Cyprus Amax Minerals Declares Preferred Stock Dividend

Denver (PROTEXT) - Cyprus Amax Minerals Company (NYSE: CYM)announced that its Board of Directors declared a regularquarterly preferred stock dividend at its meeting today. Adividend of $1 per share is to be paid on December 1, 1999, toall shareholders of Cyprus Amax $4 Series A Convertible PreferredStock of record on November 10, 1999. The ex-dividend date forthis distribution is November 8, 1999. 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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