FCX outlines expansion plans with Bagdad project capex nearing $4.5B to ramp up copper production.
Freeport-McMoRan announced plans to increase Grasberg mine output to 80% of capacity by mid-2027, driven by a $4.5 billion capital expenditure for its Bagdad project. The company aims to boost copper production amid rising demand for industrial metals.
Management disclosed the timeline during its Q2 2026 earnings call, citing progress on infrastructure and operational upgrades. The Bagdad project, a key growth driver, is expected to enhance long-term output and efficiency.
No immediate market reaction was specified, but the expansion aligns with broader industry trends favoring copper supply growth.