The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1912-07-03
Will SOON ENTER
DIVIDEND CLASS
AT PRESENT FATE OF PRO- JIG
TON oiRcux is MAKING
MONEY.

Iiy.-That thu Giroux CONSOLIDATED
Mines Compln. viii D, entering III
aiiJcnd lass Of coppi" producing
~, porties IN n the nest year and
come into It's own after long period
Of Development and the expenditure
of several millions Of dollars In IN
prosecution of the same ANA the equip
ment of the mines with machinery
commensurate with their magnitude
is now probable judged By the present
production of the property
During the past week the Circus
mines have been sending down TO
the Steptoe Valley smelter each day
rs carloads of copper ore. These cars
have been loaded on an average with
5S tons making the average daily pro-
auction Of the mines approximately
1850 tons which is beginnirg to crowd
upon the MAXIMUM treatment pro-
duction called for in the contract with
the Steptoe smelling people.
At the present rate Of production
which. considering the amount Of orc
actually developed and in sight In
the mines should be maintained foe
some years To come. the Groux com
pany is now beginning to realize re-
turn on the Investment
At the time me contract was en-
tered into with the Steptoe Valley |
Smelling company for the treatment |
OF its ores the GirouN engineers calcu-
lated thot tho t,,fnpg Gould a., ,,t,.a1 |
on producing basis with a rcprcsen-
tative cost to the company Of nine
cents per pound for the copper said
cost to cover mining, transportation
milling and smelling charges. As
suming that this estimate was correct,
The GirouN company is now making
handsome profit on every ton of
ore treated. Taking an average da,ly
production OF 1000 tons as basis
and figuring the market price of cop
per at IL cents per pounG and the
average tenor Of the orc at go cop
per, the GirOuN company is producing
ore valued al SiO.2O per ton. or Of the
gross value of slo,20o pcr day n the
cost Of producing the copper is nine
cents per pound this would mean $5.4o
per ton. leaving $3.50 per ton on $4,000
per day as a margin of profit. ,
With this rate Of production, pro-
viding the grades OF the ore should
remain The same in the course of ,
years time the profit resulting to the ,
company will amount to "A great deal q
of money. !
For the past fifteen years the Giroux
mines have beer in a stage of develop q
meut and the company. like many i
others, has had It's UPS and downs I
in struggling for financial success. I
But during this period of prospect. &
ing many hundred thousands OF dol Il
lars have been spent in developing the b
ore bodies, equipping the property and q
placing it in readiness for tho pro- "
ducing stage that has now been as %
sumed. The stockholders who have q
waited so long and patiently for h
return on their investment shouts re- 81
icice in the present condition. of the q
property. q
AZ the Bunker Hill and Morris mincs q
IF the company from which The por- a
'h>y ores are now being shipped D.
large force of men is employed under .
ground in extracting the ore and I'm a
further developing the ore bodies ll
while placing The mines IN shape TO- q
he continuance or the present one a
thousand ton per dag production for Is
.omc time ~ come. q