Freeport-McMoRan has approved a $4.5 billion expansion project for its Arizona copper mine to scale up the extraction and processing capacity of the metal. The company stated that the project will increase the annual copper production at the Bagdad mine by over 100,000 metric tons, with initial production expected to begin in the mid-2030s following a three-and-a-half-year construction period, making it the second-largest copper mine in the United States, trailing only the Morenci mine.