Phelps Dodge Splits

The company plans a new copper mine, too.
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Phelps Dodge

(PD) - Get Report

split its stock 2-for-1, declared a $4 presplit special dividend and set plans to open the first new copper mine in the U.S. in 30 years.

The Phoenix-based copper giant said its board granted conditional approval to develop a new copper mine near Safford, Ariz., contingent on receiving certain state permits needed for the mine.

Phelps Dodge said it would spend $550 million on the mine, which should be in full production during the second half of 2008. Full production is projected to be 240 million pounds of copper a year.

The company said the split is payable March 10 to holders of record Feb. 17, and the dividend is payable March 3 to holders of record Feb. 14.