The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-10-27
WORLD 8 OLDEST
MINE CURTA|LS.
Rio Tinto Will Produce at Min
imum Until Copper Prices
Improve.
NOTICE IS SENT
TO SHAREHOLDERS
History of the Property Begins
With Dawn of Authentic
Records of Man.

Gy far the most interesting, as well as
most ancient. Of Tho mines of the world
is the Rio Tinto of Spain. This mine was
operated far back before the curtain
OF authentic history was raised that the
number or years 1t has been producing is
impossible of calculation. 1t is known
that the PhoenieIans secured their rcd
metal from the property during the ciev-
enth century B. C. Tho annual produc-
tion OF the mine during the past few
years has ranged from 1000. 600 TO more
than SO. 900 900 pounds of copper.
statement has been presented to the
stockholders by the directors. OF which
the following is an excerpt:
Your directors submit their usual brief
autumn interim report upon the opera
tions during tho current year. The re-
nioval Of overbnrden has again been
ore to be mined In future years, The
eonsumption OF copper pyrites is likely to
total In 1910 about the same deliveries
In 1909. Sulphur orc deliveries on the
other hand, will rather exceed in quantity
those OF the previous wear, The in
creased reservoir capacity. secured two
years ago, he's onabled us to supply the
water NECESSARY for the company's opera
tons during the past dry summer and
the present reserves of water, while not
superaeundant, Will. 1t is believed, be
sufficient TO last until they arc again re-
plenished. The company's requirements
with regard 10 future deliveries of sui
phur orc have required that larger
quantity OF orc be- mined this year than
last, The ore thus mined is being select
ed OF, lower average copper content
This Is being done partly with the object
OF reducing the quantity of fine copper
to he marketed.
''Your directors have. after very careful
consideration. come to the conclusion that
tho remedy for the persistently low range
nf prices for copper must he found IN a
reduction of the worlds stocks and arc
convinced that II Viii be TO tho stockhold-
ers benefit In the long run that this com
pany should somewhat reduce its output
Of fine copper. and VIC estimate that
reduction of output as against last years
quantity will exceed 1000 tons. The COM
Bany heing the largest European pro-
Queer, this reduction OH our part has mct
With appreca ton on tho other side OF
the Atlantic. and we have every reason to
siderable diminution will be seen I'm the
worlds stocks.
Consumption of copper Is good every
where, and even In the first half OF the
year there nnterial increase in
stocks. but the figures were large enough
effect on prices. and our earnings and
dividends for the year must consequently
be lower.
"out of tho estimated profits of the
year your directors, now declare n divi-
deDd. for the six months ending June 30
last. of 2s Sd per share, less income tax.
on the 5 per cent preference shares and
an Interim dividend of 25s per share less
Income tax. on the ordinary shares. both
parablc on November I. French lakes
will be deducted by the compauys Paris
agents from dividends paid by them In
France, The share transfer books viii
he closed from October Is To October 81
both days Inclusive