Freeport-McMoRan approved a $4.5 billion expansion of its Bagdad copper mine in Arizona, aiming to increase output as the company seeks to meet growing demand for the metal.
The project is expected to raise annual copper production by more than 100,000 metric tons and more than double the mine’s mining and processing rates, Freeport said in a statement Wednesday. The company is targeting initial production for mid-2030, following a construction period of about three and a half years.
Once expanded, Bagdad would become the second-largest copper mine in the United States, behind Freeport’s Morenci operation, according to the company.
Sources: Bloomberg Markets.