Freeport-McMoRan Approves $4.5 Billion Expansion of Bagdad Mine in Arizona
Freeport-McMoRan (FCX) has received board approval for a $4.5 billion expansion and modernization program at its Bagdad operation located in Arizona. The strategic investment is designed to significantly enhance the facility's capacity, specifically targeting an increase in annual long-term copper production to levels exceeding 400 million pounds per year. The announcement led to a 3.3% rise in FCX shares during pre-market trading on Wednesday. By modernizing its existing infrastructure and expanding output for both copper and molybdenum, the company aims to strengthen its position in the global metals market and capitalize on long-term demand for these industrial commodities.