Freeport-McMoRan Targets Grasberg Ramp-Up and U.S. Copper Growth via Leaching Technology
Freeport-McMoRan is working to ramp up operations at its Grasberg mine in Indonesia following a fatal underground incident last year, with production expected to reach 65% of capacity by the second half of 2026 and near-full levels by late 2027. CEO Kathleen Quirk highlighted progress made since October when some operations resumed, noting that dry weather has improved conditions but acknowledging ongoing operational challenges. The company is also advancing a leaching technology initiative aimed at extracting copper from stockpiles in the U.S., which could significantly boost annual production from 200 million to as much as 800 million pounds. This approach avoids traditional mine development costs and supports potential growth of up to 60% over three to four years through projects like the Bagdad mine expansion. Freeport has also launched a new smelter in Indonesia, enhancing its local integration and reducing reliance on third-party processing. The company is exploring benefits from including copper in the federal 45X tax credit, which could provide up to $500 million annually.
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Topics: Copper Production Grasberg Mine Leaching Technology Mining Recovery