The 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 mining and milling rates, increasing annual long-term copper production to over 400 million pounds (an incremental 225 million pounds) and molybdenum production to over 20 million pounds. Construction is targeted for completion by mid-2030 with an approximate 20% reduction in long-term unit net cash costs. Freeport-McMoRan Inc. operates large-scale copper, gold, and molybdenum mining assets globally.
