Freeport-McMoRan approves $4.5 billion Bagdad mine expansion
On November 4, 2026, Freeport-McMoRan’s board approved a $4.5 billion program to expand and modernize its Bagdad copper and molybdenum operation in Arizona. The company says the project will lift long-term annual copper output to over 400 million pounds, adding approximately 225 million pounds, and molybdenum output to over 20 million pounds, adding 12 million pounds. First production is planned for mid-2030 after roughly 3.5 years of development.
Why it matters
The project commits $4.5 billion of capital and would add copper and molybdenum capacity from mid-2030. Freeport says break-even economics are supported at approximately $4.00 per pound for copper and $20 per pound for molybdenum, while long-term unit net cash costs are expected to decline approximately 20%.
Key facts
- 1The expansion includes concentrator facilities adding approximately 115,000 metric tons per day of processing capacity. investing.com
- 2Freeport expects the project to generate more than 4,000 direct and indirect construction jobs. investing.com
- 3The company expects approximately 20% of project costs to be funded in 2027, 30-35% in 2028, with the remainder in 2029-2030. investing.com
Open questions
- Reports differ on the pre-market share gain, citing 3.3% and 2.90%.
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.