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US copper futures spike after 50% tariff announcement

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Barrick says $2 billion Zambia copper mine expansion on

track

By Chris Mfula

LUSAKA, July 11 (Reuters) - Copper miners remain bullish

on the metal's future prospects even as a looming 50% U.S.

tariff creates short-term price volatility, Barrick Mining Corp ( B )

CEO Mark Bristow said in Zambia, where the company is

expanding its operations.

U.S. President Donald Trump said on Wednesday he would

impose the new copper tariff from August 1 to promote domestic

development of an industry critical to defence, electronics and

automobiles.

The announcement propelled U.S. Comex copper futures to an

all-time high.

But analysts predict prices outside the U.S. could be

dragged down as countries like Chile, the world's top copper

producer and the United States' biggest supplier, shift supplies

elsewhere in response to the tariffs.

"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 said that, despite the fallout from U.S. tariff

policy decisions, copper's long-term trajectory remained

unchanged.

"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," he said.

Barrick, the world's second-largest gold producing company

by output after Newmont ( NEM ), is currently investing in

boosting its copper production.

It is carrying out a $2 billion plan to double annual output

from its Lumwana copper mine in Zambia to 240,000 metric tons by

2028. Barrick will also extend the mine's life to 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."