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AMAX SHAREHOLDERS APPROVE MERGER

 NEW YORK, Nov. 12 /PRNewswire/ -- AMAX Inc. (NYSE: AMX) shareholders today approved a merger transaction which spins off AMAX's aluminum unit, Alumax, as a publicly-held, stand-alone company, distributes 28 percent of Amax Gold's stock to AMAX shareholders and merges the balance of AMAX with Cyprus Minerals Company. Some 83 percent of the 94 million outstanding shares favored the transaction.
 Weekend board meetings are scheduled to complete the transaction, and the spinoff, distribution and merger are expected to occur early next week, according to Allen Born, chairman and chief executive officer of AMAX.
 After the transaction is completed, the combined Cyprus Amax Minerals Company will have assets in excess of $5 billion, and pro-forma 1992 revenues of approximately $2.8 billion. Cyprus Amax will be the second largest copper producer and one of the three largest coal companies in the U.S. It will hold significant positions in oil and natural gas, gold, lithium, molybdenum and iron ore.
 Alumax is the nation's third largest aluminum company with assets of $2.7 billion and 1992 revenue of $2.4 billion. Alumax is a low-cost producer of primary aluminum ingot and billet and is a major fabricator of value-added aluminum and other products.
 -0- 11/12/93
 /CONTACT: Jerry Cooper of AMAX, 212-856-5982/
 (AMX)


CO: AMAX Inc. ST: New York IN: MNG SU: TNM

WB -- NY047 -- 3655 11/12/93 11:41 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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