Freeport-McMoran Looks to Mine More Copper in 2027

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Written by Will Ploch, Assistant Editor-in-Chief for IIR News Intelligence (Sugar Land, Texas)

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Summary

Freeport-McMoran maintains a positive outlook on its role in global copper production heading into 2027, with a series of expansions proposed at major U.S. mines.

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Copper Outlook Takes a Hit After Disaster

Global mining titan Freeport-McMoRan Incorporated remains upbeat about its copper production in the long run, despite a catastrophic accident at one of its facilities last year. Executives pointed to potential growth at its U.S.-based mines as an example. Industrial Info Resources is tracking more than US$15 billion worth of active and proposed projects from Freeport worldwide, about 70% of which is attributed to plant expansions.



Freeport expects its global copper sales will total about 3 billion pounds for full-year 2026, along with about 649,000 ounces of gold; that's down from 3.6 billion pounds of copper and 1.1 million ounces of gold in 2025, which the company attributed largely to operational bottlenecks, delays and a fatal disaster in September 2025 at its Grasberg Mine in Indonesia.

Despite these setbacks, Freeport expects its full-year capital expenditures (capex) to be about US$4.4 billion, a marginal increase from the US$4.3 billion estimated earlier this year. The company's 2027 capex outlook stands at about US$4.8 billion; both years include substantial investments in reviving and improving operations at Grasberg, as well as a proposed expansion at its Bagdad Mine in west-central Arizona.

Freeport already is at work on an expansion of three tailing-management units at the Bagdad Mine to sustain its production levels, which stand at roughly 216 million pounds per year of copper and 11 million pounds per year of molybdenum. The project also is laying groundwork for a potential, broader expansion of Bagdad's mining and processing capacity, which is designed to grow output to 400 million pounds per year of copper, 22 million pounds per year of molybdenum and 64 million pounds per year of copper cathode.

The tailings expansion is set to wrap up by the end of this year, by which time Freeport management expects to reach an investment decision on the broader expansion. Industrial Info Resources offers more information on the Bagdad project in its Global Market Intelligence (GMI) Metals & Minerals Plant and Project databases, where readers can find details--including construction schedules, investment values and necessary equipment--in a plant profile and a reports on the tailings and full mining expansions.

"We expect to make an investment decision on the Bagdad expansion in the fourth quarter," said Kathleen Quirk, the chief executive officer of Freeport, in a quarterly earnings-related conference call Tuesday. "We see it as an attractive opportunity to transform Bagdad into the second-largest copper mine in the U.S., benefiting from economies of scale and the use of modern technology to set the operation up for improved multi-decade performance."

According to Industrial Info Resources data, about US$6.36 billion of Freeport's global investments are for U.S.-based projects.

Quirk was upbeat on the long-term global copper market outlook, and touted her company's efforts to reestablish production at the Grasberg Mine, where wet mud and loose material flooded underground areas of the facility last September, resulting in the deaths of seven employees.

"Copper sales have increased in each of the last three quarters, and we expect fourth-quarter sales to be the strongest of the year by far," Quirk said. "Steady progress continues at Grasberg, with 67% ramp up achieved, and confidence is building toward full scale."

Subscribers can learn more about Grasberg from a plant profile By the Numbers

• More than US$15 billion: Total investment value of active and proposed projects from Freeport worldwide
• About 70%: Share of Freeport's global investments that are attributed to plant expansions
• About US$6.36 billion: Freeport's active and proposed investments in U.S.-based projects

U.S. Eyed for Further Expansions

Quirk and other executives also discussed a proposed expansion of the Lone Star Mine in Safford, Arizona. The long-term development, which likely would not begin construction before mid-2028, could double copper production at the Safford facility to 400 million pounds per year through the installation of a new milling circuit and flotation concentrator.

On the possible Safford expansion, "we're looking at potentially a mill on the same size as at Bagdad," Quirk said. "We do have some gold at one of the deposits at Safford, so that's helpful." She said an FID would depend, in part, on the success of a leach-processing initiative, which refers to the process by which valuable minerals are recovered from ores through dissolution in a solvent.

Subscribers can learn more about developments surrounding the Safford Mine from a plant profile and detailed reports on the proposed expansion and leaching efforts.

Quirk noted Freeport is seeing favorable leach recoveries at its Chino Copper Mine in Vanadium, New Mexico, where the company is at work on a series of tailing-storage optimizations. "Ultimately, it's about recoveries," Quirk said. "In places like Chino, where the leach recovery is higher to start with," copper recovery rates from ores run from 80% or 85%."

Subscribers can learn more about developments at the China Mine from a plant profile and detailed project report.

The Industrial Info Resources GMI Project and Plant databases offer a full list of detailed reports for projects mentioned in this article, and a full list of related plant profiles.

Industrial Info Resources also offers a full list of reports for active and proposed projects from Freeport worldwide.

Key Takeaways

• Freeport expect fourth-quarter copper sales to be the strongest of the year by far.
• The company expects its full-year capital expenditures to total roughly US$4.4 billion, up from previous predictions.
• Freeport is seeing favorable leach recoveries at its Chino Copper Mine and other U.S.-based facilities.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news, and analysis on the industrial process, manufacturing, and energy-related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified, and verified plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).