EXHIBIT 99.3

[LOGO] CYPRUS AMAX                     ASARCO                           NEWS
       MINERALS COMPANY

                                                           FOR IMMEDIATE RELEASE


                      CYPRUS AMAX AND ASARCO BOARDS REJECT
                          PHELPS DODGE EXCHANGE OFFERS

                         URGE SHAREHOLDERS TO VOTE FOR
                      ASARCO CYPRUS MERGER ON SEPTEMBER 30


DENVER, CO., and NEW YORK, NY, September 8, 1999  Cyprus Amax Minerals Company
(NYSE:CYM) and ASARCO Incorporated (NYSE:AR) today announced that their
respective Boards of Directors unanimously rejected Phelps Dodge's exchange
offers to their shareholders as inadequate and not in the best interests of
their shareholders.  The Boards also unanimously recommended that their
shareholders reject the exchange offers and not tender their shares, and
unanimously reaffirmed that the terms of the Asarco Cyprus business combination
are fair to, and in the best interests of, their shareholders.

     In their recommendations to their shareholders, the Cyprus Amax and Asarco
Boards cited, among other things:

     *    The advantages to the shareholders of becoming shareholders in Asarco
          Cyprus, including, that they retain 100% of the $275 million of annual
          savings created by the combination.

     *    The Phelps Dodge exchange offers are inadequate and fail to compensate
          Cyprus Amax and Asarco shareholders for their relative contribution to
          a three-way combination with Phelps Dodge.

     *    The opinion, rendered on September 8, 1999, of their respective
          financial advisors that the consideration offered to the shareholders
          is inadequate to such holders from a financial point of view.


     *    The special $5.00 per share cash payment to the stockholders of Asarco
          Cyprus immediately following the combination provides them with
          immediate and significant value.

     *    A three-way combination raises substantial issues under the antitrust
          laws.  The Boards noted that the Phelps Dodge exchange offers are
          conditioned on the expiration of the Hart-Scott antitrust waiting
          period but Phelps Dodge has not even filed the required notification
          yet.  In contrast, the applicable waiting period for the Asarco Cyprus
          combination has already expired.

     *    The highly conditional nature of the Phelps Dodge exchange offers,
          including with respect to antitrust regulatory approval and Phelps
          Dodge's own stockholder approval which is not being sought until after
          the Cyprus Amax and Asarco September 30 shareholder meeting date.

Accordingly, each Board recommends to its shareholders that they do not tender
their shares to Phelps Dodge and strongly urges them to vote in favor of the
Asarco Cyprus combination on September 30.

Milton H. Ward, Chairman and Chief Executive Officer of Cyprus Amax and Francis
R. McAllister, Chairman and Chief Executive Officer of Asarco, speaking together
said, "It is absolutely clear from Phelps Dodge's actions over the course of the
last few weeks that it is trying to coerce Cyprus Amax and Asarco shareholders
into a situation that is not in their best interests. First, Phelps Dodge's
opportunistic and inadequate exchange offers do not give our shareholders their
fair ownership interest in the combined entity. Second, a three-way combination
with Phelps Dodge raises substantial antitrust issues that Phelps Dodge has not
yet


begun to address. Third, Phelps Dodge has never offered any persuasive reason
why it would walk away if our shareholders approve our two-way combination, if
in fact Phelps Dodge is sincere in wanting to merge with both companies."

Messrs. Ward and McAllister went on to say that "The Boards of Cyprus Amax and
Asarco are committed to achieving the best value for their shareholders and will
not sacrifice their shareholders' interest for Phelps Dodge's own agenda, which
is to maximize value for Phelps Dodge and its shareholders.  It is for this
reason that we strongly recommend shareholders vote for the Asarco Cyprus
transaction on September 30."

Cyprus Amax and Asarco also announced today that they were each filing with the
Securities and Exchange Commission, and will mail to their shareholders, a
Solicitation/Recommendation Statement on Schedule 14D-9 setting forth the
Board's formal recommendation with respect to the Phelps Dodge exchange offer
and the reasons for the recommendation.  Additional information with respect to
each Board's decision to recommend that shareholders reject the Phelps Dodge
offer is contained in the Schedule 14D-9.

Actual results may vary materially from any forward-looking statement the
companies make.  Refer to the cautionary statement risk factors contained in
Cyprus Amax's and Asarco's 1998 Form 10K's.