Expansion and Acquisition
On Sunday, November 19, 2006, Freeport-McMoRan announced that it planned to acquire Phelps Dodge for $25.9 billion in cash and stock to create the world's largest publicly traded copper mining company. Stockholders for both companies voted on the proposal March 14, 2007. On Monday, March 19, 2007, Phelps Dodge Corporation was acquired by Freeport-McMoRan (NYSE: FCX), creating the world's largest publicly traded copper company, with 25,000 employees at acquisition.
At the time of its acquisition in 2007, Phelps Dodge Corporation had large copper mining operations in Bagdad, Arizona, Morenci, Arizona, Sahuarita, Arizona, Miami, Arizona, and Tyrone, New Mexico, and the El Chino Mine in New Mexico. Several of these locations provide ores rich in molybdenum as well. It had recently begun development of the Safford Mine near Safford, Arizona. In 2006, revenue was $11.910 billion USD, operating income was $4.226 billion, and net income was $3.017 billion.
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