MAGMA &lt;MGCPV> SEES PROFITABLE COPPER PRODUCTION

  Newmont Mining Corp &lt;NEM> said Magma
  Copper Co anticipates being able to produce copper at a profit
  by 1991, assuming copper prices remain at their current levels.
      In an information statement distributed to Newmont
  shareholders explaining the dividend of Magma shares declared
  Tuesday, Newmont said Magma had a net loss of 46.6 mln dlrs in
  1986, adding this was equal to 1.22 cts a share.
      Newmont holders will receive 80 pct of Magma's stock as a
  dividend of one share for each of the 30,458,000 Newmont shares
  now held. Newmont will retain 15 pct of the stock.
      The 1986 net loss was on a pro forma basis, Newmont said.
  On a historical basis, it added, Magma had a 1986 net loss of
  58.1 mln dlrs on a loss from operations of 42.3 mln dlrs.
      On Dec 31, 1986, Newmont said, Magma had about 85.0 mln
  dlrs of net operating loss carryforwards expiring in 1999-2000
  and about 4.0 mln dlrs of investment tax credit carryover
  expiring in 2000-2001.
      Newmont said Magma has pre-tax losses of 290 mln dlrs
  during the 1981 through 1985 period, noting the five major U.S.
  primary copper producers reported aggregate pre-tax losses of
  1.9 billion dlrs during five year period.
      Newmont said Magma had total sales of 347.3 mln dlrs last
  year, including copper sales of 293.4 mln dlrs.
      It said the copper sales value was up from 267.6 mln dlrs
  in 1985 reflecting a 10.1 pct increase in quantity sold to
  212,000 short tons and a 0.4 pct decrease in price.
  

