Trump Raises Stakes Over Copper Project With CEOs
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President Donald Trump met with the CEOs of the world’s two biggest mining companies to discuss a copper project that could supply the U.S. with a quarter of its demand for decades to come, adding greater weight to his push to boost local output of the vital metal.
Rio Tinto Group’s Jakob Stausholm; his incoming replacement, Simon Trott; and counterpart at BHP Group, Mike Henry, met the U.S. leader to discuss the Resolution project in Arizona, according to a . In a separate post, Trump criticized a court judgment that set back the development, insisting the U.S.’s need for greater domestic production was urgent.
The Trump administration has made the revival of U.S. metals and minerals production a key priority, including copper, a commodity vital for the energy transition as well as conventional uses in pipes. As part of that push, Washington imposed tariffs on a wide range of products made from the metal earlier this year, although flows of refined material were not covered.
“Today, I visited the White House with Simon Trott to meet with U.S. President Donald Trump, Secretary of the Interior Doug Burgum, and other officials to discuss Rio Tinto’s crucial role in delivering American copper and other critical minerals,” Stausholm said in the post. They discussed Resolution and the potential the project had to provide domestic supply, he added.
MINING DIPLOMACY: The heads of two of the world's mining companies (BHP and Rio Tinto) met with Donald Trump and other US official at the White House as both push to build the Resolution copper mine in Arizona. The mine has been delayed two decades due to ongoing litigation. — Javier Blas (@JavierBlas)
The talks centered on the “industry’s capacity to deliver long-term domestic supplies of copper and other critical minerals,” Rio said in a statement.
Still, even with Trump’s support, building a mega-mine in America remains a challenging and drawn-out endeavor. It takes 29 years on average between discovery and commercial mine production in the U.S., the longest timeline of any country except Zambia, according to S&P Global.
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Most easy-to-reach deposits, including one located above Resolution, were depleted during the 20th century. Now, miners must go deeper, into earth so hot it would have been impossible for workers to survive a century ago, presenting a host of technical obstacles that jack up project costs.
If developed, the Arizona project could supply the U.S. with 25% of its annual copper needs for as many as 40 years, according to Rio Tinto, but it has been delayed for decades due to permitting, environmental concerns, and litigation.
Final environmental approval for the mine was given in June. However, opponents then lodged an appeal seeking a review of the decision. On Aug 19, they won a delay in approving a land swap that’s key to the development.
Trump criticized the court’s decision in a social media post that coincided with the visit by the Rio Tinto and BHP executives.
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“A Copper Mine in Arizona, ‘Resolution,’ was just delayed by a Radical Left Court for two months — 3,800 Jobs are affected, and our Country, quite simply, needs Copper — AND NOW!” the president said on Truth Social.
Benchmark copper futures have advanced about 11% this year, and last traded above $9,708 a ton on the London Metal Exchange. The record price was set last year at a little above $11,000.
In June, Rio Tinto said it had incurred gross costs of $321 million associated with U.S. tariffs on aluminum, but added that a “substantial part” of that sum had been clawed back from higher premiums on U.S. sales.
