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CYPRUS COAL AGREES TO ACQUIRE MINE FROM U.S. STEEL

 DENVER, May 13 /PRNewswire/ -- Cyprus Coal Co., a major operating division of Cyprus Minerals Co. (NYSE: CYM), today announced the signing of a letter of intent with U.S. Steel Mining Company Inc. (USM) to acquire USM's Cumberland mine in Greene County, Pa. Terms of the proposed acquisition, to be completed in the second quarter, were not announced. Cyprus expects to combine the Cumberland mine's existing facilities and reserves with adjacent coal reserves owned by Cyprus. The result will be more than 20 years of low cost, longwall coal at current production levels of about 4 million tons annually. This acquisition, coupled with the nearby Emerald mine, will increase Cyprus' annual production capacity in Pennsylvania to more than 8 million tons.
 Milton H. Ward, Cyprus Minerals Co. chairman, president, and chief executive officer, said, "This acquisition provides an excellent opportunity for us to continue to expand our coal company with good operations and promising markets, and is the second such acquisition we have announced in the past few weeks. Earlier, we announced our tender offer for McIlwraith McEacharn Limited in Australia. The tender is progressing well with more than 82 percent of the shares having already been tendered. Cyprus' objective is to acquire McIlwraith's 40 percent controlling interest in Oakbridge Limited, 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. Cumberland, with its excellent shipping facilities, further strengthens Cyprus' position in Eastern U.S. markets. These two acquisitions fit our plans for aggressive growth in coal and will help provide greater balance in our earnings."
 Cyprus Coal Co. is headquartered in Englewood, Colo. Cyprus Minerals Co., also headquartered in Englewood, is a major producer of copper and lithium.
 -0- 5/13/93
 /CONTACT: Richard H. Hagman of Cyprus Coal, 303-643-5362/
 (CYM)


CO: Cyprus Coal Co.; Cyprus Minerals Co.; U.S. Steel Mining Co. Inc. ST: Colorado, Pennsylvania IN: MNG SU: TNM

JB -- LA018 -- 7966 05/13/93 09:35 EDT
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Publication:PR Newswire
Date:May 13, 1993
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