Phelps Dodge
| Phelps Dodge Corporation
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|---|---|
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| legal form | Corporation |
| founding | 1834 |
| resolution | 2007 |
| Reason for dissolution | Takeover by Freeport-McMoRan |
| Seat | Phoenix , Arizona , United States |
| management | J. Steven Whisler (Chairman) (2005) |
| Number of employees | 15,000 (2006) |
| Branch | Mining |
| Website | www.fcx.com |
The Phelps Dodge Corporation was a US company in the field of copper - and molybdenum -Mining and was established in March 2007 by Freeport-McMoRan acquired.
history
Phelps Dodge was founded in 1834 by Anson Green Phelps and William E. Dodge . Initially, the company operated in the import-export trade, shipping cotton grown in the United States to England and bringing tin , iron and copper and other metals to the USA on the return trip .
Over the decades, the company began building its own mines when the Americans discovered minerals, particularly copper, in the west. The company focused on copper goods and cables for the growing American economy. During the Industrial Revolution , the company began investing in new railroad lines, particularly to strengthen its own position in the western United States for the mines (especially in copper-rich Arizona ). In the last decades of the 19th century, Phelps Dodge Corporation began selling wood and wood products in addition to their metals.
In 1881 the company acquired a majority stake in the Detroit Copper Mining Company of Arizona .
Last time was Phelps Dodge Corporation owner of copper mines in Baghdad , Morenci ( Arizona ), Sierrita (Arizona), Miami (Arizona) and Tyrone ( New Mexico ) and El Chino Mine (New Mexico). Molybdenum was also mined there.
In South America, the company had several very large copper mines in Chile and Peru . In the Democratic Republic of the Congo , the company was the largest majority owner and initiator of the Tenke-Fungurume project, which was possibly the world's largest copper / cobalt mining project.
The US copper company Phelps Dodge announced in June 2006 that it would buy two Canadian mining companies for $ 40 billion. With the acquisition of Inco and Falconbridge , the Phoenix- based company would have become the world's largest nickel producer and the world's largest listed copper manufacturer. The takeover failed in 2006: Falconbridge was taken over by the Swiss company Xstrata , Inco from the Brazilian mining group Companhia Vale do Rio Doce (CVRD).
The company employed more than 13,500 employees and workers worldwide.
On November 19, 2006, the US company Freeport-McMoRan announced that it was planning to take over Phelps Dodge. The takeover became legally binding in March 2007.