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Cyprus Amax Minerals Co history
Cyprus Amax Minerals Co company history timeline
The company's history, however, dates back to 1969 when Amoco created Amoco Minerals Company to handle mineral rights.
In 1980 Amoco created Cyprus Coal, a subsidiary that, in turn, acquired coal mines in Colorado, Pennsylvania, and Kentucky.
In the last half of 1984, metals lost $70.8 million due to slackening molybdenum demand and copper prices, which had fallen from $1 to 60 cents a pound.
In all, 1985 write-downs totaled $675.7 million.
Amoco spun off Cyprus Minerals Company in 1985.
For 1987, profits reached $26.2 million, though sales fell to $795.3 million.
In 1988 Cyprus's growth campaign swung into high gear.
In February 1991 Barr retired.
Indeed, copper, coal, and other minerals were all losing money by mid-1992 and needed immediate attention.
In 1993, AMAX Inc. merged with the Cyprus Minerals Company to form Cyprus Amax Minerals Company.
For the first half of the year the company reported earning $115 million on sales of $1.4 billion, down from $231 million on sales of $1.7 billion in 1995.
Cyprus Amax began 1997 on a high note, announcing an agreement to acquire 80 percent of the Kansanshi copper mine in Zambia.
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Cyprus Amax Minerals Co may also be known as or be related to Cyprus Amax Minerals, Cyprus Amax Minerals Co and Cyprus Amax Minerals Company.