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CYPRUS AUSTRALIA COAL MAKES TAKEOVER OFFER FOR MCILWRAITH MCEACHARN OF SYDNEY

 DENVER, March 30 /PRNewswire/ -- Cyprus Minerals Co. (NYSE: CYM) announced today that Cyprus Australia Coal Co., its wholly owned subsidiary, will offer to acquire all the shares of McIlwraith McEacharn Ltd. of Sydney. Cyprus' objective is to acquire McIlwraith's 40 percent controlling interest in Oakbridge Ltd., an Australian mining company which produces approximately 11 million tons of coal per year primarily for export to Asian and European thermal and coking coal consumers. The other major shareholders in Oakbridge are Tomen Corp. and Nippon Oil (Australia) Pty. Ltd.
 Cyprus will offer $1.95 (Australian) cash for each McIlwraith ordinary share of stock. The offer values McIlwraith's ordinary shares at approximately $82 million (A), or U.S. $58 million.
 Cyprus' offer is conditioned upon several requirements. These include, but are not limited to, acquiring 90 percent of McIlwraith stock and obtaining the requisite government approvals.
 Milton H. Ward, chairman, president, and chief executive officer of Cyprus Minerals, said, "This acquisition effort is an example of our commitment to shareholders to build our core businesses. We intend to combine this acquisition with the productivity improvement techniques of Cyprus Coal Company to realize the potential of these properties for long-term growth in expanding overseas markets."
 Cyprus Minerals, headquartered in Englewood, Colo., is a major U.S. producer of copper, coal, and lithium. Cyprus also produces molybdenum and iron ore.
 -0- 3/30/93
 /CONTACT: Michael Rounds of Cyprus Minerals, 303-643-5186/
 (CYM)


CO: Cyprus Minerals Co.; Cyprus Australia Coal Co.; McIlwraith
 McEacharn Ltd. of Sydney; Oakbridge Ltd. ST: Colorado IN: MNG SU:


MC -- DV002 -- 0966 03/30/93 10:53 EST
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Publication:PR Newswire
Date:Mar 30, 1993
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