Freeport-McMoRan’s Board of Directors approved a $4.5 billion expansion and modernization of its Bagdad copper and molybdenum mine in Arizona. The project is expected to more than double the mine’s processing rates.
The expansion is projected to add approximately 225 million pounds of copper production each year. It is also expected to add 12 million pounds of molybdenum production annually. The project would make Bagdad the second-largest copper mine in the United States.
Plans include a fully autonomous fleet of haul trucks. The project is expected to lower the mine’s long-term unit net cash costs by about 20%.
Construction is expected to take approximately 3.5 years, with new production projected to begin in mid-2030. The investment is part of Freeport’s strategy to increase U.S. copper production to meet growing demand.