Asarco execs cash in after takeover

Denver — Following Grupo Mexico‘s takeover of Asarco, outgoing executives of the latter exercised options worth millions.

Augustus Kinsolving, officer, exercised 70,300 options at US$14.44-27.88 per share and sold the resulting shares to the company at US$29.75-30.13 to hold none; William Dowd, officer, exercised 37,100 options at US$14.44-29.19 and sold the shares at US$30.13 to hold none; Michael Varner, officer, exercised 30,100 options at US$14.44-29.19 and sold the shares at US$30.13 to hold none; David Woodbury, officer, exercised 23,300 options at US$14.44-27.50 and sold the shares at US$30.13 to hold none; Douglas McAllister, officer, exercised 8,100 options at US$14.44-21.58 and sold the shares at US$30.13 to hold none; Gerald Vanvoorhis, officer, exercised 26,000 options at US$14.44-29.19 and sold the shares at US$29.75-30.13 to hold none; James Wiers, officer, exercised 3,900 options at US$14.44-26.07 and sold the shares at US$30.13; and Robert Ferri, officer, exercised 15,900 options at US$14.44-27.50 and sold the shares at US$30.13.

Also cashing in on the Asarco takeover were executives of former subsidiary Southern Peru Copper (PCU-N). Andrew Swarthout, officer, exercised 7,300 options at US$8.78-12.78 and sold the shares at US$14.63 to hold 2,254 shares directly or indirectly; Winston Cundiff, officer, exercised 7,300 options at US$8.78-12.78 and sold 9,013 shares at US$16.25-16.26 to hold 2,060 shares in all; Eduardo Santistevan, officer, sold 275 shares at US$15.89 to hold 3,403 shares in all.

Other transactions reported by the U.S. Securities and Exchange Commission include the following:

– Rio Tinto (RTP-N) — The company purchased 15.5 million shares from its Australian arm at A$26.45 and cancelled those shares to reduce by less than 5% all its outstanding shares on the Australian, New York and London exchanges.

– Cyprus Amax Minerals — David Watkins, officer, sold 22,900 shares at US$19.25-19.38 to hold 10,065 shares prior to the takeover of his company by Phelps Dodge (PD-N); Gerald Malys, officer, sold 19,500 shares at US$19-19.50 to hold 95,007 shares prior to the takeover; and Jeffrey Clevenger, officer, sold 26,260 shares at US$19.38 to hold 31,705 shares prior to the takeover.

– Freeport-McMoRan Copper & Gold (FCX-N) — Rene Latiolais, director, exercised 59,918 Class B options at US$15.38 and sold 54,078 shares back to the company at US$17.03 to hold 137,040 shares in all; and Robert Bruce, director, bought 1.84 million Class A shares at US$14-16 to hold 1.84 million of those shares.

– Stillwater Mining (SWC-X) — Richard Gilbert, director, bought 1,100 shares at US$23.75 to hold 7,100 shares.

Meanwhile, transactions reported by the Ontario Securities Commission in its OSC Bulletin include the following:

– Cameco (CCO-T) — The company repurchased 60,000 shares at $24.88-27.21 for cancellation.

– Comaplex Minerals (CMF-T) — George Fink, director, bought 25,000 shares indirectly at $1.60 to hold 497,000 shares in all.

– Eden Roc Mineral (EDN-T) — Margaret Witte, director and owner of more than 10% of the company, bought 2.56 million shares at 6, acquired 6 million call options that have a strike price of 6 and was granted 2.44 million options at 10 to hold that many shares and options; Toronto-listed Marshall Minerals, owner of more than 10%, sold 6 million call options that have a strike price of 6 to hold an unspecified amount; Ross Burns, officer, bought 1.5 million shares at 6 and was granted 1.5 million options at 10 to hold that many shares and options; and Malcolm Cameron, director, was granted 50,000 options at 10 to hold that many.

– Gammon Lake Resources (GAML-C) — Terence Coughlan, director, indirectly and privately sold 250,000 warrants that have a strike price of 50 to hold none; Burton Languille, director, exercised 195,000 warrants at 30 and sold 32,556 shares at $1.89 to hold no warrants and 357,444 shares; and Keith MacGillivray, director, exercised 265,850 warrants at 30 to hold no warrants and 482,975 shares.

– Pan American Resources (PAN-M) — Arthur Griffis, director, bought 709,000 shares indirectly at 11-16 to hold 2.43 million shares indirectly; and Norman Moffat, director, bought 50,000 shares at 12 to hold 345,259 shares in all.