An enhanced US$350 million program to expand and modernize copper production facilities has been announced by Asarco (NYSE). Additional expenditures at the Ray mine in Arizona and the El Paso smelter in Texas have been budgeted. The program was first announced in February, 1989, at a cost of $US260 million. The Mission Complex portion of the program, to cost about US$100 million, was not changed.
The program will increase total mine output by 81,000 tons of contained copper to 325,000 tons, and copper output at El Paso by 30,000 tons to 110,000 tons of anode copper from concentrates. The work is to be completed in 1992.
The Ray mine portion of the program includes further expanding mining capacity and installing a new in-pit ore crusher, mill and concentrator. Ray’s annual copper output will rise by 44,000 tons to 159,000 tons.
At El Paso, the company will install a new furnace rather than retrofit the existing furnace. Smelter improvements will result in about 94% of the sulphur dioxide generated in the smelting process being captured, Asarco says.
For the first quarter of 1990, Asarco recorded net earnings of US$35.8 million (86 cents per share) compared with US$68.6 million ($1.63 per share) for the same period last year. Sales of products and services were US$521.2 million in the first quarter, compared with US$618.2 million in 1989. $000s except per-share items* Quarter ended Mar. 31 1990 1989 Revenue $521,200 $618,200 Net earnings 35,800 68,600
per share 0.86 1.63 *US dollars
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