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MAGMA COPPER TO CONVERT ALL PREFERRED STOCK TO COMMON

 TUCSON, Ariz., Dec. 30 /PRNewswire/ -- Magma Copper Co. (NYSE: MCU) announced today that all of its preferred stockholders have accepted the company's offer to exchange their Series B cumulative convertible exchangeable preferred stock ("Series B preferred stock") for common stock.
 Magma's offer, announced Dec. 3, 1992, was to exchange 15.446825 shares of common stock for each share of Series B preferred stock tendered by Dec. 29, 1992, as part of its efforts to strengthen and simplify its balance sheet.
 As a result of the exchange, Magma's equity ownership structure consists of 45,590,585 shares of common stock outstanding at Dec. 29, 1992. The company also has 5.1 million outstanding warrants convertible into an equal number of common shares at $8.50 through Nov. 30, 1995.
 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. Magma Metals Co., a wholly owned subsidiary, operates Magma's smelting and refining complex, located in San Manuel, and conducts the company's marketing and sales activities. Corporate headquarters are in Tucson.
 -0- 12/30/92
 /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:

LS-KJ -- SD001 -- 0515 12/30/92 08:00 EST
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Publication:PR Newswire
Date:Dec 30, 1992
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