Cyprus Amax Minerals
| Company type | Public |
|---|---|
| Industry | Mining |
| Predecessor | AMAX, Cyprus Minerals Company |
| Founded | 1993 |
| Fate | Acquired by Phelps Dodge Corporation |
| Headquarters | United States |
Area served | Worldwide (24 U.S. states and six continents) |
| Products | Molybdenum, lithium, copper, coal, iron ore, gold |
Cyprus Amax Minerals emerged as a prominent American mining enterprise established in 1993 through the consolidation of AMAX and Cyprus Minerals Company. It stood as one of the foremost global producers of molybdenum and lithium, while also maintaining significant output in copper and coal mining, alongside the extraction of iron ore and gold. In 1999, the company was purchased by Phelps Dodge Corporation.
Background
The origins trace back to 1979 when Amoco Corporation acquired Cyprus Mines Corporation, transforming it into a diversified international mining entity before spinning off Cyprus Minerals Company in 1985.
Cyprus expanded its operations by acquiring the Sierrita copper and molybdenum mine near Tucson, Arizona in 1986. Two years later, in 1988, it took ownership of the Inspiration mine and its smelting facility located in Miami, Arizona. After a beneficial electricity contract with the Salt River Project ended, Cyprus implemented an ISASMELT furnace at its smelter—marking the first extensive application of this technology developed by Mount Isa Mines and Australia's CSIRO.
AMAX Inc., previously known as the American Metal Company, was headquartered in New York and specialized primarily in coal and gold mining. Its foundation was laid through a 1957 merger between the American Metal Company and the Climax Molybdenum Company.
Merger
The 1993 union of AMAX Inc. with Cyprus Minerals Company resulted in Cyprus Amax Minerals Company, which became the leading global producer of molybdenum and lithium and held a substantial position in copper and coal production. The firm operated across 24 U.S. states and six continents worldwide.
Acquisition and Later History
At the end of 1999, Phelps Dodge Corporation acquired Cyprus Amax Minerals. Subsequently, in 2007, Freeport-McMoRan (NYSE: FCX) purchased Phelps Dodge, forming the largest copper producer on a global scale.
Further reading
- International Directory of Company Histories, Vol. 21. St. James Press, 1998.