3 sets of 500kcmil is good for 1140 amps. 240.4(C) does not permit rounding up once the device is above 800 amps. You could use 3 sets of 600kcmil or 4 sets of 350 kcmils.
One of the reasons they do not permit rounding up for larger than 800 amps is, the heat of the conductor is relative to the square of the current.
Shock
Your breaker is rated at 1200 amps for noncontinuous load. IF all the load was continuous
then you would have keep the load to 80% of the rating.
[ March 28, 2004, 10:13 PM: Message edited by: bob ]