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Phelps Dodge

(PD) - Get Free Report

plans to dig into its mining operations by focusing company capital and management resources toward improving that area of the business.

The company hired

Goldman Sachs

to explore strategic alternatives, including the possible sale, of its

Wire & Cable Group

, which produces magnet wire, conductors and cable products. The company retained

J.P. Morgan

to explore alternatives for its

Columbian Chemicals


Phelps Dodge said the decision to explore alternatives for the businesses reflects the company's plan to prioritize its highest growth, highest return opportunities.

Phelps Dodge gained $1.38, or 2.7%, to $52.50 in afternoon

New York Stock Exchange