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Cyprus Mines Corporation history
Cyprus Mines Corporation company history timeline
Public Company Incorporated: 1969 as Amoco Minerals Co.Employees: 7,000Sales: $1.64 billionStock Exchanges: New YorkSICs: 1021 Copper Ore Mining; 1222 Bituminous Coal Underground Mining; 1221 Bituminous Coal and Lignite Surface Mining
The company’s history, however, dates back to 1969 when Amoco created Amoco Minerals Company to handle mineral rights.
Since 1979 the mining industry of Cyprus is in recession because of the exhaustion of the known large and rich copper and iron pyrite ore bodies and the increase of the production cost without proportional increase in the international sale prices of metals.
Since the 1980’s, the UN, BRGM and Northern Lion have been the main copper explorers in Cyprus.
In 1980 Amoco created Cyprus Coal, a subsidiary that, in turn, acquired coal mines in Colorado, Pennsylvania, and Kentucky.
The Cyprus Minerals Company first appeared in July of 1985 as a spinoff from the Amoco Corporation.
In 1987 Cyprus's board advanced Cyprus Gold $25 million to pursue these investments through joint ventures.
Although they did begin gold production at Gidgee in Australia and Copperstone in Arizona, gold was far from the only forum Barr and Duncan used to expand Cyprus in 1987.
High copper and molybdenum prices led to 1988 earnings of $170 million ($6.31 a share) on sales of $1.3 billion.
In 1989 Cyprus entered two new businesses when Barr leased the inactive Groundhog zinc mill in Deming, New Mexico and paid $52 million for the Reserve Mining Company’s Babbit iron mine and processing plant in Silver Bay, Minnesota.
Copper had earned most of the company’s $111 million in 1990 profits and remained very profitable.
In early February 1992, Stone announced his retirement as president and CEO, and Campbell assumed both of those posts.
Indeed copper, coal, and other minerals were all losing money by mid-1992 and needed immediate attention.
By March of 1993 the mine was up for sale.
Established in 1993 through the merger of Cyprus Minerals Company and Amax Inc., Cyprus Amax Minerals Company is the largest United States-owned mining company.
As Cyprus Minerals headed into 1993, it hoped to grow through carefully selected acquisitions.
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.
Hellenic reopened Skouriotissa in 1996, processing low grade ore and re-processing of tailings.
The only mining activity that exists today in Cyprus is the copper mine of Skouriotissa which produces, since 1996, copper metal cathodes (99.999%) applying the Acidic Leaching – Solvent Extraction - Electrowinning method (Leaching - SX - EW).
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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EMED mining (now knows as Atalaya Mining) defined inferred zinc resources at Klirou (4.5 Mt @ 0.74% Zn and 0.41% Cu) and South Mathiatas (2.1 Mt @ 0.95% Zn; EMED, 2007); and BMG Resources reported numerous zinc intercepts with copper-gold-silver at the Mala Prospect.
In 2010, around US$13.1 million worth of copper was exported from the mine.
"Cyprus Minerals Company ." International Directory of Company Histories. . Retrieved April 16, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/cyprus-minerals-company
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