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AJO COPPER MINE
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Latest Information December 31, 2006 Arizona surface water law is based on the doctrine of prior appropriation (first in time, first in right). Surface water rights in Arizona are usufructuary rights, and as such the water right holder is granted only the right to use public waters for a statutorily defined beneficial use, at a designated location. Groundwater in Arizona is governed by the doctrine of reasonable use. Arizona has initiated two water rights adjudications in order to quantify and prioritize all of the surface water rights and water right claims to two of the state’s river systems and sources. Groundwater is not subject to the adjudication; however, wells may be adjudicated to the extent that they are found to produce or impact appropriable surface water. The potential water supply for Ajo is groundwater. The wells that supply the water may be subject to the Gila River adjudication to the extent that such wells are determined to be pumping or impacting appropriable surface water. Phelps Dodge has filed a Statement of Claimant in the adjudication for these water sources in case any are later determined to produce or impact appropriable surface water. January 29, 2003 Phelps Dodge Corp. the world's largest publicly traded copper producer, has announced a fourth quarter net loss of USD221.6 million on revenue of USD895.1 million compared with fourth quarter 2001 net loss of USD78.3 million on revenue of USD901.2 million. The 7% decrease in 2002 revenue resulted from decreased sales volumes of copper, wire and cable, and specialty chemicals. Slightly lower average copper prices that were mostly offset by higher molybdenum prices. Fourth quarter results included after-tax, net special charges of USD187.8 million primarily associated with impairments and lawsuit settlement relating to a lawsuit filed by RAG American Coal Co. against Phelps Dodge's wholly owned subsidiary, Cyprus Amax. For 2002, Phelps Dodge reported a loss of USD341.6 million on revenue of USD3,722 million, down from a loss of USD275 million on revenue of USD4,002 million in the previous year. A fourth quarter operating loss of USD137.6 million from Phelps Dodge's mining division increased by USD124.5 million, compared with the 2001 corresponding quarter, as a result of special, pre-tax charges for asset impairments and provisions at the idled Cobre mine, its Hidalgo smelting operation in New Mexico and its Ajo copper mine in Arizona. For 2002 Phelps Dodge reported an operating loss of USD85.6 million, compared with USD92.2 million during 2001. Phelps Dodge produced 262,800 tons of copper in the fourth quarter at a cash cost of USD0.51 per pound, down from 298,400 tons in the 2001 corresponding quarter. Annual copper production was 1.02 million tons at a cash cost of USD0.52 per pound compared with 1.16 million tons at a cash cost of USD0.59 per pound in 2001. May 31, 1997 Construction of a $238 million modernization of the facility was scheduled to begin in early 1998, pending completion of environmental permitting, with commercial production beginning as soon as late 1999. |
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