Freeport Approves $4.5 Billion Bagdad Arizona Copper and Molybdenum Expansion
Freeport-McMoRan's 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 filing says the project would lift annual long-term copper output to over 400 million pounds, about 225 million pounds more, with initial production targeted for mid-2030. For shareholders, this is a large, multi-year capital commitment, with planned spending to be incorporated into the company's updated capital expenditure outlook and classified as discretionary.
Key points
- Future incremental capital costs for a new concentrator, mining equipment and expanded infrastructure are expected to approximate $4.5 billion.
- Annual long-term production would exceed 400 million pounds of copper (about 225 million pounds incremental) and over 20 million pounds of molybdenum (about 12 million pounds incremental).
- Construction is expected to take about 3.5 years, with about 20% of project costs funded in 2027, 30-35% in 2028 and the balance in 2029-2030.
- Project break-even economics are supported at a copper price of approximately $4.00 per pound, and the company expects a roughly 20% reduction in long-term unit net cash costs.
The filing
Written by AI on Nov 7, 2026, 11:17 PM ET, from this filing only.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.