PHELPS DODGE

'Phelps Dodge Corporation' is a former United States company founded in 1834 by Anson Greene Phelps and William E. Dodge. On March 19, 2007, it was acquired by Freeport-McMoRan and now operates under the name Freeport-McMoRan Copper & Gold Inc.

Contents

History

Expansion and acquisition

Environmental record

References

External links

History

Initially, Phelps Dodge operated an import-export trade business that shipped U.S.-grown cotton to England in exchange for tin, iron, copper and other metals essential for growth and development of the new American nation.
As time went on, the company began its own mining operations as the western United States frontier expanded, and its mineral wealth, especially copper, started being discovered. The company focused largely on providing copper wire and cables to industry that became in high demand as the Industrial Revolution took hold. As the company diversified, it began investing in new railroads, essential in the company’s efforts to establish itself in the west, especially copper-rich Arizona, and to transport products to and from its markets on the eastern/northeastern shores. During the late 19th century, in concert with its metal interests, Phelps Dodge Corporation became one of the largest producers of lumber and lumber products in the United States.
By the time of its acquisition in 2007, Phelps Dodge Corporation had large copper mining operations in Bagdad, Arizona, Morenci, Arizona, Sierrita, Arizona, Miami, Arizona, and Tyrone, New Mexico, and the El Chino Mine in New Mexico. Several of these locations provide ores rich in molybdenum as well. It had recently begun development of a new mine located near Safford, Arizona.
In South America, the company had several very large copper mining operations in Chile and Peru. In the Congo, Phelps Dodge Corporation was the majority owner and operator of the Tenke Fungurume project, generally considered to be the world's largest undeveloped copper/cobalt project.
A subsidiary of Phelps Dodge Corporation, Climax Molybdenum is the largest primary producer of molybdenum in the world. At the Henderson mine west of Empire, Colorado, Climax Molybdenum has produced more than 160 million tons of ore and 770 million pounds of molybdenum since the mine opened in 1976.
The company employed more than 13,500 people worldwide.

Expansion and acquisition

On Sunday, November 19, 2006, Freeport-McMoRan announced that it planed to acquire Phelps Dodge for $25.9 billion in cash and stock to create the world's largest publicly traded copper mining company. Stockholders for both companies voted on the proposal March 14, 2007. On Monday, March 19, 2007, Phelps Dodge Corporation was acquired by Freeport-McMoRan (NYSE: FCX), creating the world's largest publicly traded copper company, with 25,000 employees at acquisition.

Environmental record

Researchers at the University of Massachusetts Amherst have identified Phelps Dodge as the 23rd-largest corporate producer of air pollution in the United States, with roughly 3.64 million pounds of toxins released annually into the air. Major pollutants included sulfuric acid, chromium compounds, lead compounds, and chlorine.^[1][2] The Center for Public Integrity has reported that Phelps Dodge is named as a potentially responsible party in at least 13 Superfund toxic waste sites. ^[3]

References

1. Political Economy Research Institute Toxic 100 retrieved 14 Aug 2007
2. Toxics Release Inventory data at rtknet.org
3. Center for Public Integrity

External links

★ http://www.fcx.com/

★ http://www.phelpsdodge.com/

★ http://www.climaxmolybdenum.com/