Freeport-McMoRan Eyes Asia Sales, U.S. Smelter Expansion Ahead of 50% Tariff

Freeport-McMoRan Chief Executive Officer Richard Adkerson said the miner still sees China as the primary engine of global copper demand and singled out India as an increasingly important growth market. He described underlying copper fundamentals as “highly attractive,” citing accelerating electrification and infrastructure spending. Adkerson added that the company is awaiting details of the 50% U.S. import tariff on copper scheduled to take effect on Aug. 1 and is not aware of any exemptions at this stage. The duty could influence trade flows, but for now Freeport intends to keep most Indonesian copper shipments in Asia, with deliveries to the United States considered only if they are economically justified. To meet prospective U.S. demand and mitigate tariff effects, Freeport is assessing expansions of its existing smelters in Miami, Arizona, and other domestic sites, while cautioning that building an entirely new American facility would be costly and complex.