Freeport get more value out of the Molybdenum it got from it's merger with Phelps dodge. This is starting to look like a major bonus from the merger. That maybe in the end as valuable as the cooper from the deal. It looks like Molybdenum is going from $30/lb to $50/lb
The Climax Molybdenum Company restarted the mine in 1924, and operated the mine nearly continuously until the 1980s. The mine has been shut since 1995 awaiting higher molybdenum prices. The mine's current owner, Phelps Dodge Corporation, continues to work on environmental cleanup of past operations while holding the mine ready in the event of market changes.
On 2006-04-05, Phelps Dodge announced that its board of directors had approved the mine's reopening, contingent upon completion of a final feasibility study and obtaining all required operating permits and regulatory approvals. The target date for resuming operations is in 2009.