Miami

THE story of Miami really is two stories. First, that of an excellent Porphyry Copper mine, ably managed as a business enterprise, and always among the leaders in technical progress. Concentrating its first ore in 1911, it had by 1925 paid dividends totaling $30,000,000 or $40 per share on stock that had cost the public $5 per share in March, 1908. The ore, containing 2.5 per cent copper at the start, had become progressively leaner but the recovery had tended to improve. Production costs had gone up during the World War and the early post-war period; and had come down again. In all these respects it had followed the norm. If the mine had been abandoned as exhausted and the company had been liquidated late in 1925 (a program that had been given earnest consideration in 1924), Miami would have gone down into history a first-rate mining venture; as an active and progressive participant in the great Porphyry achievement. But Miami was not liquidated in 1925; instead it started to write the record of its second and really amazing story. Near the old mine was a large body of low-grade ore containing, in place, less than 20 lb. of copper to the ton, and without, incident- ally, any considerable sweetening of gold and silver. Any method of underground mining that was cheap enough would certainly entail some dilution, so that ore as sent to the concentrator necessarily would average much less than 20 lb. As a matter of record, the average for 1929 was 16.6 lb., from which 11.726 lb. was recovered as concentrate. As already said, the exhaustion of the older orebody during 1925 was foreseen; but in 1924 the decision was reached to enlarge the concentrator and develop a new mine. An expenditure of $2,500,000 was entailed in this program. By October, 1925, the