(The Standard. London April 12, 1872)

PROSPECTUS

The large and increasing demand for pyrites has for some years led to parties interested in that ore directing their attention to the several known sources of supply, and it is now universally admitted that the province of Huelva, in the south of spain, offers inducements for the development of mining operations superior to any other proved mineral field. The absence of railway accommodation, and the expensive and tedious mode of transit from the mines to the shipping port, have hitherto practic ally shut up nearly all the mines in this province, but the recent success of the Tharsis and Santo Domingo Mines demonstrates what can be accomplished when regular and rapid means of communication are established.

Next in order in extent and importance to teh Rio Tinto and Tharsis Mines are the Santo Domingo, Buitron, Carpio, and Lagunazo Mines. The two former are now in operation and connected by railway with Huelva and the River Guadiana respectively. A similar development of the later two Mines, Carpio and Lagunazo, is the subject of the present company.

1. The Carpio Mine embraces the nine pertenencias of Santa Maria de Gracia, San Benito Abad, Virgen del Carmen and Santa Emilia. The quantity of ore actually proved above water level, according to the reports of experienced mining engineers in this country and in Spain is estimated at 2,748,000 tons. The quality of the ore is the same as that of the Tharsis and other mines of the district, and averages from 2¾ to 3 per cent. of copper, 45 to 47 per cent. of sulphur, and 40 per cent. of iron. Much higher results have been obtained from samples brought from this mine over the last few weeks, but the average given above can alone with safety be adopted as the basis for calculations. The annual output is estimated at 60,000 tons of ore ; and there is lying already mined and ready for transit ore estimated at about 50,000 tons, which could be converted into Copper at the mine.
2. The Lagunazo Mine is situated to the north-west of the village of Alosno, and about six kilometres to the west of Tharsis. It has been carefully examined by engineers, and is estimated to contain a minimum of 2,800,000 tons of ore actually proved, of a quality similar to Tharsis and Carpio, averaging 2½ to 3 per cent. copper, 48 per cent. of sulphur, and 40 per cent. of iron. The anual output estimated at 50,000 tons.

The cost of mining and shipping these ores, if carried by railway, is based upon the experience of the Tharsis and other companies, and is estimated at about 30s. per ton.

These Mines, with the whole works, houses, plant, machinery, material, and ore thereat, are now in the offer of the present company for the sum of 220,000l., and it is for their acquisition and working that it has been established. The price payable:—

• In fully paid-up Shares, or cash, in the option of the company……………………….£70,000
• In cash, without interest, payable by instalments extending over 40 months……£150,000
  • Total: £220,000

No lordship. The Promoters consider that it is more advantageous to the company to secure the Mines for a certain sum than to pay a lordship on the ore, which is found by other Companies to be a heavy burden.

For the proper development of these Mines it will be necessary to construct a Railway communication with the shipping port, and this can be done either to Huelva or to the Guadiana. In the former case—from Carpio, 50 miles, and from Lagunazo, 20 miles ; or alternative lines. To Huelva, of 50 miles and to the Guadiana, of 38 miles.

The Promoters have not yet decided which of these lines to adopt but they are much in favour of the line to Huelva, although greater in length, as it would connect the mines with the established port of the trade, where freights could be more easily obtained, and a large traffic might be secured by the company from the numerous manganese mines with abound in the district and otherwise. In addition to these advantages, the draught of water at Huelva admits of loading vessels of large size, while the bar at the Guadiana is limited to vessels of 600 tons.

The land over which those railways would pass is of little value, and the vendors have undertaken to secure an access to either Huelva or the Guadiana, at a cost for land of not exceeding 200l per mile. The formation of the railway, pier at shipping port, and rolling stock are estimated by engineers not to exceed £250,000 to Huelva and £190,000 to Guadiana.

The construction of the railway in either case will take between eighteen months and two years ; but in the meantime a large quantity of ore can be mined ready for transit or conversion into copper which can be carried to the shipping port at present for about 25s. per ton.

In order that sufficient means may in the first instance, be secured for the purchase of the Mines £220,000 and for the Huelva Railway £250,000, and the capital necessary for the complettion of works and carrying on business £80,000, Total: £550,000.