Copper Outlook Stays Strong Despite U.S. Tariff Shocks, Says Barrick CEO

Copper’s long-term outlook remains bullish despite short-term volatility from U.S. tariff policy, according to Barrick Mining Corp CEO Mark Bristow. Speaking in Lusaka, Zambia, Bristow reaffirmed the company’s commitment to copper expansion amid global supply constraints and rising demand.

On Wednesday, U.S. President Donald Trump announced a 50% tariff on imported copper starting August 1 to boost domestic production in sectors like defense, electronics, and electric vehicles. The news pushed U.S. Comex copper futures to a record high. However, analysts warn that global copper prices may soften as key exporters like Chile redirect supply to non-U.S. markets.

"The copper price is going to be unstable, just like everything else in the world," Bristow told reporters. "But long-term fundamentals remain unchanged." He highlighted growing demand fueled by the rise of data centers, clean energy transitions, and industrialization in emerging markets—trends that continue to outpace supply.

Barrick, primarily known as the world’s second-largest gold producer, is ramping up its copper investments. The company is executing a $2 billion plan to double output at its Lumwana mine in Zambia to 240,000 metric tons annually by 2028 and extend the mine’s life to 2057.

"Most of the copper industry is only pursuing marginal growth," said Bristow. "We’re proud to have made a bold investment decision ahead of a global supply squeeze."

Copper remains a critical metal for the energy transition, and Barrick’s aggressive strategy positions it at the forefront of future supply resilience. Despite short-term policy shocks, industry leaders remain confident in copper’s essential role in powering tomorrow’s technologies.