Freeport-McMoRan Approves $4.5 Billion Bagdad Expansion, Targets Production in 2030

PHOENIX, Arizona (Nov. 6, 2026) — Freeport-McMoRan’s board has approved a $4.5 billion expansion of its Bagdad copper and molybdenum operation in northwest Arizona, with initial production targeted for mid-2030.

Freeport said the expansion would support more than 4,000 direct and indirect jobs during construction, along with thousands of long-term employment opportunities. Expanded operations would produce more than 400 million pounds of copper annually, approximately 225 million pounds above current levels, positioning Bagdad second nationally behind Freeport’s Morenci mine. Annual molybdenum production would exceed 20 million pounds.

Construction is expected to take approximately three and a half years. Plans include a new concentrator, crusher, conveyor, water pipeline, power line and mining equipment. Freeport anticipates roughly 20% lower long-term unit net cash costs.

Bagdad has operated since 1945 and has reserves supporting more than 80 years of operation. Its autonomous haulage fleet, converted in 2025, will support the expansion.

Freeport expects to spend approximately 20% of project costs in 2027, another 30% to 35% in 2028 and the remainder during 2029 and 2030.

The investment also advances Freeport’s Arizona growth pipeline. The company is conducting preliminary feasibility studies for potential expansion in the Safford/Lone Star district, with initial studies expected in 2027. That project remains subject to technical and economic findings, copper market conditions and other considerations.

Separately, Freeport’s October earnings release projected companywide copper sales of approximately 3 billion pounds in 2026. Its leaching initiatives are targeting annual production of 300 million pounds in 2027, compared with a current annual rate of approximately 220 million pounds.