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MAGMA COPPER TO FILE REGISTRATION STATEMENT FOR $75 MILLION CONVERTIBLE PREFERRED STOCK ISSUE

 TUCSON, Arizona, July 1 /PRNewswire/ -- Magma Copper Co. (NYSE: MCU) announced today that it is filing with the Securities and Exchange Commission for a convertible preferred stock offering of $75 million, plus a 15 percent over-allotment option. The company expects that the security will have conventional terms including a conversion price greater than $14.50 per share.
 The company intends to use the net proceeds of the sale of the securities for general corporate purposes, which may include the development of new projects. The underwriters of the issue are Goldman, Sachs & Co. and Merrill Lynch & Co.
 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, 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- 7/1/93
 /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:

EH -- SD002 -- 7557 07/01/93 09:07 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
Words:200
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