<PAGE>   1
                                                                    EXHIBIT 21.1



                           SUBSIDIARIES OF THE COMPANY



<TABLE>
<CAPTION>
NAME                                       JURISDICTION OF INCORPORATION
----                                       -----------------------------
<S>                                        <C>
AZCO Mica, Inc.                                           Delaware

Cobre de Suaqui Verde, S.A. de C.V.                       Mexico

Sanou Mining Corporation                                  Bahamas
</TABLE>



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