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MAGMA COPPER CO. ANNOUNCES COPPER PRICE PROTECTION

 TUCSON, Ariz., Nov. 17 /PRNewswire/ -- Magma Copper Co. (NYSE: MCU) announced today that, as part of its copper price protection program, it has purchased LME-based copper price puts covering approximately 285 million pounds of copper for the first half of 1994. The put options provide a minimum copper price realization of approximately 72 cents per pound.
 J. Burgess Winter, Magma's president and chief executive officer, commented, "Magma is still optimistic about the copper price, but I believe that this transaction will provide positive cash flow for the first half of 1994 while preserving all of the upside potential of higher copper prices as we pursue our planned capital programs."
 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 and Superior, Ariz., and Ely, Nev. Magma Metals Co., a wholly owned subsidiary, operates Magma's smelting and refining complex, located in San Manuel, and conducts the company's commercial activities. Corporate headquarters are in Tucson.
 -0- 11/17/93
 /CONTACT: Richard P. Johnson, 602-575-5670, or Kimberly L. Wick, 602-575-5673, both of Magma Copper/
 (MCU)


CO: Magma Copper Co. ST: Arizona IN: MNG SU:

NY-JL -- SD004 -- 5610 11/17/93 15:26 EST
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Publication:PR Newswire
Date:Nov 17, 1993
Words:212
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