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MAGMA COPPER ANNOUNCES NEW DEBT ISSUE

 MAGMA COPPER ANNOUNCES NEW DEBT ISSUE
 TUCSON, Ariz., Jan. 28 /PRNewswire/ -- Magma Copper Co. (AMEX: MCU)


today announced the issuance of $125 million of 11.5 percent senior subordinated notes, due Jan. 15, 2002, priced at par.
 The proceeds from the sale of these securities will be used for general corporate purposes, which may include working capital, capital expenditures or the refinancing of existing debt.
 The issuance of the new securities closely follows Magma's December issuance of $200 million of 12 percent senior subordinated notes, due 2001, the proceeds from which were used, together with cash on hand, to redeem all of its higher-cost copper interest-indexed senior subordinated notes, due 1998.
 The new issue is rated "BB-" by Standard & Poor's Corp. and "Ba3" by Moody's Investor Service. The underwriters were Goldman, Sachs & Co. and Jefferies & Co. Inc.
 Magma Copper Co., one of the largest primary copper producers in the United States, produces high-quality copper cathode and rod for sale to customers worldwide. Magma has operations in San Manuel, Miami, Superior and Humboldt, Ariz., and Ely, Nev. Corporate headquarters are in Tucson.
 -0- 1/28/92
 /CONTACT: Richard P. Johnson, corporate treasurer, 602-575-5670, or Kimberly L. Wick, treasury analyst, 602-575-5673, both of Magma Copper/
 (MCU) CO: Magma Copper Co. ST: Arizona IN: MNG SU:


AL-CH -- SD004 -- 4280 01/28/92 13:16 EST
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Publication:PR Newswire
Date:Jan 28, 1992
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