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AMAX, INC. 'BBB' NOTES ON FITCHALERT EVOLVING -- FITCH FINANCIAL WIRE

 NEW YORK, May 26 /PRNewswire/ -- Amax, Inc.'s 'BBB' notes are placed on FitchAlert with evolving implications.
 The action is prompted by Cyprus Minerals Co.'s and AMAX's announcement of their intent to merge. The transaction will exclude AMAX's 100 percent ownership of Alumax and approximately 41 percent of its 68 percent ownership of AMAX Gold Inc. These interests will be distributed to AMAX shareholders. The combination will form Cyprus- Amax, one of the world's largest mining companies.
 The Cyprus-AMAX merger should allow for the realization of operational efficiencies and debt repayment resulting from the sale of non-core assets. Although full merger ramifications are unclear at this point, the notes should remain investment grade.
 Fitch will address credit quality implications as they develop. The transaction is expected to close by the end of 1993's third-quarter.
 -0- 5/26/93
 /CONTACT: Donald H. Powell of Fitch, 212-908-0570/
 (AMX CYM)


CO: Amax, Inc.; Cyprus Minerals Co. ST: Connecticut, Colorado IN: MNG SU: RTG

PS -- NY013 -- 2327 05/26/93 09:28 EDT
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Publication:PR Newswire
Date:May 26, 1993
Words:170
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