It’s official: Climax Mine to reopen |

It’s official: Climax Mine to reopen


LEADVILLE On Tuesday, Dec. 4, Freeport-McMoRan Copper & Gold Inc. (FCX) officially announced it plans to proceed with the restart of the Climax molybdenum mine. The initial $500 million project involves the restart of open pit mining and the construction of new state of the art milling facilities. Annual production is expected to approximate 30 million pounds of molybdenum beginning in 2010 at estimated cash costs approximating $3.50 per pound. The project is designed to enable the consideration of a further large scale expansion of the Climax mine. FCX will evaluate a second phase of the Climax project which could potentially double future annual molybdenum production to approximately 60 million pounds.Orders for certain long-lead items have been placed and work on the project will commence immediately. Major construction activities are expected to begin in the spring of 2008 after the winter season. The mill is located in the Colorado Rocky Mountains at an elevation of 11,400 feet. Construction employment will begin with approximately 150 workers and peak at over 500. The operation will employ approximately 350 when production begins.

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