Rio Tinto says it has a “strong desire” to invest in US copper mining following President Donald Trump’s plans to levy imports of the critical metal.
“There is increasing recognition by the US government of the need for domestic sources of copper and other critical materials to support manufacturing and to power the country’s energy future,” CEO for copper, Katie Jackson, said in an emailed statement.
“We have a strong desire to invest more in American copper and we see significant opportunities to grow our business in the United States.”
Trump’s plans to slap 50% tariffs on copper imports are expected to raise costs across a broad section of the US economy that relies on the metal for consumer electronics, automobiles, home construction and more. The levies are aimed at supporting a robust domestic supply chain for the commodity, though analysts warn that permitting obstacles and litigation still stand in the way of building mines quickly.
Rio Tinto declined to comment on the size of possible investments.
The company, one of the world’s largest mining firms, has expressed optimism over the White House’s push to boost critical mineral production domestically. Its proposed Resolution underground copper mine, owned 55% by Rio and 45% by BHP Group, has gotten a boost from a favorable Supreme Court decision that allows it to advance the long-stalled project.
The Resolution project has the potential to become the biggest copper mine in North America.
Rio also operates one of two operating copper smelters in the US from its Kennecott operations in Utah.