secure is held under a lease of twenty-five years, with
one fifteenth of dues. The sett is 800 acres on the course
of the lodes. _ _ _

Captain Trovethick's report estimates the average yield
of the bulk of the ore at Lochfyue at 10 per cent., and as
the average of the Devon Great Consols (which pay £60,000
per annum in dividends) is only 41 per cent., a more favour-
able result than even that of the Devon Great Consols may
reasonably be anticipated.
The Rednal Mine extends to nearly a mile on the course
of the lode, and is held under lease for twenty-one years at
a royalty of one-fifteenth. This valuable property is situated
within one mile and a half of the Rednal Station on the
Shrewsbury and Chester Railway, and within forty miles
of Liverpool, where there are smelting works to take all the
ore that can be raised.

At Alderley Edge, in Cheshire, where the same ores as
the Rednal are being worked so successfully, the produce
does not exceed 2 per cent., and yet that company pays a
dividend of 40 per cent, on its capital, proving the value of
this description of ores, and giving the best criterion for
estimating the superior results to be expected from the
Rednal mines. As another evidence that the sandstone
copper ores are highly profitable to work, the directors need
only refer to the Mansfeld Copper Works of Germany,
where ores of only lf per cent, yield large dividends, and
give employment to 3,000 hands.
A provisional contract has been entered into to purchase
the Lochfyne, Rednal, and other mines, for the sum of
eight thousand pounds in cash and three thousand shares
of the company fully paid up; one-half of which shares are
not to bear dividends until the company has paid a divi-
dend to the shareholders of at least 10 per cent. out of profits.
The outlay required in developing these mines will
be unusually small, owing to there being no engine
shafts to be sunk, That the outlay will exceed £5,000 on
each property, or £15,000 in all, is not probable ; in fact, it
is more likely that one-half of that sum will be sufficient,
The very moderate estimate of 24,000 tons of ore from the
three mines, with a profit of per ton, will yield a re-
venue of £lB,OOO per annum, or nearly 50 per cent, on the
capital
__

•
The directors have much pleasure in calling attention to
the annexed highly satisfactory reports from gentlemen
personally acquainted with the working of copper mines. It
will be observed that Captain Charles Thomas, of Dolcoath,
thinks the It(Anal Mine a promising undertaking; and the
Lochfyne Mine is one of more than ordinary promise as
a copper mine of great value and importance. Captain
Phillips says he is satisfied that the Lochfyne Mine will
turn out another Devon Great Consols. Samples of the
ores may be inspected at the company's offices, where copies
of the prospectus and reports may be obtained. As a large
portion of the shares have already been applied for, an early
application for the remainder will be necessary.
Applications for shares to be made in the annexed form
and forwarded to the bankers, brokers, or secretary of the
company, with a cheque for the deposit.

BRITISH COPPER COMPANY (Limited).