CYPRUS MINERALS ANNOUNCES PLANS FOR MIAMI SMELTER
CYPRUS MINERALS ANNOUNCES PLANS FOR MIAMI SMELTER DENVER, Nov. 15 /PRNewswire/ -- Cyprus Minerals Co. (NYSE: CYM)
today announced a four-month shutdown of its copper smelter in Miami, Ariz. The shutdown is to repair damage from a Nov. 9 incident and also represents a moving forward of a shutdown for major rebuild of the furnace originally planned for early 1992 under a previously announced modernization and expansion program. The company's plans are unchanged for the 1992 completion and startup of the expanded smelter.
Chester B. Stone, Jr., president and chief executive officer of Cyprus Minerals said, "Based on our preliminary assessment, we should not see a material impact on full year 1991 results. Fourth quarter 1991 results are expected to be affected, however, by expenses for some damage not covered by insurance, along with some sales of produced copper which will be delayed into 1992. The year 1992 as a whole is not expected to be materially impacted by the accelerated furnace overhaul. In 1992 we could see a shift of some sales of produced copper from the first half into the balance of the year. Cyprus expects to meet customer commitments during the shutdown period." The actions announced today resulted from an incident involving breakout of copper matte and slag from the furnace on Saturday, Nov. 9. Electrical wiring was damaged by a small fire. There were no injuries, and the fire was quickly contained. Smelter employees will be involved in the furnace overhaul, and no layoffs are expected. Cyprus Minerals, headquartered in Englewood, Colo., is a major producer of copper, molybdenum, coal, lithium and talc. Cyprus also produces gold and iron ore. -0- 11/15/91 /CONTACT: Michael Rounds of Cyprus Minerals, 303-643-5186/ (CYM) CO: Cyprus Minerals Co. ST: Colorado IN: MNG SU: BB -- DV005 -- 1616 11/15/91 14:27 EST
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|Date:||Nov 15, 1991|
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