ASARCO Announces Reduction in Copper Mine Production.NEW YORK--(BUSINESS WIRE)--July 6, 1999-- ASARCO ASARCO American Smelting and Refining Company Incorporated (NYSE NYSE See: New York Stock Exchange :AR) today confirmed reductions in 1999 copper mine production totaling approximately 52 million pounds at its Mission and Ray copper mines in Arizona. The reduction represents a decrease of approximately 7% in the Company's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. mine production. Cash costs in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. will be reduced by approximately 1 cent per pound. In order to reduce operating costs operating costs npl → gastos mpl operacionales at its Mission mine, Asarco is making modifications to its mine plan that will decrease production by approximately 55 million pounds annually. The change, which will be implemented immediately, will result in layoffs of approximately 150 employees at the mine. At the Ray mine, while there are no plans to change production levels, unusually hard ore has adversely affected mill throughput that will result in reduced production of approximately 25 million pounds during 1999. Commenting on Asarco's copper production, Asarco Chairman and Chief Executive Officer, Francis R. McAllister said, "Asarco remains focused on achieving additional cost reductions, even with the recent improvement in the copper price. The new operating plan at Mission is a further step in our ongoing program to reduce costs." ASARCO Incorporated is one of the world's leading producers of copper, specialty chemicals and aggregates. |
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