The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-11-11
FULL REPORT OF
UTAH COPPER co.
Text of Document That Shows
Company'S Operations for
Last Quarter.

Yesterdays mail brought copies of the
quarterly report OF the Utah Copper COM
pany ard. as many Salt Lakers are now
daily trading in the shares of the big cor
poration. il will be of interest to many.
Yesterday the chief figures in the report
were given, but other details we're then
unobtainable. The report is not lengthy
one and is therefore given in full. as fol-
lows:
TO the Stockholders Of the Utah Copper
Company:
Ia accordance with the established Gus
tom of the company, we submit herewith
a statement of operations for the third
quarter of the year 1903, comprising the
months Of July. August and September.
Ten sections of the plant have been run
ming continuously for the period, and
eleven sections for the months of Au-
gust and September-the eleventh section
having been started on Aug i. The
twelfth section will probably be started
early in November. thus putting the en-
tire Garfield plant into commission; but
il is doubtful if the plant will be supplied
with full tonnage before Jan.
For the Quartei under discussion. the
gross production Of copper amounted TO
u 90. 925 pounds. an increase Of slightly
less than $4,000 pounds as compared with
the previous quarter The average cost
per pound being S.73 cents on the net cop
per resulting after deduction OF smelter
allowances: this showing an Increased
cost of s9.0O57 per pound as compared
the previous quarter
The above stated cost per pound in
cludes mining. milling. managerial, gen.
cral expenses of all kinds. transportation,
smelling and all selling costs.
The Increase in cost per pound is due
10 the treatment. during the months OF
.Iulv and August. Of an ore containing a
cry large percentage of its copper con
tents IN the form OF Oxidized minerals.
ON which only Indifferent recoveries are
made I'm the concentration.
The net profit from mining ana
Inil for the quarter amount
ed to SiSpspJo 10
Additional income from ren-s and
other minor items amounted TO- 4.i59 Ia
Total amount for quarter SOILS 80
These earnings are based on l3-cent con-
per for the months of July and August
anf 1917 for the month Of September.
These figures are lower than the actual
price received for copper sold during the
quarter At the time OF this statement.
the company has no finished copper on
hand unsold.
te- was in excess of that covered by the
previous report: but the copper contents
were lower. as above explained. by reason
OF treating some low grade. though pro
fitslble material. coming from stripping
operations.
crarIon to mine and handle this oXidized
material. il is treated with the other ores
and a fair profit results.
The Der ton costs of operation for the
quarter were reduced Sig per cent az
compared 10 those applying for the previ-
Gus quarter.
Stripping operations continued through
out the quarter at the rate of approx
mateIv s. coo yards of Gaping per month,
equivalent TO the stripping of about O.S
of an acre per month. or "a acres for the
period Of three months. As the stripping
OF each acre results in the uncovering OF
about 1000 600 tons of normal grade ore.
" will be seen that our striI ping opera
tens are resulting in uncovering our ore
bodies for steam shovel mining at rate
of about five times as great as that which |
the ores are being used in the reduction
works.
During the quarter the underground ore |
sent TO the mills amounted TO 50 per cent |
and the steam shovel ore to 6S per cent OF
the total
We have been considerably delayed in |
reaching the ultimate tonnsge for which |
the reduction works are designed. viz; |
about 1900 tons per day. mainly by reason |
of transportation difficulties in moving /
ore promptly TO the reduction plants. EN- /
isting defects in transportation arrange
inents viii be permanently corrected !
through steps now being taken by the Ill |
rectors to that end. Respectfully sub |
mitted.
C. NJ. MACNEILL.
President
SPENCER PENROSE,
d. G. JACKLING.
Executive Committee.