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NEW YORK, N.Y., September 5, 1995 -- Southern Peru Copper Corporation (SPCC) today announced it has received a loan of $35 million from the Export-Import Bank of the United States, completing financing for SPCC's $445 million investment program. Terms of the loan call for repayment over five years. SPCC previously announced that it had received loan commitments of $50 million from Mitsui & Co. Ltd., $115 million from a group of European banks led by Generale Bank of Brussels, $60 million from Corporacion Andina de Fomento and $25 million from two Peruvian banks. In 1991, SPCC reached agreement with the Government of Peru on an investment program to expand production, modernize equipment and improve the environmental operations of SPCC's facilities. The program includes an approximately 40,000 short tons-per-year SX/EW plant and a 175,000 short tons-per-year sulfuric-acid plant, which will reduce plant emissions and provide a supply of acid for the SX/EW facility. The program also includes a waste treatment plant and a mine tailings disposal facility. Southern Peru Copper Corporation owns and operates two mines, a smelter and a refinery in the southern region of Peru, employing 5,500 people. In 1994, SPCC produced 322,100 short tons of copper, 3.5 million ounces of silver, and 6.1 million pounds of molybdenum. SPCC is owned by ASARCO Incorporated (NYSE:AR) (63%); a subsidiary of the Marmon Group, Inc. (20.7%), and Phelps Dodge Overseas Capital Corporation (16.3%). |
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