PHOENIX (dpa-AFX) - Copper miner Freeport-McMoRan Inc. (FCX) announced on Wednesday that its board has approved a $4.5 billion expansion and modernization project at its Bagdad copper and molybdenum operation in Arizona.
The company said the project is expected to more than double Bagdad's mining and milling rates and increase annual copper production to more than 400 million pounds, from current levels, with incremental production of about 225 million pounds per year.
Freeport said annual molybdenum production is expected to exceed 20 million pounds, representing incremental output of about 12 million pounds per year.
Freeport said construction is projected to take about 3.5 years, with initial production targeted for mid-2030.
According to the company, approximately 20 percent of the project costs will be funded in 2027, 30 to 35 percent in 2028, with the remaining spending occurring in 2029 and 2030.
Shares of Freeport up 2.90% to $63.55 in pre-market trading after ending Tuesday's session down 1.91%.
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