The metals also pulled back yesterday, as Phelps-Dodge lost 1 1/8, to 50 5/8, and Cyprus Minerals fell a point, to 31 1/4.

In the 1990s, Cyprus Minerals conducted stream sediment, soil and rock sampling on Sona.

Other substantial holdings, in order of market value, are Newmont Mining, Dow Chemical, Echo Bay Mines, Digital Equipment and Cyprus Minerals.

In July 1988, Cyprus Minerals bought the Inspiration mine and smelting complex in Miami, Arizona.

Phelps Dodge, the nation's largest copper producer, raised its price of refined copper 4 cents a pound, Cyprus Minerals raised its price 3 cents a pound.

Inspiration will sell its copper subsidiary to Cyprus Mineral for about $125 million.

Amax and Cyprus Minerals announced a $1.2 billion merger to create one of the world's largest mining companies.

Amax closed up 4 1/8, to 22 3/4, while Cyprus Minerals closed down 1, to 26 5/8, on the New York Stock Exchange.

And Amax has decided to sell out to Cyprus Minerals in a deal worth about a third of the price it spurned in 1981.

Cyprus Minerals, an Englewood, Colo.-based metals producer is a supplier of copper concentrates to Inspiration.