Cyprus Minerals writes down assets

Earnings of US$111 million, or US$2.38 per share, were reported by Cyprus Minerals (NYSE) on revenues of US$1.9 billion for 1990. This compares with 1989 restated earnings of US$164.9 million on revenues of US$1.8 billion. The lower earnings in 1990 were attributed to the writedown of assets at the Tonopah molybdenum mine and Kanawha coal mine, generally lower metals realizations, and higher copper and molybdenum costs. If the asset writedowns were excluded, Cyprus would have earned US$174.2 million in 1990. Cyprus said the Tonopah mine in Nevada will be placed on care and maintenance in the 1991 first quarter because of higher-than-anticipated costs due to lower ore grade, current molybdenum prices and lower demand for the metal. The company invested US$211 million in 1990 on mine expansions, equipment for productivity improvements, and sustaining capital.006 Cyprus Minerals