Freeport-McMoRan Copper & Gold Inc. is studying further expansion of mining and milling operations at Morenci, the company said today as it announced that its second-quarter profit doubled.
Freeport said it has completed its project to ramp up mining rates at Morenci to 635,000 metric tons of ore per day and milling rates to about 50,000 metric tons per day, resulting in an increase of 125 million pounds of copper per year.
The company said it is “advancing a feasibility study to expand mining and milling capacity at Morenci to process additional sulfide ores identified through positive exploratory drilling over the last few years.”
Such an expansion would require “significant investment” and boost milling rates to about 115,000 metric tons of ore per day, and target annual copper production of approximately 225 million pounds within three years, the company said.
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The feasibility study is expected to be completed by year’s end.