Freeport-McMoRan Approves $4.5B Expansion for Bagdad Copper Mine

Key Highlights

• Freeport-McMoRan approved a $4.5 billion expansion and modernization program for its Bagdad copper and molybdenum operation in Arizona.
• The program is expected to more than double Bagdad's mining and milling rates.
• Annual long-term copper production is projected to increase to over 400 million pounds, with molybdenum production over 20 million pounds.
• Bagdad is expected to become the second-largest U.S. copper mine and a leading U.S. molybdenum producer.
• The project includes new concentrator facilities, supporting infrastructure, and modern technology like a fully autonomous truck fleet.
• Construction is expected to take approximately 3.5 years, with initial production targeted for mid-2030.
• The project is estimated to reduce long-term unit net cash costs by approximately 20%.
• The expansion is expected to create over 4,000 direct and indirect jobs during construction and thousands of long-term employment opportunities.