Cyprus Amax Minerals Completes Sale of Coal Unit To Rag

International Mining GmbH DENVER (PROTEXT) - Cyprus Amax Minerals Company (NYSE: CYM)today announced it has completed the sale of its Cyprus Amax CoalCompany subsidiary to RAG International Mining GmbH. Under the terms of the sale, the transaction value is $1.1billion, consisting of cash payments and assumption of debt byRAG. RAG assumed other long-term obligations and acquired relatedassets. In addition, Cyprus Amax expects to receive certainfuture production payments and insurance settlements from theWillow Creek mine. Cyprus Amax's Australian coal assets were notincluded in the transaction. Because of Cyprus Amax's expected tax position in 1999, taxpayments as a result of the transaction are expected to bepartially mitigated. The Company does not expect to report anymaterial gain or loss on the transaction. Proceeds from the sale will be used for general corporatepurposes, including debt reduction, the share buyback program andto strengthen Cyprus Amax's financial position and core miningbusiness. Additional details will be announced in the Company'ssecond quarter earnings release currently scheduled for July 21,1999. Salomon Smith Barney served as advisor to Cyprus Amax for thesale. Cyprus Amax Minerals Company, headquartered in Englewood,Colorado, is a leading producer of copper, the world's largestproducer of molybdenum, and holds a 30% interest in Kinross GoldCorporation. Cyprus Amax is exploring for minerals worldwide. Actual results may vary materially from any forward-lookingstatement the Company makes. Refer to the Cautionary Statementand Risk Factors contained in the Company's 1998 Form 10-K. To obtain a faxed copy of this or any Cyprus Amax newsrelease, call (USA) 1-800-758-5804, ext. 224250. News releasescan also be accessed via the Internet at the Cyprus Amax MineralsCompany Web Site, http://www.cyprusamax.com. ots Original TextService: Cyprus Amax Minerals Company Internet:http://www.newsaktuell.de Contact: Gerald J. Malys, Senior VicePresident & Chief Financial Officer, (USA) 303-643-5060, or JohnTaraba, Vice President & Controller, (USA) 303-643-5244, both ofCyprus Amax Minerals Company Company News On-Call:http://www.prnewswire.com/comp/224250.html or fax, (USA) 800-758-5804, ext. 224250 Web site: http://www.cyprusamax.com

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