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Economic
Issues & Market Analysis Brief: Metal Casting - Copper
Cutbacks of
U.S. mine production of copper continued into 2001. The Continental Mine in Montana
expected to reopen in late 2000 but remained closed. Phelps Dodge Corp. completed
conversion of its Morenci, AZ. mine to an all-leach operation by the end of the
first quarter and curtailed concentrate production at Chino, NM. Kennecott Utah
Copper Corp. closed its higher cost North concentrator at its Bingham Canyon Mine
at midyear. In October, citing further deterioration in the near-term economic
outlook following the September 11 terrorist attacks, Phelps Dodge announced that
it would curtail an additional 220,000 tons per year of U.S. production by mid-January
2002. Phelps Dodge also planned to close the Chino (NM) and Miami (AZ) leach operations
and halve production at the Sierrita (AZ) and Bagdad (AZ) mines. It also planned
to close its Chino smelter and Miami refinery. Overall U.S. refined consumption
was projected to decline by 10% in 2001.
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