Copper mining contributed US$6.2 billion in personal, business and government income to Arizona in 1999, down from nearly US$10 billion in the previous year.
The decrease is attributed to low copper prices, which ranged between US61 and US85. This, in turn, reduced revenue by US$327 million, compared with the previous year.
The low prices resulted in numerous cutbacks. Australian-based
The year was also marked by some major mergers and acquisitions: Phelps Dodge acquired Cyprus Amax Minerals, while Grupo Mexico picked up Asarco. These recent deals followed BHP’s previous merger with Magma Copper several years ago.
Arizona’s copper industry contributed US$18 billion to the U.S. economy in 1999, well below last year’s figure. The state produced 64% of the nation’s copper, though production for the year was off only slightly, to 1.13 million tons.
These data were provided by the Arizona Mining Association, which has sponsored surveys of the state’s mining industry since since 1973.
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