Cyprus Amax Minerals Completes Sale of Kinross Gold Stake
27.10.1999, 21:26
DENVER (PROTEXT) - Cyprus Amax Minerals Company (NYSE: CYM)
today announced it has completed the sale of its Common Shares of
Kinross Gold Corporation. A syndicate of underwriters led by
Merrill Lynch & Co., CIBC World Markets Corp. and TD Securities
(USA) Inc., purchased approximately 89 million Common Shares of
Kinross Gold Corporation at Canadian $4.00 (US $2.72) per Common
Share, for aggregate proceeds of approximately Canadian $356
million (US $242 million). Cyprus Amax realized approximately US
$233 million net of expenses from the transaction.
On September 30, 1999, Cyprus Amax and Phelps Dodge entered
into a definitive merger agreement under which Phelps Dodge would
acquire Cyprus Amax. Phelps Dodge shareholders have approved the
merger, and 89.6% of Cyprus Amax Common Shares have been acquired
by Phelps Dodge.
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 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
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