Freeport-McMoRan CEO: Waiting For Trump Decision On 232 Copper Tariff - FCX News | RalliesFreeport-McMoRan CEO: Waiting For Trump Decision On 232 Copper Tariff
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FCX• Tariffs, costs and Indonesian smelter
- Quirk said Freeport is waiting for a decision on copper 232 tariffs from the Trump administration.
- She said that if a copper tariff is imposed, the company could get a higher price for its U.S. copper.
- Quirk said the company is assuming diesel prices in Q3 will be “pretty similar to what we experienced” in Q2.
- She added, “We will be subject to volatility in the oil markets.”
- Quirk said the Indonesian copper smelter has been in standby mode during Grasberg repairs, and is ready to go when the mine restarts.
Permits, production outlook and U.S. operations
- Quirk said Freeport submitted a formal application to the Indonesian government in June for an extension of the Grasberg operational permit.
- The company’s copper sales are expected to rise in 2H 2026, and throughout 2027 and 2028.
- Freeport is aiming to be leaching 300 million pounds of copper in U.S. operations by end of year.
- The company is looking at opportunities to expand the Miami, Arizona, copper smelter.
CEO comments on Grasberg, copper demand and inventories
- CEO Kathleen Quirk said the Grasberg ramp-up in Indonesia is on track after the deadly 2025 flood.
- She said Freeport is seeing robust U.S. copper demand due to the AI boom and improved auto demand.
- Quirk said Chinese inventories of copper continue to draw to multi-year lows.
- She also said copper exchange inventories outside the U.S. are “exceptionally tight.”
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