Barrick CEO Reaffirms Long-Term Copper Optimism Despite U.S. Tariff Shock
Barrick CEO Says Copper Demand Will Outpace Supply Despite U.S. Tariff Volatility
Copper miners remain confident in the metal’s long-term prospects, despite the short-term price turbulence caused by the United States’ newly announced 50% tariff on imported copper, according to Barrick Gold CEO Mark Bristow.
Speaking in Lusaka, Zambia—where Barrick is significantly expanding its copper operations—Bristow emphasized that the underlying fundamentals for copper remain strong, even as geopolitical decisions create short-term uncertainty.
On Wednesday, U.S. President Donald Trump announced a new 50% tariff on copper imports, effective August 1, citing the need to promote domestic development in industries critical to defense, electronics, and automotive manufacturing.
The announcement triggered a surge in U.S. Comex copper futures, which reached record highs. However, analysts warn that the move could create a ripple effect in global markets.
Countries like Chile—the world’s largest copper producer and a major supplier to the U.S.—may divert shipments to other countries, potentially pushing down prices outside the American market.
“The copper price is going to be unstable, just like everything else in the world right now, and we’ll need to navigate through this period of instability,” Bristow told journalists on Thursday evening in Zambia’s capital.
Still, Bristow said the long-term outlook for copper remains robust. The growing global transition to clean energy, the rapid development of data centers, and continued industrialization in emerging markets are all contributing to sustained demand.
“There’s a clear supply-demand imbalance. Demand is accelerating, and supply isn’t keeping up,” Bristow explained. “Everyone agrees—copper demand is outpacing the supply side.”
Barrick Gold, the world’s second-largest gold producer after Newmont, is actively scaling up its copper production as part of a broader diversification strategy.
The company is currently implementing a $2-billion expansion plan at its Lumwana copper mine in Zambia.
The project aims to double Lumwana’s annual copper output to 240,000 metric tons by 2028 and extend the mine’s operational life to 2057.
“Most of the copper industry today is focused only on marginal expansion,” Bristow noted. “We’re proud to have committed early to this major investment ahead of the coming supply crunch.”
