ASARCO to sell Nor Peru interest to Pan American Silver.NEW YORK--(BUSINESS WIRE)--July 10, 1995--ASARCO Incorporated (NYSE NYSE See: New York Stock Exchange :AR) announced today it has sold its interest in a subsidiary which owns the Quiruvilca mine in Northern Peru to Pan American Silver Corp. (Pan American) of Vancouver, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography . Terms of the Quiruvilca sale call for ASARCO ASARCO American Smelting and Refining Company 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 at least $10 million in the mine by Dec. 31, 1996 to reduce costs and otherwise improve the operation. The transaction is expected to close on or before August 31, 1995. 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. , 212/510-1810 Donald M. Noyes, 212/510-1813 |
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