Thursday, July 22, 2010

Freeport could boost copper production 50% in next decade

Following on Freeport McMoRan Copper & Gold's 2nd quarter financial report this week, the Arizona Republic reports that the company could see a 50% increase in copper production at its properties in the next 5 -10 years.

Reporter Ryan Randazzo writes that "Phoenix-based Freeport has hired 431 people for a total of 5,386 working at its five mines in Arizona in the past year as it expands its Morenci mine [right, my photo, May 2008] and restarts its Miami project."

Ryan reports that Freeport:
  • Will mine 635,000 metric tons of ore per day at the Morenci mine, up 41% from the current mining rate
  • Is investing $40 million to restart mining in Miami
  • Is investing $150 million in Safford to build a sulfur burner to cut the company's transportation expenses

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