Cyprus Amax Coal Company Sale and Earnings Update
Cyprus Amax Minerals Company (NYSE: CYM) responded today to inquiries and speculation about the current status of the possible sale of its coal company by announcing that the sales process is continuing on track. The Company, with its advisors, is currently clarifying and negotiating the terms of several proposals. Although there can be no assurance as to the timing or final terms of any transaction or whether ultimately any transaction will be completed, the Company expects to bring this process to conclusion by the end of the second quarter. Cyprus Amax also announced that first quarter 1999 results, which will be released Wednesday, April 21, will reflect a loss of slightly under 35 cents per share which will be better than current First Call estimates. The improvement primarily reflects the Company's achievement of lower copper cash costs at all of its mines. In the first quarter, the Company's copper cash costs were 49 cents per pound, which is approximately 13 percent lower than fourth quarter 1998. Cyprus Amax Minerals Company, headquartered in Englewood, Colorado, is a leading producer of copper and coal, the world's largest producer of molybdenum, and holds a 30% interest in Kinross Gold Corporation. Cyprus Amax is exploring for minerals worldwide. Actual results may vary materially from any forward-looking statements the Company makes. Refer to the Cautionary Statement and Risk Factors contained in the Company's 1998 Form 10-K. To obtain a faxed copy of this or any Cyprus Amax news release, call 1-800-758-5804, ext. 224250. News releases can also be accessed via the Internet at the Cyprus Amax Minerals Web Site, http://www.cyprusamax.com. ots Original Text Service: Cyprus Amax Minerals Company Internet: http://www.newsaktuell.de Contact: Gerald J. Malys, Senior Vice President & Chief Financial Officer, 303-643-5060, or John Taraba, Vice President & Controller, 303-643-5244, both of Cyprus Amax Minerals Company Company News On-Call: http://www.prnewswire.com/comp/224250.html or fax, 800-758-5804, ext. 224250 Web site: http://www.cyprusamax.com
Subscribers please note that material bearing the label "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" label. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents.