Freeport Announces Plans to Boost U.S. Copper & Molybdenum Production
Business Wire•04/11/2026•08:00 ET
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Key Highlights
- ➤Freeport (FCX) approves $4.5 billion Bagdad expansion and modernization program
- ➤Bagdad copper production expected above 400 million pounds annually by mid-2030
- ➤Bagdad molybdenum production expected above 20 million pounds annually after expansion
- ➤Project targets approximately 20% lower long-term unit net cash costs
- ➤Construction expected to take approximately 3.5 years, with initial production targeted mid-2030
Expert Statements
Kathleen Quirk, President and Chief Executive Officer of Freeport
“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 U.S. 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 U.S. copper and molybdenum production and further strengthen Freeport’s position as America’s Copper Champion(®).”
Freeport Announces Plans to Boost U.S. Copper & Molybdenum Production
Significant expansion and modernization program approved for Bagdad, Arizona
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