Cyprus Amax Calls Preferred Stock for Redemption

DENVER (PROTEXT) - Cyprus Amax Minerals Company (NYSE: CYM)announced that it has called for redemption all of its $4.00Series A Convertible Preferred Stock, CUSIP Number 232809 20 2.The date of redemption is November 19, 1999. The redemption priceper share is $51.60, plus $.8778 representing accrued and unpaiddividends through and including the date of redemption, for atotal of $52.4778 per share. Until the close of business on thedate of redemption, holders also are entitled to convert sharesof Series A Preferred Stock into Cyprus Amax common stock at aconversion price of $24.302 per share of common stock. Because the Series A Preferred Stock will not be outstandingon December 1, 1999, the regular quarterly dividend on the SeriesA Preferred Stock that was announced on October 12, 1999 andwould 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 largestproducer of molybdenum. Cyprus Amax is exploring for mineralsworldwide. On September 30, 1999, Cyprus Amax and Phelps Dodgeentered into a definitive merger agreement under which PhelpsDodge would acquire Cyprus Amax. Actual results may vary materially from any forward-lookingstatement the Company makes. Refer to the Cautionary Statementand Risk Factors contained in the Company's most recent Form 10-K. To obtain a faxed copy of this or any Cyprus Amax newsrelease, call 1-800-758-5804, ext. 224250. News releases can alsobe accessed via the Internet at the Cyprus Amax web site,http://www.cyprusamax.com. ots Original Text Service: CyprusAmax Minerals Company Internet: http://www.newsaktuell.deContact: Gerald J. Malys, Senior Vice President and ChiefFinancial Officer, 303-643-5060, or John Taraba, Vice Presidentand Controller, 303-643-5244, both of Cyprus Amax MineralsCompany 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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