Headquartered in Phoenix, Arizona, Freeport-McMoRan (FCX) believes it is the world’s largest molybdenum producer.
FCX operates assets with significant proven and probable reserves of copper, gold and molybdenum.
According to the U.S. Geological Survey (USGS), estimated world molybdenum production in 2023 increased at a 3% year-over-year rate to 260,000 tons.
In descending order of production, China, Chile, Peru, the United States and Mexico contributed 93% of total world production.
Largest molybdenum producer
The company has a dynamic portfolio of operating, expansion and growth projects in the copper industry.
FCX’s molybdenum production, in million pounds by region, is presented below:
- North America: 60.
- South America: 22.
- Indonesia: 2.
North America includes both molybdenum production in North America and sales of molybdenum produced in North and South America. In addition, FCX operates large-scale, long-lived assets.
FCX’s portfolio is notable for its geographic diversity. This includes the Grasberg minerals district in Indonesia, known as one of the world’s largest copper and gold deposits. It also has significant operations in North and South America, such as the Morenci minerals district in Arizona and the Cerro Verde operation in Peru.
Chinese production
In China, molybdenum producers face difficulties due to stricter environmental regulations. These regulations complicate obtaining mining permits. In addition, high molybdenum prices have led some consumers, especially in China, to reduce their purchases to avoid higher costs.
However, global demand for molybdenum is expected to remain strong, driven by infrastructure and power generation projects. Countries continue to prioritize clean energy to address climate change.
Molybdenum is a key metal in industrial applications. Its main use is in metallurgy, specifically in ferroalloys for engineering steels, stainless steels and other specialty steels. This metal provides properties such as high strength, temperature resistance and corrosion resistance, which are essential for multiple sectors.