The Antofagasta company in Chile sees new possibilities for its delayed U.S. copper project because President Trump announced a 50% tariff on imported copper. The Twin Metals mine in Minnesota which Biden administration blocked might start moving forward because of the current protectionist policies.
CEO Ivan Arriagada stated on Thursday that the new tariff environment creates an opportunity to develop the Twin Metals site but he stressed that a final investment decision will take several years. The company operates with a long-term perspective and maintains ongoing dialogues with U.S. stakeholders.
The U.S. government established a copper import tariff to support domestic critical mineral production after Trump initiated an investigation in February. Antofagasta maintains its existing mid- and long-term export contracts to the U.S. market despite being the world’s leading copper producer.
The supply chain is undergoing changes because buyers now focus on domestic sources to prevent high import penalties. The policy creates trade tensions worldwide but it could benefit Antofagasta and other miners who possess untapped U.S. mining assets.
The revival of the Twin Metals project would create a scarce domestic source of copper and nickel which serve as essential materials for defense systems and electric vehicle batteries.
