CEO Kathleen Quirk announced Freeport-McMoRan aims to increase U.S. copper production by approximately 60% over the next three to four years. The company will utilize existing assets to bypass the high costs and long timelines of new mine development.
New leaching technologies will recover copper from previously mined stockpiles. This initiative could increase annual output from 200 million pounds to a potential 800 million pounds.
A potential brownfield expansion at the Bagdad mine in Arizona remains awaiting formal approval. Management describes this project as shovel-ready.
The strategy positions the company to meet rising demand from global electrification. It also strengthens domestic supply chains for copper, which the U.S. government deems a critical mineral.