US-based copper producer Freeport-McMoRan aims to boost its production and refining capacity in the US, evaluating the potential of expanding its Miami smelter in Arizona.
Freeport, which currently accounts for 70pc of US refined copper production according to the company, could capitalize on US President Donald Trump's announced 50pc tariff on copper imports due to be implemented on 1 August.
Under the rising US copper premiums, the company could earn an additional $1.7bn annually, according to Freeport chief executive Kathleen Quirk.
US production increased for the company in the second quarter, rising by 13pc to 336mn lbs of copper from 298mn lbs in the same quarter last year. The company expects to sell 1.3bn lbs of copper from the US mining operations in 2025 compared with sales of 1.257bn lbs in 2024.
Across the company's global operations, Freeport's production decreased by 7pc to 963mn lbs of copper in the second quarter from 1.04bn lbs in the same quarter last year. Simultaneously, Freeport's sales increased by 9pc to 1.02bn lbs of copper in the second quarter from 931mn in the same quarter last year.
Copper production and sales at the company's South American operations decreased on the quarter by 10pc to 268mn lbs of copper.
Freeport's Indonesian production also decreased in the quarter, falling to 359mn lbs in the latest quarter from 441mn lbs a year earlier, as its smelter was out of operation but reopened in May. The smelter initially shut down due to a fire in October 2024.
The company's molybdenum production increased by 10pc to 22mn lbs in the second quarter from 20mn lbs in the same quarter last year. Molybdenum sales increased 5pc to 22mn lbs from the same quarter last year.
Similarly to the first quarter, Freeport expects tariffs to increase the costs of goods needed for operations by 5pc.
Freeport's profit was $772mn in the second quarter, an increase from $616mn in the second quarter of 2024.
