Mark Bristow, CEO of mining giant Barrick Mining Corp, has revealed that copper miners remain optimistic about the metal’s future despite the short-term price volatility caused by a looming 50% U.S. tariff.
Bristow spoke to reporters from Zambia’s capital, Lusaka, where the company is expanding its operations.
“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 stated.
“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… So, everyone is in agreement that the copper demand is outgrowing the supply side.”
Regarding the future, Bristow said, “Most of the copper industry today is only looking at marginal expansion… We are very excited that we made this commitment to invest ahead of this tightening.”
Bristow’s remarks follow President Trump’s declaration on Wednesday that he plans to implement a new copper tariff starting August 1. Trump states this measure aims to boost the growth of the domestic copper industry to support defense, electronics, and automobiles.
Trump’s announcement drove U.S. Comex copper futures to a record high.
Barrick is currently the world’s second-largest gold producer and is aiming to increase its copper output by doubling its annual production at the Lumwana copper mine in Zambia to 240,000 metric tons by 2028.
By CEO NA Editorial Staff
