ASARCO Announces Agreement with Codelco on El Loa.NEW YORK--(BUSINESS WIRE)--Sept. 16, 1997--ASARCO Incorporated (NYSE NYSE See: New York Stock Exchange :AR) announced today that it has been awarded the El Loa concession by Codelco after a competitive bidding Competitive bidding A securities offering process in which securities firms submit competing bids to the issuer for the securities the issuer wishes to sell. competitive bidding 1. process. The El Loa concession is a copper prospect in northern Chile covering an area of approximately 20 square miles. El Loa is located in the Andes north of the El Abra El Abra is an Archaeological excavation site, located in the same name valley, east to the city of Zipaquirá, department Cundinamarca, Colombia; in the Altiplano Cundiboyacense, at an altitude of 2.570m. and Chucquicamata deposits and south of the Collahuasi and Quebrada Blanca deposits, approximately 190 miles northeast of Antofagasta, Chile. Asarco signed agreements yesterday with Codelco covering the exploration and potential development of El Loa. Asarco committed to spend $1.1 million on exploration activities over the next two years. If the property is developed, Asarco will have a 60% interest and will operate the property and Codelco will have a 40% interest. ASARCO Incorporated is one of the world's leading integrated producers of nonferrous metals, principally copper, lead, zinc, silver and molybdenum molybdenum (məlĭb`dənəm) [Gr.,=leadlike], metallic chemical element; symbol Mo; at. no. 42; at. wt. 95.94; m.p. about 2,617°C;; b.p. about 4,612°C;; sp. gr. 10.22 at 20°C;; valence +2, +3, +4, +5, or +6. . Asarco also produces specialty chemicals and aggregates. Asarco had 1996 sales of $2.7 billion. CONTACT: ASARCO Incorporated, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Jerry Cooper, 212/510-1810 |
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