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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
Date of Report: October 18, 1996
Date of earliest event reported: October 8, 1996
ATLAS CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-2714 13-5503312
(State of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
370 SEVENTEENTH STREET, SUITE 3050
DENVER, COLORADO 80202
(Address of principal executive offices)
(303) 629-2440
(Registrant's telephone number, including area code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On October 8, 1996, Atlas completed the purchase of Arisur Inc., a Bolivian
base metals mining company, from Arimetco International Inc. and a group of
investors for total consideration of $3.0 million cash and 4 million Atlas
Common Shares.
Arisur Inc. owns and operates the Andacaba and Don Francisco silver, zinc
and lead mines in southern Bolivia. Andacaba has been in operation since the
early 1900's and is currently producing 220 metic tons of ore per day. An
mining and milling expansion at Andacaba, which is already underway and is
scheduled for completion in early 1997, is anticipated to increase production to
over 400 metric tons per day. An expansion program at Don Francisco, which was
put into commercial production by Arisur in June 1996, is estimated to increase
production from 80 metric tons per day to approximately 200 metric tons per day
by the end of 1997.
A new release dated October 9, 1996, a copy of which is attached as Exhibit
1 hereto, is incorporated herein by reference and made a part hereof.
ITEM 5. FINANCIAL STATEMENTS: PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
It is impracticable for the Registrant to provide the required financial
statements and pro forma financial statement information at the time that this
Report on Form 8-K is filed. The required financial statements and the pro
forma financial information will be filed by the Registrant under cover of Form
8 as soon as practicable, but not later than 60 days after this Report on Form
8-K is filed.
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SIGNATURES
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.
ATLAS CORPORATION
Date: October 18, 1996 By: /s/ Jerome C. Cain
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Jerome C. Cain
Vice President - Finance
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EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
1. News Release dated October 9, 1996 5
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[LOGO OF
ATLAS ATLAS CORPORATION
CORPORATION 370 17th St., Suite 3050
APPEARS Denver, CO 80202
HERE]
NEWS CONTACT: GARY E. DAVIS
FOR IMMEDIATE RELEASE (303) 629-2440
ATLAS COMPLETES ACQUISITION OF ARISUR AND OPERATING MINES IN BOLIVIA
_______________________________
Denver, CO, October 9, 1996 -- Atlas Corporation (NYSE:AZ) announced today
that it has completed the acquisition of Arisur, Inc., which owns and operates
the Andacaba and the Don Francisco silver, zinc and lead mines located in
southern Bolivia. Atlas acquired Arisur, Inc. from Arimetco International Inc.
(ARX:TSE) and a group of investors for total consideration of $3.0 million cash
and 4.0 million Atlas Common Shares.
The Andacaba silver, zinc and lead mine has been in operation since the
early 1900's. An expansion of Andacaba's mining and milling operations is
already underway which, when completed in early 1997, is expected to result in
an increase in production to 400 tpd from 220 tpd. The milling facilities at
Andacaba will also be used to process the silver/zinc ore from Don Francisco,
which commenced production in June 1996 and is anticipated to achieve its design
capacity of 200 tpd during 1997. It is expected that by 1998 annual metal
production from the Andacaba and Don Francisco will be 1.2 million ounces
silver, 17,400 tonnes of zinc and 2,700 tonnes of lead.
In addition to these acquisitions, Atlas has negotiated two options to
acquire other mining properties and processing facilities for both precious and
base metals located in Bolivia.
Atlas also announced the appointment of Mario Caron and H. R. Shipes to the
Company's board of directors. Mr. Caron has over twenty years of underground
mining experience internationally in both the gold and base metals industries
and most recently served as Chief Executive Officer of a Canadian gold/copper
mining company. Mr. Shipes is currently the Chairman and Chief Executive
Officer of Arimetco International Inc., a North American SXEW copper producer.
Gary E. Davis, President of Atlas, said "With these acquisitions, Atlas
will achieve two of its immediate goals: the return of the company to operating
status and the acquisition of properties generating positive cash flow. With
existing infrastructure in Bolivia, Atlas is now well positioned to take
advantage of growth in mining in the region and is already evaluating several
new opportunities. In the near term, Atlas will focus on expansion of its
Bolivian operations with the expectation that future cash flows will be used to
facilitate development of its existing gold properties."
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