Trump copper tariffs could help Antofagasta's stalled US project, CEO says

By Fabian Cambero

SANTIAGO (Reuters) -Chilean copper miner Antofagasta sees opportunity for its stalled copper project in the U.S. following President Donald Trump's move to impose 50% import tariffs on the metal, CEO Ivan Arriagada said on Thursday.

London-listed Antofagasta operates four copper mines in Chile and aims to develop the Twin Metals copper and nickel mine in Minnesota. The project stalled after former President Joe Biden's administration blocked permits over environmental concerns.

"We have a project and we see an opportunity in this context to develop it," Arriagada told reporters at an event.

He said it would still take years before a final investment decision could be made on the project.

"We need to continue working with a long-term perspective."

The miner has maintained its current mid-term and long-term sales contracts, without additional copper shipments to the U.S., he added.

U.S. companies have been bulking up on copper since Trump in February opened a probe into potential tariffs on copper imports.

Chile is the world's biggest copper producer, and also the top copper importer to the U.S.

Chilean Mining Minister Aurora Williams, speaking alongside Arriagada, said the government had not yet received precise information about how the copper tariffs would be implemented or which types of copper would be affected.

Later on Thursday, she and Chile's Foreign Minister Alberto van Klaveren told reporters they are calling for a meeting next week with Chilean copper industry leaders to discuss the tariffs.

Van Klaveren said he expected to receive details from the White House on the scope of the tariffs "in a matter of days," although he said the exact timing was hard to determine.

(Reporting by Fabian Cambero, Writing by Daina Beth Solomon; Editing by Chizu Nomiyama, Marguerita Choy and David Gregorio)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Migrants say hunger and hostility drove them back from Spain's Ceuta to Morocco
• BYD's sales rise for third month, buoyed by exports
• UKMTO reports two tanker incidents off Oman