“Freeport will restart its Climax molybdenum mine in 2012 and ramp up production rates at some North and South American copper mines in an effort to add to its expansive resource base” its chief executive said.
“The molybdenum markets we believe look good. We have made the decision now to restart Climax,” CEO Richard Adkerson said Thursday during a second-quarter earning conference call with Wall Street analysts.
“As we stand right now, engineering is complete, construction is 75 percent complete with the summer season. We’re actually mining now and we’re going to go forward, complete this construction early in 2012 and start our ramp-up at that time.”
By 2013, production was estimated to ramp up to £20 million a year.