☰
The company’s expansion push comes as copper prices hit a record $5.20 per pound on Thursday, climbing more than 25% this year.
Rio Tinto (RIO) shares fell 2% in morning trade on Friday, tracking broader market weakness, after The Wall Street Journal report indicated the miner is looking to expand its investment in the U.S., particularly in copper.
The report cited Rio Tinto’s growing optimism about the U.S. market following President Donald Trump’s executive order to accelerate permitting and increase government financing for mineral projects.
“It’s clear that under the Trump administration, there is an increasing recognition of the need for domestic sources of copper and other critical materials in the U.S. to support manufacturing and the country’s energy future,” Katie Jackson, who heads Rio Tinto’s copper business, told the Journal.
The company’s expansion push comes as copper prices hit a record $5.20 per pound on Thursday, climbing more than 25% this year.
Prices have surged since Trump imposed 25% import tariffs on steel and aluminum and pledged broader “reciprocal” tariffs set to take effect next month.
Trump’s executive order includes provisions to bolster domestic mineral production and lessen U.S. dependence on foreign suppliers. China remains the world’s dominant supplier of many critical materials.
“Our national and economic security are now acutely threatened by our reliance upon hostile foreign powers’ mineral production,” the order stated.
On Stocktwits, retail sentiment around Rio Tinto’s stock dropped to ‘bullish’ from ‘extremely bullish’ a day ago, as chatter also reduced to ‘normal’ from ‘high’ levels.
Rio Tinto’s shares are up 4.5% this year but have dropped over 4% over the past 12 months.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Read also: Micron Stock Slips Pre-Market Despite Strong Q2 Results, Wall Street Price Target Hikes – But Retail’s Happy To Look The Other Way
subscribe to Asianet Newsable WhatsApp channel by clicking here.