It is doing this through the acquisition of Carpo Resources for the Yandera project, which is held by Canadian company Era Resources.
Before Era Resources owned the project, in Madang's highlands, extensive exploration work was done on it by an Australian junior Marengo Mining.
Freeport said the completion of the transaction was subject to the approval of the TSX Venture Exchange and it follows the acquisition of the Star Mountains copper-gold project in Western Province, just 25km from the state-owned Ok Tedi gold mine.
The Yandera project is an igneous, intrusive-hosted, structurally controlled copper porphyry system with ancillary molybdenum and gold about 95km south-west of Madang city.
"A pre-feasibility study, completed by the Worley Parsons Group in November 2017 found that the deposits contained measured and indicated resources of 727 million tonnes grading 0.39% copper equivalent with inferred resources of 231Mt grading 0.32% copper equivalent. The study identified 541Mt of probable reserves grading 0.39% copper equivalent.
"The company is not treating these historical estimates as current and has not completed sufficient work to classify these historical estimates as current mineral resources … but it does believe the work conducted by Worley Parsons Group is reliable and may be of assistance to readers," Freeport said.
Freeport believes Star Mountains is a potentially large copper and gold porphyry project. In 2018, mining consultants outlined a resource of 210Mt inferred resource grading 0.4% copper and 0.4 grams per tonne for 2.9 million ounces of contained gold and 0.84Mt of contained copper.