Mining giant Freeport-McMoRan Copper & Gold Inc. said Wednesday it is nearing a decision on whether to reopen the Climax molybdenum mine near Leadville.
While the final word isn’t expected until an evaluation is completed later this year, signs point toward a “yes” on reopening.
“The evaluation is expected to confirm the restart as an attractive economic project,” the company said in a statement.
New equipment for the mine has been ordered, the firm said.
Climax closed in 1987 after moly prices crashed, leaving Leadville and Lake County in an economic depression with the loss of 3,200 jobs.
Phoenix-based Freeport-McMoRan, which acquired the mine as part of its acquisition of Phelps Dodge, said it would cost $500 million to reopen Climax by 2010. Annual production is estimated initially at 30 million pounds and possibly could be doubled, the company said.
“Climax is believed to be the largest, highest-grade and lowest-cost undeveloped molybdenum ore body in the world,” the company said.
Steve Raabe: 303-954-1948 or sraabe@denverpost.com
