SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
OCTOBER 7, 1999
Date of Report (Date of Earliest Event Reported)
ASARCO INCORPORATED
(Exact name of Registrant as specified in its charter)
DELAWARE 1-164 13-492440
(State or Other Jurisdiction (Commission File Number) (IRS Employer
Incorporation or Organization) Identification No.)
180 MAIDEN LANE, NEW YORK, NEW YORK 10038
(Address of Principal Executive Office) (Zip Code)
(212) 510-2000
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
ITEM 5. OTHER EVENTS.
On October 7, 1999, Southern Peru Copper Corporation in which ASARCO
Incorporated is a 54.3% shareholder issued a press release relating to new
mineralization at its Toquepala mine, a copy of which is attached hereto as
Exhibit 99.1 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(c) Exhibits
99.1 Press Release of Southern Peru Copper Corporation,
dated October 7, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
ASARCO INCORPORATED
By: /s/ Francis R. McAllister
----------------------------------
Name: Francis R. McAllister
Title: Chairman and Chief Executive Officer
Date: October 7, 1999
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE NO.
99.1 Press Release of Southern Peru Copper
Corporation, dated October 7, 1999.
FOR IMMEDIATE RELEASE
SOUTHERN PERU ANNOUNCES SIGNIFICANT NEW MINERALIZATION
AT TOQUEPALA MINE
Lima, Peru, October 7, 1999 -- Southern Peru Copper Corporation (NYSE and
LSE: PCU) (SPCC) today confirmed that a drilling program over the past two
years at its Toquepala mine has identified significant new copper and
molybdenum mineralization at depth beneath the existing pit. Importantly,
the drilling program identified that much of the material in the area
surrounding the pit that would be mined in the pushback to reach the new
mineralization at depth, consists of leachable material.
Charles B. Smith, president and chief executive officer of SPCC, commented
that: "Our drilling program at Toquepala has identified large, additional
sulfide reserves that may provide the opportunity for a significant
expansion of mining and concentrating operations. In addition, more than
half of the material that would have to be stripped to access the new
deposit is leachable material that can be utilized in the future for low
cost SX-EW production.
"Proven and probable reserves at Toquepala now total 770 million tons of
sulfide reserves grading 0.74% copper and 0.04% molybdenum and 1,931
million tons of leachable reserves grading 0.20% copper. The net result is
a 161% increase in sulfide reserves and a 166% increase in leachable
reserves. We are very excited about the potential this gives us for
expanding our low cost copper production.
"In addition to the new reserves, the drilling program has identified 247
million tons of mineralized material grading 0.68% copper. This mineralized
material will not qualify as proven and probable reserves until such time
as a final and comprehensive economic and technical feasibility study has
been completed demonstrating that suchadditional material can be
economically mined. Full def inition of the Toquepala mineralization will
require additional drilling through 2000. "These developments continue
SPCC's progress towards being one of the world's largest, lowest cost
copper producers."
SPCC is the largest mining company in Peru and one of the 10 largest copper
mining companies in the world. Shareholders in SPCC are ASARCO
Incorporated (NYSE:AR) (54.3%), a subsidiary of the Marmon Corporation
(14.2%), Phelps Dodge Overseas Capital Corporation (14.0%) and common
shareholders (17.5%).
Actual results may vary materially from any forward-looking statement
the Company makes. Refer to the Cautionary Statement contained in SPCC's
1998 Form 10K.
