Oct. 3 (Bloomberg) -- Phelps Dodge Corp., the world's No. 2 copper producer, secured $450 million in loans to finance the expansion of its Cerro Verde copper mine in the southern Andes.

The Japan Bank for International Cooperation, German state bank Kreditanstalt fuer Wiederaufbau, Tokyo-based Mizuho Financial Group, Inc., Toronto-based Scotia Capital and Edinburgh-based Royal Bank of Scotland Group Plc. will put up the financing, Phelps Dodge said in an e-mailed statement.

To contact the reporter on this story: Alex Emery in Lima at aemery1@bloomberg.net

Last Updated: October 3, 2005 10:55 EDT