Freeport-McMoRan approves $4.5 billion expansion of Bagdad copper mine
FCX•Freeport-McMoRan approved a $4.5 billion expansion and modernization of its Bagdad mine in Arizona. The project is expected to lift annual copper production by about 225 million pounds to more than 400 million pounds, with initial production targeted for mid-2030.
1. Expansion plans
Freeport-McMoRan’s board approved a $4.5 billion expansion and modernization of its Bagdad copper and molybdenum mine in Arizona. Annual copper production is expected to exceed 400 million pounds, an increase of approximately 225 million pounds, making Bagdad the second-largest U.S. copper mine.
2. Production and costs
Molybdenum output is projected to exceed 20 million pounds annually, an increase of approximately 12 million pounds. Long-term unit net cash costs are expected to decline approximately 20%, supported by economies of scale, technology and molybdenum byproduct credits.
3. Construction timeline
Construction is expected to take approximately three and a half years, with initial production targeted for mid-2030.
