Latest news with #ResolutionCopper
Bloomberg
08-08-2025
- Business
- Bloomberg
A Mile Underground, America's Largest Untapped Copper Mine Inches Toward Reality
Reaching the site of the biggest undeveloped US copper deposit requires a 15-minute drop by steel cage into the sweltering bowels of the Arizona desert. There, more than a mile beneath the surface, the temperature can reach 175F (79C), so massive cooling units run constantly, churning out mist that condenses and drips from the ceiling, calcifying the pipes lining the tunnel walls. It's called Resolution Copper, and it holds enough of the critical metal to supply a quarter of US demand for years. Yet two decades and over $2 billion later, not a single ounce of copper has been mined. While engineers have thoroughly mapped the ore body and workers have built one of the deepest shafts in the US, the deposit owned by Rio Tinto Group and BHP Group has been stalled by permitting hurdles as well as tribal and environmental opposition.
AU Financial Review
27-07-2025
- Business
- AU Financial Review
How BHP, Rio and Woodside fought against Trump's revenge tax
Washington | United States Energy Secretary Chris Wright warned the Trump administration that major copper and gas projects proposed by Australian resources giants BHP, Rio Tinto and Woodside were being put at risk from the president's planned revenge tax. Wright, a former oil and gas chief executive, pointed to Rio and BHP's proposed Resolution Copper mine in Arizona and Woodside's Louisiana LNG plant as examples of foreign-backed resources projects that were jeopardised by controversial laws initially backed by US President Donald Trump, according to sources with knowledge of his advocacy.
New Straits Times
09-07-2025
- Business
- New Straits Times
Trump says US to impose 50pct tariff on copper imports, copper futures jump
WASHINGTON: President Donald Trump said he will announce a 50 per cent tariff on copper on Tuesday, hoping to boost US production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. US Comex copper futures jumped more than 12 per cent to a record high after Trump announced the planned tariffs, which came earlier than the industry had expected, and the rate was steeper. Trump told reporters at a White House cabinet meeting that he planned to make the copper tariff announcement later in the day but he did not say when the tariff would take effect. "I believe the tariff on copper, we're going to make 50 per cent," Trump said. After Trump spoke, US Commerce Secretary Howard Lutnick said in an interview on CNBC that the copper tariffs would likely be put in place by the end of July or August 1. He said Trump would post details on his Truth Social media account sometime on Tuesday. Trump had yet to formally announce the tariffs by Wednesday evening and several countries, mining companies and trade groups said they were awaiting firm details. Analysts with RBC Capital Markets said they expect short-term volatility in copper prices and shares of copper companies should the tariff be implemented. In February, the administration announced a so-called Section 232 investigation into US imports of the red metal. The deadline for the investigation to conclude was November, but Lutnick said the review was already complete. "The idea is to bring copper home, bring copper production home, bring the ability to make copper, which is key to the industrial sector, back home to America," Lutnick said. The National Mining Association declined to comment, saying it preferred to wait until details were released. The American Critical Minerals Association did not immediately respond to requests for comment. Copper is used in construction, transportation, electronics and many other industries. The US imports roughly half of its copper needs each year and only has three copper smelters. Major copper mining projects across the US have faced strong opposition in recent years due to a variety of reasons, including Rio Tinto and BHP's Resolution Copper project in Arizona and Northern Dynasty Minerals' Pebble Mine project in Alaska. Shares of the world's largest copper producer, Phoenix-based Freeport-McMoRan, shot up more than five per cent at one point in Tuesday trading. The company, which produced 1.26 billion pounds (571,530 metric tonnes) of copper in the US last year, did not immediately respond to a request for comment. Freeport, which would benefit from US copper tariffs but worries that the duties would hurt the global economy, has advised Trump to focus on boosting US copper production. Countries set to be most affected by any new US copper tariff would be Chile, Canada and Mexico, which were the top suppliers to the US of refined copper, copper alloys and copper products in 2024, according to US Census Bureau data. Chile, Canada and Peru – three of the largest copper suppliers to the US – have told the administration that imports from their countries do not threaten US interests and should not face tariffs. All three have free trade deals with the US. Mexico's Economy Ministry and Canada's Finance Ministry did not immediately respond to requests for comment, while Chile's Foreign Ministry said it had not received any formal communication about the tariffs. Chile's Mining Ministry declined to comment. Chairman Maximo Pacheco of Codelco, the country's top copper miner, told Reuters the company wanted to know which copper products would be included and if the tariff would hit all countries. Pierre Gratton, president of the Mining Association of Canada, said the tariff is concerning for copper smelters such as Glencore's Horne facility in Quebec. Gratton added he was waiting for the 232 report from Trump officials. A 50 per cent tariff on copper imports would hit US companies that use the metal because the country is years away from meeting its needs, said Ole Hansen, head of commodity strategy at Saxo Bank. "The US has imported a whole year of demand over the past six months, so the local storage levels are ample," Hansen said. "I see a correction in copper prices following the initial jump."
E&E News
09-07-2025
- Business
- E&E News
Trump plans copper tariffs
President Donald Trump on Tuesday announced he plans to slap 50 percent tariffs on imports of copper, a move that's drawing skepticism as the administration advances a number of contentious mines across the U.S. 'I believe the tariff on copper, we're going to make it 50 percent,' Trump said at a Cabinet meeting. The Trump administration in recent months has moved to approve projects like the Resolution Copper mine in Arizona that some local tribal members and conservation groups have warned will decimate the holy ground known as Oak Flat. Advertisement The administration has also added a number of projects tied to copper exploration and production to its federal dashboard as 'transparency projects,' and Trump officials have vowed to advance a stalled copper mining project near Minnesota's pristine Boundary Waters.
Korea Herald
09-07-2025
- Business
- Korea Herald
Trump: US to impose 50% tariff on copper imports
WASHINGTON (Reuters) -- President Donald Trump said he will announce a 50 percent tariff on copper on Tuesday, hoping to boost US production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. US Comex copper futures jumped more than 12 percent to a record high after Trump announced the planned tariffs, which came earlier than the industry had expected, and the rate was steeper. Trump told reporters at a White House cabinet meeting that he planned to make the copper tariff announcement later in the day but he did not say when the tariff would take effect. "I believe the tariff on copper, we're going to make 50 percent," Trump said. After Trump spoke, US Commerce Secretary Howard Lutnick said in an interview on CNBC that the copper tariffs would likely be put in place by the end of July or August 1. He said Trump would post details on his Truth Social media account sometime on Tuesday. Trump had yet to formally announce the tariffs by Wednesday evening and several countries, mining companies and trade groups said they were awaiting firm details. Analysts with RBC Capital Markets said they expect short-term volatility in copper prices and shares of copper companies should the tariff be implemented. In February, the administration announced a so-called Section 232 investigation into US imports of the red metal. The deadline for the investigation to conclude was November, but Lutnick said the review was already complete. "The idea is to bring copper home, bring copper production home, bring the ability to make copper, which is key to the industrial sector, back home to America," Lutnick said. The National Mining Association declined to comment, saying it preferred to wait until details were released. The American Critical Minerals Association did not immediately respond to requests for comment. Copper is used in construction, transportation, electronics and many other industries. The US imports roughly half of its copper needs each year and only has three copper smelters. Major copper mining projects across the US have faced strong opposition in recent years due to a variety of reasons, including Rio Tinto and BHP's Resolution Copper project in Arizona and Northern Dynasty Minerals' Pebble Mine project in Alaska. Shares of the world's largest copper producer, Phoenix-based Freeport-McMoRan, shot up more than 5 percent at one point in Tuesday trading. The company, which produced 1.26 billion pounds (571,530 metric tons) of copper in the US last year, did not immediately respond to a request for comment. Freeport, which would benefit from US copper tariffs but worries that the duties would hurt the global economy, has advised Trump to focus on boosting US copper production. Countries set to be most affected by any new US copper tariff would be Chile, Canada and Mexico, which were the top suppliers to the US of refined copper, copper alloys and copper products in 2024, according to US Census Bureau data. Chile, Canada and Peru -- three of the largest copper suppliers to the US -- have told the administration that imports from their countries do not threaten US interests and should not face tariffs. All three have free trade deals with the US. Mexico's Economy Ministry and Canada's Finance Ministry did not immediately respond to requests for comment, while Chile's Foreign Ministry said it had not received any formal communication about the tariffs. Chile's Mining Ministry declined to comment. Chairman Maximo Pacheco of Codelco, the country's top copper miner, told Reuters the company wanted to know which copper products would be included and if the tariff would hit all countries. Pierre Gratton, president of the Mining Association of Canada, said the tariff is concerning for copper smelters such as Glencore's Horne facility in Quebec. Gratton added he was waiting for the 232 report from Trump officials. A 50 percent tariff on copper imports would hit US companies that use the metal because the country is years away from meeting its needs, said Ole Hansen, head of commodity strategy at Saxo Bank. "The US has imported a whole year of demand over the past six months, so the local storage levels are ample," Hansen said.
