Printer Friendly

MAGMA COPPER COMPANY ACQUIRES MAJOR COPPER DEPOSIT

 MAGMA COPPER COMPANY ACQUIRES MAJOR COPPER DEPOSIT
 TUCSON, Arizona, July 8 /PRNewswire/ - Magma Copper Company


(NYSE: MCU) today announced that it has completed the acquisition of a major Arizona copper deposit from Conoco, Inc. for an undisclosed amount and a retained royalty.
 The deposit, completely upon private and state-leased lands, is located approximately three miles northwest of the town of Florence, Ariz., and was subject to extensive exploratory and metallurgical work by Conoco's Minerals Department in the mid- 1970's.
 Magma has estimated the deposit contains more than 300 million tons at 0.37 percent copper in the form of oxide mineralization, and more than 500 million tons at 0.39 percent copper in the form of sulfide mineralization.
 Magma's project team will begin a pre-feasibility study in late 1992 to determine the opportunity for development. The acquisition of this property is part of Magma's long-term strategy to increase copper production through the application of its SX-EW leaching technology.
 Conoco Inc. is a major U.S. oil and gas producing, refining and marketing company and a wholly owned subsidiary of Du Pont. Headquarters are in Houston.
 Magma Copper Company, 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. Magma Metals Company, a wholly owned subsidiary, operates Magma's smelting and refining complex located in San Manuel which represents approximately 25 percent of the U.S. smelting capacity. Corporate headquarters are in Tucson.
 -0- 7/8/92
 /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 Company; Conoco, Inc. ST: Arizona IN: MNG SU: TNM


CH -- SD001 -- 7377 07/08/92 11:14 EDT
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:Jul 8, 1992
Words:301
Previous Article:NEOLENS INTRODUCES NEW ANTI-REFLECTION POLYCARBONATE LENSES
Next Article:CEMEX CLARIFIES TERMS OF VALENCIANA ACQUISITION
Topics:


Related Articles
MAGMA COPPER ESTABLISHES NEW SUBSIDIARY TO INTEGRATE SMELTING, REFINING AND MARKETING
MAGMA COPPER CLOSES PURCHASE OF REMAINING INTEREST IN ROBINSON
MAGMA COPPER ISSUES $200 MILLION SENIOR SUBORDINATED NOTES AND GIVES NOTICE TO REDEEM COPPER INTEREST-INDEXED NOTES
MAGMA COPPER COMPANY ANNOUNCES APPOINTMENTS OF CHIEF FINANCIAL OFFICER AND VICE PRESIDENT, INTERNAL DEVELOPMENT
MAGMA COPPER COMPLETES FEASIBILITY STUDY ON ROBINSON PROPERTY
MAGMA COPPER RECEIVES FAVORABLE DETERMINATION ON ROBINSON FROM BLM
MAGMA COPPER CO.'S BOARD OF DIRECTORS APPROVES DEVELOPMENT OF KALAMAZOO OREBODY
MAGMA COPPER ANNOUNCES BLM TO CONDUCT ENVIRONMENTAL IMPACT STATEMENT ON ROBINSON PROJECT
ALTA GOLD CO. ANNOUNCES SALE OF ROYALTY INTEREST

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