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Wiki	Wiki Summary
Significant figures	Significant figures (also known as the significant digits, precision or resolution) of a number in positional notation are digits in the number that are reliable and necessary to indicate the quantity of something.\nIf a number expressing the result of a measurement (e.g., length, pressure, volume, or mass) has more digits than the number of digits allowed by the measurement resolution, then only as many digits as allowed by the measurement resolution are reliable, and so only these can be significant figures.
Bit numbering	In computing, bit numbering is the convention used to identify the bit positions in a binary number.\n\n\n== Bit significance and indexing ==\n\nIn computing, the least significant bit (LSB) is the bit position in a binary integer representing the binary 1s place of the integer.
Significant form	Significant form refers to an aesthetic theory developed by English art critic Clive Bell which specified a set of criteria for what qualified as a work of art.
Significant Others	The term significant other (SO) has different uses in psychology and in colloquial language. Colloquially "significant other" is used as a gender-neutral term for a person's partner in an intimate relationship without disclosing or presuming anything about marital status, relationship status, gender identity, or sexual orientation.
Statistical significance	In statistical hypothesis testing, a result has statistical significance when it is very unlikely to have occurred given the null hypothesis. More precisely, a study's defined significance level, denoted by \n \n \n \n α\n \n \n {\displaystyle \alpha }\n , is the probability of the study rejecting the null hypothesis, given that the null hypothesis is true; and the p-value of a result, \n \n \n \n p\n \n \n {\displaystyle p}\n , is the probability of obtaining a result at least as extreme, given that the null hypothesis is true.
The Simpsons	The Simpsons is an American animated sitcom created by Matt Groening for the Fox Broadcasting Company. The series is a satirical depiction of American life, epitomized by the Simpson family, which consists of Homer, Marge, Bart, Lisa, and Maggie.
Internet	In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.
Operation Mincemeat	Operation Mincemeat was a successful British deception operation of the Second World War to disguise the 1943 Allied invasion of Sicily. Two members of British intelligence obtained the body of Glyndwr Michael, a tramp who died from eating rat poison, dressed him as an officer of the Royal Marines and placed personal items on him identifying him as the fictitious Captain (Acting Major) William Martin.
Special Activities Center	The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015.
Operations management	Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Emergency operations center	An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
Operations research	Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.
Operation (mathematics)	In mathematics, an operation is a function which takes zero or more input values (called operands) to a well-defined output value. The number of operands (also known as arguments) is the arity of the operation.
Special operations	Special operations (S.O.) are military activities conducted, according to NATO, by "specially designated, organized, selected, trained, and equipped forces using unconventional techniques and modes of employment". Special operations may include reconnaissance, unconventional warfare, and counter-terrorism actions, and are typically conducted by small groups of highly-trained personnel, emphasizing sufficiency, stealth, speed, and tactical coordination, commonly known as "special forces".
Regulation of therapeutic goods	The regulation of therapeutic goods, defined as drugs and therapeutic devices, varies by jurisdiction. In some countries, such as the United States, they are regulated at the national level by a single agency.
Regulation	Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context.
Formula One regulations	The numerous Formula One regulations, made and enforced by the FIA and later the FISA, have changed dramatically since the first Formula One World Championship in 1950. This article covers the current state of F1 technical and sporting regulations, as well as the history of the technical regulations since 1950.
Regulation (European Union)	A regulation is a legal act of the European Union that becomes immediately enforceable as law in all member states simultaneously. Regulations can be distinguished from directives which, at least in principle, need to be transposed into national law.
Radio regulation	Radio regulation refers to the regulation and licensing of radio in international law, by individual governments, and by municipalities.\n\n\n== International regulation ==\nThe International Telecommunication Union (ITU) is a specialized agency of the United Nations (UN) that is responsible for issues that concern information and communication technologies.
Mine reclamation	Mine reclamation is the process of modifying land that has been mined to ecologically functional or economically usable state. Although the process of mine reclamation occurs once mining is completed, the planning of mine reclamation activities occurs prior to a mine being permitted or started.
Assurance services	Assurance service is an independent professional service, typically provided by Chartered or Certified Public Accountants or Chartered Certified Accountants, with the goal of improving information or the context of information so that decision makers can make more informed, and presumably better, decisions. Assurance services provide independent and professional opinions that reduce information risk (risk from incorrect information).
Canada Life	The Canada Life Assurance Company, commonly known as Canada Life, is an insurance and financial services company with its headquarters in Winnipeg, Manitoba. The current company is the result of the 2020 amalgamation of The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company, along with their holding companies (London Insurance Group Inc.
Financial Security Assurance	Financial Security Assurance (FSA) is a financial guaranty (or monoline) insurance company. In 2007, before the 2008 financial crisis, FSA was ranked number four among global monoline credit insurers.FSA insured primarily municipal bonds, asset-backed securities and mortgage-backed securities.
Financial services	Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises.\n\n\n== History ==\n\nThe term "financial services" became more prevalent in the United States partly as a result of the Gramm–Leach–Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge.Companies usually have two distinct approaches to this new type of business.
Positive assurance	Positive assurance within accounting ethics, is the affirmation that a Certified Public Accountant believes a something to be true or correct. Issuing an opinion that the financial statements are presented fairly in conformity with U.S. GAAP is an example of a CPA providing positive assurance.
Land reclamation	Land reclamation, usually known as reclamation, and also known as land fill (not to be confused with a waste landfill), is the process of creating new land from oceans, seas, riverbeds or lake beds. The land reclaimed is known as reclamation ground or land fill.
United States Bureau of Reclamation	The United States Bureau of Reclamation (USBR), and formerly the United States Reclamation Service, is a federal agency under the U.S. Department of the Interior, which oversees water resource management, specifically as it applies to the oversight and operation of the diversion, delivery, and storage projects that it has built throughout the western United States for irrigation, water supply, and attendant hydroelectric power generation. Currently the USBR is the largest wholesaler of water in the country, bringing water to more than 31 million people, and providing one in five Western farmers with irrigation water for 10 million acres of farmland, which produce 60% of the nation's vegetables and 25% of its fruits and nuts.
Reappropriation	In linguistics, reappropriation, reclamation, or resignification is the cultural process by which a group reclaims words or artifacts that were previously used in a way disparaging of that group. It is a specific form of a semantic change (i.e.
Land reclamation in the Netherlands	Land reclamation in the Netherlands has a long history. As early as in the 14th century, the first reclaimed land had been settled.
Reclaimed water	Water reclamation (also called wastewater reuse, water reuse or water recycling) is the process of converting municipal wastewater (sewage) or industrial wastewater into water that can be reused for a variety of purposes. Types of reuse include: urban reuse, agricultural reuse (irrigation), environmental reuse, industrial reuse, planned potable reuse, de facto wastewater reuse (unplanned potable reuse).
Land reclamation in Monaco	Land reclamation is done in Monaco because land is very scarce, as the country is comparatively tiny, at 2.02 km2 (0.78 sq mi). To solve this problem and to continue economic development, for years the country has been adding to its total land area by reclaiming land from the sea.

Risk Factors
PHELPS DODGE CORP Item 1A Risk Factors Copper and Molybdenum Price Volatility May Reduce Our Profits and Cash Flow Our financial performance is heavily dependent on the price of copper, which is affected by many factors beyond our control
Most of our copper is sold at prices based on those quoted on the LME or COMEX exchanges
The price of copper as reported on these exchanges is influenced significantly by numerous factors, including (i) the worldwide balance of copper demand and supply, (ii) rates of global economic growth, trends in industrial production and conditions in the housing and automotive industries, all of which correlate with demand for copper, (iii) economic growth and political conditions in China, which has become the largest consumer of refined copper in the world, and other major developing economies, (iv) speculative investment positions in copper and copper futures, (v) the availability and cost of substitute materials and (vi) currency exchange fluctuations, including the relative strength of the US dollar
The copper market is volatile and cyclical
During the past 15 years, COMEX prices per pound have ranged from a high of dlra2dtta28 to a low of 60 cents
Any material change in the price we receive for copper has a significant effect on our results
Based upon expected 2006 annual consolidated production of approximately 2dtta5 billion to 2dtta6 billion pounds of copper, each 1 cent per pound change in our average annual realized copper price (or our average annual unit cost of production) causes a variation in annual operating income of up to approximately dlra26 million, excluding the impact of our copper collars and before taxes and adjustments for minority interests
Consequently, a sustained period of low copper prices would adversely affect our profits and cash flow
In addition, sustained low copper prices could (i) reduce revenues as a result of production cutbacks due to curtailment of _________________________________________________________________ [123]Table of Contents 34 operations or temporary or permanent closure of mines or portions of deposits that have become uneconomical at the then-prevailing copper prices, (ii) delay or halt exploration or the development of new process technology or projects and (iii) reduce funds available for exploration and the building of ore reserves
Our financial performance is also significantly dependent on the price of molybdenum
Molybdenum is characterized by volatile, cyclical prices, even more so than copper
Molybdenum prices are influenced by numerous factors, including (i) the worldwide balance of molybdenum demand and supply, (ii) rates of global economic growth, especially construction and infrastructure activity that requires significant amounts of steel, (iii) the volume of molybdenum produced as a by-product of copper production, (iv) inventory levels, (v) currency exchange fluctuations, including the relative strength of the US dollar and (vi) production costs of US and foreign competitors
Molybdenum demand depends heavily on the global steel industry, which uses the metal as a hardening and corrosion inhibiting agent
Approximately 80 percent of molybdenum production is used in this application
The remainder is used in specialty chemical applications such as catalysts, water treatment agents and lubricants
Approximately 65 percent of global molybdenum production is a by-product of copper mining, which is relatively insensitive to molybdenum prices
During the past 15 years, Metals Week Dealer Oxide prices per pound have ranged from a high of dlra40dtta00 to a low of dlra1dtta82
A sustained period of low molybdenum prices would adversely affect our profits and cash flows
Our Copper Price Protection Programs May Cause Significant Volatility in Financial Performance Our copper price protection programs may cause significant volatility in our financial performance
At December 31, 2005, we had in place zero-premium copper collars for approximately 564 million pounds and 486 million pounds of our expected global copper production for 2006 and 2007, respectively
The annual average LME call strike price (ceiling) on our zero-premium copper collars is dlra1dtta632 per pound and dlra2dtta002 per pound for 2006 and 2007, respectively
At December 31, 2005, we also had in place copper put options for approximately 564 million pounds and 730 million pounds of our expected global copper production for 2006 and 2007, respectively
The annual average LME put strike price per pound for both 2006 and 2007 is dlra0dtta950 per pound
In accordance with generally accepted accounting principles in the United States, we are required to mark-to-market our copper price protection programs each reporting period with the gain or loss recorded in earnings
These adjustments represent non-cash events as the contracts are settled in cash only after the end of the relevant year based on the annual average LME price
For the year ended December 31, 2005, the unrealized pre-tax charges, including premium expense arising from our 2006 and 2007 copper price protection programs, reduced operating income by approximately dlra224 million
We are unable to estimate any future gains or losses that will be realized under these copper price protection programs
Increased Energy Costs Could Reduce Our Profitability or Result in Losses Energy, including electricity, diesel fuel and natural gas, represents a significant portion of the production costs for our operations
The principal sources of energy for our mining operations are electricity, purchased petroleum products and natural gas
The principal sources of energy for our wire and cable operations are purchased electricity and natural gas
To moderate or offset the impact of increasing energy costs, we use a combination of multi-year energy contracts that we put in place at favorable points in the price cycle as well as self-generation and natural gas hedging
Additionally, we enter into price protection programs for our diesel fuel and natural gas purchases to protect against significant short-term upward movements in energy prices while maintaining the flexibility to participate in any favorable price movements
As a result of these programs, we have reduced and partially mitigated the impacts of volatile electricity markets and rising diesel fuel and natural gas prices
Nevertheless, we pay more for our energy needs during these times of progressively higher energy prices
During 2005, energy accounted for 19dtta5 cents per pound of copper production, compared with 14dtta6 cents in 2004 and 13dtta5 cents in 2003
As energy is a significant portion of our production costs, if we are unable to procure sufficient energy at reasonable prices in the future, it could adversely affect our profits and cash flow
We Continue to Experience Pressure on Our Copper Production Costs In recent years we have experienced increases in our worldwide copper production costs
One factor in the increase in average cost of copper production is our decision, in response to very strong demand for copper, to bring back into production certain higher cost properties
In addition to energy, our cash costs are affected by the prices of commodities, such as sulfuric acid, grinding media, liners, explosives and diluent, which we consume or otherwise use in our operations
The prices of such commodities are influenced by supply and demand trends affecting the copper industry in general and other factors, many of which are outside our control, and are at times subject to volatile price movements
Increases in the cost of these commodities could make production at certain of our operations less profitable, even in an environment of relatively high copper prices
Increases in the costs of commodities we consume or otherwise use in our operations may also significantly affect the capital costs of our new projects
In addition, our cost structure for copper production is generally higher than that of some major copper producers whose principal mines are located outside the United States
This is due to lower ore grades, higher labor costs (including pension and health-care costs) and, in some cases, stricter regulatory requirements
Our Business Is Subject to Complex and Evolving Laws and Regulations and Environmental and Regulatory Compliance May Impose Substantial Costs on Us Our global operations are subject to various federal, state and local environmental laws and regulations relating to improving or maintaining environmental quality
Environmental laws often require parties to pay for remedial action or to pay damages regardless of fault and may also often impose liability with respect to divested or _________________________________________________________________ [124]Table of Contents 35 terminated operations, even if the operations were terminated or divested many years ago
The federal Clean Air Act has had a significant impact, particularly on our smelters and power plants
We also have potential liability for certain sites we currently operate or formerly operated and for certain third-party sites under the federal Superfund law and similar state laws
We are also subject to claims for natural resource damages where the release of hazardous substances is alleged to have injured natural resources
Our mining operations and exploration activities, both inside and outside the United States, are subject to extensive laws and regulations governing prospecting, development, production, exports, taxes, labor standards, occupational health, waste disposal, protection and remediation of the environment, protection of endangered and protected species, mine safety, toxic substances and other matters
Mining also is subject to risks and liabilities associated with pollution of the environment and disposal of waste products occurring as a result of mineral exploration and production
Compliance with these laws and regulations imposes substantial costs on us and subjects us to significant potential liabilities
The laws and regulations that apply to us are complex and are continuously evolving in the jurisdictions in which we do business
Costs associated with environmental and regulatory compliance have increased over time, and we expect these costs to continue to increase in the future
In addition, the laws and regulations that apply to us may change in ways that could otherwise have an adverse effect on our operations or financial results
The costs of environmental obligations may exceed the reserves we have established for such liabilities
(Refer to Note 21, Contingencies, for further discussion of our significant environmental matters
) Mine Closure Regulations May Impose Substantial Costs Our operations in the United States are subject to various federal and state mine closure and mined-land reclamation laws
The requirements of these laws vary depending upon the jurisdiction
Over the last several years, there have been substantial changes in these laws and regulations in the states in which our mines are located, as well as the regulations promulgated by the federal Bureau of Land Management (BLM), for mining operations located on unpatented mining claims located on federal public lands
The amended BLM regulations governing mined-land reclamation for mining on federal lands will likely increase our regulatory obligations and compliance costs over time with respect to mine closure reclamation
As estimated costs increase, our mines are required to post increasing amounts of financial assurance to ensure the availability of funds to perform future closure and reclamation
As a result of an agreement we reached with two New Mexico state agencies, the amount of required financial assurance for our Chino, Tyrone and Cobre mines totals approximately dlra500 million
Approximately 70 percent of such financial assurance either is, or is expected to be, provided in the form of third-party guarantees issued by us on behalf of our operating subsidiaries and the balance, or approximately 30 percent, is expected to be provided in the form of trust funds, real property collateral, surety bonds and letters of credit
The actual amount required for financial assurance is subject to the completion of additional permitting procedures, final agency determinations and the results of administrative appeals, all of which could result in some changes to the closure and reclamation plans and further increases in the cost estimates and our related financial assurance obligations
In addition, our Arizona mining operations have obtained approval of reclamation plans for our mined land and approval of financial assurance totaling approximately dlra105 million, but applications for approval of closure plans for groundwater quality protection are pending for some portions of our mines
We also have approved mined-land reclamation plans and financial assurance in place for our two Colorado mines totaling approximately dlra81 million
Most of the financial assurance provided for our southwestern US mines requires a demonstration that we meet financial tests showing our capability to perform the required closure and reclamation
Demonstrations of financial capability have been made for all of the financial assurance for our Arizona mines
The financial tests required for continued use of the financial capability demonstrations and third-party guarantees include maintaining an investment-grade rating on our senior debt securities
If, in the future, we should no longer maintain an investment-grade rating, we will be required to replace most of the financial assurance currently satisfied through financial demonstrations and third-party guarantees with other forms of financial assurance, such as letters of credit, real property collateral or cash
The cost of surety bonds (the traditional source of financial assurance) has increased significantly in recent years
Also, many surety companies are now requiring an increased level of collateral supporting the bonds
If surety bonds are unavailable at commercially reasonable terms, we could be required to post other collateral or cash or cash equivalents directly in support of financial assurance obligations
In addition, our international mines are subject to various mine closure and mined-land reclamation laws
There have recently been significant changes in closure and reclamation programs in Peru and Chile
We cannot estimate the potential impact of these new regulations or any additional changes to regulations in these or other non-US jurisdictions in which we do business at this time
Levels of Ore Reserves and Mill and Leach Stockpiles Are Subject to Uncertainty and Our Ability to Replenish Ore Reserves Is Important for Long-Term Viability There are a number of uncertainties inherent in estimating quantities of ore reserves and copper recovered from stockpiles, including many factors beyond our control
Ore reserve estimates are based upon engineering evaluations of assay values derived from samplings of drill holes and other openings
The quantity of copper contained in mill and leach stockpiles is based upon surveyed volumes of mined material and daily production records
The reserve and recoverable copper in stockpiles data included in this annual report are estimates
The volume and grade of ore reserves recovered, rates of production and recovered copper from stockpiles may be less than we anticipate
Declines in the market price of a particular metal also may render the exploitation of reserves containing relatively lower grades of mineralization uneconomical
If the price we realize for a particular commodity were to decline substantially below the price at which ore reserves were calculated for a sustained period of time, we could experience reductions in reserves resulting in increased depreciation charges and potential asset write-downs
Under some such circumstances, we may discontinue the development of a project or _________________________________________________________________ [125]Table of Contents 36 mining at one or more properties
Further, changes in operating and capital costs and other factors, including but not limited to short-term operating factors such as the need for sequential development of ore bodies and the processing of new or different ore grades, may reduce ore reserves
Ore reserves are depleted as we mine
Our ability to replenish our ore reserves is important to our long-term viability
We use several strategies to replenish and grow our copper and molybdenum ore reserves, including exploration and investment in properties located near our existing mine sites, investing in technology that could extend the life of a mine by allowing us to cost-effectively process ore types that were previously considered uneconomic and an exploration strategy that includes pursuing opportunities with joint venture partners
Acquisitions may also contribute to increased ore reserves and we review potential acquisition opportunities on a regular basis
Operational Risks Mines by their nature are subject to many operational risks and factors that are generally outside of our control and could impact our business, operating results and cash flows
These operational risks and factors include, but are not limited to (i) unanticipated ground and water conditions and adverse claims to water rights, (ii) geological problems, including earthquakes and other natural disasters, (iii) metallurgical and other processing problems, (iv) the occurrence of unusual weather or operating conditions and other force majeure events, (v) lower than expected ore grades or recovery rates, (vi) accidents, (vii) delays in the receipt of or failure to receive necessary government permits, (viii) the results of litigation, including appeals of agency decisions, (ix) uncertainty of exploration and development, (x) delays in transportation, (xi) labor disputes, (xii) inability to obtain satisfactory insurance coverage, (xiii) unavailability of materials and equipment, (xiv) the failure of equipment or processes to operate in accordance with specifications or expectations, (xv) unanticipated difficulties consolidating acquired operations and obtaining expected synergies and (xvi) the results of financing efforts and financial market conditions
Our Operations Outside the United States Are Subject to the Risks of Doing Business in Foreign Countries In 2005, our international operations provided 30 percent of the Company’s consolidated sales (including sales through PDMC’s US based sales company) and our international operations (including international exploration) contributed 46 percent of the Company’s consolidated operating income
We fully consolidate the results of certain of our domestic and international mining operations in which we own less than a 100 percent interest (and report the minority interest)
During 2005, our minority partners in our South American mines were entitled to approximately 185cmam700 tons, or 34 percent, of our international copper production
Our international activities are conducted in Canada, Latin America, Europe, Asia and Africa, and are subject to certain political and economic risks, including but not limited to (i) political instability and civil strife, (ii) changes in foreign laws and regulations, including those relating to the environment, labor, tax, royalties on mining activities and dividends or repatriation of cash and other property to the United States, (iii) foreign currency fluctuations, (iv) expropriation or nationalization of property, (v) exchange controls and (vi) import, export and trade regulations