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Phelps Dodge Uses Subsidiary Sales Proceeds to Increase Funding of Environmental Trust to $400 Million
Phelps Dodge Uses Subsidiary Sales Proceeds to Increase Funding of Environmental Trust to $400 Million
Published 03-20-06
Submitted by Phelps Dodge Corporation
The trust was established in December 2005 to help fund the company's global environmental remediation and reclamation activities. The first contribution to the fund, $100 million, occurred during that month.
Phelps Dodge Corp. is one of the world's leading producers of copper and molybdenum and is the largest producer of molybdenum-based chemicals and continuous-cast copper rod. The company and its two divisions, Phelps Dodge Mining Co. and Phelps Dodge Industries, employ more than 13,500 people worldwide.
Phelps Dodge Corporation
Phelps Dodge Corporation
Phelps Dodge Corp. is one of the world's leading producers of copper and molybdenum and is the largest producer of molybdenum-based chemicals and continuous-cast copper rod. The company employs 14,500 people worldwide. In 2005, Phelps Dodge produced about 2.5 billion pounds of copper and 62 million pounds of molybdenum. Two major projects on the horizon are the development of a copper mine in Safford, Ariz., and a copper/cobalt mine in the Democratic Republic of the Congo. Phelps Dodge strives to create value for our communities, our employees and our businesses and to act as a catalyst for positive change in our operating communities through charitable giving, employee involvement and stakeholder engagement initiatives.
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