ASARCO completes sale of Nor Peru interest to Pan American Silver.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 , N.Y.--(BUSINESS WIRE)--August 31, 1995--ASARCO Incorporated (NYSE NYSE See: New York Stock Exchange :AR) announced today it has completed the sale of its interest in a subsidiary which owns the Quiruvilca mine in Northern Peru to Pan American Silver Corporation Pan American Silver Corporation (TSX:PAA, NASDAQ:PAAS) is a large mining company in Canada beeing one of the largest silver producers in the world. The company has mines and other projects in the USA, Mexico, Peru, Bolivia and Argentina. (Pan American) of Vancouver, British Columbia. Terms of the Quiruvilca sale call for Asarco to receive 500,000 shares of Pan American common stock, 500,000 warrants to purchase stock and a life-of-mine royalty of up to 20% of the net earnings of the mine. Pan American has agreed to invest up to $10 million in the mine by December 31, 1996 to reduce costs and otherwise improve the operations. The Quiruvilca mine, which began operations in 1921, produced 2.8 million ounces of silver contained in 36,100 tons of zinc concentrates, 11,200 tons of lead concentrates and 2,590 tons of copper concentrates in 1994. Asarco currently holds one million shares, or 7%, of the stock of Pan American. ASARCO Incorporated, headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , is one of the world s leading integrated producers of nonferrous metals, principally copper, lead, zinc, and silver. Asarco also produces specialty chemicals, minerals and other industrial products and provides environmental services. CONTACT: ASARCO Incorporated Jerry W. Cooper Jerry W. Cooper (born August 6, 1948 in McMinnville) is a Tennessee Democrat politician and a member of the Tennessee Senate for the 14th district, which encompasses Franklin, Bledsoe, Coffee, Grundy, Sequatchie, Van Buren, and Warren counties. , Corporate Communications 212/510-1810 |
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