Freeport-McMoRan to Spend Billions Boosting Arizona Copper Output -- WSJ

By Ryan Dezember

Freeport-McMoRan, the top U.S. copper producer, said it would spend $4.5 billion modernizing its mine in northwest Arizona to boost copper and molybdenum output.

It is a big bet on the continued growth in copper demand, which depends greatly on electrification and the artificial intelligence data-center buildout. Copper prices have risen more than 70% over the past three years and reached records in September. Some analysts expect they could rise significantly higher in the coming years.

Freeport's mine in Bagdad, Ariz. has been in operation since 1945 and the company expects the work will more than double its copper output to about 400 million pounds a year.

That would make the mine, where the company last year installed a fleet of autonomous hauling trucks, the second most prolific copper mine in the U.S., after Freeport's Morenci operation in eastern Arizona.

Phoenix-based Freeport said it expects to spend about 20% of the money next year, more than 30% in 2028 and the remainder in 2029 and 2030. Freeport estimates that the project requires $4 copper to break even, compared with today's price of roughly $6.40 a pound.

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November 04, 2026 13:30 ET (18:30 GMT)