to purchase a half stake in his Cripple Creek real estate business, which included the Cash on Delivery (C.O.D.) Mine. This was the beginning of a long-lasting partnership between the two men. The C.O.D. Mine was one of the most successful in Cripple Creek but, as Penrose and Tutt continued their partnership and operations, they began to realize the value of opening a new business in ore processing. Tutt and Penrose sold the C.O.D. mine in 1895 for $250,000 and invested the money in their new venture: the Colorado-Philadelphia Reduction Company, an ore-processing facility in Old Colorado City. The two men knew they would need someone with expertise in ore processing, so they brought on tenured miner and miller, Charles Mather MacNeill. The new partnership among Tutt, Penrose, and MacNeill resulted in increased business at the Colorado-Philadelphia Reduction Company; by 1899 its plant was treating over $3 million worth of Cripple Creek ore annually. The three men would create a mining, milling, and real estate empire in the years that followed. As their interests in Cripple Creek dwindled, Tutt, Penrose, and MacNeill followed a suggestion of metallurgist Daniel C. Jackling, who believed that a massive copper deposit located in Bingham Canyon, Utah could be successfully mined. Jackling had been a metallurgist for the Bingham Canyon Gold & Silver Mine, and was the chief engineer at the US Reduction Plant Company in Florence, Colorado. A survey revealed the Bingham Canyon ore deposit contained only 2% copper. After consulting both Jackling and geologist Richard Penrose, Spencer's brother, the men determined that the copper could yield high profits if they could efficiently extract the copper from the ore. Penrose formed the Utah Copper Company in 1903. He worked with others to design a mill to extract the copper at a rate generally considered impossible by other mining and milling experts. Their gamble paid off, and the men developed a fast-growing enterprise that mined and milled more copper than they had imagined was possible. Penrose's success in Utah encouraged him to invest and begin copper mining operations across the Southwest in Arizona, New Mexico, and Nevada. The works in Cripple Creek and Utah Copper generated an immense fortune for Penrose, which he brought with him to Colorado Springs, Colorado. Colorado Springs and The Broadmoor Penrose returned to Colorado Springs as a successful entrepreneur. During this time, he met his future wife, widow Julie Villiers