| Deal Description | American Metal Climax, Inc., expected to use the proceeds from this deal for working capital purposes and capital expenditures, including the development of the Henderson molybdenum project. The project was to develop the Henderson molybdenum deposit near Empire, Colorado, which, according to company estimates, contained reserves of 303,000,000 tons of molybdenum. The company estimated that the development of the deposit would cost $250,000,000. The output of the mine would increase the company's annual molybdenum output to over 100,000,000 pounds, in comparison with the 67,000,000 pounds it produced in 1970. The sinking fund debentures were due on March 1, 1996, and were redeemable on March 1, 1981. The notes were due on March 1, 1978, and were redeemable at the company's option any time during the six months prior to maturity. |
|---|
