CAPITAL MARKETS

Phelps Dodge mining permit request denied

THE world's number two copper producer, Phelps Dodge, could find itself exposed to state fines and citizen lawsuits after the New Mexico Mining Commission rejected a request for a five-year extension to obtain mining permits for three huge copper mines.

Greg Tubby
Phelps Dodge mining permit request denied

Under New Mexico's hard rock mining law, enacted in the early 1990s, all mining companies were required to secure permits by 1997 that detail how they will clean up their mines, and to post a bond to ensure...

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