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CYPRUS COAL COMPLETES TAKEOVER OFFER FOR MCILWRAITH MCEACHARN

 DENVER, June 3 /PRNewswire/ -- Cyprus Minerals Co. (NYSE: CYM) today announced that its subsidiary, Cyprus Australia Coal Co., successfully completed its offer for the ordinary shares of McIlwraith McEacharn Ltd. of Sydney. As a result, Cyprus has acquired McIlwraith's 40 percent interest in Oakbridge Ltd. of Australia. Oakbridge is an Australian coal company currently producing approximately 11 million tons of coal annually. The other major shareholders in Oakbridge are Tomen Corp. and Nippon Oil (Australia) Pty. Ltd.
 As Australia's fourth largest coal miner, Oakbridge provides Cyprus access to that company's thermal and metallurgical coal export markets in Asia and Europe.
 Cyprus obtained over 99 percent of McIlwraith stock and received the necessary Australian government approvals for the transaction. Cyprus will move to acquire the outstanding balance of the ordinary shares. Cyprus has also made an offer for McIlwraith's preference shares and has to date received acceptances covering 64 percent.
 "Successful closing of the McIlwraith offer, close on the heels of the recently announced merger with Amax Inc. which includes substantial coal production and reserves and our acquisition of the Cumberland mine in Pennsylvania, all make Cyprus a major force in the coal business," said Milton H. Ward, Cyprus Minerals' chairman, president, and chief executive officer. "There is potential for expanded production at Oakbridge, which fits Cyprus' Pacific Rim marketing strategy of participating in economic growth in that part of the world."
 Oakbridge produces coal from one surface and six underground mines in the Hunter, Newcastle, and Western coal fields of New South Wales and in the Bowen Basin of south-central Queensland, all in Australia.
 Cyprus Minerals, headquartered in Englewood, Colo., is a major producer of copper, coal and lithium. The company also produces molybdenum and iron ore.
 -0- 6/3/93
 /CONTACT: Michael Rounds of Cyprus Minerals, 303-643-5186/
 (CYM)


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


MC -- DV010 -- 5246 06/03/93 19:07 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
Words:327
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