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NEW YORK, N.Y., August 31, 1995 -- ASARCO Incorporated (NYSE:AR) announced today it has completed the sale of its interest in a subsidiary which owns the Quiruvilca mine in Northern Peru to Pan American Silver Corporation (Pan American) of Vancouver, British Columbia. Terms of the Quiruvilca sale call for Asarco to receive 500,000 shares of Pan American common stock, 500,000 warrants to purchase stock and a life-of-mine royalty of up to 20% of the net earnings of the mine. Pan American has agreed to invest up to $10 million in the mine by December 31, 1996 to reduce costs and otherwise improve the operations. The Quiruvilca mine, which began operations in 1921, produced 2.8 million ounces of silver contained in 36,100 tons of zinc concentrates, 11,200 tons of lead concentrates and 2,590 tons of copper concentrates in 1994. Asarco currently holds one million shares, or 7%, of the stock of Pan American. ASARCO Incorporated, headquartered in New York City, is one of the world's leading integrated producers of nonferrous metals, principally copper, lead, zinc, and silver. Asarco also produces specialty chemicals, minerals and other industrial products and provides environmental services.
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