EXHIBIT 99
NEWS
[CYPRUS AMAX CYPRUS AMAX For immediate release
LOGO APPEARS MINERALS COMPANY
HERE] Post Office Box 3299
Englewood, Colorado 80155
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CYPRUS AMAX MINERALS COMPLETES SALE OF
LITHIUM UNIT TO CHEMETALL GmbH
DENVER (October 13, 1998) Cyprus Amax Minerals Company (NYSE:CYM) today
announced it has completed the sale of its Cyprus Foote Mineral Company lithium
subsidiary to an affiliate of Chemetall GmbH, a specialty chemicals unit of
Metallgesellschaft AG.
Cyprus Amax received $305 million in cash in the transaction and expects to
report a pre-tax gain of approximately $150 million from the sale. This should
result in an after-tax gain of slightly over $100 million in the fourth quarter.
However, as a result of the sale of assets earlier in the year, only a nominal
amount of Federal Income Taxes are expected to be paid. Proceeds from the sale
will be used for general corporate purposes, including debt reduction, the share
buyback program and to strengthen Cyprus Amax's financial position and core
mining businesses.
Merrill Lynch served as advisor to Cyprus Amax for the sale.
Cyprus Amax Minerals Company, headquartered in Englewood, Colorado, is a
leading producer of copper and coal, the world's largest producer of molybdenum,
and holds a 31% interest in Kinross Gold. Cyprus Amax is exploring for minerals
worldwide.
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.
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Investor Relations Contact
Marj Charlier
Director of Investor Relations
(303) 643-5625
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 http://www.prnewswire.com, or at the Cyprus Amax Minerals web site,
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http://www.cyprusamax.com.
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