Copper
Copper production totalled 169,500 tonnes during the quarter, though full-year output declined 14% year-on-year.
Though the project strengthens supply chains, it is also structured to generate returns on U.S. government investment, the official added.
The red metal is now down more than 11% from last week’s all-time high.
Copper is also rising due to a spillover of interest for hard assets, which have sent gold and silver to records, partly due to geopolitical tensions, traders said.
McCulley said Canada is uniquely positioned to support the transition, citing strong geology, regulation and policy backing, including over $2 billion in federal funding.
Gecamines plans to start shipping copper to the U.S. at the end of January.
A weaker dollar tends to boost dollar-priced commodities because they look cheaper to overseas buyers.
The surging global demand for copper has sparked a buyout frenzy across the industry, with Anglo American and Teck Resources finalizing a $53 billion merger and Rio Tinto in early talks to buy Glencore.
World refined copper production rose 4.2%, driven by China and the DRC, while ex-China output declined.
Prices in the recycling market also continued to rise.
Proceeds from concentrate sales could help offset preservation and maintenance costs in 2026, subject to regulatory approvals and timing.
Officers continued the investigation and located a third suspect, David Harmon, also on the property.
The Nuton technology uses bacteria that naturally produces heat when applied to certain types of rock, helping to extract copper.
Under current state law, metal recyclers are required to obtain a copy of a photo ID and record the license plate number of the individual selling the scrap metal.
Instead, the note points to a potential copper deal with Chile as a more realistic path to securing U.S. supply.
SacRT recorded 49 incidents involving copper theft or vandalism in 2025, Gonzalez said.
The report does not factor in potential supply from deep-sea mining.
China's imports of Chilean copper slumped by 43% year-on-year in January-November, while those of Peruvian metal fell by a steeper 50%.
However, short-term volatility cannot be ruled out, particularly for metals facing renewed US protectionist pressures.
Analysts at BMO Capital Markets said the development aligns with company guidance and market expectations.
The growing demand for copper is running into an inflexible supply chain.
Early-stage works are underway, including staff housing, power connections and road access, as preparations intensify for full construction.
The analysts said they expect LME copper prices to average $10,710 in the first half of 2026.
Rising global demand for copper, driven by the energy transition, electrification of transport, and renewable infrastructure buildout, underpins the positive outlook.
Freeport updated on progress at Grasberg in November saying full production is expected to be restored in 2027.