Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-08-04
Great Showing Made BY One Of
The States Great Cop
per Mines.
HALF MILLION NET PROFIT
This Was Record for Second Quarter
OF Ycar--Production and
Costs.

The first quarterly report of the Utah
Copper company was released stimuli
taneously in New York and salt Lake
today. bearing the signatures of Presi-
dent Charles NJ. MacNeil. Spencer
Penrose and y. G. lacking, all being
members of the executive committee,
1t Is directed to shareholders of the
company and contains the following:
lit has been determined by your
board TO issue statement quarterly.
presenting such information as will
keep the stockholders in general touch
with the results obtained without wait
ing for the more detailed annual re-
port.
Ar the last annual meeting it was
decided to change the fiscal year. so
as to have 1t correspond with the call
endar year; the next annual report Will
embrace the period from July l. 1907
to Dec. 81. 1905 and will be ready for
distribution at the annual meeting in
April.
The new Garfield plant was started
up late in June, 1907 As you have
been advised, the capacity of this plant
is 5000 tons per day, and is comprised
OF IL complete sections of 500 tons each.
THE first two sections were started
in regular operation July / the third
and fourth sections were put in opera
ton July 10; the fifth section. Aug. Ii:
the sixth, Sept l; the seventh, on Noy
2; the eighth ON Dec 49, the ninth on
March 20, 1908; the tenth on Nav l.
The eleventh section win be put 10
opera ton Aug. l. and the twelfth,
probably. so days thereafter.
THREE MONTHS OUTPUT.
For the quarter ending June 30. the
gross production of copper amounted
to l156S 800 pounds. The average cost
for the quarter was SIG cent per pound
on the net copper resulting after al
lowing smelter deductions:
The net profit from mining and
milling for the quarter
amounted to .................. 1856 997. SO
Additional income from rents
and other small items
amounted to ................. 6,696.5l
Total gain for quarter. .s493 OF
The earnings for the quarter are
based on l2ls cent copper for the
months Of April and May, and on 12@-
cent copper for the month of June, al
though copper sold during this period
brought prices slightly in excess of the
average of these figures. AT the pres
ent time the company has no finished
copper on hand unsold.
EXPECT IMPROVEMENT.
THE directors expect gradual i'm
provement in results and profits as
steam shovel operations progress. Up
to the present time 1t has been impos-
sible to avoid mining and milling a
considerable amount of surface oxi-
died material. owing to the additions
surrounding our mining and stripping
operations, but Improvement in this
respect VIII follow as the area in which
the steam shovels have to work be-
comes less restricted.
The production for the ~ months.
ending June 80, shows an increase for
each quarter as follows;
Pounds.
First quarter-July. August.
September, 1907 ............. ), 305. 1853
Second Quarter--October, No
vember. December 19O7.... 7.7l6.712
Third quarter-January Feb
ruary, March. 1905. ... S.527, $3.50
Fourth quarter-April, May
June. 1908. ........,..,.........11 II, 56S, $50