The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-06-18
NEVADA CON. HAS
A LARGE SURPLUS
Paid About $1,000, 900 in
Dividends in Four
Years.
SURPLUS is $3,324,236
The Company Has Added
Millions of Tons Of Ore
to Its Reserves.
SURPLUS is $3,324,236


have believed. When its productive
opera tons began, four years ago, the
mining property was given a HE OF
fourteen years, and its depreciation
charges were arranged on that hasls'
/ understand, so that the entire cost
of property, development stripping
and equipment might be added grad
ually to the cost OF copper and COM
pletely written off in the period
named. IL has mined so far more
than IL 900 900 tons OF ore, produced
Approximately 100000 pounds OF
COPPER, paid upwards of 100000 in
dividends, accumulated surplus OF
$3,224.296 current cash assets ano
developed sufficient new ore so that
even now 1t can go on producing at
last years rate for about fourteen
years TO come. 49,
That Nevada Consolidated Will de-
velop several million tons more ore
is reaso bly, certain. To one VINO
studies its ore deposit maps II may
be suggested that they We're drawn
by the originator Of the cubist sys-
tenn OF art. On paper they have TINS
square cornered appearance because
the engineers have not felt they were
warranted In assuming that the ore
bodies go beyond the limits proved by
the drill holes. In reality the depos-
It's are irregular in their outlines,
with numerous projections winch
reach out like fringes Into the
surrounding rock formation. 1t VIII
require no additional stripping to get
these important extensions OF the
steam shovel ore. They will be tun-
mel mined into the deep pits: after
the shovels have reached the bottom
OF the profitable deposits, and thus
recovered at a low cost,
~ his deem has but TO
Inspect the section maps in the COM
psny's annual reports 10 see that sew
eral Of the drill holes stopped--usually
because OF caving or loss OF tools
While still In pay ore. Some 600, 900
tons of new ore were developed last
year by drilling deeper holes in one
of the pits. That a very great deal
more profitable deep ore will be
found is reasonably certain.
The original Ruth mine, an under
ground mining proposition from which
no tonnage has been extracted as yet.
had 5000. 600 tons Of % OF q per cent
ore. Deeper drilling and underground
development work have increased this
and one Of the drill holes was stopped
while in per cent ore.
Considerable discussion has been
started by a statement published re-
Gently that Nevada Consolidated has
paid 81 900 600 in dividends and lost
course the casual reader does not
stop. to think that the first is net
and the second gross value.
AS a matter Of fact. no one has dis
covered as yet any method by which
all OF the values In ore can be eX-
tracted, either profitably or other
wise. Nevada Consolidated's losses
are very small, as compared with
those OF other companies concentrat-
Ing low grade copper ores. They av-
r,,,11 al
per ton OF tailings. and every ton OF
these tailinss is being saved for re-
treatment in the future.
The reason they are not being re-
treated or further treated now with
profit is that no method or system
has been developed as yet that Will
get SO much as one pound more per
ton out OF them profitably There is
no doubt whatever that the COM
pany's immense pile of tallings Will be
very important source OF profit ten
or fifteen years hence. however. They
are so deposited that they can be
picked UP with steam shovels and
loaded on cars at cost OF or
cents ton.
In this connection 1t may be well to
d Hecla formerly 1nilled q TO per
cent conglomerate rock and lost
twelve or more pounds OF copper in
its tailings: This particular charac-
ter OF ta;lings can be remilled now
and made to yield AZ TO 81 pounds of
copper per ton. Calumet e. Hecla is
doing this and IS recovering the cop
per at a cost of cents a pound.
which is lower than the cost OF the
copper obtained by the original treat
called Nevada Consolida ted's losses,
therefore. Will not be entire losses
after all.
The Steptoe concentrate tor is one Of
Inc In IN. most opISaiinstaki.ngly operated mills
kept by. samping and assayine pulp
ana tailings, Of various degrees of
fineness. and portions of the material
are subjected TO several successive
treatments In the concentrator 1t
than one Of low costs. The company
spends about 80 cents per ton on con-
centra tion. whereas IL Undoubtedly
could get the ore through for 3s i.
cents These extra II cents, however
per; The company is carrying on eX-
peTinental work that is steadily i'm
proving In its concentration results.
!! Nevada Consolidated had a good
mine Of basic sulphide ore carrying
quantity Of its mill shines profitably.
a considerable amount Of these
shines IS collected now and used
10 clay up the rsverberatory furnaces
eh' ~ iiuN tlIS sag IN 1ne convert
sTs Every ounce OF iron In Its con
centrates is put 70 good use In its
smelling operations; but still its ex-
cess OF silica is so great that very
large tonnage OF limestone has TO be
used for flax.
The Nevada Consolidated manage
ment has given great deal of en-
couragemnet TO the small independ-
ent compan nses that are endeavoring
to develop mines In the limestone
areas OF the Ely district, The COM
plaint heard about the high charge
IL - making for concentrating Giroux
ana Copperrnines ores and for smelt-
ing their concentrates. is a question
that has two sides. These particular
ores and concentrates are even more
sillclous than those that come from
Nevada Consolidated's own mines.
and the cost OF handling them, there
II there iS anyone left who doubts
she effectiyeness and economy of
sSeam shevel mining he should visit
Its cost sheets.
Had 1t not been for the labor
trouble, which practically shut Ne
avua Consolidated down for a month
Its production last year would haVe
been around 5000. 900 pounds OF con-
per at cost Of less than 8 eents ner
pound. There is now every prosnecf
that the company Will be a ole Ia nrr-
duce at least $4,000, 900 pounds az
copper Jas an annual average during
the coming fourteen yesrs at a cosf
OF cents a pound. When considerad
as a Cooper prOduoinR propasiftor,