Freeport Reports Strong Second-Quarter and Six-Month 2024 Results
Tucuma Project Reaches Key Milestones in Copper Production
The Tucuma Project has achieved several important milestones as it moves towards full commercial production. The mine pre-strip was completed, and full mine operations commenced in April 2024. By mid-June 2024, the first ore passed through the milling and flotation circuits, with the first batch of copper concentrate produced on June 24, 2024.
On July 7, 2024, the project completed its first 24-hour shift of continuous mill operations, and on July 18, 2024, it produced its first saleable copper concentrate, exceeding process design concentrate grade targets. The company expects to reach commercial production levels—defined as 80% of design mill capacity and 80% of design recovery rates—by the end of Q3 2024.
"Producing our first saleable copper concentrate at the Tucuma Project and successfully completing the first 24-hour shift of continuous mining and milling operations are important milestones as we begin our ramp-up towards commercial production," said David Strang, Chief Executive Officer. "We are rapidly progressing towards an important inflection point for our consolidated copper production and cash flows. It is an exciting time for the company, and with copper prices performing well year-to-date, the timing of the completion and ramp-up of Tucuma could not be better."
