Printer Friendly

CYPRUS MINERALS ANNOUNCES TEMPORARY SHUTDOWN OF PRIMARY MOLYBDENUM MINE

CYPRUS MINERALS ANNOUNCES TEMPORARY SHUTDOWN OF PRIMARY MOLYBDENUM MINE
 DENVER, Nov. 4 /PRNewswire/ -- Cyprus Minerals Co. (NYSE: CYM) announced today the temporary shutdown of its Thompson Creek primary molybdenum mine in Idaho as a result of weak demand in the worldwide steel business.
 The mine has been successful in reducing its costs and is positioned to resume production when market conditions warrant. However, the price of molybdenum has not strengthened during 1992 and remains at a 20-year low. As a result, Cyprus has decided to preserve the reserves until market conditions improve.
 Molybdenum sales from Thompson Creek have been reduced over the course of 1992 and adequate inventories exist to serve customers that require Thompson Creek specialty products. Cyprus will continue to meet customer demand for molybdenum from by-product production at its Sierrita and Bagdad copper mines in Arizona. Cyprus remains positioned to restart Thompson Creek on short notice.
 Thompson Creek currently employs approximately 200 people. During the temporary shutdown, a small staff will maintain facilities.
 Cyprus Minerals, headquartered in Englewood, Colo., is a major producer of copper, coal, molybdenum and lithium. Cyprus also produces gold, iron ore and zinc.
 -0- 11/4/92
 /CONTACT: Michael Rounds of Cyprus Minerals, 303-643-5186/
 (CYM) CO: Cyprus Minerals Inc. ST: Colorado, Idaho IN: MNG SU:


MC -- DV006 -- 2541 11/04/92 13:41 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 4, 1992
Words:221
Previous Article:RELIANCE REPORTS THIRD QUARTER RESULTS
Next Article:DOCTOR SAYS HAIR GROWTH, BLOOD VESSELS CONNECTED
Topics:


Related Articles
CYPRUS MINERALS REPORTS 1991 EARNINGS OF $42.7 MILLION
CYPRUS COPPER NAMES R. J. SCOTT VICE PRESIDENT/GENERAL MANAGER OF SIERRITA MINE NEAR TUCSON
JUSTICE DEPARTMENT REQUESTS INFORMATION FROM AMAX AND CYPRUS MINERALS
JUSTICE DEPARTMENT TERMINATES AMAX-CYPRUS MERGER WAITING PERIOD
CYPRUS CLIMAX METALS NAMES W.H. CHAMPION SENIOR VICE PRESIDENT
CYPRUS CLIMAX NAMES LOUIS H. MORSE SENIOR VICE PRESIDENT
CYPRUS AMAX MINERALS TO REOPEN COLORADO MOLYBDENUM MINE
CYPRUS AMAX MINERALS DECLARES COMMON STOCK DIVIDEND
U.S. JUSTICE DEPARTMENT DROPS MOLYBDENUM INVESTIGATION
Cyprus Amax Minerals Reports 1996 Earnings of $151 Million, $1.42 Per Share, Before Special Items

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters