The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-21
PERUVIAN COPPER
STOCK TO The FORE
Shares in Famous CcrrO de
PascO Mines May BE Sold
in Local Market.
BIG FINANCIAL BACKING

A report was current In the Wall
Street district yesterday that a new
financial group OF much Importance was
being formed to make available for the
local investment market the rich Peru
Wan copper properties known as the
Cerio de Pasco mines.
According to the report that Wall
Street has heard the plan has been
brought forward under important aus
pieces somewhat similar to those which
recently brought out the kennecott cop
per property. but practically nothing has
been even runored about the details OF
the Ccrro dc Pasco scheme. Heretofore
the Cerio dc Plsco development has
been a very close corporation. Owner
ship Is understood to have been prac-
tically vested in a syndicate In which
tho H,ggin mills, Morgan and Hearst
estates have been largely represented
the estate Of the late J. u. Haggin be
ing credited with about a 40 per cent
interest.
There are various claims and a vast
mineral acreage. together with different
mine workings, and a railway and SINH
In III Sts vi wv
properties. The Cerro de Pasco district,
which lies about $4,000 feet above sea
level i'm Peru Is described as one oil
the richest mineral fields In the world
the ore bodies carrying gold. silver. cop'
per, lead. Zinc and cobalt. The various
Cerro de Pasco mineral properties which
arc said to figure In the new financial
project cover about three-fourths OF this
district.
The workings operations. which have
been carried on in recent years have
q historical background as a basis
for the silver mines were worked from
tho middle Of the seventeenth century,
with similarly old workings Of the cop
per veins. To the end OF the nineteenth
century about $50. zoo. 900 ounces OF sill
yer was produced, practically all hav'
ing been extracted by hand work and
carried on the backs OF llamas TO prim-
itivc smelters. with subsequent trans
p~or,ation by llamas to Lima, a distance
of 200 miles.
Several hundreds Of old mine work.
lrga ere Included in the properties OF
the Cerro de Pasco company, but these
havc all been disregarded in the new
operations. Large reserves of ore have
been blocked out. and recent reports
OF production place the output at an
average of bou $4,000. 900 pounds OF
copper 4 year. without estimates Of sill
Scr Some fifteen years g the Cerro
80 fasco mines were offered to the
Amalgamatcd Copper Company. but the
offer WAS refused, but since then some
$4,000 900 is estimated to have beer
spent in carrying the development 10
Q profitable stage
The ompany owns its own fuel in ex-
tensive beds OF bituminous coal. has a
large hydroelcctric plant. brick plant
limestone quarry and the Ike. II main.
tains two hotels. one for American and
one for native employees. aud furnishes
facilities for recreation. one of its most
interesting possessions is. however. the
Cerro de rasco railway, which IL oper'
ated under a Government concession.
This railway has "A main line oi
eiEhty-threc miles, with al averag,
grade OF 1.j per cent, and a maximum
grade Of , per cen II cost more thar
$1,000 coo to build and IL described as
on a paying basis. There is "A twenty.
one mile branch to the coal fields. and
in all there are about 125 miles OF
%standar gauge track. The main line
runs to oruya. where Il connects with
the Central Railway Of Peru. which
cost s43. 0oo 600 to build and with a
vertical elevation OF nearly three mile:
peaches the highest railroad altitude In
the world.