Freeport sees $500 million annual boost if Trump declares copper as critical

By Ernest Scheyder – Mining.com

Freeport-McMoRan (NYSE: FCX) hopes U.S. President Donald Trump declares copper a critical mineral, a move that would unlock tax credits needed to boost American production of the red metal and offset global rivals, CEO Kathleen Quirk said on Monday.

Trump told the U.S. Congress last week he would “take historic action to dramatically expand production of critical minerals,” although he has yet to provide details. Copper is used widely across the global economy in power generation, electronics and construction.

The U.S. Geological Survey lists lithium, nickel and 48 other minerals as critical. Adding copper would help Freeport generate more than $500 million annually in tax credits tied to the U.S. Inflation Reduction Act, Quirk told Reuters on the sidelines of the CERAWeek energy conference in Houston.

“Having the incentives and clarity around those would be a big plus for the domestic copper industry,” said Quirk, who became CEO of Phoenix-based Freeport last year.