Freeport approves $4.5B Bagdad copper expansion
The project would lift annual copper output by 225 million lb. and add 12 million lb. of molybdenum, Freeport said.
- On Wednesday, Freeport-McMoRan approved a $4.5 billion expansion of its Bagdad mine in Arizona to more than double copper output. CEO Kathleen Quirk called it "an important step in advancing Freeport's U.S. copper growth strategy."
- President Donald Trump's March 2025 minerals order directed agencies to expedite priority projects, framing copper as a national-security concern because China controls more than half of global copper smelting capacity, according to the White House.
- The investment will lift Bagdad's annual copper production to more than 400 million lb., while molybdenum output will climb to more than 20 million lb. annually, supported by more than 80 years of existing reserves.
- Capital costs are about $1 billion, or 29%, above the $3.5 billion estimate prepared in 2023; Freeport shares dropped 0.3% to $61.60 on Wednesday morning in U.S. trading following the announcement.
- Targeting initial production by mid-2030, the project expects a 20% reduction in long-term unit net cash costs. BMO Capital Markets mining analyst Katja Jancic described the approval as consistent with prior communications.
13 Articles
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$4.5 billion expansion would make Bagdad copper mine second-largest in U.S.
Freeport-McMoRan plans to invest $4.5 billion to more than double mining and processing capacity at its Bagdad operation, about 65 miles east of Lake Havasu City in a straight line, in a major expansion expected to make the site the…
Freeport Green-Lights $4.5 Billion Copper Expansion in Arizona
Freeport-McMoRan Inc. approved a $4.5 billion expansion of an Arizona mine that the copper producer predicts will more than double mining and processing rates as it seeks to capitalize on growing demand for the metal.
$4.5B Plan to More than Double Mining Capacity at Arizona Copper Mine
Freeport announced that its board of directors approved a $4.5 billion expansion and modernization program for its wholly owned Bagdad copper and molybdenum operation in northwest Arizona. The brownfield project is expected to more than double Bagdad’s mining and milling rates. Over the long term, Freeport expects annual copper production to rise by approximately 225…
Investors and mining companies around the world have turned their attention to copper. The massive data centers built for artificial intelligence technologies and the increasing electricity demand are driving up demand for copper, while price fluctuations are also noteworthy. Most recently, a $4.5 billion investment decision was made to expand a copper mine in the US. 🚆
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