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

Chilean copper miner Antofagasta sees opportunity for its stalled copper project in the United States following the Trump administration'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 is developing the Twin Metals copper and nickel mine in Minnesota, but the project stalled after the prior Biden 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 also noted that the project still had years ahead before a final investment decision could be made.

"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 United States for now, he added.

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

Chile is the world's biggest copper producer.

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.