Asarco to develop Minto Copper Mine.NEW YORK--(BUSINESS WIRE)--July 10, 1996--ASARCO Incorporated and Minto Explorations Ltd. have formed a joint venture to develop the Minto Mine in the Yukon Territory Yukon Territory, territory (2001 pop. 28,674), 207,076 sq mi (536,327 sq km), NW Canada. Geography and Climate The triangle-shaped Yukon territory is bordered on the N by the Beaufort Sea of the Arctic Ocean, on the E by the Northwest Territories, , Canada, approximately 150 miles northwest of Whitehorse. Asarco will acquire a 70% interest in the project and will provide up to U.S. $25,000,000 for its development. Minto Explorations Ltd. will retain a 30% interest and will be operator of the project. Asarco also has subscribed for and purchased 1,000,000 units of Minto Explorations Ltd. at a price of $1.40 per unit. Each unit consists of one common share and one non- transferable share purchase warrant. One warrant and $1.40 will entitle Asarco to purchase one additional share of Minto Explorations Ltd. for one year. Following exercise of the warrants, Asarco will own 55.8% of the issued and outstanding common shares of Minto Explorations Ltd. The Minto Mine will produce an annual average of 27 million pounds of copper, 10,000 ounces of gold and 160,000 ounces of silver contained in concentrate. The initial life of the mine is expected to be 13 years. Start up of the project is expected early in 1998. 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 non·fer·rous adj. 1. Not composed of or containing iron. 2. Of or relating to metals other than iron. nonferrous Adjective 1. 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 A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. and aggregates. Asarco had 1995 sales of $3.2 billion. CONTACT: Jerry Cooper, Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. ASARCO Incorporated, 212-510-1810 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion