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Reuters
6 days ago
- Business
- Reuters
Freeport-McMoRan still waiting for US copper tariff details, CEO says
July 23 (Reuters) - Freeport-McMoRan (FCX.N), opens new tab has yet to see details of U.S. President Donald Trump's plan to impose a 50% tariff on copper imports starting next week, its CEO said on Wednesday after the mining company posted better-than-expected quarterly results. Trump announced the tariffs earlier this month as part of a plan to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. The duty is slated to begin on August 1. The U.S. imports roughly half of its annual copper needs. Trump and his administration have not shared details on what type of the red metal the tariff would affect, a lack of clarity that has confounded producers, companies that use copper and countries that export it. "We're still waiting on additional details on implementation of the tariff announcement," Freeport CEO Kathleen Quirk told investors on a conference call on Wednesday. Quirk added that Freeport is "not aware of any exemptions at this point" for U.S. imports of the metal. Responsible for 70% of refined U.S. copper - the country's largest producer - Phoenix-based Freeport would be the biggest beneficiary of any copper tariff, with a boost to annual profit of at least $1.6 billion, Reuters reported earlier this month. Freeport also produces copper in Chile, Peru and Indonesia, where it operates the Grasberg mine - the world's second-largest copper mine - and a smelter. While Freeport traditionally has sold its Indonesian copper to Asian customers, Quirk said the company would consider shipping some supply to the United States. "We do have flexibility to send it to the place that makes the most sense," she said. "We don't have long-term contracts locked up" for Indonesian copper. Freeport operates one of two U.S. copper smelters and has been studying whether to expand its capacity by roughly 30%, Quirk said, adding that the company has not discussed the plans with the Trump administration and that it has no desire to build a new U.S. smelter. U.S. copper prices have gained more than 25% since Trump announced the tariffs. When asked whether the increase could affect copper demand, Freeport executives said they continued to see strong demand but longer-term saw the issue tied to how the tariff is implemented. "Ultimately, it's going to be global supply and demand that will end up driving (prices), and then whatever tariffs are there, how they're absorbed and where they're absorbed in the U.S. marketplace," said Freeport's chairman, Richard Adkerson. Adkerson added that Freeport has lobbied Washington to streamline the mine-permitting process to boost the country's copper output. For the second quarter, Freeport's profit beat Wall Street's estimates as higher copper and gold prices offset lower production. The company reported an adjusted profit of 54 cents per share for the three months ended June 30, compared with analysts' average estimate of 45 cents, according to data compiled by LSEG. The company's shares were down about 1.5% at $45.09 on Wednesday afternoon. Freeport said it expects to sell 1.3 billion pounds from its domestic mines in 2025. The company warned of a roughly 5% increase in the cost of its U.S. purchases if suppliers pass along tariff-related expenses for other materials. The company's quarterly average realized price for copper was $4.54 per pound, up 1.3% from a year earlier, while its average realized price for gold was $3,291 per ounce, up about 43%. However, second-quarter copper production dropped around 7% from a year earlier to 963 million recoverable pounds.
San Francisco Chronicle
7 days ago
- Business
- San Francisco Chronicle
Freeport-McMoRan: Q2 Earnings Snapshot
PHOENIX (AP) — PHOENIX (AP) — Freeport-McMoRan Inc. (FCX) on Wednesday reported second-quarter earnings of $772 million. The Phoenix-based company said it had net income of 53 cents per share. Earnings, adjusted for non-recurring costs, were 54 cents per share. The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share. The mining company posted revenue of $7.58 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $7.12 billion. _____
Indianapolis Star
17-07-2025
- Business
- Indianapolis Star
Indianapolis-area restaurants that have opened and closed so far in 2025
In just over six months, the Indianapolis dining scene has generated plenty of news. Decades-old institutions have closed their doors for good as exciting new concepts have cropped up throughout Marion and the surrounding counties. For every eatery that has bowed out of the famously difficult restaurant industry, another has taken its place. With the first half of 2025 in the rearview mirror, here are several of the Indy-area restaurants that have opened and closed so far, roughly sorted by cuisine. Arden Café and Lounge 6 W. Washington St., (317) 401-3848, opened Jan. 3 Neon lights, flowers and lots of pink flood the interior of this bubbly café and lounge just off Monument Circle. Arden serves hot drinks, pastries and brunch items by day (9 a.m. to 2 p.m. weekdays) and dinner and drinks by night (7 p.m. to midnight Tuesday-Friday, noon to midnight weekends). Weekday food offerings include breakfast sandwiches ($9), chicken wings ($11 for six) and chicken and waffles ($16), with upscale entrées like lamb chops ($34) and catfish filet ($20) available for dinner. Swayzee Loinz 7241 E. 146th St., (317) 764-2018, opened Jan. 6 This Carmel pork purveyor is the first brick-and-mortar restaurant of Swayzee Loinz, a meat manufacturer based in the small town of Swayzee (about 60 miles north of Indianapolis). The company began as the Market at Swayzee decades ago, but streamlined its operation to highlight the signature Hoosier pork tenderloin in 2015. Swayzee's new Carmel outpost serves Indiana's iconic sandwich alongside other classic Americana fare like bean stew, macaroni and cheese and chili dogs. Just Chicken at The Garage 906 Carrollton Ave., opened Jan. 25 The 25th vendor to join the Garage Food Hall was also the fifth counter-service location of Columbus, Ohio-based chicken eatery Just Chicken. Just Chicken offers tenders, sandwiches and, slightly belying its name, a small selection of fries and salads. Culinary Dropout at Nora Plaza 1320 E. 86th St., (463) 231-8050, opened Feb. 19 As the Nora Plaza continues to develop, this eatery by Phoenix-based Fox Restaurant Concepts was among the shopping center's first new tenants in 2025. Culinary Dropout offers an upscale take on gastropub fare with items like slow-cooked pork ribs ($31) and Korean-style ribeye ($39) as well as sandwiches, salads and a robust cocktail list. The Nora Plaza location became the chain's 13th nationally. Flower Child at Nora Plaza 1340 E. 86th St., (463) 336-9556, opened Feb. 25 Joining Culinary Dropout at the Nora Plaza is Fox Restaurant Concepts' health-centric eatery, Flower Child. The restaurant offers plenty of vegetarian, vegan and gluten-free options including salads ($10 to $15), grain bowls ($11 to $19) and protein-forward entrées (around $15). Serliana 17 W. Market St. 11th floor, (463) 303-0380, opened Feb. 24 All-day restaurant Serliana sits atop the newly opened InterContinental hotel. Indy native and restaurant veteran Craig Baker (most recently the operations leader of The AMP at 16 Tech) serves as the executive chef of both Astrea, the bar that shares the roof, and Serliana, which offers gourmet plates like Niçoise salad ($19) and steak frites ($38) as well as an upscale take on the classic Hoosier tenderloin ($17). The Parlor P.S. 6 W. Main St., Mooresville, (317) 584-3010, opened March 10 Self-billed as a Victorian eatery, The Parlor P.S. serves traditional American cuisine with dishes like fried pork chops ($24), meatloaf ($24) and fried okra ($6). Traditional comfort food served in a swanky hardwood dining room makes for a distinctive dining experience southwest of Indy. Kickstarrt Coffee and More 14560 River Road, Carmel, (317) 300-4835, opened mid-May Coffee ($2 to $6.50) and protein smoothies ($6) meet smash burgers ($13) along with other pub comfort food ($5 to $12) at this eclectic new eatery on Carmel's northeast side. Indy's Fish and Chicken 4751 Franklin Road, Lawrence, (463) 202-2758, opened June 5 This primarily take-out operation in Lawrence offers a straightforward menu of fried chicken and whitefish, plus a few sandwich options including burgers, gyros and the eatery's take on a Philly cheesesteak. Most entrées cost between $8 and $20. Ardy's Concession at the Philippine Cultural Center 4141 S. East St., opened Jan. 12 Those who have wolfed down an Ardy's kabob at the Indianapolis 500 will recognize the fare at this restaurant that operates out of the Philippine Cultural Community Center on Sundays. In addition to its renowned kabobs ($13 with rice and spring roll-like lumpia), Ardy's Concession offers Filipino dishes like sisg (spiced pork off-cuts with peppers, $19), bihon (stir-fried noodles, $14) and the multifaceted shaved ice dessert halo-halo ($9). More: This popular Filipino icy dessert is best thing I ate in Indy this week Curry Leaf Indian Fusion Kitchen 8505 Keystone Crossing, (317) 956-5484, opened early February Curry Leaf Indian Fusion Kitchen offers high-end takes on dishes from across the massive Asian subcontinent, from the gutti vankaya curry (small stuffed eggplants in a peanut gravy, $14.95) of southern India to the bhindi masala (okra, $14.95) more common in North India and Pakistan. You'll also find tandoori dishes ($15 to $25), assorted chaat (various snacks, many of them fried, around $10) and refreshing dairy-based beverages ($5 to $6). Kau Kau Hawaiian BBQ 5808 Crawfordsville Road, Speedway, (317) 390-4590, opened early April This Speedway Hawaiian spot offers a no-frills menu heavy on grilled meat, rice and vegetables. Meat options include spicy "island fire" chicken, chicken katsu and beef short ribs, among others. Entrées cost about $10 each; Kau Kau also serves family meals that serve four people and come with rice, macaroni salad, vegetables and three meat items. G-1 Indian Restaurant 4907 N. College Ave., (317) 737-2290, opened April 8 Shortly after the northside location of Aroma closed with no announcement, SoBro welcomed a new Indian eatery this spring in the form of G-1. The restaurant's menu includes a robust selection of chaat ($5 to $13), meat and vegetable curries ($13 to $16) and biryani ($13 to $16). Hachi Machi Asian Street Food at the Garage Food Hall 906 Carrollton Ave., opened June 27 Taking the place of Palavana Cubano, which exited the Garage earlier last month, Hachi Machi serves pan-Asian dishes including pad Thai ($10.95 or $13.95), satay (Indonesian meat skewers, $8.45), chicken, steak or shrimp hibachi with vegetables ($11.95 to $20.95), plus some Chinese American favorites like orange chicken ($11.95 lunch, $15.95 dinner). Astrea 17 W. Market. St. 11th floor, (463) 303-0440, opened Feb. 24 This rooftop bar, which resides on the 11th floor of the InterContinental Hotel, opened in the nearly century-old Illinois building downtown in late February. Guests at Astrea (derived from the Greek word for "star") can sip wine and craft cocktails and dine on small plates including oysters, charcuterie and truffle fries while looking out over Monument Circle and the Indiana Statehouse. More: After more than a decade, InterContinental opens downtown. See inside the luxury hotel West Fork Social House 1233 Shelby St., opened March 14 Six months after it closed its Bellefontaine Street distillery, West Fork Whiskey returned to Indianapolis with this 21+ Fountain Square café and cocktail bar, originally dubbed Rise and Revel (the business switched names in early summer). West Fork Social House serves coffee and small breakfast sweets every day starting at 8 a.m., then transitions into a cocktail bar in the afternoon every day except Monday. West Fork's myriad whiskeys, distilled in Westfield, stock most of the bar at the Social House, but guests can also sip other spirits, wine, beer and non-alcoholic drinks. 1933 Lounge Carmel 175 S. Rangeline Road, Carmel, (317) 751-1933, opened April 1 Named for the year that Prohibition ended in the United States, the 1933 Lounge is a speakeasy-style bar and eatery from the culinary group behind St. Elmo. The restaurant features a variety of traditional steakhouse fare — including its sister restaurant's signature shrimp cocktail — alongside a full bar in Carmel's Arts and Design District. The Carmel location was 1933 Lounge's third to launch, following one above the original St. Elmo downtown and a second in Fishers. 1933 Lounge and HC Tavern + Kitchen at the Indianapolis International Airport 7800 Col. H. Weir Cook Memorial Drive, (317) 241-0533, opened April 11 Less than two weeks after the 1933 Lounge's third location arrived in Carmel, the restaurant set up shop in Concourse B of the Indianapolis Airport along with Huse Culinary's HC Tavern. The amalgamated eatery serves abridged versions of both restaurants' menus, leaning into small plates and handheld foods with a few classic steakhouse entrées. The airport restaurant, which is open from 5 a.m. to 9 p.m. daily, also features grab-and-go options and a full bar. Sip Easy 1220 Waterway Blvd., opened June 10 The latest addition to The Amp's food and beverage roster is Sip Easy, a small bar serving beer, spirits, cocktails and wine including owner Nicole Kearney's line of Sip & Share vegan wines. Milk and Honey Coffeehouse 8511 Southeastern Ave., opened Feb. 1 Owner Taylor Hummel last year told IndyStar she hopes her coffee shop will one day become a Wanamaker staple akin to longtime fish fry spot Wheatley's, which closed in December. Milk and Honey opened its two-lane drive-thru in February to dispense craft lattes, smoothies and other beverages. In late April, Milk and Honey opened its café to sit-down customers. Cafe Oztara 1446 E. Washington St., opened Feb. 7 The Damien Center, Indianapolis' largest and oldest organization specializing in support services for people with HIV or AIDS, bills Cafe Oztara as a "welcoming space for everyone," with an emphasis on Indianapolis' LGTBQ+ community. The coffee shop/event space serves hot drinks and smoothies ($3 to $8), plus a slim food menu including small breakfast dishes, salads, sandwiches and soups ($4 to $9), in a colorfully furnished brick building on the Damien Center's eastside campus. Bovaconti Carmel 2 W. Main St., opened Feb. 14 Nearly a year and a half after it announced a projected spring 2024 opening, Fountain Square-based Bovaconti finally opened its second location in Carmel's Arts and Design District. Bovaconti brings a European flair to its coffees and Italian-style sodas, though guests will also find more familiar lattes and sweets on the menu. Prufrock Coffee Carmel 275 Veterans Way, Carmel, opened March 6 Carmel's Midtown is home to the second café from Prufrock, which opened its flagship SoBro location in 2019 before current owner Poula Hanna took over in 2023. Hanna's second coffee shop features sweets, sandwiches and colorful craft lattes served in slender plastic cups in a chic modern setting. Human Bean Pendleton Pike 10545 Pendleton Pike, (317) 964-9296, opened March 26 Drive-thru coffee spot Human Bean, whose flagship location opened at 5405 N. Keystone Ave. in summer 2021, expanded into Lawrence with its second drive-thru. The Human Bean serves hot and cold coffees and teas as well as smoothies. The Spark on Bridge 350 Bridge St., Mooresville, opened April 18 Following The Spark on Main, which opened in Speedway four years ago, The Spark on Bridge brings the brand's lineup of java and pastries to Mooresville in a roomy industrial chic venue that doubles as a coworking space. Claypot Coffee House 1551 E. Stop 12 Road, (317) 300-1346, opened May 17 This southside coffee spot leans into Asian flavors, with offerings like lattes flavored with pandan (a grassy, vanilla-like plant), matcha and ube ($5.25 to $6), plus organic fruit juices ($5 to $6) and hot teas ($5 to $6). Claypot's limited food menu ($4 to $7) includes roti (South Asian flatbread) and popiah (a spring roll common in southern and eastern China), as well as waffles with Nutella and or berries for those seeking a more American experience. Circle City Kolache 1521 N. Green St., Brownsburg, (317) 456-2643, opened Feb. 28 This new Brownsburg eatery specializes in the Czech and Slavic pastries known as kolache (or as the savory variety are known to purists, klobásník). Located in the same storefront as Ritter's Frozen Custard, Circle City Kolache offers sweet and savory pastries with fillings including spicy polish sausage and cheese ($4.75), assorted fruits ($3), Half Liter BBQ pulled pork ($4) and Nathan's Hot Dog ($4). The eatery also offers coffee, and diners can add a scoop of Ritter's custard to their order for $1. Artesenal Pastelería, Panadería y Más 1325 Shelby St., (317) 426-2585, opened May 3 The second location of Artesenal (the first is on the northwest side) brings the bakery's array of cakes, donuts, ice cream and assorted sweet and savory pastries to Fountain Square. Watch: See inside Artesanal Pastelería y Panadería, new bakery in Fountain Square Hi Mango Dessert 6351 E. 82nd St., (317) 829-667, opened May 8 Tropical fruit appears in nearly every form imaginable at this Castleton dessert shop. Guests can choose from juices and slushies (around $6), hot fruit teas ($7.75), sundaes and sorbet ($5.95 to $12.95) and ice cream-topped crepes ($9.75 to $10.25). Hi Mango also offers a slew of desserts that pull from Chinese cuisine, like the Hong Kong-inspired sago (cold cream-like confection thickened with fruit starch, around $10) or sticky, chewy rice balls flavored with fruits and nuts (around $7.50). Coconut, banana, strawberry and, fittingly, mango all appear frequently on the menu. The Bread Barn at Healey Farm 6920 Combs Road, (317) 491-7554, opened June 28 Located right on the Healey family's farmland in Franklin Township, the Bread Barn — or Bread Shed, as the family also calls it — is a small walk-up structure that sells bread and pastries baked in the Healeys' home kitchen. The family marked the opening of their new venture with bagels, rolls, cookies and cinnamon rolls while running a multi-family garage sale. Josephine 110 W. Main St. Unit 100, Carmel, (317) 548-3589, opened in February Josephine is a French-inspired eatery from Ambrosia Hospitality Group, which also operates Italian eateries Ambrosia in SoBro and Bocca in the Near Northside, plus speakeasy-inspired cocktail bars Nowhere Special on Mass Ave and The Commodore in Fountain Square. Offerings at Josephine include steak frites ($49), ratatouille ($12) and escargot ($16), with an expansive wine menu and select cocktails. Freeland's 875 Freeland Way, Carmel, (317) 316-9875, opened Feb. 12 The project of Tinker Street co-founder Tom Main, this fine dining spot in Carmel's North End community occupies an 1845 house once home to generations of Carmel's Freeland family. Head chef and Fort Wayne native Matt Hamilton (formerly of farm-to-table eatery Rosie Cannonball in Houston), originally envisioned the menu as a nostalgic Midwesterner's tilt to traditional Central and Eastern European flavors. More recently, Freeland's has incorporated more cuisines into its kitchen with dishes like squash faux noodle pad Thai ($30) and pork belly with kimchi and duck egg ($29). Behind the scenes: Tinker Street owner didn't want another restaurant. Why he opened Carmel fine dining spot Tilly's Tea Room 8701 E. 116th St., Fishers, (317) 537-2185, opened Feb. 27 Three days after its 10-year anniversary, Tilly's Tea Room reopened in Fishers' Nickel Plate District. The popular English-inspired tea room began in Fishers in 2014. Tilly's then moved to a space inside Saks Fifth Avenue at the Fashion Mall at Keystone in 2016, where it stayed until last June when Saks closed. Back in Fishers, Tilly's still serves its trademark spread of salads, sandwiches, sweets and, of course, tea. The tearoom sits next-door to sister restaurant Max and Tilly's, a gastropub that opened last fall specializing in fish and chips and other British fare. Tapas Ñ - Taste of Spain 8215 Center Run Drive, (317) 516-4729, opened mid-April This Castleton tapería specializes in Spanish small plates including meatballs of lamb, beef and pork ($13), grilled sausages ($14), cheese- and bean-stuffed piquillo peppers ($13) and a traditional Spanish tortilla (omelet of potatoes and onions, $11). Diners can also order larger plates like the restaurant's paellas with assorted seafood, meat and vegetables ($20 to $42). Boarding Pass Bites 5620 N. Michigan Road, opened Jan. 26 This northside takeout and delivery spot billed itself as offering eclectic mashups from around the globe, most of them in slider, taco or empanada form. Boarding Pass Bites' fusion concepts includes bánh mì tacos ($6), a Puerto Rican-style Philly cheesesteak ($17) and chicken pot pie empanadas ($5). In June the business announced on Instagram that it would pivot to monthly pop-ups and pre-orders. Bocado Brunch and Te'Kila 188 Westfield Road, Noblesville, (317) 764-2922, opened May 1 This upscale brunch spot in Noblesville offers Mexican-inspired dishes alongside distinctly American dishes. Guests can order chilaquiles ($16) or a classic breakfast platter ($15) with eggs, potatoes, meat and toast, or choose from Bocado's mashups that include a pork adobo Reuben sandwich ($17) and birria hash ($19). Bocado also has a margarita-heavy bar menu (around $15) with several non-alcoholic options. Noricha Café 190 Westfield Road, Noblesville, (317) 762-6262, opened May 21 This bubbly Noblesville hangout specializes in fruit and milk teas (around $7), but also serves a globally influenced upscale brunch menu with dishes that include shakshuka ($15), carbonara ($22), avocado toast topped with tiger prawn ($19) and a crabmeat egg scramble ($17). Ten Cuts Brazilian Steakhouse 1001 N. State Road 135, Greenwood, (317) 319-8625, opened March 20 The Indianapolis area has proven fertile ground for Brazilian steakhouses, with chains Fogo de Chão and Terra Gaucha setting up shop in Marion County. Now Greenwood has its own locally owned non-chain churrascaria in Ten Cuts Brazilian Steakhouse, which offers a hearty selection of flame-grilled beef, lamb, pork and chicken sliced tableside ($19.95 to $45). Verde Flavors of Mexico Greenwood 1251 U.S. Highway 31 N., Greenwood, (317) 893-4084, opened April 3 The fifth location of Fishers-based mini-chain Verde opened at the Greenwood Park Mall in early April, bringing the brand's upscale take on Mexican cuisine south of Indy. Verde's menu includes meat-forward entrées like carne asada ($30) and seafood paella ($29), tacos whose toppings range from skirt steak ($22) to octopus ($17) and dishes familiar to Westerners including burritos, fajitas and enchiladas. Fernando's Mexican and Brazilian Cuisine Mass Ave 888 Massachusetts Ave., (317) 771-6653, opened June 29 Barely two years after husband-wife restaurateur duo Elizabeth Fernandez and Cristiano Rodrigues opened their cross-cultural eatery in Broad Ripple, Fernando's Mexican and Brazilian Cuisine expanded to the north end of Mass Ave. The eatery's menu includes dishes that pay homage to both owners' upbringings (Rodrigues is from Brazil, Fernandez from Mexico), such as feijoada ($29), the stew of black beans and pork that constitutes Brazil's national dish, and Mexican staples like enchiladas ($20) and arroz con pollo ($20). The new Fernando's location takes the place of the short-lived Mass and Belle Taphouse, which was preceded by Rooster's Kitchen and the acclaimed R Bistro. INdulge: National dish of Brazil at new Mass Ave spot is best thing I ate in Indy this week Encanto Alebrije 10 W. Washington St., opened June 30 Taking the place of Rock Bottom Brewery, which closed in 2023, Encanto Alebrije aims to bring a blend of familiar, affordable Mexican fare and higher-end options to downtown just south of Monument Circle. Encanto Alebrije's menu includes familiar Tex-Mex dishes and street food like tacos in addition to upscale surf and turf such as tomahawk steaks and seafood plates. The restaurant's name pays homage to Mexican alebrijes, vividly colored folk art sculptures that depict hybrid animals; the restaurant's walls are adorned with murals depicting different alebrijes. Corridor (formerly Nicole-Taylor's Pasta) 1134 E. 54th St., (317) 257-7374, opened Jan. 21 Named for the "corridor" of Mediterranean countries whose cuisines inspire its menu, this high-end SoBro lunch and private dinner spot is the successor to Nicole-Taylor's Pasta. Chef-owners Erin Kem and Logan McMahan, who purchased Nicole-Taylor's from founders Rosa and Tony Hanslits in July 2023, have continued the restaurant's renowned private dinners that run Wednesday through Saturday every week and regularly sell out months in advance. Corridor's lunch menu (served 11 a.m. to 3 p.m. Tuesday through Saturday) has expanded upon its predecessor's focus on Italian food to include dishes from Portugal, Spain and the Middle East, with plenty of vegetarian and vegan options. The upscale, seasonal small plates have included roasted sweet potato wedges with garbanzo beans and tahini butter ($8), pumpkin- and sage-filled cappelletti ($16) and a a tomato sauce-soaked Turkish "wet burger" ($15). Corridor also operates a small market (10 a.m. to 6 p.m. Tuesday through Friday, 10 a.m. to 4 p.m. Saturday) that offers deli meats and cheeses, spreads and a selection of Nicole-Taylor pastas. Reem Mediterranean Grill 8922 E. 96th St., Fishers, (317) 570-5930, opened April 25 Fishers' already impressive Greek and Middle Eastern options expanded with Reem Mediterranean Grill, which offers dishes such as shawarma ($10 to $13), kebabs ($10 to $15), kibbeh (fried balls of meat and bulgur wheat, $3), soups and salads ($8), plus a handful of American options like burgers and cheesesteaks ($16). Yazsh 1705 E. Michigan St., (317) 955-9702, opened June 13 Located just across from Arsenal Technical High School on the Near Eastside, Yazsh specializes in the cuisines of the Mediterranean region. Open 7 a.m. to 3 p.m. every day except Tuesday, Yaszh serves dolma (stuffed grape leaves, $13) and shakshuka ($19), the Greek eggplant and beef lasagna called moussaka (deconstructed in bowl form for $17) and Bulgarian yogurt parfait ($18). Guests at Yazsh can also order from a slim brunch menu with familiar American staples. Xtreme Pizzaria 1634 S. East St., (317) 600-3262, opened June 1 Formerly the Daiquiri Factory, this new Near Southside restaurant and bar serves salads ($17 to $21), chicken wings ($11 to $21), sandwiches ($13) and baked pasta ($14) in addition to its lineup of specialty pizzas ($14 to $34) that include chicken bacon ranch, chicken alfredo and a vegan pizza with imitation sausage and cheese and vegetables atop a cauliflower crust. Cava Fishers 11594 Whistle Drive, Fishers, (463) 403-1400, opened March 14 Maryland-based fast-casual titan Cava, long a lunchtime hit with urban office workers, opened its first Indiana location in Fishers in mid-March. The Mediterranean-influenced chain features build-your-own bowls, plus wraps and salads, with ingredients like falafel, spiced lamb and hummus. The rapidly growing business plans to open a second Indy-area location later this year. Jim Dandy 2301 Conner St., Noblesville, closed Jan. 1 As 2024 drew to a close, so did diner chain Jim Dandy's 60-year run in Noblesville. Owners and brothers Brent and Dave Reasner decided to sell the restaurant because the family's next generation isn't interested in running it. The Reasners' father, Harry, opened the first Jim Dandy in Noblesville in 1964, offering burgers, curb and coleslaw to curbside customers. The chain, which at one point operated 11 locations, has one remaining location in Tipton. More: Open since carhops and bobby socks were the rage, Jim Dandy closes in Noblesville Gallery Pastry Shop 4573 N. College Ave., closed Jan. 12 After closing its Mile Square and Near Northside locations in August and November, respectively, Gallery Pastry shuttered its last remaining restaurant as owner Alison Keefer cited a desire to spend more time with her family. Keefer opened the first Gallery location on 54th Street in SoBro in 2016, relocating to College Avenue in early 2023. The string of Gallery closures came amid allegations on social media from users identifying as former Gallery employees who claimed the restaurant failed to give accurate W-2 tax forms until months after they were due. Keefer called these claims baseless and slanderous. In February, IndyStar reported Keefer would join downtown-based seafood eatery Salt to develop daytime food offerings for the restaurant's Carmel City Center location, expected to open later this summer. More on the closure: Gallery Pastry Shop closes last remaining location, third in five months Grindstone Charley's 5383 Rockville Road, closed Jan. 13 This small American bar and restaurant chain started in Noblesville in 1985 under Clancy's Hospitality, which at one point managed more than 30 Clancy's Hamburgers locations across four states. The second Grindstone Charley's opened on Rockville Road on the west side in 1985. Another on Crawfordsville Road in Speedway has also since closed. The Rockville Road location's closure left just one Grindstone Charley's, in Kokomo, although Clancy's Hospitality still operates upscale offshoots of the eatery with Grindstone on the Monon in Westfield and Grindstone Public House in Noblesville. Joella's Broad Ripple 1072 Broad Ripple Ave., closed Jan. 26 The Louisville-based hot chicken chain is down to three Indiana restaurants after closing its Broad Ripple location (Joella's shuttered its Bloomington restaurant in late 2023). Fans of the chain's generously seasoned comfort fare can still find it nearby in Carmel and on 96th Street. MCL Speedway 6002 Crawfordsville Road, closed April 20 The Speedway location of MCL Restaurant and Bakery concluded its six-decade run in the world's racing capital on Easter Sunday. While the brand is regionally famed for its fried chicken, pie and assorted Americana comfort food, the Speedway location was also a popular hangout for some of IndyCar's biggest names over the years. End of a racing era: 'Indy 500 drivers, teams basically lived there' Easy Rider Diner 1043 Virginia Ave., closed May 24 After two and a half years inside Fountain Square's Murphy Arts Center, the Southwest-inspired Easy Rider Diner closed to transition exclusively to bar service for concert patrons at the neighboring HI-FI Indy. Easy Rider's shuttering came in anticipation of the construction of a 1,200-square-foot music venue next-door, set to open in early 2026, which will permanently house the HI-FI Indy Annex. More: Easy Rider Diner in Fountain Square closes, pivots to bar service Gray Brothers Cafeteria 555 S. Indiana St., closed June 8 Nearly four months after Gray Brothers Cafeteria announced plans to relocate, the beloved 80-year-old Mooresville eatery closed without a buyer for its current space or a new home. In a statement, the Gray family cited inflation and other food industry-related challenges for placing "unrecoverable financial strain" on the historic restaurant. The Grays still hope to find a new location in or near Mooresville, per the statement, but no specific location has been identified. Read more: Historic Mooresville cafeteria to close in current space but hopes to reopen somewhere else Carnegie's A Place to Eat 100 W. North St., Greenfield, closed June 26 The retirement of longtime chef-owner Ian Harrison marked the end of a more than 25-year run for this upscale eatery. Located in the building that was once Carnegie Library, the restaurant closed with the hope that a new owner will eventually step in. Benyue 6020 E. 82nd St., closed March 2 This dim sum eatery began as Lucky Lou in Eagledale, just outside the west side's International Marketplace, before moving to Castleton and rebranding as Benyue in 2023. Guests at Benyue could sample a sprawling array of Chinese and Chinese-American dishes, from sweet and sour chicken to sticky-sweet red bean buns and chicken feet. Aroma Indian Cuisine Fletcher Place and SoBro 501 Virginia Ave. and 4907 N. College Ave., closed springtime Roughly one year after Indian eatery Aroma opened its upscale Aroma Experience in Carmel's City Center, both Indianapolis locations closed. The Fountain Square location, which owner Vinita Singh opened in 2021, is set to be the new home of La Margarita. Aroma's SoBro location, which opened in March 2022, changed ownership and rebranded as G-1 Indian Restaurant in April. Porter Books and Bread 5719 Lawton Loop E. Drive, closed Jan. 31 Part bookstore, part café, this Lawrence-Fort Ben business charmed neighbors for nearly 10 years with literary-themed sandwiches like the distinctly Italian Dante (ham, hot beef cotto, provolone) and zesty, peppery Vonnegut (ham, turkey, Swiss cheese, pickles). In a Facebook post, owners Will and Marcy Worley thanked customers and recalled fond memories from the last decade. In a subsequent post, the Worleys said money from purchases made at Porter during its last few weeks would go to staff and helping them find new employment. Coal Yard Coffee 400 S. Ritter Ave., closed April 27 After 13 years of slinging java, Coal Yard Coffee announced the end of its run in Irvington. Per the shop's Facebook, the space on South Ritter Avenue will reopen after a "brief" hiatus as Wild Child Coffee, which will retain some Coal Yard staffers. Barista Parlor at the Stutz 1060 N. Capitol Ave., closed early June Nashville-based coffee shop Barista Parlor bid farewell to Indiana early last month when it shuttered its location in the downtown Stutz building. Owner Andy Mumma cited long-distance management and poor performance relative to the mini-chain's Nashville and Louisville locations, the Indianapolis Business Journal reported. The Stutz still has two other businesses that sell coffee — Café Patachou and Amelia's — both of which opened in summer 2023 alongside Barista Parlor. TeeJay's Sweet Tooth 8660 Purdue Road, closed March 22 After seven years of slinging eye-popping, flavor-stuffed ice cream, TeeJay's Sweet Tooth shuttered its College Park sweets shop in late March. Opened in 2018 by owners Taylor DeBruce and Jerome Tiah — who chose the name Sweet Tooth as a nod to their backgrounds as dental hygienists — TeeJay's quickly developed a reputation for over-the-top colorful confections and for being one of Indy's most prominent Black-owned businesses. Nada 11 W. Maryland St., closed Feb. 23 A sign posted to the entrance doors of this cocktail and taco spot last winter announced its Feb. 23 closure and thanked customers for nine years at the Circle Centre Mall. A spokesperson for Wisconsin-based Hendrick's Commercial Properties, which acquired Circle Centre Mall in April 2024, said before the acquisition that Hendrick's expected street-level businesses including St. Elmo, Harry and Izzy's and Nada to remain Circle Centre tenants throughout the mall's extensive redevelopment projected to begin this year. But Nada, a small chain from Cincinnati-based Bocca Restaurant Group, will not be among those tenants. Palavana Cubano at The Garage 906 Carrollton Ave., closed June 19 After nearly three years of tightly pressed Cuban sandwiches and pastelitos (baked and stuffed puff pastries), Palavana Cubano shut down its operation in the Bottleworks District's Garage Food Hall. Mashaweena Mediterranean Grill 3119 W. 30th St., closed May 30 This vendor of shawarma, kebabs and other Middle Eastern fare announced it is looking for prospective restaurateurs to purchase its kitchen equipment and take over its restaurant space in Eagledale. Rockstone and Big Lug Taproom 11501 Allisonville Road, Fishers, closed June 29 After 12 years in Fishers, this pizzeria and Big Lug taproom closed as Sahm's Hospitality Group looks to renovate and rebrand the restaurant with eyes on opening a new concept in November, per Rockstone's closing announcement. Lou Malnati's Central Indiana locations Locations in Avon, Broad Ripple, Carmel and Greenwood, closed March 3 Chicago-based deep dish pizza titan Lou Malnati's shuttered its four remaining Central Indiana locations in early March, citing poor performance and a lack of population density. Lou Malnati's first arrived in Central Indiana with carry-out and delivery locations in Carmel and on West 86th Street in 2020 and 2021, respectively. In November 2021 it opened its lone Indy-area dine-in restaurant in Broad Ripple, followed by carry-out stores in Avon and Greenwood in 2022. A Lou Malnati's spokesperson told IndyStar in February that the Carmel location was the only one that turned a profit and that the company could not justify maintaining just one restaurant in the area. More: Deep dish pizza chain Lou Malnati's to close 4 Indianapolis locations La Margarita Closed at 1043 Virginia Ave. on Feb. 8, reopened at 501 Virginia Ave. on July 17; (317) 384-1457, After 14 years in Fountain Square, the storied Mexican eatery announced it would move to the Near Eastside's Factory Arts district with a projected March reopening. The move is yet to happen, though in mid-July La Margarita opened a location in Fletcher Place at 501 Virginia Ave., with the Factory Arts location still in the works. The business also plans to open a smaller high-end restaurant called Daisy Bar, also in the Factory Arts District. The move to Fletcher Place marked La Margarita's fourth in its 41-year history; the restaurant opened in Speedway in 1984, moved to the intersection of 86th Street and Township Line Road in 1990, to 96th and Meridian Street in 2006 and then to Fountain Square in 2011. Lick Ice Cream Closed at 1049 E. 54th St. on March 6, reopened at 1101 E. 52nd St. on June 12; (317) 397-0237, After two and a half years in a small blue building just off the Monon Trail in SoBro, longtime ice cream vendor Lick closed its first standalone brick-and-mortar ice cream shop following extensive water damage from a burst pipe in January. But three months later, the business reopened just two blocks south along the Monon Trail. Lick's new outpost sells the brand's eclectic variety of flavors, including blueberry and sweet corn, gorgonzola and pecan and blueberry lavender. Lick has also operated a small-batch stand out of the Garage Food Hall since 2021. Featured in INdulge: It's simply too hot. These ice creams were the best things I ate in Indy this week. Stone Creek Dining Company Greenwood Closed at 911 N. State Road 135 on May 11, reopened at 1464 W. Stones Road Crossing on May 20; (317) 889-1200, The Greenwood location of Cunningham Restaurant Group's Stone Creek Dining Company left its post on North State Road 135 on May 11 and just nine days later reopened four miles to the south. Stone Creek, which has four Central Indiana locations and another in the suburbs of Cincinnati, offers familiar American Bistro fare ranging from approachable to high-end, with dishes like Philly cheesesteak ($20) at lunch and filet medallions with lobster risotto ($38) for dinner. The Cheesecake Lady Closed at 305 W. 42nd St. on May 11, reopened at 3002 N. Illinois St. on July 5; (317) 608-7411, After roughly two years at her grab-and-go cake shop in Butler-Tarkington/Rocky Ripple, baker-owner Cassie Smith-Johnson announced she would close the outpost to move into a larger brick-and-mortar space near the Children's Museum, which opened in early July. Guests at the new bakery can find different cheesecakes in the form of slender shooters all the way to hefty 13-by-9-inch pans at The Cheesecake Lady from 10 a.m. to 6 p.m. Wednesday through Friday and 10 a.m. to 4 p.m. Saturday. Pier 48 Fish House and Oyster Bar 130 S. Pennsylvania St., closed late June Opened in September 2019 just across from Gainbridge Fieldhouse inside the Hyatt Place Hotel, Pier 48 survived the COVID-19 pandemic and a maelstrom of litigation between its owners but decided to leave downtown after five years. A sign posted to the restaurant's doors last week said Pier 48 would relocate to the north side. Per the notice, Pier 48 rewards and gift cards will be accepted at sister restaurant George's Neighborhood Grill in Allisonville. As of publication, the restaurant had not announced where it will move.
Yahoo
11-07-2025
- Business
- Yahoo
Analysis-Freeport-McMoRan poised to gain from Trump's copper tariff against peers with few options
By Ernest Scheyder (Reuters) -Freeport-McMoRan could see a $1.6-billion boost to annual profit if President Donald Trump's copper tariff materializes, a benefit driven by the firm's role as the largest U.S. producer with more expansion options than rivals. Responsible for 60% of U.S. copper output, Phoenix-based Freeport has since the 19th century cultivated U.S. mine projects that have decades of growth potential without the need for fresh permitting. Other companies have struggled due to the stubborn reality of American mining: It takes years to build a U.S. mine. Trump announced on Wednesday a 50% tariff on imports of the metal used in construction, electronics, and nearly every part of the economy. It would be the first time Washington has imposed a copper tariff if enacted by Trump's August 1 start date. The initial announcement on Tuesday, which pushed Freeport stock up 5%, sparked questions about where Trump hopes to procure the metal, given longstanding hurdles to building mines and smelters, and few options outside of Freeport's seven U.S. copper mines. "The longer-term aim of the Trump administration may be for the U.S. to be fully self-sufficient in copper, but mines take too long to develop for this to be achieved in less than a 10-year time horizon," said Jefferies analyst Chris LaFemina. The U.S. imports roughly half of its copper needs, mostly from Chile, Canada, and Peru. China is the world's largest smelter and consumer of copper, with global demand poised to jump at least 60% by 2050, according to the International Energy Agency. Jefferies singled out Freeport as the company expected to benefit most from Trump's tariffs. Controlling four of the five largest U.S. copper mines, Freeport sells all of its U.S. product inside the country, more than any other company. The copper is sold at U.S. Comex copper prices, which have jumped since Trump first suggested potential tariffs in February, boosting the company's bottom line. Freeport in April estimated it would reap a profit windfall of at least $800 million annually from higher prices should a copper tariff take effect. The April estimate was based on U.S. copper prices of $4.84 per pound, a premium of roughly 60 cents per pound to benchmark LME copper prices. The premium is now roughly double, equating to about $1.6 billion in additional annual EBITDA for Freeport, the company told Reuters. It earned $10 billion in EBITDA in 2024. Freeport declined to comment on the full tariff plan until it can review details. RISING IMPORTS U.S. refined copper imports have jumped more than sixfold since 2014, even as production slipped 20%, according to U.S. Geological Survey data. The country has nearly 30 years' worth of supply within its borders. As mines age, they must expand or be replaced. Yet mines are deeply unpopular across much of the United States, resulting in drawn-out regulatory decisions. It takes an average of nearly 29 years to build a U.S. mine, the second-longest time globally behind Zambia, a 2024 study from consultancy S&P Global showed. Unlike factories for furniture or other consumer goods - which can be built in a year or two - mines require geological exploration, a permitting process that can stretch longer than a decade, and sometimes face opposition from Indigenous or conservation groups. Construction can take more than three years. Proposed U.S. copper projects from BHP, Rio Tinto, Northern Dynasty Minerals, Antofagasta, and others have been delayed for more than a decade. The U.S. only has three copper smelters to process metal for use in making wires and pipes, although one has been idled since 2019. In 1995, the U.S. had seven copper smelters. Freeport CEO Kathleen Quirk told Reuters in March that any levies could affect the global economy. "We are kind of the poster child for American copper production," Quirk said. Freeport has plans to leach copper from old waste rock at its U.S. mines previously thought worthless. By 2027, leaching could boost Freeport's U.S. output by 800 million pounds of copper annually. Several of the company's U.S. mines, including Bagdad and Lone Star in Arizona, have room to grow. Freeport said in March it might expand its U.S. smelter. In Utah, Rio Tinto operates the Kennecott copper mine - the world's deepest open-pit facility - and is undertaking a major expansion. Rio is also trying to develop its Resolution Copper project in Arizona, but faces Indigenous opposition. Rio said it has a "strong desire to invest more in American copper, and we see significant opportunities to grow our business in the United States." KGHM, Lundin and Grupo Mexico are among the smaller U.S. copper producers. One supply lever for Trump could be to ban exports of copper scrap. Copper, like all critical minerals, can be recycled. The U.S. exports more than 500,000 metric tons of copper scrap annually, more than the largest U.S. copper mine's annual production.
Yahoo
10-07-2025
- Business
- Yahoo
Leasing underway at 162-unit property near Montana State University
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Property: Highmark Developers: Clarion Partners, Wentworth Property Co. Location: Bozeman, Montana Units: 162 Rents: $2,245-$3,895 Cost: Withheld New York City-based real estate investor Clarion Partners has made its first investment in the Bozeman, Montana, area with the development of 162 townhomes and apartments on an 8-acre Qualified Opportunity Zone site. Highmark, developed in partnership with Phoenix-based developer Wentworth Property Co., is located in the city's South University District neighborhood. The project started leasing in April and is expected to be completed by the end of 2025. Units at Highmark, spread between seven residential buildings, will range from one-bedroom apartments to three-bedroom townhomes. The apartments will offer 10-foot ceilings, quartz countertops, stainless steel appliances, and in-unit laundry, while the townhomes will have individual yards and balconies. Amenities will include a clubroom, fitness center, package room, an outdoor gathering area, a hot tub, a dog park, a pet spa and more than 300 parking spaces. The South University District is a cluster of residential and commercial properties located around the Montana State University campus. The property is located within half a mile of MSU and 2 miles of downtown Bozeman. In addition to the university, local employers include Bozeman Health and database software company Oracle. 'Bozeman offers an unparalleled outdoor lifestyle as well as proximity to a growing employment base in education and technology,' Jason Glasser, managing director of Clarion Partners, said in the release. 'The development of Highmark will add a variety of new housing options in a popular area where home prices have become increasingly unaffordable.' The Opportunity Zone program is an economic development tool created under the Tax Cuts and Jobs Act of 2017 that incentivizes people to invest in distressed areas in the U.S. Originally set to start expiring on Dec. 31, 2026, the budget bill recently signed into law has made the program permanent. Clarion currently has 170 properties in areas designated as Opportunity Zones, equivalent to nearly $8 billion in gross real estate value. It also has 734 properties, or $38 billion in value, in submarkets next to OZs. Recommended Reading Trilogy buys ZOM development during construction for nearly $86M Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
