Freeport McMoran (FCX +2%) is targeting a 90K mt/year production increase from the introduction of machine learning technology at its mines, CEO Richard Adkerson tells Financial Times.
FCX has been testing an artificial intelligence model at its Bagdad mine in Arizona, which it is now planning to roll out across all of its operations in the Americas and is expected to increase its annual copper production by ~5%.
“It’s been a remarkable success,” Adkerson says of the trial, which has improved Bagdad’s production by 9K metric tons this year.
The machine learning model, which FCX developed with the McKinsey consultancy, uses data from sensors around the mine found that Bagdad was producing seven distinct types of ore and that the processing method, which involves the use of large flotation tanks, could be adjusted to recover more copper by adjusting the PH level.
The machine learning program is one of three major initiatives FCX says will lift copper production by 30%; the other projects are the transition to underground mining at its Grasberg mine in Indonesia and the new Lone Star copper development in Arizona.
Credit: Google News