Arizona republican., 1908-10-04
RED MEAL DEPOSITS
 OF CENTRAL ARIZONA
Continued from page 9

closely identical with that of the Utah property-a disseminated sulphide in matrix that makes a troublesome amount of "talc"-really a sericite, a hydrated, white magnetism mica--un- der the stamps This will inevitably entail a large loss of the copper. It does everywhere. But they claim to be now saving 75 per cent of the metallic values in the great new con centrators at Ely, Nev., on a similar ore. and they should do as well at Ray. That means a saving on a 21A per cent ore of about thirty seven pounds of copper the ton. 1 think it perfectly safe to calculate on say ing of thirty pounds of copper tie ton and 25 cents in gold and silver. That strikes western miners as hope, lessly low But it isn't hopeless at all. Only one mine in the Michigan field averages as high as that.
 It requires very nice management very skillful, very bold, and on a great scale,-to make make a profit on so low a grade of sulphide ore as that. But it is fully up to the value of the Ely ores, and little better than the ores on which the Utah Copper is now (with copper at it's present price) earning 70 per cent a year on it's capitalization, as shown by the last official report
 In every particuar save only the smelting of the concentrates, the cost at Ray should be slightly less than in the Utah property. and in all re- spects fully as low q think a trifle lower) as in the Nevada Consolidated at Ely would estimate 10 to 15 cents ton less cost than at Ely. This advantage looks trifling, but on an output of 5000 tons a day, it makes a difference in profit earned of $500 to $500 a day-the interest at 10 per cent on nearly $3.O0O,O0O. I con expect to see the Ray prop erty outputting 10000 tons a day within five years, and any economy that saves 10 cents a ton on that output will mean an additional profit of $l,000 a day. It has taken four years to put Utah Copper on a divi- dend- earning basis, and with McNeill himself at the wheel, it will take no longer to put the Ray Consolidated on the same footing.
 LONDON-A ARIZONA.
 As for the smelting, that may cost a trifle more than the Utah-coke will be higher. The Ray people will prob ably smelt their vast tonnage of con- centrates at the big smelting and plant Of the great Lon don Arizona mine. fifteen miles up the Gila from their mill. This latter property is the greatest undeveloped piece of copper ground in Arizona. and. being in the limestone. it's cop per is largely in the carbonate condi- tion, so that the sulphides of the Ray will be a boon to it. There are some surface indications that the two great companies will be operated as hand and glove to each other, and Los Angeles capital is invested in both. In fact, a large part of the London Arizona stock is owned by Los Angeles people
 Although both of these vast de- posits. which are within fifteen miles Of each other. result from the same geographic disturbance of the earth's crust-the upheaval of the London
 
 ter of the Ray is like that of the Utah Copper, while that of the Lon iOn- Arizona closely resembles the character of the great Bisbee district in Southeastern Arizona, both lying in the carboniferous limestone.
 Both the Ray and the London are beyond a rational doubt very great but the London Arizona carries a direct smelting and perfectly self -fluxing ore, and will, therefore. produce it's finished copper at a lower cost than any concentrating mine can possibly do.
 Working together these two prop critics appear to be easily capable of producing 120.OOO.OO0 pounds of fin shed copper a year without crowdinE .he mourners-and they can do that. in my judgment at a cost Con that scale) not exceeding 8 cents a pound.
 Both of these great copper bonanzas are made tributary to Phoenix by the Phoenix and Eastern railroad.
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