Climax Molybdenum Mines Increase Production

PHOENIX, AZ - Climax Molybdenum Company, a subsidiary of Freeport-McMoRan(FCX), reported that production from the Molybdenum mines totaled 8 million pounds of molybdenum in fourth-quarter 2017 compared to 7 million pounds in fourth-quarter 2016. Unit net cash costs for the Molybdenum mines averaged $8.40 per pound of molybdenum in fourth-quarter 2017 and $8.26 per pound in fourth-quarter 2016. Based on current sales volume and cost estimates, average unit net cash costs for the Molybdenum mines are expected to approximate $9.00 per pound of molybdenum for the year 2018. Integrated global operations provide worldwide partners with reliable supply and highest quality molybdenum and rhenium products. 

Estimated consolidated recoverable proven and probable reserves from its mines are 2.84 billion pounds of molybdenum, which were determined $10.00 per pound for molybdenum.

The Climax mine is an open-pit molybdenum mining operation that mine began commercial operations in May 2012, 13 miles northeast of Leadville, Colorado. The mine has a 25,000 metric ton-per-day mill facility which has the capacity to produce approximately 30 million pounds of molybdenum per year.

The Henderson mine is an underground molybdenum mining operation, located 42 miles west of Denver, Colorado. The Henderson mill site is located 15 miles west of the mine. The mine and the mill are connected by the world's largest conveyor of its kind: a 10-mile conveyor tunnel under the Continental Divide and an additional five-mile surface conveyor.

The company operates the Climax and Henderson molybdenum mines in a flexible manner to meet market requirements.