Cyprus Amax Minerals

Last updated
Cyprus Amax Minerals Company
Company typeFormerly listed on NYSE
Industrynonferrous metals
Predecessor Cyprus Mines Corporation
Founded1916
Founder Seeley W. Mudd
Defunct1999
FateMerged with Phelps Dodge
SuccessorCyprus Amax Minerals

Cyprus Amax Minerals was a major US-based mining company formed in 1993 through the merger of AMAX with the Cyprus Minerals Company. It was one of the world's largest producers of Molybdenum and Lithium and a leading producer of copper and coal. It also produced iron ore and gold. It was acquired by the Phelps Dodge Corporation in 1999.

Contents

Background

In 1979, Cyprus Mines Corporation was acquired by Amoco Corporation. Amoco expanded Cyprus into a diversified worldwide mining company. Amoco spun off Cyprus Minerals Company in 1985. [1]

In 1986, Cyprus acquired the Sierrita copper and molybdenum mine near Tucson, Arizona.

In July 1988, Cyprus Minerals bought the Inspiration mine and smelting complex in Miami, Arizona. [2] With the expiry of an agreement to purchase electricity at a favorable rate from the Salt River Project, Cyprus Minerals installed an ISASMELT furnace in its copper smelter. [3] This was the first large-scale installation of the ISASMELT process, which was developed jointly by Mount Isa Mines Limited and the Australian government's Commonwealth Scientific and Industrial Research Organisation ("CSIRO"). [4]

AMAX Inc. (formerly the American Metal Company) was a mining company based in New York with interests in coal and gold. It was the result of the merger, in 1957, between the long-established American Metal Company and the Climax Molybdenum Company. [5]

Merger

In 1993, AMAX Inc. merged with the Cyprus Minerals Company to form Cyprus Amax Minerals Company. The merged entity was the world's leading producer of molybdenum and lithium, and a leading producer of copper and coal. The company had operations in 24 states and on six continents.

Acquisition and Later History

In late 1999, Cyprus Amax Minerals was acquired by Phelps Dodge Corporation, which in turn was acquired by Freeport-McMoRan (NYSE: FCX) in 2007, forming the world's largest copper producer. [6] [7]

Related Research Articles

<span class="mw-page-title-main">Phelps Dodge</span> Company

Phelps Dodge Corporation was an American mining company founded in 1834 as an import-export firm by Anson Greene Phelps and his two sons-in-law William Earle Dodge, Sr. and Daniel James. The latter two ran Phelps, James & Co., the part of the organization based in Liverpool, England. The import-export firm at first exported United States cotton from the Deep South to England and imported various metals to the US needed for industrialization. With the expansion of the Western frontier in North America, the corporation acquired mines and mining companies, including the Copper Queen Mine in Cochise County, Arizona and the Dawson, New Mexico coal mines. It operated its own mines and acquired railroads to carry its products. By the late 19th century, it was known as a mining company.

The Cyprus Mines Corporation was an early twentieth century American mining company based in Cyprus. In 1914, Charles G. Gunther began prospecting in the Skouriotissa area after reading in ancient books that the island was rich in copper and noticing promising ancient Roman slag heaps in the area. The company was established in 1916 by Colonel Seeley W. Mudd, his son, Harvey Seeley Mudd, and mining engineer/business partner, Philip Wiseman, whose family, along with the Mudds, were the primary owners of Cyprus Mines until the early 1970s when it was sold to Amoco.

Falconbridge Limited was a Toronto, Ontario-based natural resources company with operations in 18 countries, involved in the exploration, mining, processing, and marketing of metal and mineral products, including nickel, copper, cobalt, and platinum. It was listed on the TSX and NYSE (FAL), and had revenue of US$6.9 billion in 2005. In August 2006, it was absorbed by Swiss-based mining company Xstrata, which had formerly been a major shareholder.

<span class="mw-page-title-main">L. D. Ricketts</span>

Louis Davidson Ricketts was an American economic geologist, metallurgist, mining engineer and banker who pioneered development of copper mines in the U.S. state of Arizona and the Mexican state of Sonora.

<span class="mw-page-title-main">Copper mining in Arizona</span>

In Arizona, copper mining has been a major industry since the 19th century. In 2007, Arizona was the leading copper-producing state in the country, producing 750 thousand metric tons of copper, valued at $5.54 billion. Arizona's copper production was 60% of the total for the United States. Copper mining also produces gold and silver as byproducts. Byproduct molybdenum from copper mining makes Arizona the nation's second-largest producer of that metal. Although copper mineralization was found by the earliest Spanish explorers of Arizona, the territory was remote, and copper could seldom be profitably mined and shipped. Early Spanish, Mexican, and American prospectors searched for gold and silver, and ignored copper. It was not until the completion of the Southern Pacific Railroad in 1876 that copper became broadly economic to mine and ship to market.

Lundin Mining Corporation is a Canadian company that owns and operates mines in Sweden, United States, Chile, Portugal and Brazil that produce base metals such as copper, zinc, and nickel. Headquartered in Toronto, the company was founded by Adolf Lundin and operated by Lukas Lundin. While it was incorporated to pursue an interest in a diamond mine in Brazil, the company re-structured and raised funds to develop the Storliden mine in Sweden. It purchased the Swedish Zinkgruvan Mine from Rio Tinto and then merged with Arcon International Resources for its Galmoy Mine in Ireland and with Eurozinc for its Neves-Corvo mine in Portugal. The company subsequently purchased and operated the Eagle mine, Candelaria mine, and Chapada mine.

Tenke Fungurume Mining SA (TFM) is one of the largest copper and cobalt producers in the Democratic Republic of Congo (DRC). Construction on the site began in the latter part of 2006, and in 2009, TFM produced its first copper. The mine has since become a vital source of income for local communities and the country by way of royalties and taxes, as well as the largest employer in the region.

The mineral industry of Russia is one of the world's leading mineral industries and accounts for a large percentage of the Commonwealth of Independent States' production of a range of mineral products, including metals, industrial minerals, and mineral fuels. In 2005, Russia ranked among the leading world producers or was a significant producer of a vast range of mineral commodities, including aluminum, arsenic, cement, copper, magnesium compounds and metals, nitrogen, palladium, silicon, nickel and vanadium.

The Detroit Copper Mining Company was an American copper mining and smelting operation based in Morenci, Arizona. Incorporated in July 1872, it existed as an independent company until 1897, when a controlling interest in the company was purchased by the predecessor of the Phelps Dodge Corporation. It continued to exist as a subsidiary of Phelps Dodge & Co until 1917, when all Phelps Dodge operations in the area were consolidated into the new Phelps Dodge Corporation, Morenci Branch.

<span class="mw-page-title-main">Mineral industry of Peru</span>

The mineral industry of Peru has played an important role in the nation's history and been integral to the country's economic growth for several decades. The industry has also contributed to environmental degradation and environmental injustice; and is a source of environmental conflicts that shape public debate on good governance and development.

<span class="mw-page-title-main">Mining in Chile</span>

The mining sector in Chile is one of the pillars of Chilean economy and copper exports alone stands for more than one third of government income. Most mining in Chile is concentrated to the Norte Grande region spanning most of the Atacama Desert. Mining products of Chile includes copper, gold, silver, molybdenum, iron and coal. Chile was, in 2019, the world's largest producer of copper, iodine and rhenium, the second largest producer of lithium and molybdenum, the sixth largest producer of silver, the seventh largest producer of salt, the eighth largest producer of potash, the thirteenth producer of sulfur and the thirteenth producer of iron ore in the world. In the production of gold, between 2006 and 2017, the country produced annual quantities ranging from 35.9 tons in 2017 to 51.3 tons in 2013.

<span class="mw-page-title-main">Thompson Creek Metals</span> Full cycle mining company in North America

Thompson Creek Metals Company Inc. was a full cycle mining company with acquisition, exploration, development, and operation in North America. The corporate office was located in Denver, Colorado. The company primarily produced copper, gold, and molybdenum. Over its history, the Company evolved from being a major primary molybdenum producer to becoming a copper and gold mining company with the construction and development of the Mount Milligan mine and concentrator in British Columbia, Canada. Mount Milligan was Thompson Creek Metals principal operation and the company owned 100% of this property. The company also owned 100% of its Thompson Creek Mine in Idaho. Thompson Creek Metals owned 75% joint venture interest in two other properties, including its Endako Mine in British Columbia, and its Langeloth Metallurgical Facility (roaster) in Pennsylvania. Thompson Creek Metals had additional development projects, including the Berg property in British Columbia.

<span class="mw-page-title-main">ISASMELT</span> Smelting process

The ISASMELT process is an energy-efficient smelting process that was jointly developed from the 1970s to the 1990s by Mount Isa Mines and the Government of Australia's CSIRO. It has relatively low capital and operating costs for a smelting process.

<span class="mw-page-title-main">Sierrita mine</span> Copper mine in Pima County, Arizonaa

The Sierrita Mine is a large copper mine located in the Sierrita Mountains of Arizona, in southwestern United States. The mine is located in southern Pima County, southwest of Tucson and west of Green Valley-Sahuarita.

<span class="mw-page-title-main">Cerro Verde mine</span> Mine in Peru

The Cerro Verde mine is a very large copper mine located about 20 miles southwest of Arequipa, in southwestern Peru. Cerro Verde represents one of the largest copper reserves in Peru and in the world, having estimated reserves of 4.63 billion tonnes of ore grading 0.4% copper and 113.2 million oz of silver.

The Rhodesian Selection Trust (RST) was a mining Corporation which produced copper from the Copperbelt region of Northern Rhodesia, now Zambia.

<span class="mw-page-title-main">South32</span> Mining and metals company headquartered in Perth, Western Australia

South32 is a mining and metals company headquartered in Perth, Western Australia. It was spun out of BHP Billiton on 18 May 2015. It is listed on the Australian Securities Exchange with secondary listings on the Johannesburg and London Stock Exchanges.

Harold K. Hochschild was the president of the American Metal Company, a conservationist, a philanthropist, and the founder of the Adirondack Museum.

American Metal Company was an American nonferrous metal trading and production company.

References

  1. "Company History: Cyprus Amax Minerals Company". Funding Universe. Retrieved 2007-06-22.
  2. G W LaChapelle and J S Dyas, "Cyprus Miami property overview and mine modernization," Mining Engineering, 45(4), April 1993, 344–346.
  3. R R Bhappu, K H Larson and R D Tunis, ‘Cyprus Miami Mining Corporation – smelter modernization project summary and status,’ in: EPD Congress 1994, Ed. G Warren (The Minerals, Metals and Materials Society: Warrendale, Pennsylvania, 1993), 555–570.
  4. P S Arthur and S P Hunt, ‘ISASMELT – 25 years of continuous evolution,’ in: The John Floyd International Symposium on Sustainable Developments in Metals Processing, Melbourne, 3–6 July 2005, Eds. M Nilmani and W J Rankin (NCS Associates (Australia) Pty Ltd, 2005), 73–94.
  5. "Conservationist Harold K. Hochschild, the former head of a large metals company and an active Adirondacks historian and conservationist, died Friday". The New York Times . 25 January 1981. Retrieved 27 January 2020.
  6. "Cyprus Amax Minerals Company: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 29 August 2017.
  7. "History of Cyprus Amax Minerals Company – FundingUniverse". www.fundinguniverse.com. Retrieved 29 August 2017.

Further reading