Freeport-McMoRan announced its Board of Directors has approved a $4.5 billion expansion and modernization program for its Bagdad mine in Arizona. The investment is designed to more than double the site's mining and milling rates, positioning it to become the second-largest copper producer in the United States and a leading domestic producer of molybdenum.
Key Details
- Investment: A $4.5 billion capital program for the brownfield expansion and modernization of the wholly-owned Bagdad operation.
- Production Increase: The project is expected to add approximately 225 million pounds of copper and 12 million pounds of molybdenum to annual production.
- Projected Output: Post-expansion, the mine is anticipated to produce over 400 million pounds of copper and over 20 million pounds of molybdenum annually.
- Timeline: Construction is estimated to take 3.5 years, with initial production targeted for mid-2030. Capital expenditures will be spread from 2027 through 2030.