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Freeport-McMoRan hopes copper will be declared “critical mineral”

ByVictoria

Freeport-McMoRan (FCX.N), opens new tab hopes U.S. President Donald Trump declares copper a critical mineral, a move that would unlock tax credits needed to boost American production of the red metal and offset global rivals, CEO Kathleen Quirk said on Monday.

“Having the incentives and clarity around those would be a big plus for the domestic copper industry,” said Quirk, who became CEO of Phoenix-based Freeport last year.

“People are understanding more what copper is used for and its importance in our economy. It’s just a matter of time before it’s classified as a critical mineral.”

“We’re not looking for handouts, but if the government is trying to incentivize domestic production, it’s important to recognize that the U.S. doesn’t have the same grades that we have internationally,” said Quirk.

Source – Reuters

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