Freeport bets on chemical solution to reach copper leaching target
FCX•Freeport-McMoRan is testing a new chemical compound that could at least triple copper recovery from waste rock if field tests later this year meet expectations. It aims to leach 800 million pounds annually, compared with 214 million pounds last year, and expects a clearer view of timing as it moves through 2027.
1. Testing a new compound
Freeport-McMoRan has spent three years testing chemical mixtures to extract copper from mine waste. CEO Kathleen Quirk said the company’s new compound, combined with heat, could boost recovery by at least a factor of three if field tests later this year match expectations. Freeport has so far reached about 30% of its target of extracting 800 million pounds of copper annually, a goal it had aimed to reach as soon as 2027.
2. Growth from existing assets
Freeport produced 214 million pounds of copper through leaching last year. Quirk said leaching, along with expansions in Arizona and Chile, is central to the company’s growth plans, while acquisitions are not required. She said Freeport would consider combining assets with another copper producer if the opportunity made sense.
3. Grasberg and tariffs
Quirk reaffirmed plans to resume full production at Indonesia’s Grasberg mine by the end of 2027 after a mud flow killed seven workers and temporarily shut operations last year. She said Freeport has enough capacity at its two Indonesian smelters to process Grasberg supplies and no longer sells copper concentrate to Chinese smelters. A potential U.S. copper tariff does not affect the company’s investment decisions, she said.
