Date: Thu, 20 Nov 1997 22:40:01 GMT Server: Apache/1.2.4 Last-Modified: Fri, 27 Jun 1997 18:58:38 GMT ETag: "37505-1926-33b40d5e" Content-Length: 6438 Accept-Ranges: bytes Connection: close Content-Type: text/html ASARCO


About the Cover:

A massive shovel, with a capacity of 60 cubic yards, loads a 240-ton-capacity truck at Asarco's Mission mine in Arizona, while another truck moves into position for loading. The electrically powered shovel can load the truck in three phases. Mine workers and a truck in the foreground give an indication of the size of the mining equipment.

Asarco is one of the world's leading producers of nonferrous metals, principally copper, lead, zinc, silver and molybdenum. Asarco also produces specialty chemicals and aggregates. In 1996, Asarco's beneficial mined copper production reached one billion pounds, establishing the Company as the fourth largest private sector copper producer in the world. Asarco has also developed one of the largest copper ore reserve positions in the industry. The Company's lead and zinc businesses include a fully integrated lead business in Missouri, a custom lead smelting business and a zinc mining business. Silver is produced as a by-product of the Company's other mining operations and from the mining operations conducted through the Company's 50% owned Silver Valley Resources in Idaho. Asarco also has a specialty chemicals business and an aggregates business.


TABLE OF CONTENTS

  • Asarco Today
  • Financial Highlights
  • Letter to Shareholders
  • Review of Operations
  • ASARCO Worldwide Operations
  • Executive Officers, Directors and Committees

  • Financial Review
  • Management's Discussion and Analysis
  • Consolidated Financial Statements
  • Notes to Consolidated Financial Statements
  • Report of Independent Accountants
  • Supplementary Financial & Statistical Information
  • Five-Year Selected Financial and Statistical Data
  • Corporate Information

  • Conversion Information:

    All tonnages in this annual report are expressed in short tons. All ounces are troy ounces. Dollar amounts are expressed in U.S. dollars unless otherwise indicated. "Asarco" or the "Company" includes Asarco and subsidiaries. "Southern Peru Copper Corporation" or "SPCC" includes its subsidiaries.


    Financial Highlights

    (in millions, except per share and employee amounts)
    for the year 1996 1995

    Sales $2,696.7 $3,197.8
    Operating income $303.4 $487.1
    Net Earnings $138.3 $169.2
    Net Earnings per common share $3.24 $4.00
    Dividends per common share $0.80 $0.70

    at year-end

    Assets $4,120.3 $4,326.7
    Total debt $814.3 $1,121.9
    Common stockholders' equity $1,736.9 $1,707.5
    Common shares outstanding 42.8 42.6
    Book value per common share $40.56 $40.11
    Employees 11,800 12,200

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