The brownfield project is designed to maximise the full potential of the resource and is expected to more than double Bagdad’s mining and milling rates.
This investment would increase annual long-term copper production to over 400 million pounds of copper per annum (incremental production of approximately 225 million pounds per annum) and molybdenum production to over 20 million pounds per annum (incremental production of 12 million pounds per annum).
Freeport plans to deploy modern technologies, automation, and leverage existing operations to improve Bagdad’s long-term cost position and performance.
The expansion would position Bagdad as the second-largest copper mine in the US, behind FCX’s Morenci operation, as well as a leading US molybdenum producer and one of the lowest-cost operations in FCX’s US portfolio.
Kathleen Quirk, President and Chief Executive Officer, said: “Freeport’s significant resource base provides an attractive portfolio of value-enhancing, organic growth options as we work to meet growing demand for our products. We are pleased to proceed with the Bagdad expansion, an important step in advancing Freeport’s US copper growth strategy.
"This low-risk brownfield project builds on Bagdad’s substantial reserve base, long operating history, existing infrastructure and experienced workforce to deliver new US copper and molybdenum production and further strengthen Freeport’s position as America’s Copper Champion®.”
