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AMAX POSTS THIRD QUARTER LOSS

 AMAX POSTS THIRD QUARTER LOSS
 NEW YORK, Oct. 16 /PRNewswire/ -- AMAX Inc. (NYSE: AMX) today


reported a net loss of $23.8 million (-$0.27 per primary common share) for the third quarter on sales of $959 million. Third quarter 1991 net earnings were $3.2 million ($0.04 per primary common share) on sales of $978 million. Earnings from operations were $25.5 million in the third quarter of 1992 versus $45.8 million in the same period in 1991.
 The current quarter results include a $7.7 million gain from the sale by AMAX's Climax Metals unit of its Clinton Gulch Reservoir water rights in Colorado and charges of $15.5 million for start-up costs of its Lauralco aluminum refinery in Quebec.
 AMAX Chairman Allen Born noted that AMAX has reduced costs to position itself as a tough competitor in all phases of the economic cycle.
 Our operating units have increased productivity and brought low-cost plants and operations on stream. Our new 215,000 metric ton Lauralco smelter, which we dedicated in September, is one of the lowest-cost aluminum plants in the industry. Start-up costs, which have burdened 1992 results to date, are largely behind us as the plant will achieve full production in the fourth quarter.
 We've also lowered our operating costs in coal, gold, molybdenum and natural gas. We've replaced high-cost debt with lower-cost debt and continue to divest ourselves of operations which aren't in our core businesses.
 AMAX continues to have good cash flows, he added, and we feel the company is well positioned to take advantage of the expanding markets for aluminum and environmentally safe fuels.
 For the first nine months of 1992, the company's net loss was $49.1 million (-$0.57 per primary common share) versus earnings of $40.2 million ($0.46 per primary common share) in the same period a year earlier. Nine-month sales totaled $2.75 billion, compared with $2.87 billion in the 1991 period.
 AMAX INC.
 (in millions except per share earnings (loss))
 Quarter ended Sept. 30
 1992 1991
 Sales $959.0 $977.7
 Earnings from operations 25.5 45.8
 Net earnings (loss) (23.8) 3.2
 Weighted average common
 shares outstanding 87.4 86.7
 Net earnings (loss) per
 common share (-$0.27) $ 0.04
 Nine Months Ended Sept. 30
 1992 1991
 Sales $2,752.4 $2,874.9
 Earnings from operations 38.9 173.6
 Net earnings (loss) (49.1) 40.2
 Weighted average common
 shares outstanding 87.2 86.8
 Net earnings (loss) per
 common share (-$0.57) $ 0.46
 -0- 10/16/92
 /CONTACT: Jerry Cooper of Amax, 212-856-5982/
 (AMX) CO: AMAX Inc. ST: New York IN: SU: ERN


AH -- NY028 -- 0885 10/16/92 10:57 EDT
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Date:Oct 16, 1992
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