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Barrick CEO remains bullish on copper amid US tariff uncertainty

by July 11, 2025
by July 11, 2025

Mark Bristow, CEO of Barrick Mining Corp, reiterated the copper miners’ bullish outlook on the metal’s future in Zambia, where the company is expanding operations, according to a Reuters report. 

This optimistic view persists despite anticipated short-term price volatility due to a looming 50% US tariff.

Trump’s announcement

In a significant policy announcement on Wednesday, US President Donald Trump declared his intention to implement a new tariff on imported copper, effective August 1. 

The decision, framed as a strategic move to bolster domestic industry, targets a sector deemed critical to national defense, advanced electronics, and the thriving automotive industry. 

This measure reflected the administration’s broader commitment to fostering self-sufficiency and economic growth within key American industries, aiming to stimulate domestic production and reduce reliance on foreign imports for a vital raw material. 

The tariff’s imposition is expected to encourage investment in US copper mining and processing facilities, potentially leading to job creation and a strengthened domestic supply chain.

Analysts skeptical about tariffs’ impact

However, analysts at ING Group said earlier this week that copper production in the US is unlikely to get a significant boost from the recently announced Trump tariffs. 

Despite consuming a significant portion of the world’s copper, the US only produces about 5% of the global supply. 

What’s more, previous tariffs on steel and aluminium did not lead to increased domestic production of the two metals, ING had said.

Following Trump’s announcement, US copper futures reached an unprecedented all-time high earlier this week, surging by a record 17% in a single day.

However, analysts predicted that tariffs could lead to a decline in copper prices outside the US. 

This is because major producers like Chile, the world’s largest, may redirect their supply—of which they are the United States’ primary source—to other markets.

“The copper price is going to be unstable just like everything else in the world, and we will have to get out of this instability,” Bristow told journalists in Zambia’s capital, Lusaka, late on Thursday.

However, he stated that despite the repercussions of US tariff policy decisions, copper’s long-term trend persisted.

Barrick’s long-term copper outlook

“We are seeing a shortage in supply, and growing demand particularly with the data centres, the movement to cleaner energy, and just generally as the emerging markets start investing in industrialisation, which is a big consumer of copper,” Bristow said.

So, everyone is in agreement that the copper demand is outgrowing the supply side.

Barrick Gold Corporation, the world’s second-largest gold producer after Newmont, is strategically expanding its portfolio. 

The company is actively investing in increasing its copper output. This move aims to diversify its production and capitalise on the growing demand for copper, a crucial metal in various industries.

Barrick is implementing a $2 billion strategy to increase the annual output of its Lumwana copper mine in Zambia to 240,000 metric tons by 2028.

This initiative aims to double production and extend the mine’s operational life until 2057.

“Most of the copper industry today is only looking at marginal expansion,” Bristow said. 

We are very excited that we made this commitment to invest ahead of this tightening.

The post Barrick CEO remains bullish on copper amid US tariff uncertainty appeared first on Invezz

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