Buy it and you make some open-pit mine in Arizona a little deeper.

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The open-pit mine, which was once owned by Anaconda, has sat abandoned since 1978 after Anaconda sold the property.

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Toronto's Northland Power wants to convert an old open-pit iron ore mine in Ontario into a waterfall five times the height of Niagara Falls, which could be used to generate power.

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There are also fears that the mine being open-pit will contaminate water supplies.

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Based in Pheonix, Phelps Dodge has copper mining operations in the U.S., Chile, Peru and Congo, while New Orleans-based Freeport operates the vast open-pit Grasberg gold, copper, and silver mine in Indonesia, and has reserves of about 37 billion pounds of copper and 40 million ounces of gold.

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