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BHP MINERALS AND MAGMA COPPER FORM JOINT VENTURE

 TUCSON, Ariz., June 22 /PRNewswire/ -- BHP Minerals and Magma Copper Co. (NYSE: MCU) announced today that they have formed a joint venture to evaluate the potential for preparing and submitting a bid for an interest in the El Abra copper project.
 Codelco is soliciting bids for an interest in this Northern Chilean property. Bids are due by the end of August and a decision is expected by the end of 1993. Preliminary studies commissioned by Codelco indicate that the project could produce 265 million pounds of copper per year using low-cost oxide leaching/SX-EW methods.
 The BHP/Magma joint venture brings together a unique combination of management and technical strengths, along with recent large-scale copper mine development experience in Chile and specific SX-EW operations experience.
 BHP Minerals is one of three business groups of The Broken Hill Proprietary Co. Ltd. (BHP) of Melbourne, Australia. As one of the world's largest mining companies, BHP Minerals either alone or with partners, owns, operates and is developing mining properties worldwide. Major minerals produced are coking and thermal coal, copper concentrate, iron ore, manganese ore, gold and base metals.
 Magma Copper Co., one of the largest primary copper producers in the United States, produces high-quality copper cathode and rod for sale to customers worldwide. Magma has operations in San Manuel, Miami, Superior, Ariz., and Ely, Nev. Magma Metals Co., a wholly owned subsidiary, operates Magma's smelting and refining complex located in San Manuel and conducts the company's marketing and sales activities. Corporate headquarters are in Tucson.
 -0- 6/22/93
 /CONTACT: Richard P. Johnson, 602-575-5670, or Kimberly L. Wick, 602-575-5673, both of Magma Copper/
 (MCU)


CO: Magma Copper Co.; BHP Minerals ST: Arizona IN: MNG SU: JVN

BP-JL -- SD002 -- 4360 06/22/93 08:03 EDT
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Publication:PR Newswire
Date:Jun 22, 1993
Words:292
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