PHELPS DODGE SEEKS TO DIVERSIFY MORE FROM COPPER Phelps Dodge Corp is prepared to make another large non-copper acquisition and a deal could be struck in the near future, chairman G. Robert Durham said. Durham told Reuters the company was examining potential candidates but not yet talking with any. Any acquisition must have a different economic cycle to copper, he said. Phelps Dodge, the largest U.S. copper producer, last year paid 240 mln dlrs for Columbian Chemicals Co which makes carbon black used in rubber and tires. The purchase was part of a strategic plan to diversify and then match earnings between copper and non-copper operations. The company could spend between 250 mln and 500 mln dlrs to buy another non-copper firm, Durham said, citing 100 mln dlrs of cash and 580 mln dlrs of untapped bank credit.