Phelps Dodge
From Wikipedia, the free encyclopedia
| Phelps Dodge Corporation | |
 |
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| Type | Public (NYSE: PD) |
|---|---|
| Founded | 1834 |
| Headquarters | Phoenix, Arizona, USA |
| Key people | J. Steven Whisler, Chairman & CEO |
| Industry | Copper Mining |
| Revenue |  $8.287 billion USD (2005) |
| Operating income | $1.764 billion USD (2005) |
| Net income | $1.549 billion USD (2005) |
| Employees | 15,000 (2006) |
| Website | www.phelpsdodge.com |
Phelps Dodge Corporation was founded in 1834 by Anson Greene Phelps and William E. Dodge. Initially, the company 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.
Today, Phelps Dodge Corporation has large copper mining operations in Bagdad, Arizona, Morenci, Arizona, Sierrita, Arizona, Miami, Arizona, and Tyrone, New Mexico, and at the El Chino Mine in New Mexico. Several of these locations are providing ores rich in molybdenum as well. Presently, Phelps Dodge Corporation has begun construction on a new mine located near Safford, Arizona that is expected to employ approximately 350 people.
In South America, the company has several very large copper mining operations going on in Chile and Peru. In Congo, Phelps Dodge Corporation is the majority owner and operator of the Tenke Fungurume project, which is 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 employs more than 13,500 people worldwide.
[edit] Expansion
On Sunday, November 19, 2006, Freeport-McMoRan announced that it plans 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 will vote 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.
