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Phelps Dodge to Restart Mine

The Climax Molybdenum Mine near Leadville, Colo., could return to production.

Phelps Dodge

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, a copper and molybdenum producer, said the restart of the company's Climax Molybdenum Mine near Leadville, Colo., has been approved by its board of directors. It is subject to completion of a final feasibility study and obtaining of regulatory approvals.

A pre-feasibility study completed earlier indicated the open-pit mine could produce 20 million to 30 million pounds of molybdenum annually.

The Phoenix-based company estimated capital requirement of $200 million to $250 million for a new state-of-the-art concentrator and other facilities. It is expected that the production in the mine will begin by the end of 2009.

"The mine would complement our Henderson molybdenum mine near Empire, Colo., and our byproduct molybdenum production from copper mines in the United States and Peru," the company said.

This story was created through a joint venture between and IRIS.