Cyprus Amax Calls Preferred Stock for Redemption

Cyprus Amax Minerals Company (NYSE: CYM) announced that it has called for redemption all of its $4.00 Series A Convertible Preferred Stock, CUSIP Number 232809 20 2. The date of redemption is November 19, 1999. The redemption price per share is $51.60, plus $.8778 representing accrued and unpaid dividends through and including the date of redemption, for a total of $52.4778 per share. Until the close of business on the date of redemption, holders also are entitled to convert shares of Series A Preferred Stock into Cyprus Amax common stock at a conversion price of $24.302 per share of common stock. Because the Series A Preferred Stock will not be outstanding on December 1, 1999, the regular quarterly dividend on the Series A Preferred Stock that was announced on October 12, 1999 and would have been paid on December 1, 1999 will not be paid. Cyprus Amax Minerals Company, headquartered in Englewood, Colorado, is a leading producer of copper and the world's largest producer of molybdenum. Cyprus Amax is exploring for minerals worldwide. On September 30, 1999, Cyprus Amax and Phelps Dodge entered into a definitive merger agreement under which Phelps Dodge would acquire Cyprus Amax. Actual results may vary materially from any forward-looking statement the Company makes. Refer to the Cautionary Statement and Risk Factors contained in the Company's most recent 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 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 and Chief Financial Officer, 303-643-5060, or John Taraba, Vice President and 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

Klíčová slova PROTEXT-Cyprus Amax Minerals Company

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USA, Kanada, OSN, svět a Arktida (us)

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