Phelps Dodge News

The Phelps Dodge Executive Board conditionally approved the half-billion dollars needed to build the Dos Pobres/San Juan Mine on Wednesday. The appoval for the mine, which will be built north of Safford, is conditional upon the acquisition of two environmental permits, which the company expects to be issued. The new mine is expected to produce 240 million pounds of copper a year by 2008 and employ 400 full-time and 100 contract workers.


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Phelps Dodge Corp. of Phoenix on Wednesday announced a 2-for-1 stock split and a special dividend of $4 a share. The dividend, costing about $406 million, is payable March 3 to shareholders of record on Feb. 14. The shares will split on Feb. 17. In a stunning showing Phelps Dodge's stock closed yesterday up $1.26 at $161.76. So far, the stock is up 12 percent this year and 78 percent in the past 12 months.